email address below and choose 'Submit'. I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. Just time after time, he would choose the right system. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. Just time after time he would do something like that. I think the result would have been worse if either party had been in control all by itself for the whole period. Until his recent step-down as chairman of the board in April, the marketable. So, its a very interesting competitive field. Daily Journal Corporation offers legal software and services to US courts and other justice agencies, including browser-based case processing systems (eCourt, eProsecutor, eDefender, and eProbation) and electronic filing and payment tools (eFile, ePayIt). All rights reserved. Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. Ill paraphrase here. When you look at whats happened in California [in terms of] the price of real estate and rentals, weve reduced the number of offices we have both for Journal Technology and for the Daily Journal. 2/13/23. And I think thats what shareholders do. Of course, we accomplished quite a bit working together. Or, has the digital revolution caused enormous productivity improvements in those businesses? Has the quality gone down? I didnt get to where I am by going after mediocre opportunities. containing a link to download the .zip file of the CSV file(s) you requested. Billionaires Group The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. When these people go, there is none replacing them. I recommend that other people follow my practice. They manage You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. But I dont think thats going to end up with a mistake. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. 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. Question: What is the wisdom behind holding bank stocks compared to other stocks. SEC Form 13F Filing History. 2021 Quotemedia. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. Zurich Project Podcast Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. In 1860, GDP per capita in China was 600. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. Type a symbol or company name. So its very difficult. Question: What books are you currently reading and what can you reccomend? Give me a new question. And, we hope to do well in it. And that is why Costco presents some danger to Amazon. But theres also a large risk of losing it coming from within an organization. Thats interestingwho in the hell is voting against the accountants? Charlie Munger: Well, I think all stocks can fluctuate. This is a highly desirable thing. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. We have offices in all the major cities in California and also in Logan, Utah. Questions: Why are some people incapable of learning new ideas and behaviors? Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . They lose their money fast enough. Of course, if he had a chance to do it over again, he would avoid those mistakes. Thought Leader Series. Charlie Munger: Gerry, whats the biggest mistake weve made? And its rather interesting. And, of course, he hated costs. No, I dont think I have anything to contribute. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? You can hardly think of a decision that matters more to human felicity than who you marry. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. 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. Hed been a receiver for a bank. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. Information Agent. , whose value grew 4.2% in the past six months, Us Bancorp worth $6.11 million, with 140,000 shares owned, Town & Country Bank & Trust Co Dba First Bankers Trust Co, Stocks and cryptocurrency portfolio tracker. With no analysts or investor relations department, few understand the transformation that has occurred. 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 . DAILY JOURNAL CORPORATION. Today, the majority of contractual revenue that can be identified is from implementations and licenses. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Is there anything that you wish you had added to your checklist sooner? Charlie Munger: I cant think of a We paid high prices for some little companies in the course of trying to enter the court software business. Can U.S. Treasury bonds be such a case today? Its been amazing that one little company starting up not that many decades ago could become as big as Costco did as fast as Costco did. If anybody can fix it, he can. What do you think of all of the SPACs and the promoters pushing them? I think all good investing is value investing. And there arent many people that can do that. Im pretty easy on myself these days. CI. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. Local Chapters I knew a man once, Henry Singleton, who was not a chess champion. I wouldnt change my life all that well. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. Of course, it really helped to know everybody in town. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. Its doing a big public service. Charlie Munger: I think Ive learned to avoid zoning work. The first order of business is to reelect the four directors and the votes are as follows: Charles Munger, 679,481, Gerald Salzman, 660,287, Peter Kaufman, 593,336, Mary Conlon, 651,493. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. Every value investor tries to get more value than he pays for. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. You fix what you can fit, and what you cant fix, you endure. Because if you do that, Im a moral leper. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. Apartments have come through better. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. Absolute insanity. And, for example, here, we must have 30 or 40 deaths. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 2/24/23. The fund focuses on investments in the United States as Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. 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. I have a very simple idea on the subject. +2.68%. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. What do you think the long-term consequences will be? Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? I dont define that as value investing. Currently, Daily Journal Corp's portfolio is worth at least $174 million. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? 2023 Annual Meeting. One thing I can promise is that I wont contribute much to it because I dont understand it. I do think the present CEO is an extraordinarily able man and the directors made a very wise choice when they put him in charge. It was an accident. Ive been pretty quiet. We admire the company and like its position. Sign-up We do, as Charlie indicates, have a lot of travel. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. While historically a legal newspaper publishing company, today DJCO operates a SaaS business model providing case management software to courts and government agencies around the U.S. and the world. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. Seneca Foods' (NASDAQ:SENE.A) investors will be pleased with their notable 70% return over the last three years 10/18/2022 3:57 PM. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. I feel the same way about those choices. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . Good Earnings: Salesforce's revenue was up 18% year-over-year, totaling $31.4 billion, and it's expected to grow to $34.5 billion next year. The average market cap of the portfolio companies is close to $220 billion. But, I hardly think the editorial quality could go way up when employees were going down. And that institution has two assets in its endowment account. Question: Do you believe the market is going through a long-term value slump similar to 1999, or do you believe technology has caused a permanent change in how companies should be valued? Question: How do you control your investments in a world where reasonable companies with a good image like General Electric sink rapidly into the bottomland of the stock market. Its such a simple idea. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. Ten Charts That Show World Economy's Turbulent Course Over 2022 Market Data Stocks Commodities Rates & Bonds Currencies Futures Sectors View More Markets Economics Economics Indicators Central. DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. 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. I dont know the answer. Charlie Munger: Well, of course, the places downsized. On the other hand, as you say, I didnt get rich by buying stocks at high price-earnings multiples in the midst of crazy speculative booms. If the seas were to rise 60 feet, which could happen in another 100 years or so, wed have to build enormous barriers to sea entry. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. It was absolutely incredible. He was not a dictator. And, I was not surprised when it blew up. Best Ideas Conference On Constellations trajectory as an HPC, the economics of a VMS, returns on capital, challenges in organic growth, the runway for M&A, the companys incentive system, and prospects for the use of FCF. Charlie Munger: Well, he was one of my closest friends for many decades. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. Ellen Ireland will be inspector of elections. That turned out to be a wonderful idea and thats one of the reasons we made all this money. Question: Can you share some parting thoughts with the viewers who are watching all around the world? How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? Would you share a few stories about him and your fondest memory? Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? I think theyd run rings around me. Ive been around for a long time and my policy has always been to just write them out. Its like evolution in biology. Contact. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities BYD sells at nearly 200 P/E. and a top 10 holdings concentration of 100.0%. Kipling once wrote a poem called The Women (The Ladies) and the concluding line was to the effect that you should learn about women from him instead of doing it yourself, because, he says, I know you wont follow my advice. Investors play a major and vital role in the success and growth of a company. Question: What advice would you give to someone who is trying to stay within their circle of competence but finding that the pace of technical technological innovation is rapidly reducing that circle? Under Nasdaq's Board Diversity Proposal, operating companies listed on Nasdaq's U.S. exchange, including Daily Journal Corporation (DJCO), are required to publicly disclose diversity statistics . Question: I enjoyed your Caltech interview and wanted you to elaborate and provide more insights on your point of great investors and great chess players. I think that would be insanity. And there was one woman who was a year older than he was who was the first-ranked student in the school. Charlie Munger: We will not be following Tesla into bitcoin. Charlie Munger: Robinhood trades are not free. Our editorial system and our advertising system are all in the cloud. I hope that that will continue in the future. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. Youve said recently that Sequoia is the greatest investment firm ever. Question: You identified the opportunity in electrification and invested in BYD. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. 2022 Junto Investments, all rights reserved. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. Everybody is. 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. You can hardly think of anything more important in life than being reliable for the people who trust you. It says that man is too soon old and too late smart. And yet he made a lot of mistakes in the course of living his life. Who is MOI Global? 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? divided by the total MV of the fund. I think you can count on the fact that if we really like the company and we like the managementand that is the way we feel about BYDwere likely to be a little too loyal. Buffetts donations to the foundation have obviously helped to save many millions. They just copied Adam Smith and left out the free speech and it worked fine for them. So I think what China has done was probably right for China and that we shouldnt be so pompous as to be telling the Chinese they ought to behave like us because we like ourselves and our system. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. 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. Chinese stocks are often sensitive to geopolitical events, and news that Biden and Xi will meet later this year could signal a thaw in relations between China and the U.S. Daily Journal Corporation Reports Quarterly Revenue $11.68 Mln Daily Journal Corporation says For Nine Months Ended June 30 Consolidated Revenues Of $35.7 mln Versus $30.6 . DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. Charlie Munger: Well, I dont think I know exactly what the future of banking is and I dont think I know how the payment system will evolve. He really knew everything you had to do to avoid credit losses in a small town in Illinois. At times in my life, I have put myself to a standard that I think has helped me: I think Im not really equipped to comment on this subject until I can state the arguments against my conclusion better than the people on the other side. Latticework New York In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. And, of course, its regrettable. Published since 1917, the Daily Commerce is based in Los Angeles and covers news of general interest, columns of interest to real estate investors and brokers, and information on distressed properties in Los Angeles County. I said to Rick, were going to make Gerry the head of the Daily Journal. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. They really need the world to stay the way it is. It just created the most unholy mess. 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, thats a very good question. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. I would hate to compete with Sequoia in their field. And he was just so good. What I see in China now just staggers me. DAILY JOURNAL CORPORATION - Print Media - 915 E 1st St, Los Angeles, CA - Phone Number - Yelp Daily Journal Corporation 5 reviews Unclaimed Print Media Frequently Asked Questions about Daily Journal Corporation How is Daily Journal Corporation rated? One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. But show me a psychology department that knows how to do that. Charlie Munger: Yes, I think it must end badly but I dont know when. The bad news is its not clear whos gonna win all the business or how much money is going to be made. These symbols will be available throughout the site during your session. 13F filing from DAILY JOURNAL CORP, enter your The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Thats an interesting example of self-learning. Im afraid thats the way we all have to leave our swords. The Daily Journal Corp office and employees reside in Los Angeles, California. I admire him that much. Los Angeles, California 90012 . Question: How important is the analysis of company culture in the investment process? But, I find that the old ways of doing things still work. Charlie Munger: Well, I so rarely hold a company like BYD that goes to a nosebleed price that I dont think Ive got a system yet. If you have unrealistic expectations, youre going to be miserable all your life. That happystat has more to do with their happiness and their outcomes in life. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. Of course, its going to be difficult. Theres hardly anything he touched he didnt improve. Copyright by BeyondProxy. You have to be concerned about employees lives. Charlie Munger: Well, I consider that very unlikely. And, what about passive investing? I find that by working at that, I can actually make some improvements even though Im old. Value Investing will never go out of style. Nobody should believe that Robinhoods trades are free. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. I know Berkshire is a long-term owner and rarely sells securities of high-quality companies it owns in its portfolio simply because its overvalued. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? The Manual of Ideas He was very courageous and generous in helping everybody around him all his life. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. Daily Journal Corp. - AnnualReports.com Most Recent Annual Report MOST RECENT 2019 Form 10K View Form 10K (HTML) Daily Journal Corp. does not currently have any hardcopy reports on AnnualReports.com. Youve reached the limit of my circle of competence. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. He was a very smart man and he had a lot of good ideas. Charlie Munger: Well, heres what I meant. Could you give more examples both good and bad ones from your personal observations or through vicarious readings? Timeless Selections If its not good enough for Berkshire, shouldnt we have the same standards? But, I dont think Ive got a lot to contribute. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. A rich civilization can afford to do it if we absolutely have to. But, of course, I think there will be more automation in transportation of all kinds in the future. This information can be used by investors to verify and understand the financial position of the company. If we could make the world richer by just raising the minimum wage to $100,000 a second or something, of course we would do it but. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. So, its a serious problem. Question: You famously run investments through your mental checklist. In other words, its your money. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 30, 2022 LOS ANGELES, Dec. 16, 2022 (GLOBE NEWSWIRE) -- During fiscal 2022, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $54,009,000 as compared with $49,925,000 in the prior year.
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