And they dont do that very wellIm talking about the business schools. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. He doesnt mind at all not getting credit for his charitable donations. In his early education, he was the second-ranked student in the school. Just time after time, he would choose the right system. Its not generally noticed by the public but clearinghouses clear all these trades. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. The total number of shares, represented by proxies at this meeting, are 995,682, which are more than enough to constitute a quorum making the meeting duly held. And what are the implications, since Treasury assets underpin the value of every other asset? So, no I dont think its the responsibility of management to assure where the stock sells. Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? The mantra he said over and over again is very simple. It just created the most unholy mess. Performance The number of people who ever got a chance to do it again is zero. Thats been greatly curtailed. Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. 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. He gasped and said, but hes never had anything to do with newspapers or anything else. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. That turned out to be a wonderful idea and thats one of the reasons we made all this money. I said to Rick, were going to make Gerry the head of the Daily Journal. 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. Best Ideas Omaha 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. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. Do Not Sell My Personal Information (CA Residents Only). Washington State is actually considering a wealth tax at the state level. And, of course, it works way better than our medical system. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. I do think that Im way less afraid of inequality than most people who are bleeding about it. 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. Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. February 26, 2021 / Richard Lewis / 6 Comments. 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. It also serves as a newspaper representative specializing in public notice advertising. CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Titan International, Inc. - Investor - Contact Wide-Moat Investing Summit 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. Charlie Munger: Modern monetary theory means that people are less worried about an inflationary disaster like Weimar Germany from government printing of money and spending it. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. Considering their system, that is not what he should have been doing. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. When you pay for order flow, youre probably charging your customers more and pretending to be free. 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. 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. I hope the newspaper survives too. Culture is very important. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. Ten Charts That Show World Economy's Turbulent Course Over 2022 Market Data Stocks Commodities Rates & Bonds Currencies Futures Sectors View More Markets Economics Economics Indicators Central. If you were offered a fresh start today, what would you do differently in life and in investing? Good Earnings for Salesforce Might Give Activist Investors a Chill Pill When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. But Henry was a genius. Today, it hovers around 9500. He really knew everything you had to do to avoid credit losses in a small town in Illinois. And thats the way we handled Gerry. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. 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. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. And even if you have a natural gift, you cant be good at it unless you start playing at a very young age and get huge experience. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. USD. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. When you respond to software by the RFP process, its a very difficult, demanding business and its less profitable and less sure than what Microsoft does. DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. DAILY JOURNAL CORPORATION. Daily Commerce. Gerry, dont you think were doing pretty well? Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. Its just not gonna work. Gerald Salzman: None. My guess is we have suffered some editorial quality. But Im flabbergasted at how well theyre doing. I cant help you. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. Mitch Gellman - Investor Relations & Strategic Adviser - LinkedIn Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. A lot of things are going to change. They manage Nobody else has ever taken a big country out of poverty so fast and so on. Charlie Munger: I dont know anything about Haven. Apartments have come through better. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. But I dont think thats going to end up with a mistake. Thats the reason he rose so fast in life. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. All the buses. You are going to be flabbergasted. 915 E. 1st Street. Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. That approach will never go out of style. Charlie Munger: You have to be optimistic about the competency of our technical civilization. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. This Week in Intelligent Investing. All rights reserved. I think were into a lot less travel and a lot more Zooming. divided by the total MV of the fund. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. I find that by working at that, I can actually make some improvements even though Im old. Thought Leader Series. Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. Daily Journal Corp. - AnnualReports.com Charlie Munger: Early 70s. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. Always intelligent. Touch device users, explore by touch or with swipe gestures. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . 1/9/23. . Membership Tour Chuck Royce. 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. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? Would you share a few stories about him and your fondest memory? A passionate, seasoned, internal Investor Relations strategist, executioner, demand-builder and teammate proactively taking a Company's story to Wall Street -- one ticker at a time | Learn more . Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. And I think that that is inevitable because its difficult to be a good investor. And its rather interesting. I expect less out of bankers than he does. SEC Form 13F Filing History. Is there anything that you wish you had added to your checklist sooner? 306.00. Absolute insanity. Click the button below to request a report when hardcopies become available. Gerry and I have been together, how many years Gerry? 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. Thank you for all you do to educate us. Charlie Munger: Yes, I think it must end badly but I dont know when. What happens is that every human being tends to believe way more than he should in what hes worked hard to find out or where hes announced publicly that he already believes. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. I have a bust of Lee Kuan Yew in my house. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Im not saying I wanted to live in China. Now 16 years have passed. And I just think it was academically inconvenient for them. These actions have given some shareholders more visibility and comfort on their investment. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. I dont think its like the newspaper business. Ive been around for a long time and my policy has always been to just write them out. So we were like an undertaker who suddenly got prosperous in a plague year. The average market cap of the portfolio companies is close to $220 billion. Ellen Ireland will be inspector of elections. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. And if you stop to think about it, that is also true at the Daily Journal. DAILY JOURNAL CORPORATION : Shareholders Board Members Managers and All text and design is copyright 2020 WhaleWisdom.com. 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. Theyve served us well over the years. Ive been engaged in recent years in trying to create a better type of student dormitory. Daily Commerce 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: Well, thats a very good question. 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. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. You must have a subscription to view WhaleScore histories. LEARN MORE. Gerry has done magnificently well. And yet he made a lot of mistakes in the course of living his life. I kind of admire the way Bill takes on these very hard problems. Corporate Governance. The total portfolio value may be much higher due to cash (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) But I do think having a whole system to sell hydrogen is difficult. 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. DJCO | Daily Journal Corp. Annual Income Statement | MarketWatch But, I hardly think the editorial quality could go way up when employees were going down. 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. And he was just so good. Meet-the-Author Summer Forum Webcast. Daily Journal Corp - Filing History - Charlie Munger - Fintel Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . On the other hand, it could be handled. Gerald Salzman: There are a number of factors that come into play here. Im pretty easy on myself these days. New Investor Information - Cel Sci We have different tax considerations. Throughout the transcript below, I have included clickable links to my notes and articles . 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). 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. Thats entirely due to the practical talent of Lee Kuan Yew. 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. Of course, his son, who is a bright man, is now Prime Minister of Singapore. So, its a serious problem. 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. 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. Value investors know Warren Buffett's classic retort to efficient market theory, "The . Daily Journal Corporation (DJCO) Company Profile & Facts - Yahoo! Question: We have a couple of questions about J.P. Rick Guerin. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. But I dont think everybody can be a great investor or a great chess player. Is it digital wallets like PayPal, Square, or Apple Pay? What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. 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. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Nobody was trying to make the rich richer. It was a background that helped everybody. I think the oil and gas industry will be here for a long, long time. All except for the legal advertising system which we had to build because nobody else has the volume that we have. 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. Question: Can you share some parting thoughts with the viewers who are watching all around the world? Has the quality gone down? DJCO | Daily Journal Corp. Financial Statements - WSJ 2022. Question: Should there be a tax on buying stock now that Robinhood trades are free? It was totally required. He didnt know one damn thing about the Daily Journal when we made him head of it. Florida would have a really serious problem. 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. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. Charlie Munger: Its quite importantpart of the success of a company like Costco. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. Furthermore, hed gone through the Great Depression. What do you look for in a leader? DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. God knows it was difficult but I dont think its a mistake. On Tuesday, March 7, 2023 at 11:00 a.m. Eastern Time, Michael West, President of Moody's Investors Service, and Shivani Kak, Head of Investor Relations, will speak at the Raymond James . If you try and reduce the poverty too much, its counterproductive. Charlie Munger's Daily Journal Corporation Is A Cohiba Cigar Butt
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