If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. What could investors do to cope better with periodical frenzy? But, I dont think Ive got a lot to contribute. Chinas economic record among the big nations is the best that ever existed in the history of the world. . 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. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. We use cookies to ensure that we give you the best experience on our website. I think Im a little more lenient. 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. Daily Journal Corp. Request Information Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. He was always upbeat. Is it Bitcoin, decentralized finance, or something else? And all I can say is that well do the best we can. and leadership at Berkshire Hathaway, Munger was . Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. But, of course, if we got a chance to do it again, we would do it better. He was very courageous and generous in helping everybody around him all his life. It reminds me of the key phrase and Bunyans Pilgrims Progress in which he says: My sword I leave to him who can wear it. Charlie Munger: I think Ive learned to avoid zoning work. What are the psychological implications of this type of market behavior? As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. I think when difficulty comes, I expect to have my share. Costco I do think has one thing that Amazon does not. And the next time around the poor will get richer faster than the rich. containing a link to download the .zip file of the CSV file(s) you requested. 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? Charlie Munger: I dont know anything about Haven. Appian: Well-Positioned Platform for Building Enterprise Software, PDF Solutions: Lowly Valued, with Net Cash and Growing SaaS Business, Interactive Brokers: Automated, Low-Cost, High-Margin Business. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Because of that fact, it's of the utmost importance for companies to maintain strong . 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. We have offices in all the major cities in California and also in Logan, Utah. Charlie Munger: Well, its not easy to handle accumulated money in the current environment when these stocks are so high and partials of real estate of certain kinds are also very inflated. Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. Member-Only Podcasts And yet he made a lot of mistakes in the course of living his life. All except for the legal advertising system which we had to build because nobody else has the volume that we have. And, of course, its regrettable. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. I dont think its like the newspaper business. And, of course, its going to create trouble as it did. 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. 2/24/23. I kind of admire the way Bill takes on these very hard problems. 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? It says that man is too soon old and too late smart. Nobody else has ever taken a big country out of poverty so fast and so on. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? And I think the world would be better off without them. Just time after time he would do something like that. I would imagine that applies to the broad market too. 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. The total portfolio value may be much higher due to cash Could you give more examples both good and bad ones from your personal observations or through vicarious readings? Trending Stocks. I expect that and I welcome it. LEARN MORE. So, you can understand why Warren got disenchanted with Wells Fargo. As of 29th December 2022, Daily Journal Corps top holding is 2,300,000 shares of Bank Of America currently worth over $76.2 million and making up 43.7% of the portfolio value. Latticework New York 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. If you try and reduce the poverty too much, its counterproductive. Our editorial system and our advertising system are all in the cloud. 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. Gerrys lived a long time too and I think we both have been lucky. 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. Of course, its hard to negotiate in such a field. Without the method of learning, youre like a one-legged man in an ass-kicking contest. Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! Just think of the things that were once prosperous that are now in failure or gone. Meet-the-Author Summer Forum And he said; I cant decide the order of presidency between a flee and a louse. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. And I think thats what shareholders do. We all live with that problem. A little wisdom in spouse selection is very desirable. Gerry, you have a comment on that? But he was 90 years of age. See our Terms, Privacy Policy, and Disclaimer. email address below and choose 'Submit'. Of course, we accomplished quite a bit working together. And some types of real estate in recent years has been particularly difficult. This information can be used by investors to verify and understand the financial position of the company. When I was young, I rezoned some properties very successfully. He gasped and said, but hes never had anything to do with newspapers or anything else. I dont know which is worse. to see more advanced email alert options such as selecting any type of So, I think you can count on the fact that what were doing is going to be a big growing field. 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. Every value investor tries to get more value than he pays for. He was not a dictator. I dont follow that practice but I dont criticize it either. Charlie Munger: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. I regard this as insanity. 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. Daily Commerce. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. Thats our system. February 12, 2020 . The fully online conferences hosted by MOI Global bring together great minds from our network of intelligent investors, with a focus on timely ideas and timeless wisdom. You fix what you can fit, and what you cant fix, you endure. But they dont teach that in the psychology department because the academic system rewards little experiments that develop more insight into psychological tendencies instead of synthesizing whats already been discovered with the rest of knowledge. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq Annual stock financials by MarketWatch. 1996 - janv . Investors play a major and vital role in the success and growth of a company. Charlie Munger: Well, I think all stocks can fluctuate. The death tax in China is zero. The meeting will come to order. The first rule of a happy life is low expectations. Nobody was trying to make the rich richer. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. Download 13F Summary The majority of the companies in the funds portfolio are large-cap stocks. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Timeless Selections So we were like an undertaker who suddenly got prosperous in a plague year. And he was a great kidder. There are currently 4 companies in Mrs. Tos portfolio. Thank you for all you do to educate us. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. Thats an interesting example of self-learning. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Of course, it really helped to know everybody in town. Copyright 2023 Surperformance. divided by the total MV of the fund. 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. The average market cap of the portfolio companies is close to $220 billion. [1]: Zurich Project Podcast 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. 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). 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 . He loved to kid people. Can U.S. Treasury bonds be such a case today? So, of course, I admire him. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. Those are pretty good rules and theyre pretty simple. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. Visit Investor Network Presentation / Fact sheet Get the summary on ISDR today, including a copy of our recent investor presentation View Now US Global HQ One Glenwood Ave, Suite 1001 Raleigh, NC 27603 Tel: +1.919.481.4000 Fax: +1.919.481.6222 info@issuerdirect.com And, of course, when things get extreme you have things like that short squeeze. I think theyre a bad investment when interest rates are this low. And I think that that is inevitable because its difficult to be a good investor. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. Has the quality of the publication suffered as the employment levels have decreased? Charlie Munger: Early 70s. Thats what weve been doing throughout my whole lifetime. Were beholden to the guidelines of the county of Los Angeles and other counties. But the accountants are duly elected. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. We have different tax considerations. Thats the nature of capitalism. Where does it appear most egregious? 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. The wealth management industry has a crisis on its hands. I think the oil and gas industry will be here for a long, long time. Everything you see is profit. Theyve served us well over the years. Charlie Munger: Well thats an easy one. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. If its not good enough for Berkshire, shouldnt we have the same standards? Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. Just time after time, he would choose the right system. I think that inequality is absolutely an inevitable consequence of having the policies that make a nation grow richer and richer and elevate the poor. 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. He lived in a particular town. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) 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. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. That happened because Gerry and I bought these little newspapers all over the state just as a precaution to make sure we could serve public notice advertising wherever it arose in the state. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. And, I think that could happen, but, of course, thats not a sure thing. 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. Many, but not all SEC filings are available in the SEC's EDGAR database. Until his recent step-down as chairman of the board in April, the marketable. They really need the world to stay the way it is. Alt Turnover is calculated by taking either the total MV of new purchases or Throughout the transcript below, I have included clickable links to my notes and articles . 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. USD. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? Webcast. Wheaton delivers amongst the highest cash operating . Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. 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? If I had stayed in Omaha, where I was raised, and gotten into the banking business, I would have been a hell of a good banker. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. And, we have to function as an informal committee in that we have to bring our employees and our clients together to work out what they already know and how we can help them do a better joba more efficient job. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. 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. Non-members may peek into the world of MOI Global via limited access. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. We would all say that. Questions: Why are some people incapable of learning new ideas and behaviors? This is a highly desirable thing. 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. Rick was part of the group which consisted of Warren Buffett, Rick Guerin, and Charlie Munger that bought control of Blue Chip Stamps when it was widely distributed in an anti-trust settlement. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. I dont define that as value investing. That way, whatever happens, he feels smart. And, of course, he hated costs. 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. The base salary for Investor Relations Manager in companies like DAILY JOURNAL CORP range from $117,251 to $165,504 with the average base salary of $145,822. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. 1/9/23. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? Performance They are joining the modern world very rapidly and theyre getting very skillful at operating. Question: Eugene Abegg seems like he was one of the best bankers of the last century, achieving both extremely low loan loss rates and earning around 2% on assets over a long time period. I expect less out of bankers than he does. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. Daily Journal Corporation (DJCO) - 8-K - Current report SEC FilingsYesterday, 3:57 PM Daily Journal Corporation (DJCO) - 10-Q - Quarterly Report SEC FilingsMon, Feb. 13 Daily. Have you seen the television show Queens Gambit on Netflix? And some bankers yield to the temptations. 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? So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. Always tell the truth and never lie to anybody about anything. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? What are his thoughts on modern monetary theory? Charlie Munger: I think I had the right temperament. Everybody is. You once said to study the life and work of Lee Kuan Yew. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. . Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. So, its a serious problem. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. When the pandemic is over, I dont think were going back to just the way things were. 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. Gerry and I have been together, how many years Gerry? It was totally required. Youve even said business schools that dont adopt this method are doing their students a disservice. If you were offered a fresh start today, what would you do differently in life and in investing? Click the button below to request a report when hardcopies become available. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. All text and design is copyright 2020 WhaleWisdom.com. And if you cant do that, youre not gonna win the great chess championships of the world and youre not gonna do as well in business as Henry Singleton did. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. [2]: [The questioner] would like to know what Charlies method of learning is. I think most people are born with a happystat. Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. But he knew how to learn what he didnt know. Corporate governance. The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. Touch device users, explore by touch or with swipe gestures. Always intelligent. So its a very theoretical discussion. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and 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. Have you considered amending this quote or lowering your standards? When autocomplete results are available use up and down arrows to review and enter to select. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. The fund focuses on investments in the United States as Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. Its too volatile to serve well as a medium of exchange. 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. What I see in China now just staggers me. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . He knew everybody and everything. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? Considering their system, that is not what he should have been doing. I think management should tell it like it is at all times and not be a big promoter of its own stock. Look around all this real estate. They manage And theyre all dyingevery damn one of them almost. 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. Today, it hovers around 9500. So, its a very interesting competitive field. I dont think that hydrocarbons are going. Copy and paste multiple symbols separated by spaces. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. Chuck Royce. So, you have to be a little closer to the employees needs, desires, babysitting, and all those activities that were kind of taken for granted in the past. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. With no analysts or investor relations department, few understand the transformation that has occurred. But I wont be following him. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? Corporate Governance. Question: How important is the analysis of company culture in the investment process? Ive seen the whole bus system shift from gasoline or diesel to gas and so it obviously isnt impossible, but youd have to create a whole new system of supply for it. Charlie Munger: Gerry, whats the biggest mistake weve made? FOR ANNUAL MEETING OF SHAREHOLDERS. I think that that will probably continue. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. The content provided on the Junto Investments (Junto) website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. And I just think it was academically inconvenient for them. Governance. Contact the transfer agent for answers concerning the subjects below: Dividend reinvestment plan Lost or stolen certificates Stock transfer requirements American Stock Transfer & Trust Company, LLC 1-877-864-4750 Email: info@astfinancial.com Web site: www.astfinancial.com Some people have a natural trend toward good judgment, and with other people, their life is just a series of mistakes over and over again. Ill paraphrase here. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. 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 was good at having low expectations and that helped me. And you mentioned technologythats very, very important. Question: Of the various types of moats and competitive advantages, which types do you think will be most important in the years ahead, and what combinations of competitive advantages can you imagine will create any new types of moats? -, 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. 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. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Many, but not all SEC filings are available in the SECs EDGAR database. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. I think that shareholders should be more sensible and not crowd into stocks and buy them just because theyre going up and they like to gamble. 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. DAILY JOURNAL CORPORATION. I think they stopped because if you taught that course, youd be stealing the best cases from the individual professors of marketing and so on and so on. 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.
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