Theyd take you through the building of the canals and the building of the railroads and so on and so on. It doesnt happen anymore. And I think wise people should just stay out of them. Just time after time he would do something like that. Ive been around for a long time and my policy has always been to just write them out. I was very lucky. Question: Charlie, you are known as an advocate for learning from ones mistakes. But, but by and large, most of the knowledge has been available for a long time. Its a very dishonorable low-grade way to talk. So it gets very dangerous. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. 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. But we cant. And thats what we have going in the stock market in a frenzy thats fed by people who are getting commissions and other revenues out of this new bunch of gamblers. The average market cap of the portfolio companies is close to $220 billion. I kind of admire the way Bill takes on these very hard problems. John Lambert, First class in every way. As for some of our technology, like eFiling for example, the courts are closed. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. 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. 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. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. 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. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? I do think that Im way less afraid of inequality than most people who are bleeding about it. I think I would have lived a long time if I had lived a different life. Rose Blumpkin had quite an effect on the Berkshire culture. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. At times in my life, I have put myself to a standard that I think has helped me: I think Im not really equipped to comment on this subject until I can state the arguments against my conclusion better than the people on the other side. Question: You famously run investments through your mental checklist. But theres also a large risk of losing it coming from within an organization. Its like evolution in biology. So, no I dont think its the responsibility of management to assure where the stock sells. 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. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. Youve said recently that Sequoia is the greatest investment firm ever. And then the previous 100 years, that got another big chunk of modernity. Daily Journal Corp closed its position in Posco Adr on 5th January 2023. Member Feedback Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. We love it anyway. She created a business with like 500 depression dollars that became a huge business. But Im flabbergasted at how well theyre doing. Im not saying I wanted to live in China. All the buses. Tilly's, Inc. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. Theyre just very simple. It just created the most unholy mess. And I think thats what shareholders do. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. LOS ANGELES, CA Question: You are one of the oldest and greatest thinkers of our time. Charlie Munger: Gerry, whats the biggest mistake weve made? All we can promise is that were gonna try and so far as I can tell, were doing pretty well. 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. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. Question: Is the oil and gas industry the new newspapers? The Hamilton Live 600 14th Street NW But, of course, if we got a chance to do it again, we would do it better. Nobody else has ever taken a big country out of poverty so fast and so on. These actions have given some shareholders more visibility and comfort on their investment. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. 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. or to simply have an email sent to you whenever we receive a new Hell be able to do it. When completed, an email will be sent to the email address you specify Copyright 2023 Surperformance. But Henry was a genius. We are subject to the orders and directions of those counties which, before, really didnt impact anything. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Delayed Nasdaq Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. Tom Murphy used to say that his system of management was to delegate just short of total abdication. He gasped and said, but hes never had anything to do with newspapers or anything else. All rights reserved. Gerald Salzman: There are a number of factors that come into play here. Thats the nature of capitalism. But, I hardly think the editorial quality could go way up when employees were going down. 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. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. And, of course, thats a very dangerous way to invest. Charlie Munger: I would go further. So we were like an undertaker who suddenly got prosperous in a plague year. 75% of the total holdings value. Theres an old German proverb Ive always liked. I cant help you. We have different tax considerations. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. And that isnt necessarily right for its customers. On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price. Daily Journal Corp's portfolio is diversified across 3 sectors. Daily Journal Corporation's ISS governance QualityScore as . But he knew how to learn what he didnt know. Generally speaking, people assume that were a normal software company like Microsoft or something. You are limited to the prior 8 quarters of 13F filings. On the other hand, it could be handled. 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. What can you learn from the Barry Duttons bookstore building deal in Brentwood and how would you apply that new knowledge or experience in the future? MOI Global en Espaol. Question: What is the wisdom behind holding bank stocks compared to other stocks. Its just not gonna work. And we cant go to many offices because theyre closed. 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 . And the next time around the poor will get richer faster than the rich. He was not a dictator. They had to because the traditional business newspaper business is shrinking. 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 . Theyve got a better reputation for providing value than practically anybody, including Amazon. And what he does is he sells about half of them always. 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. The meeting will come to order. Thats an interesting example of self-learning. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq Charlie Munger: I dont have any wonderful new thoughts. 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. 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. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . All rights reserved. I dont define that as value investing. 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. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. . Everybodys got a different situation. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Are they more stable? He was very amiable the way he talked about it. 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. How do I update this listing? Daily Journal Corp is based out of Los Angeles. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? BYD sells at nearly 200 P/E. On the other hand, we have a fair amount of time to do it. I think the oil and gas industry will be here for a long, long time. I dont think its easy for ordinary people to become great investors. If you dont spend the money, you and your heirs get to spend it eventually. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. Thought Leader Series. And, of course, when things get extreme you have things like that short squeeze. And thats the right way to do it. [The questioner] would like to know what Charlies method of learning is. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? Thats been greatly curtailed. And that is why Costco presents some danger to Amazon. 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. Investor Relations & Corporate Communications 650-260-7120 ext. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? Gerald Salzman: Charlie refers to the courts, many times. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). And its really stupid to have a culture that encourages as much gambling in stocks by people who have the mindset of race track betters. I dont think Im likely to have any new thoughts that are going to work miracles either. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. When people gave me a good idea and I could see it was a good idea, I quickly mastered it and started using it for the rest of my life. Performance But he could play chess blindfolded at just below the Grandmaster level. We would all say that. That turned out to be a wonderful idea and thats one of the reasons we made all this money. There are certain behavioral rules. Delayed Nasdaq But, I find that the old ways of doing things still work. What were the lessons learned? And he was a great kidder. Charlie Munger: You have to be optimistic about the competency of our technical civilization. So, I think you can count on the fact that what were doing is going to be a big growing field. What could investors do to cope better with periodical frenzy? What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. We hope theyll continue doing magnificently well. Its just that some people look for values in strong companies and some look for values in weak companies. The Frankfurt Conversation, I got more out of Ideaweek than any investing-related event Ive been to since 1986. Peter Leacock, Senior Portfolio Manager, CIBC Wood Gundy. A single vial can cost upwards of $300, meaning a monthly cost of $1,000. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Charlie Munger: Well, I so rarely hold a company like BYD that goes to a nosebleed price that I dont think Ive got a system yet. The majority of the companies in the funds portfolio are large-cap stocks. I feel the same way about those choices. He knew everybody and everything. Im afraid thats the way we all have to leave our swords. 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. What I see in China now just staggers me. See our Terms, Privacy Policy, and Disclaimer. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? The stock has gained so much this year and last year. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. He was a very smart man. Youd say that everybody does that in their education but I dont think everybody does. Furthermore, hed gone through the Great Depression. Just time after time, he would choose the right system. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. Question: Do you believe any psychological personality tests, such as the Myers-Briggs Type Indicator, to be of any good in choosing a compatible partner, given that choosing a spouse is probably the most important decision one can make in life. What are the psychological implications of this type of market behavior? Gerry and I have been together, how many years Gerry? If you were offered a fresh start today, what would you do differently in life and in investing? Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? Question: What have you done to live such a long life? Of course, that will still work. Corporate Actions Services. 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. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. Its very difficult to hire reporters in the San Francisco area with all the demands coming from the internet companies wanting to have an editorial product. And they dont do that very wellIm talking about the business schools. Many, but not all SEC filings are available in the SEC's EDGAR database. containing a link to download the .zip file of the CSV file(s) you requested. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC Question: You identified the opportunity in electrification and invested in BYD. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. I just see more and more of the rich people leaving. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. Charlie Munger: Well, that is easy. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Many, but not all SEC filings are available in the SECs EDGAR database. Since the annual event first launched in 1996 . Capitalism is almost as brutal as that. DAILY JOURNAL CORPORATION. And there arent many people that can do that. So its a very theoretical discussion. Ive been pretty quiet. When you pay for order flow, youre probably charging your customers more and pretending to be free. I think the bankers of today could learn a lot from Eugene, but little is known of him. The Zurich Project I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money.

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