Charlie Munger: Well, I dont participate at all. Charlie Munger: Well, I do have a tip. That recognized reality and worked way better than what other people were doing. 1996 - janv . Im pretty easy on myself these days. 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. And, of course, thats a very dangerous way to invest. He said, figure out what works and do it. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. +2.68%. Copyright 2023 Surperformance. Youve even said business schools that dont adopt this method are doing their students a disservice. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. This is a highly desirable thing. You know, its just, its incredible whats happened in terms of the destruction. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) 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. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. The first rule of a happy life is low expectations. Copy and paste multiple symbols separated by spaces. Theres a lot of competition and were a very small company compared to our main competitor. Everybody has shortcuts to screen out certain hazards. Performance numbers calculated through 2023-02-14. What else can you do? What could investors do to cope better with periodical frenzy? I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. Gerry and I have been together, how many years Gerry? But Im flabbergasted at how well theyre doing. But he knew how to learn what he didnt know. Everyone knows this isnt a small cap Berkshire Hathaway. and a top 10 holdings concentration of 100.0%. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. 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. In 1860, GDP per capita in China was 600. Could you share the secret to living a long, healthy, and happy life? Question: What is the biggest lie currently being perpetuated by the investment complex? New species are created and old species are dying. 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. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? Question: Do you believe the market is going through a long-term value slump similar to 1999, or do you believe technology has caused a permanent change in how companies should be valued? Always on point. It operates through the Traditional Business and. Do you agree with the premise and if so how would you address inequality? And that isnt necessarily right for its customers. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. It showsed how wise we were to put him there in the first place. Charlie Munger: Gerry, whats the biggest mistake weve made? Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. It was a background that helped everybody. You fix what you can fit, and what you cant fix, you endure. I learned those tendencies well enough to synthesize it with the rest of knowledge. Charlie Munger: I think Ive learned to avoid zoning work. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq This page shows a list of all the recent 13F filings made by Daily Journal Corp. Form 13F is required to be filed within 45 days of the end of a calendar quarter. He was always upbeat. Rich Eisinger, Great content, great people. BYD stock did nothing for the first five years we held it. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. 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. The majority of revenue is generated from Traditional business segment. Everybodys got a different situation. Of course, its going to be difficult. Theyd take you through the building of the canals and the building of the railroads and so on and so on. Washington State is actually considering a wealth tax at the state level. 2021 Quotemedia. I regard this as insanity. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. If you dont have master the rest of the knowledge you cant synthesize it with psychology. I never buy any and neither does Daily Journal. Charlie Munger: Well, I consider that very unlikely. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. Type a symbol or company name. 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. 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. A lot of the good rules of life are like that. If you dont spend the money, you and your heirs get to spend it eventually. Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. Trending Stocks. But I wont be following him. The disruption from the decline in newspapers has had a significant impact. Charlie Munger: I think I had the right temperament. Best Ideas Conference It also serves as a newspaper representative specializing in public notice advertising. See our Terms, Privacy Policy, and Disclaimer. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. 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. You can hardly think of anything more important in life than being reliable for the people who trust you. And, pretty soon, he turned that into this gloriously prosperous place. 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. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. 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. And so, we cant promise were going to succeed. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. On the other hand, it could be handled. But, of course, its a very difficult field. And I think that were crazy to allow it. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. Value investors know Warren Buffett's classic retort to efficient market theory, "The . I kind of admire the way Bill takes on these very hard problems. Investor's Business Daily (IBD), which . My guess is we have suffered some editorial quality. 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. or to simply have an email sent to you whenever we receive a new Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? Currently, Daily Journal Corp's portfolio is worth at least $174 million. The only opinion I have there is that I dont think anybody knows whats going to happen for sure. And in biology, what happens is the individuals all die, and eventually, so do all the species. 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. This information can be used by investors to verify and understand the financial position of the company. Capitalism is almost as brutal as that. Wheaton delivers amongst the highest cash operating . What do you think the long-term consequences will be? You must have a subscription to view WhaleScore histories. Charlie Munger: Well, we dont really know where its all going. We are in fact being a more difficult type of software business than Microsoft. How would they think about current opportunities with low rates and low inflation? That happystat has more to do with their happiness and their outcomes in life. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. We will now proceed to the question period. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. I do think that Im way less afraid of inequality than most people who are bleeding about it. People really trust Costco will be delivering enormous value. Theyre just very simple. He knew everybody and everything. Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. and leadership at Berkshire Hathaway, Munger was . When I look at the modern Singapore health system, it costs 20% of what the American system costs. Costco I do think has one thing that Amazon does not. I have a bust of Lee Kuan Yew in my house. I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. But I do admire what the Chinese have done. But the accountants are duly elected. 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. Ive been engaged in recent years in trying to create a better type of student dormitory. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. 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%. Meet-the-Author Summer Forum Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. A single vial can cost upwards of $300, meaning a monthly cost of $1,000. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. I dont think Ive got any great insight about hydrogen. Thats interestingwho in the hell is voting against the accountants? I dont think that hydrocarbons are going. Question: What are Mr. Mungers thoughts on the recent GameStop short squeeze by social media and the resulting implications on short selling in the future? $174 million and $174 million respectively. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. All rights reserved. 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. How are they similar or different? He didnt know one damn thing about the Daily Journal when we made him head of it. 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. You can hardly think of a decision that matters more to human felicity than who you marry. Apartments have come through better. 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 CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESU.. Daily Journal Corporation Announces Financial Resultsfor the Three Months ended Decemb.. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Res.. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 3.. Daily Journal Corp : Change in Directors or Principal Officers (form 8-K). Question: We have a couple of questions about J.P. Rick Guerin. Were beholden to the guidelines of the county of Los Angeles and other counties. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. Charlie Munger: I dont think you can make that a moral responsibility. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. I think when difficulty comes, I expect to have my share. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. But, I find that the old ways of doing things still work. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. When the pandemic is over, I dont think were going back to just the way things were. The hydrocarbons are also needed as chemical feedstocks. And the next time around the poor will get richer faster than the rich. We do, as Charlie indicates, have a lot of travel. Ideaweek Podcast He was very courageous and generous in helping everybody around him all his life. Charlie Munger: I dont think so. You know what her mottoes were? 50.0% of the portfolio companies So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. 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. Remember the Dot Com boom when every little building in Silicon Valley ran into a huge price and a few months later about a third of them were vacant. I knew a man once, Henry Singleton, who was not a chess champion. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. 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? I think people have the theory that any intelligent hardworking person can get to be a great investor. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. And I just think it was academically inconvenient for them. He doesnt mind at all not getting credit for his charitable donations. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Part of the reason for that was cultural. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. In 2010, that was down to 165 full-time employees and 15 part-time employees. 1/9/23. regarding their board of directors using the Board Diversity Matrix. The fund focuses on investments in the United States as What happens is that every human being tends to believe way more than he should in what hes worked hard to find out or where hes announced publicly that he already believes. Charlie Munger: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. Question: What is the wisdom behind holding bank stocks compared to other stocks. Gerry, can you ever remember Rick down? We have different tax considerations. With no analysts or investor relations department, few understand the transformation that has occurred. I said it wont matter. On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. The average market cap of the portfolio companies is close to $220 billion. Gerry, you have a comment on that? Its just not gonna work. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. Youve said recently that Sequoia is the greatest investment firm ever. They just copied Adam Smith and left out the free speech and it worked fine for them. Quickly find out what the most recently closed or increased positions are. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. Last year it quintupled. Is it Bitcoin, decentralized finance, or something else? But show me a psychology department that knows how to do that. Charlie Munger: Well, he was one of my closest friends for many decades. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. Im just learning as I go along. LEARN MORE. In other words, its your money. 2022. No, I dont think I have anything to contribute. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Absolute insanity. Is it digital wallets like PayPal, Square, or Apple Pay? Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? Take Gerry. You get crazy booms. Will we have fewer gas stations or truck stops in the future? Charlie Munger: Well, the one charitable institution where I have had some influence for a very long time has a whole bunch of hotshot financiers in every branch of wealth management there is on the board. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. I expect that and I welcome it. How would you advise these institutions to manage their endowments over the coming decades? Now 16 years have passed. Question: Can you share some parting thoughts with the viewers who are watching all around the world? So he married her. Practically everybody does that. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. Question: Do you believe global warming is an existential threat to humankind? But I dont think thats going to end up with a mistake. Daily Journal Corps portfolio is diversified across 3 sectors. When it gets difficult, I dont think theres any automatic fix for difficulty. Charlie Munger: Well, I dont know how well the economys doing to work in the future. Gerald Salzman: There are a number of factors that come into play here. Today, it hovers around 9500. 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. Gerald Salzman: None. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. 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 . So I dont worry that the country is being ruined by a few people over getting ahead a little faster than the rest of us. And, for example, here, we must have 30 or 40 deaths. Florida would have a really serious problem. Its a very dishonorable low-grade way to talk. But Henry was a genius. Charlie Munger: I would go further. Daily Journal Corp closed its position in Posco Adr on 5th January 2023. Its such a simple idea. Governance. Have you seen the television show Queens Gambit on Netflix? 2/24/23. Investors play a major and vital role in the success and growth of a company. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. I dont think we have made a lot of horrible mistakes. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. I call it deworsificationwhich I copied from somebody. These are very difficult questions and most people assume that its simple. What I see in China now just staggers me. Rose Blumpkin had quite an effect on the Berkshire culture. So you now know what I do in charitable institutions. What do you think of all of the SPACs and the promoters pushing them? If you do that all the time; if youre looking for disconfirming evidence and putting yourself on a grill, thats a good way to help remove ignorance. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. 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.
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