I said to Rick, were going to make Gerry the head of the Daily Journal. I think the world is gonna be quite different. Asian Investing Summit Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. 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. Question: The Federal Reserve appears to be supporting asset prices. I think the bankers of today could learn a lot from Eugene, but little is known of him. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? When I was young, I rezoned some properties very successfully. It closed the year with cash flow reaching $7.1 billion . Gerald Salzman: There are a number of factors that come into play here. But the Chinese have proved that you dont need free speech to have a wonderful economy. In other words, when we shout our knowledge out, were really pounding it out. Where does it appear most egregious? These symbols will be available throughout the site during your session. 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? Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? Latticework New York 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. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! I wouldnt change my life all that well. It just created the most unholy mess. And if there is one thing the world could learn from Singapore, what would that be? And that is why Costco presents some danger to Amazon. February 26, 2021 / Richard Lewis / 6 Comments. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. She created a business with like 500 depression dollars that became a huge business. There are companies that Daily Journal Corp is getting rid of from its portfolio. Of course, its going to be difficult. 915 East First Street. Because if you do that, Im a moral leper. 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. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? DAILY JOURNAL CORPORATION - Print Media - 915 E 1st St, Los Angeles, CA - Phone Number - Yelp Daily Journal Corporation 5 reviews Unclaimed Print Media Frequently Asked Questions about Daily Journal Corporation How is Daily Journal Corporation rated? On the other hand, we have a fair amount of time to do it. 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. Member Calendar, MOI Global is a wonderful way to expose yourself to the thoughts of some of the most successful investors and investment methods out there. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. Question: Of the various types of moats and competitive advantages, which types do you think will be most important in the years ahead, and what combinations of competitive advantages can you imagine will create any new types of moats? In his early education, he was the second-ranked student in the school. These are very difficult questions and most people assume that its simple. Question: Its been a year since the coronavirus pandemic came to the U.S. What have you all learned about running a business in the past year? The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. I expect that and I welcome it. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. Investor Letter Excerpts There are certain behavioral rules. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . 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. Copyright 2023 Surperformance. The votes in favor of that are 995,356 against 120. Ideaweek Podcast Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. 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. Stocks with a size of more than $10 billion in market cap make up And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Charlie Munger: Well, I dont think I know exactly what the future of banking is and I dont think I know how the payment system will evolve. When the pandemic is over, I dont think were going back to just the way things were. And like last year, you will in this note find a full transcript of the entire meeting. This will schedule a job to export all requested 13f holdings data for this filer. But, I hardly think the editorial quality could go way up when employees were going down. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. And, of course, he hated costs. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? I think the Chinese were very smart. MOI Global en Espaol. 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. VP of Publications & Sec. 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. Daily Journal Corporation has 1 stars. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. I regard this as insanity. 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. These positions were updated on January 5th based on the funds latest 13F filing. Until his recent step-down as chairman of the board in April, the marketable. Of course, that made him very leery of dumb loans. Well, I dont think the quality of publishing public notice advertising has gone down. Of course, that history is useful to know. 264 Sara.Pellegrino@iovance.com. I have a bust of Lee Kuan Yew in my house. Its too volatile to serve well as a medium of exchange. I think its much easier to find five than it is to find a hundred. Featured Content What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? It was totally required. Copyright 2023 Surperformance. So, of course, I admire him. Charlie Munger: I dont know anything about Haven. I do think banking run intelligently is a very good business. 2/24/23. Charlie Munger: I think I had the right temperament. Classified advertising is down significantly. Question: You identified the opportunity in electrification and invested in BYD. Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter. Billionaires Group And, of course, its regrettable. I predict that if they do that, a lot of people will leave Washington. USD. 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! The stock has gained so much this year and last year. He was just so damn smart. Question: Do you think its best to invest in the common stocks of businesses early or while they are more nascent and the industry is smaller, or wait until they are the clear winner of a more mature industry? Gerald Salzman: Charlie refers to the courts, many times. Gerry, dont you think were doing pretty well? 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. 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. 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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 Ive got a lot to contribute. His method for doing it was so simple. If you dont spend the money, you and your heirs get to spend it eventually. Always tell the truth and never lie to anybody about anything. Would you share a few stories about him and your fondest memory? And thats the right way to do it. In other words, its your money. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. This years annual report suggests that the traditional business has 97 full-time employees. 1996 - janv . Generally, what people do is they have financial reserves so they have some options if trouble comes, and they adapt the way Gerry has to require downsizings or require upsizings. Charlie Munger: Well, he was one of my closest friends for many decades. And I think the world would be better off without them. He didnt know one damn thing about the Daily Journal when we made him head of it. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.To learn more about Yahoo Finance Plus please visit: https://yhoo.it/33jXYBpConnect with Yahoo Finance:Get the latest news: https://yhoo.it/2fGu5BbFind Yahoo Finance on Facebook: http://bit.ly/2A9u5ZqFollow Yahoo Finance on Twitter: http://bit.ly/2LMgloPFollow Yahoo Finance on Instagram: http://bit.ly/2LOpNYzFollow Cashay.comFollow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. Were all pretty forgiving of ourselves too which is probably a good thing. Click the button below to request a report when hardcopies become available. Give me a new question. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. Can you speak to the causes, the trend, and make some predictions? The majority of the companies in the funds portfolio are large-cap stocks. Capitalism is almost as brutal as that. That approach will never go out of style. And, of course, it works way better than our medical system. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. 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%. Everybody has shortcuts to screen out certain hazards. If anybody can fix it, he can. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. LOS ANGELES, CA By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. We do, as Charlie indicates, have a lot of travel. You dont need to worry about them. Charlie Munger: Robinhood trades are not free. Charlie Munger: I think Im alive because of a lucky genetic accident. I never buy any and neither does Daily Journal. 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. Quickly find out what the most recently closed or increased positions are. They lose their money fast enough. Question: Charlie, you are known as an advocate for learning from ones mistakes. Question: Can you share some parting thoughts with the viewers who are watching all around the world? Your proxy in the enclosed form is solicited by the Board of Directors of the Company for use at the Annual Meeting of Shareholders to be held on February 12, 2020 at 10:00 a.m. Pacific Standard Time, at The Center at Cathedral Plaza, at 555 W . Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. But its hard for anybody. FOR ANNUAL MEETING OF SHAREHOLDERS. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. 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? 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. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. What are the psychological implications of this type of market behavior? Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. My guess is we have suffered some editorial quality. 2022. We paid two and a half million for it. 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 when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. Question: We have a couple of questions about J.P. Rick Guerin. Charlie Munger: Well, I consider that very unlikely. When autocomplete results are available use up and down arrows to review and enter to select. I dont define that as value investing. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? The average salary for Investor Relations Director at companies like DAILY JOURNAL CORP in the United States is $173,091 as of November 23, 2022, but the range typically falls between $149,030 and $199,970. Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . 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. We have offices in all the major cities in California and also in Logan, Utah. It was absolutely incredible. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. Questions: Many observers see market behavior that reminds them of the Dot Com bubble: wild speculation, endless SPACs, and IPOs soaring on their first day of trading. Value Investing will never go out of style. And the next time around the poor will get richer faster than the rich. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. So, I dont think Bitcoin is going to end up as the medium of exchange for the world. If you have unrealistic expectations, youre going to be miserable all your life. Membership Tour Charlie Munger: Well, of course, its very hard to fix the global warming problem when the poorer countries need to burn coal to stay alive and so on. 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? When I saw that psychology was necessary and I didnt have it, I didnt just learn the little tendencies well enough to get As in psychology. 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. In addition, the fund holds 1,591,800 shares of Wells Fargo & Co worth $65.7 million, whose value grew 4.2% in the past six months. Accounting is also in the cloud. And what are the implications, since Treasury assets underpin the value of every other asset? Annual stock financials by MarketWatch. The fully online conferences hosted by MOI Global bring together great minds from our network of intelligent investors, with a focus on timely ideas and timeless wisdom. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. With no analysts or investor relations department, few understand the transformation that has occurred. I recognized early that Gerry could run anything he wanted to run. And I think thats what shareholders do. Charlie Munger: Well, these things do happen in a market economy. Every value investor tries to get more value than he pays for. Gerry and I have been together, how many years Gerry? Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. Think of whats died in my lifetime. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. [The questioner] would like to know what Charlies method of learning is. Best Ideas Conference We hope theyll continue doing magnificently well. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? Its one of the most ignorant professions in the world. He was that smart. Thats the reason he rose so fast in life. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. email address below and choose 'Submit'. But, but by and large, most of the knowledge has been available for a long time. BYD stock did nothing for the first five years we held it. He was a very smart man and he had a lot of good ideas. 2021 Quotemedia. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC So its very difficult. Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. Everyone knows this isnt a small cap Berkshire Hathaway. I think that that will probably continue. Bitcoin reminds me of what Oscar Wilde said about fox hunting. You have to be concerned about employees lives. Delayed Nasdaq Charlie Munger: Well, thats a very good question. 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. It doesnt happen anymore. You are going to be flabbergasted. You are limited to the prior 8 quarters of 13F filings. I feel the same way about those choices. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. But I wont be following him. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. 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. A lot of people assume that since England led the Industrial Revolution and had free speech early that free speech is required to have a booming economy as prescribed by Adam Smith. I cant help you. Im just learning as I go along. The largest are the Los Angeles Daily Journal and San Francisco Daily Journal, established in 1888 and 1893, respectively, with 6,300 subscribers between them as of September 30, 2020. Daily Journal Corp is based out of Los Angeles. Charlie Munger: Well, I think all stocks can fluctuate. Of course, that will still work. Tilly's, Inc. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. 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. And, of course, thats a very dangerous way to invest. A lot of things are going to change. 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. How do I update this listing? I think some of these things are very difficult and I think, by and large, its a mistake to hire investment managementto hire armies of people to make conclusions. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. And thats not a sure thing either. 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. We admire the company and like its position. What do you think we can do to help those who are currently falling behind as a result of this pandemic? And I think, by and large, we made the most practical decisions that were available to us. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. What could investors do to cope better with periodical frenzy? Theyd take you through the building of the canals and the building of the railroads and so on and so on. And I applaud the result. When it gets difficult, I dont think theres any automatic fix for difficulty. We are subject to the orders and directions of those counties which, before, really didnt impact anything. And there arent many people that can do that. He really knew everything you had to do to avoid credit losses in a small town in Illinois. You once said to study the life and work of Lee Kuan Yew. Charlie Munger: Yes, I think it must end badly but I dont know when. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. All text and design is copyright 2020 WhaleWisdom.com. So we were like an undertaker who suddenly got prosperous in a plague year. Previously, Buntain worked at The Carlyle Group, where he . Gerry, can you ever remember Rick down? Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. The Manual of Ideas So it gets very dangerous. Daily Journal Corporation's ISS governance QualityScore as .