Practically everybody does that. 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. The average salary for Investor Relations Director at companies like DAILY JOURNAL CORP in the United States is $173,091 as of November 23, 2022, but the range typically falls between $149,030 and $199,970. And, of course, its going to create trouble as it did. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. Question: Has your opinion on cryptocurrencies remained the same? I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. And theyre all dyingevery damn one of them almost. I think the oil and gas industry will be here for a long, long time. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. Charlie Munger: Early 70s. DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. 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. Every value investor tries to get more value than he pays for. On the other hand, we have a fair amount of time to do it. And if youre selling them gambling services where you make profits off of the top, like many of these new brokers who specialize in luring the amateurs in, I think its a dirty way to make money. Youve reached the limit of my circle of competence. How do you think about the hydrogen opportunity for transportation and how does it compare to the electric opportunity, specifically thinking about trucks versus cars. When it gets difficult, I dont think theres any automatic fix for difficulty. I dont follow that practice but I dont criticize it either. I was good at having low expectations and that helped me. I think were into a lot less travel and a lot more Zooming. Best Ideas Omaha I dont think Ive got any great insight about hydrogen. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. What are the main sources of ancillary revenue expected once the products have gone live and how meaningful will the products like eFile-it, ePay-it, cloud hosting services, and others become? In 1978, the year Deng Xiaoping took over, it was 300. We expect many of our employees to always be at client court offices because we work with them very closely to make sure they get what they need. He was always upbeat. 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. Titan International, Inc. c/o Investor Relations 1525 Kautz Road, Suite 600 West Chicago, IL 60185 investor.relations@titan-intl.com Board Contact Information Written correspondence for any member of Titan's Board of Directors may be sent to their attention: Titan International, Inc. c/o Corporate Secretary 2701 Spruce Street Quincy, IL 62301 What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. You can hardly think of anything more important in life than being reliable for the people who trust you. Question: What is the wisdom behind holding bank stocks compared to other stocks. Charlie Munger: I dont have any wonderful new thoughts. Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. Charlie Munger: I dont know anything about Haven. Are they more stable? Are traditional dividends and share repurchases the likely end-stateassuming our software business grows into a bonafide companyor will buying and holding securities from time to time be what the board is comfortable with? Investor Letter Excerpts Its like evolution in biology. Nasdaq provides companysSEC filings, which arefinancial statements andreports filed electronically with the U.S. Securities and Exchange Commission (SEC) byQuotemedia. Theyre in a place thats gotten more valuable. Is it Bitcoin, decentralized finance, or something else? Thats entirely due to the practical talent of Lee Kuan Yew. He was death on corruption which was a very good idea. You fix what you can fit, and what you cant fix, you endure. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. , 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. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. Im pretty easy on myself these days. Youve even said business schools that dont adopt this method are doing their students a disservice. LOS ANGELES, CA No, I dont think I have anything to contribute. And there arent many people that can do that. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. I never buy any and neither does Daily Journal. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. I think theyre a bad investment when interest rates are this low. It sold the previously owned 9,745 shares for $357 thousand. 2022 Junto Investments, all rights reserved. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. It was totally required. Member-Only Podcasts Since the annual event first launched in 1996 . Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? The stock appreciated probably way more than intrinsic value. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. Put me down as skeptical. 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. We take the situation as it is and try to solve it. I think all good investing is value investing. What do you think the long-term consequences will be? I feel the same way about those choices. Charlie Munger: Were really old both of us. Of course, his son, who is a bright man, is now Prime Minister of Singapore. Charlie Munger: Well, of course, the places downsized. Question: You often advocate for learning from other peoples big calamities and stupidities. Charlie Munger: Well, that is easy. 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. The Manual of Ideas Charlie Munger: Well, I think all stocks can fluctuate. Question: Can you share some parting thoughts with the viewers who are watching all around the world? Give me a new question. So it gets very dangerous. The Frankfurt Conversation, I got more out of Ideaweek than any investing-related event Ive been to since 1986. Peter Leacock, Senior Portfolio Manager, CIBC Wood Gundy. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. The hydrocarbons are also needed as chemical feedstocks. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. Webcast. Im just learning as I go along. Everything you see is profit. Munger became Chairman (because he was an attorney). Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. Youd say that everybody does that in their education but I dont think everybody does. the MV of securities sold, whichever is less, Charlie Munger: I have seen an episode or two of the Queens Gambit. Charlie Munger: Well, these things do happen in a market economy. I think that that will probably continue. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as War- ren Buffett's "right arm." Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod- ucts. I hope that that will continue in the future. Those are pretty good rules and theyre pretty simple. Tom Gayner, Adds value to my research process. His method for doing it was so simple. But I do think having a whole system to sell hydrogen is difficult. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. Now, it sounds like anybody would know that made sense. We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. I expect that and I welcome it. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. And like last year, you will in this note find a full transcript of the entire meeting. There are factories in China that are just absolutely full of robots and are working beautifully. Charlie Munger: I dont think I have a lot of wonderful advice about starting a business but what youve learned in the pandemic is that we can do with a lot less travel and a lot more Zooming. So human greed and the aggression of the brokerage community create these bubbles from time to time. He was old as I am. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. Always tell the truth and never lie to anybody about anything. I expect less out of bankers than he does. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. Occasionally, some damned fool will suggest something that violates the laws of physics and I always turn off my mind the minute I realize the poor bastard doesnt know any physics. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. Copyright by BeyondProxy. Asian Investing Summit Thats the reason he rose so fast in life. Today, the majority of contractual revenue that can be identified is from implementations and licenses. They just copied Adam Smith and left out the free speech and it worked fine for them. Copy and paste multiple symbols separated by spaces. And there was one woman who was a year older than he was who was the first-ranked student in the school. of stocks: 4 Portfolio value: $174,434,000 Holdings Activity Buys Sells History * Reported Price is the price of the security as of the portfolio date. N/A: N/A: N/A: . Ideaweek St. Moritz Latticework New York The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. The death tax in China is zero. Zurich Project Podcast Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Announces 2022 Holiday Period Net Sales, Updates Fourth Quarter Outlook. Until his recent step-down as chairman of the board in April, the marketable. And I think that that is inevitable because its difficult to be a good investor. Everybody is. 915 East First Street. And, I was not surprised when it blew up. With no analysts or investor relations department, few understand the transformation that has occurred. Throughout the transcript below, I have included clickable links to my notes and articles . -, Daily Journal Corp : Submission of Matters to a Vote of Security Holders (form 8-K), Charlie Munger downplays risk of Taiwan invasion, says crypto fans are 'idiots', Transcript : Daily Journal Corporation - Shareholder/Analyst Call, Secretary & Executive Vice President-Publications, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. What do you make of these two pricings? Question: Which do you think is crazier? Charlie Munger: Well, I consider that very unlikely. Of course, its going to be difficult. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. Industry Insights Summit John Lambert, First class in every way. But, no, I dont think Treasury securities are a big problem. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. Of course, if he had a chance to do it over again, he would avoid those mistakes. He doesnt mind at all not getting credit for his charitable donations. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. -, Daily Journal Corp : Submission of Matters to a Vote of Security Holders (form 8-K), Charlie Munger downplays risk of Taiwan invasion, says crypto fans are 'idiots', Transcript : Daily Journal Corporation - Shareholder/Analyst Call. That was not a startup, but it was so small and thinly traded that we were buying into a venture capital type investment but in the public market. Larry Summers has recently been quoted as being worried that were having too much stimulus. 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. The disruption from the decline in newspapers has had a significant impact. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. I think that would be insanity. What do you think we can do to help those who are currently falling behind as a result of this pandemic? Charlie Munger: Well, I dont participate at all. How do you decide to hold on to a stock or sell some? But the Chinese have proved that you dont need free speech to have a wonderful economy. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. What is interesting is that in wealth management, a lot of people think that if they have a hundred stocks theyre investing more professionally than they are if they have four or five. Knox Lane was founded in 2019. When autocomplete results are available use up and down arrows to review and enter to select. Theres an old German proverb Ive always liked. Everybody has shortcuts to screen out certain hazards. Alt Turnover is calculated by taking either the total MV of new purchases or 2022. 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 meeting was held on February 24, 2021. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Its a very dishonorable low-grade way to talk. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? 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? Nothing contained on junto.investments constitute a solicitation, recommendation, endorsement, or offer by Junto or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. We would all say that. I think management should tell it like it is at all times and not be a big promoter of its own stock. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. What could investors do to cope better with periodical frenzy? So he married her. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? Performance numbers calculated through 2023-02-14. How would you advise these institutions to manage their endowments over the coming decades? If you were offered a fresh start today, what would you do differently in life and in investing? Similar Job Titles: DAILY JOURNAL CORPORATION. Latticework London Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. Meet-the-Author Summer Forum I kind of admire the way Bill takes on these very hard problems. So I dont worry that the country is being ruined by a few people over getting ahead a little faster than the rest of us. Tom Murphy used to say that his system of management was to delegate just short of total abdication. I dont know the answer. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. I think its much easier to find five than it is to find a hundred. Chuck Royce. Question: The highly configurable JTI product may help e-suites integrate deeply into new jurisdictions as agencies and citizens become familiar with the courthouse software. But everybody cant be better than everybody else. It also serves as a newspaper representative specializing in public notice advertising. And his conclusion is that mankind should just step up to it and do it. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. Investment Ideas Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. I think when difficulty comes, I expect to have my share. 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. What do you look for in a leader? All the buses. I just see more and more of the rich people leaving. BYD stock did nothing for the first five years we held it. Its just that the investment banking profession will sell shit as long as shit can be sold. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. 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. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. Its chairman is Steven Myhill-Jones. As a matter of fact, what happens is to make a nation rich, you need a free market system. Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. We are very excited to look forward to enabling the courts to function as we know that they want to and will in the future. We use cookies to ensure that we give you the best experience on our website. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. Have you met Lee Kuan Yew in person? I cant help you. I dont think that hydrocarbons are going. 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. 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? Do you think that digital economy has reached a tipping point such that this time is different and that conventional valuation measures for these types of companies are dead, or does this environment remind you of 1999? 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. If you dont have master the rest of the knowledge you cant synthesize it with psychology. In 2010, that was down to 165 full-time employees and 15 part-time employees. 1/9/23. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Generally, what people do is they have financial reserves so they have some options if trouble comes, and they adapt the way Gerry has to require downsizings or require upsizings. That turned out to be a wonderful idea and thats one of the reasons we made all this money. We got a dividend of two and a half million shortly thereafter. Classified advertising is down significantly. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. It was a background that helped everybody. A lot of things are going to change. Billionaires Group These symbols will be available throughout the site during your session. And I think thats what shareholders do. A lot of the people who are doing this remote worka lot are going to work three days a week in the office and two days a week at home. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. View the latest DJCO financial statements, income statements and financial ratios. Munger and Salzman will take shareholder questions from CNBCs Becky Quick.Don't Miss: Valley of Hype: The Culture That Built Elizabeth HolmesWATCH HERE:https://youtu.be/Sb179GLPNYEWatch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube:https://youtu.be/gx-OzwHpM9kSubscribe to Yahoo Finance: https://yhoo.it/2fGu5BbAbout Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. We hope theyll continue doing magnificently well. However, could you be more specific? Questions: Many observers see market behavior that reminds them of the Dot Com bubble: wild speculation, endless SPACs, and IPOs soaring on their first day of trading. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. It was absolutely incredible. Contact. Charlie Munger: I think I had the right temperament. On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price. Its difficult, but its not impossible investing in bank stocks successfully. So you now know what I do in charitable institutions. 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. 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. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. What prevents the wide use of helpful psychological insight is the fact that psychology gets really useful when you integrate it with all other knowledge. If you dont spend the money, you and your heirs get to spend it eventually. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. He cared terribly about not making bad loans or incurring dumb expenses. The Form 13F report requires disclosure of the manager that files the report, the name and class of the security, the CUSIP number, the number of shares . If you continue to use this site we will assume that you are happy with it. They manage It operates through the Traditional Business and. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. I recommend that other people follow my practice. I regard this as insanity. I have a very simple idea on the subject. I dont think we have any great gift at making macroeconomic predictions. Code of Business Conduct and Ethics; Whistle Blower Policy; Shareholder Rights Agreement Annual Meeting of Stockholders Date: June 13, 2022 Time: 10:00 a.m. EDT Location: Hilton McLean Tysons Corner For example, Coca-Cola in the past. Many, but not all SEC filings are available in the SECs EDGAR database. Is it digital wallets like PayPal, Square, or Apple Pay? I dont think well change on that. When I was young, I rezoned some properties very successfully. Is there any new material? Jeffrey Stacey, I enjoy it and others will also. All rights reserved. I do think banking run intelligently is a very good business. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. I dont know which is worse. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. And, I think that could happen, but, of course, thats not a sure thing. Its such a simple idea. Have you considered amending this quote or lowering your standards? Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC to see more advanced email alert options such as selecting any type of Charlie Munger: Well, I dont know how well the economys doing to work in the future. But theres also a large risk of losing it coming from within an organization. The total cash compensation, which includes bonus, and annual incentives, can vary anywhere from $137,730 to $197,363 with the average total cash compensation of $163,305. And that isnt necessarily right for its customers. 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. Question: Do you think its best to invest in the common stocks of businesses early or while they are more nascent and the industry is smaller, or wait until they are the clear winner of a more mature industry? I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. So, I think you can count on the fact that what were doing is going to be a big growing field. I dont think its like the newspaper business. But its hard for anybody. Daily Journal Corp is based out of Los Angeles. But, but by and large, most of the knowledge has been available for a long time. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary.
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