50.0% of the portfolio companies Gerry and I have been together, how many years Gerry? Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. All-Time Favorites It showsed how wise we were to put him there in the first place. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. 2/24/23. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? 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. They lose their money fast enough. And then the previous 100 years, that got another big chunk of modernity. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? 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. Charlie Munger: Robinhood trades are not free. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. Daily Journal Corp - Filing History - Charlie Munger - Fintel And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. Ive been around for a long time and my policy has always been to just write them out. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. And, of course, thats a very dangerous way to invest. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. One thing I can promise is that I wont contribute much to it because I dont understand it. If you try and reduce the poverty too much, its counterproductive. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? 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. Charlie Munger: I dont think I have a lot of wonderful advice about starting a business but what youve learned in the pandemic is that we can do with a lot less travel and a lot more Zooming. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. And theyre all dyingevery damn one of them almost. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. 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. Charlie Munger: 2022 Daily Journal Annual Meeting Transcript - Junto 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. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. Question: Mr. Munger is a champion of Chinese stocks. I think that would be insanity. Ive been pretty quiet. When completed, an email will be sent to the email address you specify Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? What do you think we can do to help those who are currently falling behind as a result of this pandemic? Nobody was trying to make the rich richer. The company operates in two segments: Traditional business and Journal Technologies. of stocks: 4 Portfolio value: $174,434,000 Holdings Activity Buys Sells History * Reported Price is the price of the security as of the portfolio date. Gerry has done magnificently well. So it gets very dangerous. So, its a very interesting competitive field. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. Have you met Lee Kuan Yew in person? It wasnt some malevolence of the rich that caused it. Can U.S. Treasury bonds be such a case today? 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. And I think wise people should just stay out of them. Charlie Munger: Well, these things do happen in a market economy. Are they more stable? I think that that will probably continue. 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? 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. I think most people are born with a happystat. Nasdaq provides companysSEC filings, which arefinancial statements andreports filed electronically with the U.S. Securities and Exchange Commission (SEC) byQuotemedia. That was a big error in judgment. Its just that some people look for values in strong companies and some look for values in weak companies. I was good at having low expectations and that helped me. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. Thats what weve been doing throughout my whole lifetime. If you stop to think about it, business success long term is a lot like biology. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. News Releases | Investor Relations | Tillys divided by the total MV of the fund. It was a background that helped everybody. Im not saying I wanted to live in China. Astronics Corporation Announces Preliminary Sales for Fourth Quarter 2022 of $155 Million to $160 Million; Completes $205 Million Debt Refinancing Nov 15, 2022 4:05 pm EST Astronics Corporation Reports Third Quarter 2022 Financial Results Latest Presentation December 6, 2022 Truist Securities Industrials & Services Summit 2022 Create your Watchlist to save your favorite quotes on Nasdaq.com. Wheaton Precious Metals Corp. - Investors That doesnt happen. He gasped and said, but hes never had anything to do with newspapers or anything else. Take Gerry. Billionaires Group I dont know the answer. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. Currently, Daily Journal Corp's portfolio is worth at least $174 million. And if there is one thing the world could learn from Singapore, what would that be? This information can be used by investors to verify and understand the financial position of the company. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. 2023, Nasdaq, Inc. All Rights Reserved. The Zurich Project Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec. Nobody should believe that Robinhoods trades are free. This is a highly desirable thing. 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. 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 . Could you share the secret to living a long, healthy, and happy life? Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. 2023 Annual Meeting. How would they think about current opportunities with low rates and low inflation? Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. Or, has the digital revolution caused enormous productivity improvements in those businesses? I just see more and more of the rich people leaving. Local Chapters And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. Charlie Munger: Well, that is easy. 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. You have to be concerned about employees lives. Thats very, very important. And I think, by and large, we made the most practical decisions that were available to us. Charlie Munger: I think Ive learned to avoid zoning work. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. You know what her mottoes were? The stock appreciated probably way more than intrinsic value. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Theyre in a place thats gotten more valuable. 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. So its very difficult. -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 . LEARN MORE. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. And I just think it was academically inconvenient for them. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. All rights reserved. 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. What would be a mistake at the Daily Journal which we can all learn from? Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. SEC form, multiple filers or classes of filers, and much more.***. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. 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. And he was just so good. 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. European Investing Summit 75% of the total holdings value. Last year it quintupled. Has the quality of the publication suffered as the employment levels have decreased? He really knew everything you had to do to avoid credit losses in a small town in Illinois. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. I think theyre a bad investment when interest rates are this low. Thats entirely due to the practical talent of Lee Kuan Yew. DJCO | Daily Journal Corp. Financial Statements - WSJ Because of that fact, it's of the utmost importance for companies to maintain strong . Published since 1917, the Daily Commerce is based in Los Angeles and covers news of general interest, columns of interest to real estate investors and brokers, and information on distressed properties in Los Angeles County. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. Of course, it really helped to know everybody in town. 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? I dont think we have made a lot of horrible mistakes. 13F filing from DAILY JOURNAL CORP, enter your Astronics Corporation (ATRO) 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. So he married her. I think the bankers of today could learn a lot from Eugene, but little is known of him. I think the world is gonna be quite different. How would you advise these institutions to manage their endowments over the coming decades? The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. We got a dividend of two and a half million shortly thereafter. Always on point. 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. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. Question: You often advocate for learning from other peoples big calamities and stupidities. I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. What else can you do? Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. Charlie Munger: Well, of course, the places downsized. Were not enlarging it. 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. But I do think having a whole system to sell hydrogen is difficult. Until his recent step-down as chairman of the board in April, the marketable. 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. Gerald Salzman: There are a number of factors that come into play here. Question: My question concerns China. Charlie Munger: Well, I consider that very unlikely. Of course, his son, who is a bright man, is now Prime Minister of Singapore. Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. Question: Has your opinion on cryptocurrencies remained the same? God knows it was difficult but I dont think its a mistake. Best Ideas Omaha Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . I think they would have come out worse because their position was so dire and the poverty was so extreme, they needed very extreme methods to get out of the fix they were in. 306.00. I dont think we have any great gift at making macroeconomic predictions. Any tips on how to generate insight in these types of situations? About the awards. 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. So, its a serious problem. Daily Journal Corporation's ISS governance QualityScore as . Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Latticework London Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. I think the oil and gas industry will be here for a long, long time. They are joining the modern world very rapidly and theyre getting very skillful at operating. And if its unfixable, learn to live without it. Contact the transfer agent for answers concerning the subjects below: Dividend reinvestment plan Lost or stolen certificates Stock transfer requirements American Stock Transfer & Trust Company, LLC 1-877-864-4750 Email: [email protected] Web site: www.astfinancial.com the MV of securities sold, whichever is less, 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. Non-members may peek into the world of MOI Global via limited access. Its such a simple idea. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. That recognized reality and worked way better than what other people were doing. Youre right. Charlie Munger: I would go further. John Lambert, First class in every way. Many, but not all SEC filings are available in the SEC's EDGAR database. But theres also a large risk of losing it coming from within an organization. Now, it sounds like anybody would know that made sense. We paid two and a half million for it. That is true and makes sense. That thing circulates. are based in the United States. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq If we could make the world richer by just raising the minimum wage to $100,000 a second or something, of course we would do it but. So he was just a perfect banker if you wanted never to have any trouble. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. Thank you for all you do to educate us. USD. What, for example, would you recommend as course materials? Delayed Nasdaq Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Capitalism is almost as brutal as that. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture.
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