Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC But we cant. Munger became Chairman (because he was an attorney). You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. 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. Questions: Many major businesses and high net worth individuals have been leaving California. Of course, that history is useful to know. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? Of course, thats a useful thing. Question: You famously run investments through your mental checklist. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. You get crazy booms. 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. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. Youve said recently that Sequoia is the greatest investment firm ever. Information Agent. Governance. 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. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. I hope that that will continue in the future. Local Chapters And thats the right way to do it. There are these periods in capitalism. Considering their system, that is not what he should have been doing. It showsed how wise we were to put him there in the first place. 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. And, as Gerry has just said to me just after breakfast, you wouldnt want to invest in a parking lot by a courthouse for the future because an awful lot of the court proceedings are going to go to the internet. And, I was always aware of that and so Ive accepted these damned annual meetings. Its one of the most ignorant professions in the world. Of course, that will still work. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. I regard this as insanity. Member Feedback Trending Stocks. And he was a great kidder. The company operates in two segments: Traditional business and Journal Technologies. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. containing a link to download the .zip file of the CSV file(s) you requested. I think you should try and make your money in this world by selling other people things that are good for them. And all I can say is that well do the best we can. Because we have the proxies those directors are now reelected. Today, it hovers around 9500. and leadership at Berkshire Hathaway, Munger was . This very special event honors excellence in the investor relations profession across the US and we are excited to welcome everyone for an evening of fine food, dancing and lots of celebrating! Charlie Munger: Well, I consider that very unlikely. 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. It was totally required. And I think the world would be better off without them. -144-01 clinical trial in advanced melanoma during SITC in November 2022 and in a subsequent companion publication in the Journal for ImmunoTherapy of Cancer . Charlie Munger: Robinhood trades are not free. But show me a psychology department that knows how to do that. Chinas economic record among the big nations is the best that ever existed in the history of the world. In Singapore, you get a savings account the day youre born. But, no, I dont think Treasury securities are a big problem. And thats not a sure thing either. I was very lucky. BYD sells at nearly 200 P/E. DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RES.. Daily Journal Corporation Announces Financial Results for the Nine Months ended June 30.. Daily Journal : Fiscal Q2 Earnings Snapshot. 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 . Always tell the truth and never lie to anybody about anything. 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. Were beholden to the guidelines of the county of Los Angeles and other counties. We would all say that. Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? The first rule of a happy life is low expectations. the total portfolio value. And my advice would be if you have a fixable disadvantage, remove it. Charlie Munger: Well, I dont know how well the economys doing to work in the future. Daily Journal Corporation's ISS governance QualityScore as . 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. Questions: Why are some people incapable of learning new ideas and behaviors? Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? Discover something new every day from News, Sports, Finance, Entertainment and more! How would you advise these institutions to manage their endowments over the coming decades? And they dont just keep everlastingly at it the way he did. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. 1996 - janv . Furthermore, hed gone through the Great Depression. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . Of course, that made him very leery of dumb loans. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. But theres no rule that life has to be easy on the mental side. In 1978, the year Deng Xiaoping took over, it was 300. Classified advertising is down significantly. The wealth management industry has a crisis on its hands. I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. And he said; I cant decide the order of presidency between a flee and a louse. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? 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. So, you can understand why Warren got disenchanted with Wells Fargo. We hope theyll continue doing magnificently well. Daily Journal Corp is based out of Los Angeles. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. 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? And if its unfixable, learn to live without it. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. USD. Charlie Munger: I dont think you can make that a moral responsibility. I think all of this activity is regrettable. Currently, their heaviest sector is Finance making up 81.3% of Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. . 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. But everybody cant be better than everybody else. So its a very theoretical discussion. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. These are very difficult questions and most people assume that its simple. He was death on corruption which was a very good idea. 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 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. Rick was always humorous. And there arent many people that can do that. [2]: Rich Eisinger, Great content, great people. I dont follow that practice but I dont criticize it either. And we probably have more of those shortcuts than others. 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. Webcast. Tilly's, Inc. Charlie Munger: Well, thats a very good question. All-Time Favorites On the other hand, the buses in Los Angeles work on natural gas. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.To learn more about Yahoo Finance Plus please visit: https://yhoo.it/33jXYBpConnect with Yahoo Finance:Get the latest news: https://yhoo.it/2fGu5BbFind Yahoo Finance on Facebook: http://bit.ly/2A9u5ZqFollow Yahoo Finance on Twitter: http://bit.ly/2LMgloPFollow Yahoo Finance on Instagram: http://bit.ly/2LOpNYzFollow Cashay.comFollow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV I admire him that much. And thats the way we handled Gerry. 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. Jen Saunders And, of course, its all worked. If you stop to think about it, business success long term is a lot like biology. The majority of the companies in the funds portfolio are large-cap stocks. And theyre all dyingevery damn one of them almost. And, pretty soon, he turned that into this gloriously prosperous place. What do you think we can do to help those who are currently falling behind as a result of this pandemic? As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? And thats very interesting. We will now proceed to the question period. Sure, we all love the kind of civilization we have. Charlie Munger: I dont have any wonderful new thoughts. He was always upbeat. 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. At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. 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. New species are created and old species are dying. 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. And, I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were, how stupid their policies were, and so forth. Since the annual event first launched in 1996 . Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. Charlie Munger: I think Ill skip that one. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. Buffetts donations to the foundation have obviously helped to save many millions. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. The Zurich Project However, is there a price too high that the companys future profits simply cannot justify? And, we hope to do well in it. 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. Theres a lot of temptation to do dumb things which will make the earnings next quarter go up but are bad for the long term. He was not a dictator. 915 E. 1st Street. Every value investor tries to get more value than he pays for. We love it anyway. Charlie Munger: I think everybody is willing to hold stocks at higher price-earnings multiples when interest rates are as low as they are now. Performance The Daily Journal Corp office and employees reside in Los Angeles, California. He lived in a particular town. He said, figure out what works and do it. Nobody else has ever taken a big country out of poverty so fast and so on. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? Meet-the-Author Summer Forum They just copied Adam Smith and left out the free speech and it worked fine for them. In 1860, GDP per capita in China was 600. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. But, I dont think Ive got a lot to contribute. And so, the stock went way up. All rights reserved. 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. Gerry, dont you think were doing pretty well? And, of course, he hated costs. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Also, when you get reverses, if you just suck it in cope, that helps if you dont just fretfully stew yourself into a lot of misery. 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. She created a business with like 500 depression dollars that became a huge business. However, could you be more specific? And some types of real estate in recent years has been particularly difficult. 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. Rose Blumpkin had quite an effect on the Berkshire culture. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Its just that some people look for values in strong companies and some look for values in weak companies. 2021 Quotemedia. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. If you have unrealistic expectations, youre going to be miserable all your life. Daily Journal Corporation Announces Financial Results for the Six Months ended March 31.. Daily Journal : Announces New Chairman and CEO - Form 8-K. Daily Journal Corp : Change in Directors or Principal Officers, Financial Statements and E.. Daily Journal Corporation Announces New Chairman and CEO, Daily Journal : Fiscal Q1 Earnings Snapshot. to see more advanced email alert options such as selecting any type of And he made a very favorable impression. Charlie Munger: I have seen an episode or two of the Queens Gambit. Throughout the transcript below, I have included clickable links to my notes and articles . All except for the legal advertising system which we had to build because nobody else has the volume that we have. Astronics Corporation Announces Preliminary Sales for Fourth Quarter 2022 of $155 Million to $160 Million; Completes $205 Million Debt Refinancing Nov 15, 2022 4:05 pm EST Astronics Corporation Reports Third Quarter 2022 Financial Results Latest Presentation December 6, 2022 Truist Securities Industrials & Services Summit 2022 Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. I knew a man once, Henry Singleton, who was not a chess champion. There are currently 4 companies in Mrs. Tos portfolio. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! Charlie Munger: Well, I do have a tip. Thats entirely due to the practical talent of Lee Kuan Yew. I dont think that hydrocarbons are going. How are they similar or different? Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. Thought Leader Series. And some bankers yield to the temptations. Question: Should there be a tax on buying stock now that Robinhood trades are free? But Im flabbergasted at how well theyre doing. Chairmans Letter Daily Journal Corp's portfolio is diversified across 3 sectors. Stocks with a size of more than $10 billion in market cap make up I call it deworsificationwhich I copied from somebody. Touch device users, explore by touch or with swipe gestures. Charlie Munger: Were really old both of us. I think people have the theory that any intelligent hardworking person can get to be a great investor. I hope the newspaper survives too. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. I dont think we have made a lot of horrible mistakes. I think all good investing is value investing. 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. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. I wouldnt change my life all that well. He had excellent judgment. Charlie Munger: Well, of course, the places downsized. 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.
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