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. The average market cap of the portfolio companies is close to $220 billion. And, of course, its all worked. Question: Has your opinion on cryptocurrencies remained the same? Munger became Chairman (because he was an attorney). What would be a mistake at the Daily Journal which we can all learn from? If you dont spend the money, you and your heirs get to spend it eventually. And, he was very good company and a splendid gentleman. Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. I prefer the United States. You dont need to worry about them. Can you speak to the causes, the trend, and make some predictions? Copy and paste multiple symbols separated by spaces. -, 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, Secretary & Executive Vice President-Publications, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. Gerald Salzman: Well, we dont think about mistakes. 2023, Nasdaq, Inc. All Rights Reserved. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. Do you agree with the premise and if so how would you address inequality? I hope that that will continue in the future. That happened because Gerry and I bought these little newspapers all over the state just as a precaution to make sure we could serve public notice advertising wherever it arose in the state. Youve said recently that Sequoia is the greatest investment firm ever. You know, its just, its incredible whats happened in terms of the destruction. And, we hope to do well in it. 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. On the other hand, it could be handled. And what are the implications, since Treasury assets underpin the value of every other asset? Im afraid thats the way we all have to leave our swords. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. We admire the company and like its position. 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. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. The total cash compensation, which includes bonus, and annual incentives, can vary anywhere from $137,730 to $197,363 with the average total cash compensation of $163,305. They just copied Adam Smith and left out the free speech and it worked fine for them. Its just that the investment banking profession will sell shit as long as shit can be sold. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. Announces 2022 Holiday Period Net Sales, Updates Fourth Quarter Outlook. But Im flabbergasted at how well theyre doing. Thats what the communists are doing. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. Its entirely possible that our system is right for us and their system is right for them. And they dont just keep everlastingly at it the way he did. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. 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. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. And I just think it was academically inconvenient for them. Question: We have a couple of questions about J.P. Rick Guerin. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. But Henry was a genius. 2/24/23. Create Email Alert, ***Log In or I call it deworsificationwhich I copied from somebody. 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 . Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. Every value investor tries to get more value than he pays for. And he was a great kidder. Membership Tour Theyre in a place thats gotten more valuable. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. LOS ANGELES, CA Los . If you have unrealistic expectations, youre going to be miserable all your life. Many, but not all SEC filings are available in the SECs EDGAR database. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. Value Investing will never go out of style. Because of that fact, it's of the utmost importance for companies to maintain strong . I have a bust of Lee Kuan Yew in my house. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. I recommend that other people follow my example. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as Wa ren Buffetr's "right arm. 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. No, I dont have any secrets. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? I hope the newspaper survives too. 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. But I do admire what the Chinese have done. That doesnt happen. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. Charlie Munger: I have seen an episode or two of the Queens Gambit. He doesnt mind at all not getting credit for his charitable donations. Charlie Munger: Its quite importantpart of the success of a company like Costco. When you look at whats happened in California [in terms of] the price of real estate and rentals, weve reduced the number of offices we have both for Journal Technology and for the Daily Journal. Information Agent. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. But, of course, I think there will be more automation in transportation of all kinds in the future. 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? Could you share the secret to living a long, healthy, and happy life? VP of Publications & Sec. Charlie Munger: Thats too hard in general a question for me. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. But you know, most people dont do that. Kipling once wrote a poem called The Women (The Ladies) and the concluding line was to the effect that you should learn about women from him instead of doing it yourself, because, he says, I know you wont follow my advice. But we cant. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. Daily Journal Corporation's ISS governance QualityScore as . Were going to bust our ass to try and do a good job. As for some of our technology, like eFiling for example, the courts are closed. Give me a new question. And yet he made a lot of mistakes in the course of living his life. 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. Gerald Salzman: There are a number of factors that come into play here. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. 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. I think people have the theory that any intelligent hardworking person can get to be a great investor. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC 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. It sold the previously owned 9,745 shares for $357 thousand. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that theyre way above average. People really trust Costco will be delivering enormous value. Request Information Rick was always humorous. And by the way, I think its hard to teach. And if there is one thing the world could learn from Singapore, what would that be? No, I dont think I have anything to contribute. And that is why Costco presents some danger to Amazon. Type a symbol or company name. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. 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. I find that by working at that, I can actually make some improvements even though Im old. Nothing contained on junto.investments constitute a solicitation, recommendation, endorsement, or offer by Junto or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. -, 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. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. 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. Thats entirely due to the practical talent of Lee Kuan Yew. When I was young, I rezoned some properties very successfully. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. I never buy any and neither does Daily Journal. Could you give more examples both good and bad ones from your personal observations or through vicarious readings? Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? Now, it sounds like anybody would know that made sense. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. Of course, if he had a chance to do it over again, he would avoid those mistakes. The company operates in two segments: Traditional business and Journal Technologies. Question: Last February, you spoke about the wretched excess in the financial system. And, what about passive investing? In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. In his early education, he was the second-ranked student in the school. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. Charlie Munger: You have to be optimistic about the competency of our technical civilization. And, pretty soon, he turned that into this gloriously prosperous place. A little wisdom in spouse selection is very desirable. 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. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. I dont define that as value investing. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. So he married her. +2.68%. And what he does is he sells about half of them always. If you continue to use this site we will assume that you are happy with it. "While Kimberly was head of Investor relations . The death tax in China is zero. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. Now 16 years have passed. The number of people who ever got a chance to do it again is zero. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). Just time after time he would do something like that. Non-members may peek into the world of MOI Global via limited access. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. There are factories in China that are just absolutely full of robots and are working beautifully. 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. Wide-Moat Investing Summit 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. 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 . And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? the total portfolio value. The meeting will come to order. We bought all these buildings cheaply. Zurich Project Podcast As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. And, I think that could happen, but, of course, thats not a sure thing. They manage 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. Quickly find out what the most recently closed or increased positions are. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. So its a very theoretical discussion. 75% of the total holdings value. 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. In 2010, that was down to 165 full-time employees and 15 part-time employees. I think its much easier to find five than it is to find a hundred. 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. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. He cared terribly about not making bad loans or incurring dumb expenses. PROXY STATEMENT. Bitcoin reminds me of what Oscar Wilde said about fox hunting. Charlie Munger: Were really old both of us. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. I dont know which is worse. I dont follow that practice but I dont criticize it either. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? Alt Turnover is calculated by taking either the total MV of new purchases or Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. Gerry, you have a comment on that? 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. Podcasts enable members to enjoy content in a convenient format. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn.
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