Take Gerry. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. John Lambert, First class in every way. 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. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. How do I update this listing? 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 Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. Who is MOI Global? It showsed how wise we were to put him there in the first place. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. But, but by and large, most of the knowledge has been available for a long time. I think when difficulty comes, I expect to have my share. I expect less out of bankers than he does. 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. We are subject to the orders and directions of those counties which, before, really didnt impact anything. He was that smart. BYD stock did nothing for the first five years we held it. Of course, his son, who is a bright man, is now Prime Minister of Singapore. By the way, thats not the normal outcome in America. Question: You often advocate for learning from other peoples big calamities and stupidities. 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. When I was young, I rezoned some properties very successfully. You fix what you can fit, and what you cant fix, you endure. And I think both of us have done the same thing; we just suck it in and cope. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. He was very courageous and generous in helping everybody around him all his life. . 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. And thats the right way to do it. It operates through the Traditional Business and. Its not generally noticed by the public but clearinghouses clear all these trades. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. Asian Investing Summit Gerry, can you ever remember Rick down? or to simply have an email sent to you whenever we receive a new Create your Watchlist to save your favorite quotes on Nasdaq.com. Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. Is it Bitcoin, decentralized finance, or something else? Charlie Munger: Early 70s. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. 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. What could investors do to cope better with periodical frenzy? And, I was always aware of that and so Ive accepted these damned annual meetings. So its very difficult. Is there any new material? You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. 915 East First Street. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . What else can you do? But you know, most people dont do that. Thank you for all you do to educate us. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. . What are the psychological implications of this type of market behavior? Jeffrey Stacey, I enjoy it and others will also. How do you decide to hold on to a stock or sell some? Those are pretty good rules and theyre pretty simple. And thats not a sure thing either. She created a business with like 500 depression dollars that became a huge business. Question: My question concerns China. Charlie Munger: Well, you know, I had a failed marriage, so I dont think Im in the perfect position to advise the young about marriage. Of course, its going to be difficult. [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. Value investors know Warren Buffett's classic retort to efficient market theory, "The . 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. Thats one you can easily arrange. You know, its just, its incredible whats happened in terms of the destruction. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. The hydrocarbons are also needed as chemical feedstocks. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. And we cant go to many offices because theyre closed. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. He was death on corruption which was a very good idea. Commission-free trading is not free. 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? And what are the implications, since Treasury assets underpin the value of every other asset? You are on record as a zealous fan of the Chinese work ethic and Confucian value system. 2022. He lived in a particular town. They are joining the modern world very rapidly and theyre getting very skillful at operating. But its hard for anybody. Knox Lane was founded in 2019. PROXY STATEMENT. I dont think well change on that. Charlie Munger: I dont think so. I kind of admire the way Bill takes on these very hard problems. All except for the legal advertising system which we had to build because nobody else has the volume that we have. 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. About the awards. And what he does is he sells about half of them always. -, 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. Copyright 2023 Surperformance. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. Its been amazing that one little company starting up not that many decades ago could become as big as Costco did as fast as Costco did. Do you agree with the premise and if so how would you address inequality? I said to Rick, were going to make Gerry the head of the Daily Journal. He said, figure out what works and do it. Copyright by BeyondProxy. This page shows a list of all the recent 13F filings made by Daily Journal Corp. Form 13F is required to be filed within 45 days of the end of a calendar quarter. And thats the way Eugene was in his community. I think the oil and gas industry will be here for a long, long time. So, Im kind of pleased that Im still functioning at all. I dont think its like the newspaper business. Think of whats died in my lifetime. Thats what weve been doing throughout my whole lifetime. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. I think Im a little more lenient. If you continue to use this site we will assume that you are happy with it. I tell a story on Rick that he took the Navys IQ test and got one of the highest scores ever recorded and left early. 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. Throughout the transcript below, I have included clickable links to my notes and articles . 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. Nobody else has ever taken a big country out of poverty so fast and so on. Just time after time, he would choose the right system. But, I dont think Ive got a lot to contribute. Always intelligent. Daily Journal Corp is based out of Los Angeles. 2/24/23. Gerry, you have a comment on that? I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities The Daily Journal is a legal publisher in Los Angeles, spun out in 1986 as a public company from a closed-end fund Munger and Guerin owned. We would all say that. Ellen Ireland will be inspector of elections. You must have a subscription to view WhaleScore histories. What do you look for in a leader? Charlie Munger: Robinhood trades are not free. The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. I think theyd run rings around me. Question: Should there be a tax on buying stock now that Robinhood trades are free? 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. Of course, people behave more sensibly when theyre spending their own money. 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. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. for Q4 2022. Its such a simple idea. I think all of this activity is regrettable. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Alt Turnover is calculated by taking either the total MV of new purchases or Ideaweek Podcast Charlie Munger: Real estate has always been a difficult field. All the buses. The stock appreciated probably way more than intrinsic value. The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. And I applaud the result. That makes the whole thing very awkward. 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. He was just so damn smart. Charlie Munger: I think Ill skip that one. I dont even know how much more difficultor how much more dangerousit would be to deal with hydrogen than it is to deal with gasoline which is also a dangerous substance. 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. These symbols will be available throughout the site during your session. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. Charlie Munger: Well, I think all stocks can fluctuate. And I think wise people should just stay out of them. The only opinion I have there is that I dont think anybody knows whats going to happen for sure. The mantra he said over and over again is very simple. 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. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. What do you think we can do to help those who are currently falling behind as a result of this pandemic? It says that man is too soon old and too late smart. Question: Mr. Munger is a champion of Chinese stocks. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. Question: Has your opinion on cryptocurrencies remained the same? And I think, by and large, we made the most practical decisions that were available to us. [The questioner] would like to know what Charlies method of learning is. And were gonna play that as hard as we can. He was a very smart man and he had a lot of good ideas. I think civilization would do better without it. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. But the Chinese have proved that you dont need free speech to have a wonderful economy. Part of the reason for that was cultural. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. 2023 Annual Meeting. Theyve got a better reputation for providing value than practically anybody, including Amazon. Have you seen the television show Queens Gambit on Netflix? 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. Charlie Munger: I dont know anything about Haven. 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. And its rather interesting. Nasdaq provides companysSEC filings, which arefinancial statements andreports filed electronically with the U.S. Securities and Exchange Commission (SEC) byQuotemedia. 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. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. Capitalism is almost as brutal as that. I dont think Ive got any great insight about hydrogen. Get the latest articles and insights directly to your email inbox. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. 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. That was a big error in judgment. Of course, its hard to negotiate in such a field. 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. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. On the other hand, it could be handled. How would you advise these institutions to manage their endowments over the coming decades? Gerald Salzman: Well, we dont think about mistakes. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. 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. The majority of the companies in the funds portfolio are large-cap stocks. I dont define that as value investing. How would they think about current opportunities with low rates and low inflation? And, pretty soon, he turned that into this gloriously prosperous place. Membership Tour But, I find that the old ways of doing things still work. Washington State is actually considering a wealth tax at the state level. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. And my advice would be if you have a fixable disadvantage, remove it. He said it was the pursuit of the uneatable by the unspeakable. In other words, when we shout our knowledge out, were really pounding it out. And his conclusion is that mankind should just step up to it and do it. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. We paid two and a half million for it. With no analysts or investor relations department, few understand the transformation that has occurred. He was a very smart man. Create Email Alert, ***Log In or Put me down as skeptical. And if you stop to think about it, that is also true at the Daily Journal. If you do that all the time; if youre looking for disconfirming evidence and putting yourself on a grill, thats a good way to help remove ignorance. Chairmans Letter That turned out to be a wonderful idea and thats one of the reasons we made all this money. One thing I can promise is that I wont contribute much to it because I dont understand it. How are they similar or different? Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. It was an accident. On the other hand, we have a fair amount of time to do it. Many, but not all SEC filings are available in the SECs EDGAR database. 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. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. You can hardly think of a decision that matters more to human felicity than who you marry. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. But, of course, its a very difficult field. Charlie Munger: Well thats an easy one. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. When completed, an email will be sent to the email address you specify He knew everybody and everything. Just time after time he would do something like that. I dont think I can teach you how to retroactively get a new accident yourself. Investor's Business Daily (IBD), which . Theyre just very simple. +2.68%. We have offices in all the major cities in California and also in Logan, Utah. February 12, 2020 . Furthermore, hed gone through the Great Depression. And, of course, he hated costs. Los . Charlie Munger: Well, these things do happen in a market economy. Everyone knows this isnt a small cap Berkshire Hathaway. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. Today, the majority of contractual revenue that can be identified is from implementations and licenses. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. 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. When I look at the modern Singapore health system, it costs 20% of what the American system costs. Its just that the investment banking profession will sell shit as long as shit can be sold. Charlie Munger: Well, I cant top Lee Kuan Yews example. 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. I feel the same way about those choices. He took over a malarial swamp with no army, no nothing. Delayed Nasdaq Gerald Salzman: Charlie refers to the courts, many times. I recommend that other people follow my example. What do you make of these two pricings? Its a very dishonorable low-grade way to talk. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. Always on point. Currently, Daily Journal Corp's portfolio is worth at least $174 million. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. and a top 10 holdings concentration of 100.0%. Wheaton delivers amongst the highest cash operating . What were the lessons learned? Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things.
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