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Gerald Salzman: None. But I do admire what the Chinese have done. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathawayYahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie Munger.The meeting features Daily Journal Chairman and Berkshire Hathaway Vice Chairman Charlie Munger and DJCO President and CEO Jerry Salzman. But he could play chess blindfolded at just below the Grandmaster level. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. On the other hand, it could be handled. This will schedule a job to export all requested 13f holdings data for this filer. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. The death tax in China is zero. 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. 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. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. Daily Journal Corporation has 1 stars. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. And I just think it was academically inconvenient for them. Member Feedback Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 30, 2022 LOS ANGELES, Dec. 16, 2022 (GLOBE NEWSWIRE) -- During fiscal 2022, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $54,009,000 as compared with $49,925,000 in the prior year. And if its unfixable, learn to live without it. Chuck Akre | Sanjay Bakshi | Brian Bares | David Barr | Chris Bloomstran | John Burbank | Joel Cohen | Larry Cunningham | Aswath Damodaran | Christopher Davis | Charles de Vaulx | Fernando del Pino | Pat Dorsey | Jean-Marie Eveillard | James Ferguson | Frank Fischer | Tom Gayner | Daniel Gladi | Bruce Greenwald | Robert Hagstrom | Connor Haley | Ahron Herring | Michael Huber | Bryan Lawrence | Hendrik Leber | Paul Lountzis | Peter Mantas | David Marcus | Howard Marks | Michael Mauboussin | Chris Mittleman | David Nierenberg | Phil Ordway | Mohnish Pabrai | Francisco Garca Params | Bob Robotti | Franois Rochon | David Rolfe | Jim Roumell | Chuck Royce | Tom Russo | Dave Sather | Florian Schuhbauer | Adam H. Schwartz | Josh Shores | Guy Spier | Murray Stahl | Sean Stannard-Stockton | Lauren Templeton | Will Thorndike | Elliot Turner | Michael van Biema | Arnold van den Berg | Marcos Veremis | Ed Wachenheim | Amit Wadhwaney | Adrian Warner | Andrew Wilkinson | Jay Willoughby | Josh Wolfe | Don Yacktman | Tim Yates, MOI Global | The Membership Community of Intelligent Investors. Many, but not all SEC filings are available in the SEC's EDGAR database. Charlie Munger: I think I had the right temperament. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. Best Ideas Omaha Question: Which do you think is crazier? 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. Ive been around for a long time and my policy has always been to just write them out. I predict that if they do that, a lot of people will leave Washington. This years annual report suggests that the traditional business has 97 full-time employees. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. for Q4 2022. I expect less out of bankers than he does. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. No, I dont think I have anything to contribute. And, I was not surprised when it blew up. And I think wise people should just stay out of them. Costco I do think has one thing that Amazon does not. BYD sells at nearly 200 P/E. These are very difficult questions and most people assume that its simple. Of course, that made him very leery of dumb loans. I was good at having low expectations and that helped me. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. There are companies that Daily Journal Corp is getting rid of from its portfolio. Thats interestingwho in the hell is voting against the accountants? And I think thats what shareholders do. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . Investment Ideas And thats not a sure thing either. I think its much easier to find five than it is to find a hundred. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Of course, its hard to negotiate in such a field. And, for example, here, we must have 30 or 40 deaths. They dont work that hard at figuring out what works and what doesnt. I have a bust of Lee Kuan Yew in my house. Member-Only Podcasts We admire the company and like its position. Thats our system. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? Its just that some people look for values in strong companies and some look for values in weak companies. And so, we cant promise were going to succeed. regarding their board of directors using the Board Diversity Matrix. I dont know which is worse. In 2010, that was down to 165 full-time employees and 15 part-time employees. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. Question: We have a couple of questions about J.P. Rick Guerin. But we cant. And his conclusion is that mankind should just step up to it and do it. But Henry was a genius. Its a very dishonorable low-grade way to talk. The majority of revenue is generated from Traditional business segment. Capitalism is almost as brutal as that. Charlie Munger: I have seen an episode or two of the Queens Gambit. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. These positions were updated on January 5th based on the funds latest 13F filing. However, could you be more specific? 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. Charlie Munger: Well, he was one of my closest friends for many decades. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. 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. 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. Charlie Munger: Its quite importantpart of the success of a company like Costco. You know, its just, its incredible whats happened in terms of the destruction. or to simply have an email sent to you whenever we receive a new So, I think you can count on the fact that what were doing is going to be a big growing field. 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. Gerrys lived a long time too and I think we both have been lucky. Type a symbol or company name. Quickly find out what the most recently closed or increased positions are. The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. 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? 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. He was just a very old-fashioned sound thinker. But I dont think thats going to end up with a mistake. Practically everybody does that. 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 Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. It seems to involve a lot of your standard causes of human misjudgment. I think its just to some extent you either have it or you dont. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. It says that man is too soon old and too late smart. The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. Stocks with a size of more than $10 billion in market cap make up I find that by working at that, I can actually make some improvements even though Im old. Bitcoin reminds me of what Oscar Wilde said about fox hunting. The fund focuses on investments in the United States as Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. And, what about passive investing? In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. 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. And I applaud the result. Occasionally, some damned fool will suggest something that violates the laws of physics and I always turn off my mind the minute I realize the poor bastard doesnt know any physics. Daily Journal : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF.. Daily Journal Corporation Announces Financial Resultsfor the Nine Months ended June 30.. Daily Journal Corporation Announces Financial Resultsfor the Six Months ended March 31.. Daily Journal : Fiscal 1Q Earnings Snapshot. As a matter of fact, what happens is to make a nation rich, you need a free market system. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. What are his thoughts on modern monetary theory? I think management should tell it like it is at all times and not be a big promoter of its own stock. divided by the total MV of the fund. The Manual of Ideas And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. 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 . Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Market Holidays Daily Analyst Ratings Daily Insider Trading. Copy and paste multiple symbols separated by spaces. Charlie Munger: Real estate has always been a difficult field. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! He had a long and wonderful run. I prefer the United States. If I had stayed in Omaha, where I was raised, and gotten into the banking business, I would have been a hell of a good banker. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC Of course, that history is useful to know. I learned those tendencies well enough to synthesize it with the rest of knowledge. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . So you now know what I do in charitable institutions. If anybody can fix it, he can. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. Look around all this real estate. Industry Insights Summit Of course, his son, who is a bright man, is now Prime Minister of Singapore. Everybodys got a different situation. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. We expect many of our employees to always be at client court offices because we work with them very closely to make sure they get what they need. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. 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. But, of course, if we got a chance to do it again, we would do it better. Considering their system, that is not what he should have been doing. 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 . There are currently 4 companies in Mrs. Tos portfolio. [1]: 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. And if you cant do that, youre not gonna win the great chess championships of the world and youre not gonna do as well in business as Henry Singleton did. Its doing a big public service. I just see more and more of the rich people leaving. And all I can say is that well do the best we can. 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. And if you stop to think about it, that is also true at the Daily Journal. The bad news is its not clear whos gonna win all the business or how much money is going to be made. 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. Podcasts enable members to enjoy content in a convenient format. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. Take Gerry. Charlie Munger: Well, these things do happen in a market economy. What are the psychological implications of this type of market behavior? 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. Commission-free trading is not free. I do think banking run intelligently is a very good business. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. Do you think that digital economy has reached a tipping point such that this time is different and that conventional valuation measures for these types of companies are dead, or does this environment remind you of 1999? Are traditional dividends and share repurchases the likely end-stateassuming our software business grows into a bonafide companyor will buying and holding securities from time to time be what the board is comfortable with? Question: Mr. Munger is a champion of Chinese stocks. So, the people part has changed quite considerably being a small company. Wide-Moat Investing Summit What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? He gasped and said, but hes never had anything to do with newspapers or anything else. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. Could you share the secret to living a long, healthy, and happy life? Accounting is also in the cloud. Daily Journal Corps portfolio is diversified across 3 sectors. Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. Question: You often advocate for learning from other peoples big calamities and stupidities. 1/9/23. 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. And they dont just keep everlastingly at it the way he did. These symbols will be available throughout the site during your session. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. And my advice would be if you have a fixable disadvantage, remove it. People really trust Costco will be delivering enormous value. I think the result would have been worse if either party had been in control all by itself for the whole period. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. I knew a man once, Henry Singleton, who was not a chess champion. 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. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. Question: What is the biggest lie currently being perpetuated by the investment complex? 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. Discover something new every day from News, Sports, Finance, Entertainment and more! The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. 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. And, he was very good company and a splendid gentleman. Asian Investing Summit [2]: Just time after time he would do something like that. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. Daily Journal Corp closed its position in Posco Adr on 5th January 2023. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? Those are pretty good rules and theyre pretty simple. How are they similar or different? Daily Journal Corporation's ISS governance QualityScore as . Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. When I look at the modern Singapore health system, it costs 20% of what the American system costs. But, I hardly think the editorial quality could go way up when employees were going down. Its a funny way to make money. 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. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. Of course, its going to be difficult. Corporate governance. Im just learning as I go along. Since the annual event first launched in 1996 . Information Agent. And some types of real estate in recent years has been particularly difficult. And he was just so good. I expect that and I welcome it. How would they think about current opportunities with low rates and low inflation? Im afraid thats the way we all have to leave our swords. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. And were gonna play that as hard as we can. Los Angeles, California 90012 . Gerry, can you ever remember Rick down? Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. Youd say that everybody does that in their education but I dont think everybody does. But you know, most people dont do that. You have to be concerned about employees lives. And, of course, what Im saying is that if I were teaching business I would start the way Harvard Business School did a long time ago. On the other hand, we have a fair amount of time to do it. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. to see more advanced email alert options such as selecting any type of 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. He was very courageous and generous in helping everybody around him all his life. Visit Investor Network Presentation / Fact sheet Get the summary on ISDR today, including a copy of our recent investor presentation View Now US Global HQ One Glenwood Ave, Suite 1001 Raleigh, NC 27603 Tel: +1.919.481.4000 Fax: +1.919.481.6222 info@issuerdirect.com Gerald Salzman: Charlie refers to the courts, many times. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. Theres no question about the fact that Wells Fargo has disappointed long-term investors like Berkshire because the old managementwhich is now removedwere not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to sell stuff that customers didnt really need.