And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. 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. And that isnt necessarily right for its customers. And I dont think youll find me engaged in the massive rezonings in the future. Theyd take you through the building of the canals and the building of the railroads and so on and so on. All rights reserved. And then the previous 100 years, that got another big chunk of modernity. I have a bust of Lee Kuan Yew in my house. I think were into a lot less travel and a lot more Zooming. In display advertising, for example, we now utilize a very friendly company that worked with us for 25 years and now they are helping us sell advertising. 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? Create your Watchlist to save your favorite quotes on Nasdaq.com. And were gonna play that as hard as we can. Im not trying to move mountains. DAILY JOURNAL CORPORATION. Gerald Salzman: None. Charlie Munger: You have to be optimistic about the competency of our technical civilization. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. 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. I recommend that other people follow my practice. So far the evidence would be that maybe the monetary modern monetary theory is right. Question: Should there be a tax on buying stock now that Robinhood trades are free? Can you provide similar insight regarding the future at the Daily Journal and would you consider implementing policies like those at Berkshire so shareholders can get to know the up-and-coming leaders in the organization? The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. What else can you do? 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. How would you advise these institutions to manage their endowments over the coming decades? Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. [2]: Could you share the secret to living a long, healthy, and happy life? Its one of the most ignorant professions in the world. Nothing is particularly obvious for everybody to do the same thing. Podcasts enable members to enjoy content in a convenient format. Theyre just very simple. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. People really trust Costco will be delivering enormous value. Its a very dishonorable low-grade way to talk. The majority of revenue is generated from Traditional business segment. I recommend that other people follow my example. As a matter of fact, what happens is to make a nation rich, you need a free market system. The wealth management industry has a crisis on its hands. And I think thats what shareholders do. I do think banking run intelligently is a very good business. 1996 - janv . The meeting was held on February 24, 2021. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. A single vial can cost upwards of $300, meaning a monthly cost of $1,000. Florida would have a really serious problem. At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. Delayed Nasdaq Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. By the way, thats not the normal outcome in America. Charlie Munger: Well, these things do happen in a market economy. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. BYD stock did nothing for the first five years we held it. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. Throughout the transcript below, I have included clickable links to my notes and articles . 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 . Thats very, very important. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? Have you met Lee Kuan Yew in person? 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. These are very difficult questions and most people assume that its simple. 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. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. However, is there a price too high that the companys future profits simply cannot justify? Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. There are these periods in capitalism. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek. 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. . As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. I hope the newspaper survives too. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. Latticework London So he married her. 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. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. That happystat has more to do with their happiness and their outcomes in life. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. How do you recognize a potential downfall in a company you hold/invest in? 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. Charlie Munger: Yes, I think it must end badly but I dont know when. Daily Commerce. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. And thats very interesting. He was death on corruption which was a very good idea. And thats the way Eugene was in his community. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. Subscribe Columns Labor/Employment Viking River PAGA ruling has no clear destination for employers Mar. He had excellent judgment. I think theyd run rings around me. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities and a top 10 holdings concentration of 100.0%. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . With no analysts or investor relations department, few understand the transformation that has occurred. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. He lived in a particular town. 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. Chinas economic record among the big nations is the best that ever existed in the history of the world. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. The daily journal stock sells way above the price I would pay if I was buying new stock. Remember the Dot Com boom when every little building in Silicon Valley ran into a huge price and a few months later about a third of them were vacant. Quickly find out what the most recently closed or increased positions are. Question: The Federal Reserve appears to be supporting asset prices. Because we have the proxies those directors are now reelected. Question: My question concerns China. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. 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. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. Rose Blumpkin had quite an effect on the Berkshire culture. What I see in China now just staggers me. Question: You identified the opportunity in electrification and invested in BYD. LOS ANGELES, CA These actions have given some shareholders more visibility and comfort on their investment. Were not enlarging it. I regard this as insanity. I think the world is gonna be quite different. Copyright 2023 Surperformance. All rights reserved. The stock has gained so much this year and last year. So, its a serious problem. We are in fact being a more difficult type of software business than Microsoft. Intellectual Property That way, whatever happens, he feels smart. Larry Summers has recently been quoted as being worried that were having too much stimulus. 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 I never buy any and neither does Daily Journal. Were all pretty forgiving of ourselves too which is probably a good thing. 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. It seems to involve a lot of your standard causes of human misjudgment. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people. Ellen Ireland will be inspector of elections. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. And, of course, its regrettable. Timeless Selections Has the quality of the publication suffered as the employment levels have decreased? 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. 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 . And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? I dont think well change on that. His method for doing it was so simple. And there was one woman who was a year older than he was who was the first-ranked student in the school. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Industry Insights Summit It was totally required. In Singapore, you get a savings account the day youre born. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as Wa ren Buffetr's "right arm. That recognized reality and worked way better than what other people were doing. They really need the world to stay the way it is. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. Now 16 years have passed. How are they similar or different? Question: Do you believe the valuations for electric car manufacturers are in bubble territory? Tom Murphy used to say that his system of management was to delegate just short of total abdication. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. The meeting was held on February 24, 2021. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. Thats what weve been doing throughout my whole lifetime. So you now know what I do in charitable institutions. Intelligent Investing in Crisis Mode. But he knew how to learn what he didnt know. 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! She created a business with like 500 depression dollars that became a huge business. He knew everybody and everything. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. I dont think I can teach you how to retroactively get a new accident yourself. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. No, I dont think I have anything to contribute. 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. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities Charlie Munger: Well, I consider that very unlikely. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Charlie Munger: I think Im alive because of a lucky genetic accident. There arent that many people like Lee Kuan Yew that have ever lived. I dont think that hydrocarbons are going. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. 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. During his tenure with Diamond, Matthew worked with top-tier investment banks, global payments firms, and international insurance companies to deliver high impact solutions to his clients most challenging business problems. They are joining the modern world very rapidly and theyre getting very skillful at operating. 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. These positions were updated on January 5th based on the funds latest 13F filing. And my advice would be if you have a fixable disadvantage, remove it. Absolute insanity.
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