Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. As a result of holding those two positions, we have a lower cost than anybody else and we make more money than practically everybody else. 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 But he was 90 years of age. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. 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. 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. But everybody cant be better than everybody else. Ive seen the whole bus system shift from gasoline or diesel to gas and so it obviously isnt impossible, but youd have to create a whole new system of supply for it. But I wont be following him. 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. -144-01 clinical trial in advanced melanoma during SITC in November 2022 and in a subsequent companion publication in the Journal for ImmunoTherapy of Cancer . The majority of the companies in the funds portfolio are large-cap stocks. 1/9/23. And thats the right way to do it. Thought Leader Series. I expect that and I welcome it. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. Investor Relations & Corporate Communications 650-260-7120 ext. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. 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. No, I dont think I have anything to contribute. I dont know which is worse. I think people have the theory that any intelligent hardworking person can get to be a great investor. But he could play chess blindfolded at just below the Grandmaster level. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. LEARN MORE. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. 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. He cared terribly about not making bad loans or incurring dumb expenses. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. Apartments have come through better. If its not good enough for Berkshire, shouldnt we have the same standards? Ratios & Margins Daily Journal Corp. All values updated annually at fiscal year end Valuation P/E Ratio (TTM) - P/E Ratio (including extraordinary items) - Price to Sales Ratio 6.55 Price to Book. DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. And, what about passive investing? And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. He was a very smart man and he had a lot of good ideas. Do it right the first time. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. It says that man is too soon old and too late smart. I think its just to some extent you either have it or you dont. are based in the United States. BYD stock did nothing for the first five years we held it. We are subject to the orders and directions of those counties which, before, really didnt impact anything. Charlie Munger: I think everybody is willing to hold stocks at higher price-earnings multiples when interest rates are as low as they are now. When it gets difficult, I dont think theres any automatic fix for difficulty. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq Question: In recent years, Berkshire Hathaway has provided much greater insight into the companys succession thoughts and has made available at the annual meeting the companys leading managers that will steer Berkshires future. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. The stock has gained so much this year and last year. The Corporation will host a fourth quar. But I dont think everybody can be a great investor or a great chess player. These actions have given some shareholders more visibility and comfort on their investment. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. Of course, its going to be difficult. That approach will never go out of style. He was just so damn smart. People really trust Costco will be delivering enormous value. And I think the world would be better off without them. Would you share a few stories about him and your fondest memory? But, of course, I think there will be more automation in transportation of all kinds in the future. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. My guess is we have suffered some editorial quality. I do think that a properly run bank is a great contributor to civilization and that the central banks of the world like controlling their own banking system and their own money supplies. When you pay for order flow, youre probably charging your customers more and pretending to be free. 306.00. 2022. 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. I do think that Im way less afraid of inequality than most people who are bleeding about it. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. And we cant go to many offices because theyre closed. And his conclusion is that mankind should just step up to it and do it. About the awards. Click the button below to request a report when hardcopies become available. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? 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. And by the way, I think its hard to teach. Its such a simple idea. Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. Thats the nature of capitalism. When the pandemic is over, I dont think were going back to just the way things were. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. 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. I dont think Im likely to have any new thoughts that are going to work miracles either. They lose their money fast enough. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. CI. Munger and Salzman will take shareholder questions from CNBCs Becky Quick.Don't Miss: Valley of Hype: The Culture That Built Elizabeth HolmesWATCH HERE:https://youtu.be/Sb179GLPNYEWatch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube:https://youtu.be/gx-OzwHpM9kSubscribe to Yahoo Finance: https://yhoo.it/2fGu5BbAbout Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. 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? What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. Thats one you can easily arrange. And, I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were, how stupid their policies were, and so forth. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. Question: Do you think value investing is still relevant in a GDP-decreasing world? Those are pretty good rules and theyre pretty simple. You are limited to the prior 8 quarters of 13F filings. Do Not Sell My Personal Information (CA Residents Only). Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? If the seas were to rise 60 feet, which could happen in another 100 years or so, wed have to build enormous barriers to sea entry. Industry Insights Summit He was a one party system but he could always be removed by the electorate. Sign-up Im just learning as I go along. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. Daily Journal Corporation's ISS governance QualityScore as . Rose Blumpkin had quite an effect on the Berkshire culture. I admire him that much. But Im flabbergasted at how well theyre doing. We have offices in all the major cities in California and also in Logan, Utah. They are joining the modern world very rapidly and theyre getting very skillful at operating. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? Charlie Munger: Well, I do have a tip. And there arent many people that can do that. That makes the whole thing very awkward. Charlie Munger: You have to be optimistic about the competency of our technical civilization. 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. I wouldnt change my life all that well. But, of course, if we got a chance to do it again, we would do it better. So he was just a perfect banker if you wanted never to have any trouble. Jeffrey Stacey, I enjoy it and others will also. Investors play a major and vital role in the success and growth of a company. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. Thats very, very important. 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? They really need the world to stay the way it is. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. Larry Summers has recently been quoted as being worried that were having too much stimulus. These positions were updated on January 5th based on the funds latest 13F filing. Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. We have our crotchets and I just dont know enough about it to want to go into that activity. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Create Email Alert, ***Log In or And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. 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. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? 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 . 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! 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? Has the quality gone down? All-Time Favorites The decision was. Charlie Munger: I dont have any wonderful new thoughts. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. 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. Youd say that everybody does that in their education but I dont think everybody does. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. I do think the present CEO is an extraordinarily able man and the directors made a very wise choice when they put him in charge. So, the people part has changed quite considerably being a small company. I think Im a little more lenient. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. But I do think having a whole system to sell hydrogen is difficult. Question: It seems likely that the current Fed policy of keeping interest rates near zero will only exacerbate the income disparity in this country by benefiting those who own the financial assets. Because of that fact, it's of the utmost importance for companies to maintain strong . New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. And I think that that is inevitable because its difficult to be a good investor. VP of Publications & Sec. Just time after time he would do something like that. 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. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. I dont think well change on that. Were all pretty forgiving of ourselves too which is probably a good thing. Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. So human greed and the aggression of the brokerage community create these bubbles from time to time. With no analysts or investor relations department, few understand the transformation that has occurred. Of course, that made him very leery of dumb loans. He was old as I am. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. While historically a legal newspaper publishing company, today DJCO operates a SaaS business model providing case management software to courts and government agencies around the U.S. and the world. I have a very simple idea on the subject. 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. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? What do you think of all of the SPACs and the promoters pushing them? Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. Copyright 2023 Surperformance. 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. , whose value grew 4.2% in the past six months, Us Bancorp worth $6.11 million, with 140,000 shares owned, Town & Country Bank & Trust Co Dba First Bankers Trust Co, Stocks and cryptocurrency portfolio tracker. And so, we cant promise were going to succeed. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. 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.