I dont think Im likely to have any new thoughts that are going to work miracles either. The stock appreciated probably way more than intrinsic value. How are they similar or different? Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities Solved Auditor Changes at Daily Journal Corporation Charlie - Chegg So he married her. Everybody is. When autocomplete results are available use up and down arrows to review and enter to select. Gerald Salzman: Well, we dont think about mistakes. I dont think Ive got any great insight about hydrogen. Of course, if he had a chance to do it over again, he would avoid those mistakes. I dont think we have made a lot of horrible mistakes. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. The Corporation will host a fourth quar. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. But I do admire what the Chinese have done. Question: What are Mr. Mungers thoughts on the recent GameStop short squeeze by social media and the resulting implications on short selling in the future? And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? Questions: Many major businesses and high net worth individuals have been leaving California. I dont think we have any great gift at making macroeconomic predictions. I think that the methods that Ive used including the checklists are the correct methods and Im grateful that I found them as early as I did and that the methods have worked as well as they have. And I think thats what shareholders do. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. I think office buildings are now in some trouble and, of course, commercial real estate rented to stores has been in a lot of trouble for a long time. 2022. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. I think were into a lot less travel and a lot more Zooming. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? With no analysts or investor relations department, few understand the transformation that has occurred. And if you believe Jeff Bezos is one of the best businessmen you have ever known, would you consider investing early in any of the new projects he will inevitably focus his attention on now that he will not have to be as concerned about the day to day responsibilities of Amazon? The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. Of course, thats a useful thing. Tu To, Daily Journal Corp: Profile and Biography We bought all these buildings cheaply. Daily Journal Corp's portfolio is diversified across 3 sectors. With no analysts or investor relations department, few understand the transformation that has occurred. Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. And if you have a free market system thats trying to get rich in the way recommended by Adam Smith, what happens is that its a very irritating system because the poverty that causes so much misery is also causing the growth that makes everybody get out of poverty. I think its just to some extent you either have it or you dont. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. divided by the total MV of the fund. He was that smart. And my advice would be if you have a fixable disadvantage, remove it. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. Delayed Nasdaq Theres an old German proverb Ive always liked. Daily Journal Corps portfolio is diversified across 3 sectors. Charlie Munger: Well, heres what I meant. We were trying to save the whole economy under terrible conditions. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. What happens is that every human being tends to believe way more than he should in what hes worked hard to find out or where hes announced publicly that he already believes. Just time after time he would do something like that. And I think the world would be better off without them. Gerry, you have a comment on that? When these people go, there is none replacing them. So, of course, I admire him. Are they more stable? At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. Corporate governance. Of course, its going to be difficult. And, I was not surprised when it blew up. USD. Nobody else has ever taken a big country out of poverty so fast and so on. And I think, by and large, we made the most practical decisions that were available to us. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. A little wisdom in spouse selection is very desirable. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. Member Feedback Is it Bitcoin, decentralized finance, or something else? Moody's Corporation to Present at Investor Conferences Los . I think the world is gonna be quite different. 915 E. 1st Street. With that one exception, Ive stayed out of Sequoias business because theyre so much better at it than I would be and I dont know how to do it the way they do it. Copyright 2023 Surperformance. Question: What is the biggest competitive threat to U.S. banks like Bank of America and US Bankboth equity holdings of the Daily Journal Corporationover the long term? We love it anyway. 1996 - janv . The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. Question: Ben Franklin said: Were it offered to my choice, I should have no objection to a repetition of the same life from its beginning, only asking the advantages authors have in a second edition, to correct some faults of the first. Question: You famously run investments through your mental checklist. DJCO | Daily Journal Corp. Annual Income Statement | MarketWatch Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. In other words, to some extent, its a self-correcting system. I dont think that hydrocarbons are going. Daily Journal Corp - Filing History - Charlie Munger - Fintel And he was just so good. The third-largest holding is Alibaba Ltd worth $26.4 million and the next is Us Bancorp worth $6.11 million, with 140,000 shares owned. Well, I dont think the quality of publishing public notice advertising has gone down. And so, we cant promise were going to succeed. I was good at having low expectations and that helped me. What do you look for in a leader? On Tuesday, March 7, 2023 at 11:00 a.m. Eastern Time, Michael West, President of Moody's Investors Service, and Shivani Kak, Head of Investor Relations, will speak at the Raymond James . Florida would have a really serious problem. A lot of the old moats are going away, and, of course, people are creating new moats all the time. Daily Journal Corporation's ISS governance QualityScore as . The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. The meeting was held on February 24, 2021. How do you decide to hold on to a stock or sell some? If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? Charlie Munger: Well, of course, its very hard to fix the global warming problem when the poorer countries need to burn coal to stay alive and so on. You once said to study the life and work of Lee Kuan Yew. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. We admire the company and like its position. Question: In your past speeches, you have mentioned the term functional equivalent of embezzlement to describe situations where bubbles can form because both parties involved in a bubble believe the asset to be worth more than it truly is. Do it right the first time. VP of Publications & Sec. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. 264 Sara.Pellegrino@iovance.com. Thought Leader Series. And we cant go to many offices because theyre closed. Daily Journal Corp. (S.C.) Common Stock (DJCO) - Nasdaq Ive been engaged in recent years in trying to create a better type of student dormitory. Hell be able to do it. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Thats a really good rule. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. I think most people are born with a happystat. The Daily Journal's 'Slow and Awful' Path to LegalTech Success What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Charlie Munger: Well, the one charitable institution where I have had some influence for a very long time has a whole bunch of hotshot financiers in every branch of wealth management there is on the board. Question: Which do you think is crazier? Bitcoin reminds me of what Oscar Wilde said about fox hunting. 2023, Nasdaq, Inc. All Rights Reserved. Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. As a result of holding those two positions, we have a lower cost than anybody else and we make more money than practically everybody else. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. So, its a very interesting competitive field. Charlie Munger: I have seen an episode or two of the Queens Gambit. Look around all this real estate. DJCO - Daily Journal Corp Valuation - NASDAQ | Morningstar However, is there a price too high that the companys future profits simply cannot justify? They do way more good than harm. And its really stupid to have a culture that encourages as much gambling in stocks by people who have the mindset of race track betters. or to simply have an email sent to you whenever we receive a new Nobody should believe that Robinhoods trades are free. Theres no question about the fact that Wells Fargo has disappointed long-term investors like Berkshire because the old managementwhich is now removedwere not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to sell stuff that customers didnt really need. Charlie Munger: Well, it certainly does and thats the kind of thing that can happen when you get a whole lot of people who are using liquid stock markets to gamble the way they would betting on horses. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? Im not saying I wanted to live in China. Gerry and I have been together, how many years Gerry? Thats what weve been doing throughout my whole lifetime. Daily Journal Corporation (DJCO) Stock Price, News, Quote - Yahoo! If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Can U.S. Treasury bonds be such a case today? And, we hope to do well in it. Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. Daily Journal Corporation Company Profile | Los Angeles, CA Has the quality gone down? Im pretty easy on myself these days. He cared terribly about not making bad loans or incurring dumb expenses. Youll remember that when the first big bubble came, which was the South Sea bubble in England back in the 1700s, it created such havoc eventually when it blew up that England didnt allow hardly any public trading and securities of any companies for decades thereafter. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. Question: Its been a year since the coronavirus pandemic came to the U.S. What have you all learned about running a business in the past year? But show me a psychology department that knows how to do that. In other words, I think the system of checks and balances and elections that our founders gave us actually gave us pretty much the right policies during my lifetime. 2023 Annual Meeting. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. Question: You identified the opportunity in electrification and invested in BYD. And thats the way we handled Gerry. And his conclusion is that mankind should just step up to it and do it. Copy and paste multiple symbols separated by spaces. And all I can say is that well do the best we can. Request Information And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. 75% of the total holdings value. I dont think well change on that. PDF Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. Bruker Corporation to Present at Investor Conferences Were beholden to the guidelines of the county of Los Angeles and other counties. Question: You are one of the oldest and greatest thinkers of our time. Charlie Munger: I dont know anything about Haven. I think theyre a bad investment when interest rates are this low. And when the evidence came in that the system wasnt working very well because some of the employees were cheating some of the customers, they came down hard on the customers instead of changing the system. A lot of people assume that since England led the Industrial Revolution and had free speech early that free speech is required to have a booming economy as prescribed by Adam Smith. Do you agree with the premise and if so how would you address inequality? Charlie Munger: Well, thats a very good question. If you do that all the time; if youre looking for disconfirming evidence and putting yourself on a grill, thats a good way to help remove ignorance. Daily Journal | DJCO Stock Price, Company Overview & News - Forbes Theyre in a place thats gotten more valuable. Or, has the digital revolution caused enormous productivity improvements in those businesses? Also, fortunately before the pandemic, we got out of the conference-type events and we were not subjected to the problems of no conferences nobody to attend. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. In a recent regulatory filing, The Daily Journal ( DJCO -3.51%) disclosed that it had bought more shares of Chinese giant Alibaba ( BABA 2.46%) with its corporate cash. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq That makes the whole thing very awkward. Its not generally noticed by the public but clearinghouses clear all these trades. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. Hed been a receiver for a bank. Gerry, can you ever remember Rick down? But I wont be following him. Thats one you can easily arrange. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. I would imagine that applies to the broad market too. If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. When you pay for order flow, youre probably charging your customers more and pretending to be free. And, he was very good company and a splendid gentleman. I regard this as insanity. Prior to forming Peterson Capital Management, LLC and launching Peterson Investment Fund I, LP, Matthew split time between Wall Street and London as Capital Markets Manager in the Financial Services Vertical at Diamond Management and Technology Consultants. Thats true whether youre Benjamin Franklin or Joe klutz. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Charlie Munger: Well, I consider that very unlikely. He had excellent judgment. Thats our system. What are the psychological implications of this type of market behavior? I think the bankers of today could learn a lot from Eugene, but little is known of him. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that theyre way above average. What were the lessons learned? Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. Charlie Munger: Real estate has always been a difficult field. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. Think of whats died in my lifetime. We have our crotchets and I just dont know enough about it to want to go into that activity. Delayed Nasdaq Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . Information Agent. DAILY JOURNAL CORPORATION - Address, Director information But theres also a large risk of losing it coming from within an organization. Charlie Munger: Well thats an easy one. And, of course, he hated costs. 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Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. Daily Journal Corporation : Announces Financial Results for the Three Months ended Decembe.. Daily Journal Corporation Announces Financial Results for the Three Months ended Decemb.. Daily Journal : Management's Discussion and Analysis of Financial Condition and Results of.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year ended September 3.. Daily Journal Corp : Changes in Registrant's Certifying Accountant, Financial Statements a.. Daily Journal : Fiscal 3Q Earnings Snapshot, Daily Journal : Fiscal 2Q Earnings Snapshot. Investment Ideas Latticework New York Question: Is the oil and gas industry the new newspapers? Of course, people behave more sensibly when theyre spending their own money. Ill paraphrase here. I do think that a properly run bank is a great contributor to civilization and that the central banks of the world like controlling their own banking system and their own money supplies. If anybody can fix it, he can. He was old as I am. Question: In recent years, Berkshire Hathaway has provided much greater insight into the companys succession thoughts and has made available at the annual meeting the companys leading managers that will steer Berkshires future. You get crazy booms. Today, the majority of contractual revenue that can be identified is from implementations and licenses. A rich civilization can afford to do it if we absolutely have to. Thats the reason he rose so fast in life. Accounting is also in the cloud. Its doing a big public service. Tom Murphy used to say that his system of management was to delegate just short of total abdication. And thats not a sure thing either. Knox Lane hires Buntain to head investor relations | PE Hub Throughout the transcript below, I have included clickable links to my notes and articles . It wasnt some malevolence of the rich that caused it. In Singapore, you get a savings account the day youre born. Culture is very important. Could you share the secret to living a long, healthy, and happy life? If you have unrealistic expectations, youre going to be miserable all your life. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. The daily journal stock sells way above the price I would pay if I was buying new stock. Its hard to run a bank intelligently. Sure, we all love the kind of civilization we have. Charlie Munger: Well, I dont know how well the economys doing to work in the future. I dont think its easy for ordinary people to become great investors. What could investors do to cope better with periodical frenzy? All we can promise is that were gonna try and so far as I can tell, were doing pretty well. If you continue to use this site we will assume that you are happy with it. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? I prefer the United States. I wouldnt change my life all that well. Charlie Munger: Early 70s. Daily Journal Corp - Portfolio Holdings, AUM (13F, 13G At KB Home, social responsibility means investing in the relationships we have with our employees and within our communities. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. Charlie Munger: Were really old both of us. Of course, that made him very leery of dumb loans. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. News Corp Announces Acquisition of Investor's Business Daily A passionate, seasoned, internal Investor Relations strategist, executioner, demand-builder and teammate proactively taking a Company's story to Wall Street -- one ticker at a time | Learn more . In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai).
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