Wide-Moat Investing Summit Latticework New York Its too volatile to serve well as a medium of exchange. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. Its such a simple idea. 915 E. 1st Street. Charlie Munger Just Doubled Down on Alibaba: Should Investors Follow There are these periods in capitalism. And if there is one thing the world could learn from Singapore, what would that be? Tilly's, Inc. Florida would have a really serious problem. However, is there a price too high that the companys future profits simply cannot justify? I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. I dont think well change on that. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Governance. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. I dont know which is worse. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. And, I was always aware of that and so Ive accepted these damned annual meetings. Nothing is particularly obvious for everybody to do the same thing. No, I dont think I have anything to contribute. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC Charlie Munger: Thats too hard in general a question for me. Charlie Munger: Well, I dont participate at all. 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? I expect less out of bankers than he does. He gasped and said, but hes never had anything to do with newspapers or anything else. Charlie Munger: Well, he was one of my closest friends for many decades. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. What is interesting is that in wealth management, a lot of people think that if they have a hundred stocks theyre investing more professionally than they are if they have four or five. You can hardly think of a decision that matters more to human felicity than who you marry. Everybodys got a different situation. But I do think politics is getting more full of hatred and irrationality than it used to be in America and I dont think thats good. 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? DAILY JOURNAL CORP Investor Relations Manager - Salary.com We hope theyll continue doing magnificently well. How do you reconcile the idea of paying 50 or 60 times revenue for a growing but unprofitable business with the more traditional value investing concept of a margin of safety? Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. Charlie Munger: I would go further. In other words, when we shout our knowledge out, were really pounding it out. Good Earnings: Salesforce's revenue was up 18% year-over-year, totaling $31.4 billion, and it's expected to grow to $34.5 billion next year. But show me a psychology department that knows how to do that. Because if you do that, Im a moral leper. Just think of the things that were once prosperous that are now in failure or gone. We miss Rick terribly. Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. The Manual of Ideas The first rule of a happy life is low expectations. Buffetts donations to the foundation have obviously helped to save many millions. At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. They do way more good than harm. Or, has the digital revolution caused enormous productivity improvements in those businesses? Thats interestingwho in the hell is voting against the accountants? The votes in favor of that are 995,356 against 120. Investor Overview | Graham Holdings Company Or, is it impossible to realize a deterioration quickly enough to exit without a loss? Charlie Munger: Well, I consider that very unlikely. We have offices in all the major cities in California and also in Logan, Utah. I didnt get to where I am by going after mediocre opportunities. Mitch Gellman - Investor Relations & Strategic Adviser - LinkedIn How can you not? 264 Sara.Pellegrino@iovance.com. On Constellations trajectory as an HPC, the economics of a VMS, returns on capital, challenges in organic growth, the runway for M&A, the companys incentive system, and prospects for the use of FCF. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? Well, I dont think the quality of publishing public notice advertising has gone down. BYD sells at nearly 200 P/E. Wheaton delivers amongst the highest cash operating . Were all pretty forgiving of ourselves too which is probably a good thing. CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec. And by the way, I think its hard to teach. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. I just see more and more of the rich people leaving. 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: info@astfinancial.com Web site: www.astfinancial.com 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. Daily Journal Corp. - AnnualReports.com Most Recent Annual Report MOST RECENT 2019 Form 10K View Form 10K (HTML) Daily Journal Corp. does not currently have any hardcopy reports on AnnualReports.com. And, of course, its all worked. Thats true whether youre Benjamin Franklin or Joe klutz. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Charlie Munger: I dont know anything about Haven. Rich Eisinger, Great content, great people. Investors play a major and vital role in the success and growth of a company. Value Investing will never go out of style. What would be a mistake at the Daily Journal which we can all learn from? You can hardly think of anything more important in life than being reliable for the people who trust you. 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. Part of the reason for that was cultural. Intelligent Investing in Crisis Mode. I was very lucky. And my advice would be if you have a fixable disadvantage, remove it. So, its a very interesting competitive field. This information can be used by investors to verify and understand the financial position of the company. Question: You identified the opportunity in electrification and invested in BYD. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. Similar Job Titles: Daily Journal Corp - Portfolio Holdings, AUM (13F, 13G At KB Home, social responsibility means investing in the relationships we have with our employees and within our communities. Charlie Munger: Yes, I think it must end badly but I dont know when. BYD stock did nothing for the first five years we held it. DJCO | Daily Journal Corp. Company Profile & Executives - WSJ But he could play chess blindfolded at just below the Grandmaster level. Always tell the truth and never lie to anybody about anything. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. Request Information Gerald Salzman: None. 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. We paid two and a half million for it. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Charlie Munger: Well, I think all stocks can fluctuate. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Im pretty easy on myself these days. We would all say that. That turned out to be a wonderful idea and thats one of the reasons we made all this money. Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. Astronics Corporation (ATRO) There are currently 4 companies in Mrs. Tos portfolio. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. "While Kimberly was head of Investor relations . Im afraid thats the way we all have to leave our swords. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? All text and design is copyright 2020 WhaleWisdom.com. 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. It also serves as a newspaper representative specializing in public notice advertising. All rights reserved. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. If its not good enough for Berkshire, shouldnt we have the same standards? Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. That happystat has more to do with their happiness and their outcomes in life. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? That thing circulates. Zurich Project Podcast I would hate to compete with Sequoia in their field. On the other hand, it could be handled. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. He was a one party system but he could always be removed by the electorate. And, he was very good company and a splendid gentleman. Daily Journal Corporation : Announces Financial Results for the Three Months ended Decembe.. Daily Journal Corporation Announces Financial Results for the Three Months ended Decemb.. Daily Journal : Management's Discussion and Analysis of Financial Condition and Results of.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year ended September 3.. Daily Journal Corp : Changes in Registrant's Certifying Accountant, Financial Statements a.. Daily Journal : Fiscal 3Q Earnings Snapshot, Daily Journal : Fiscal 2Q Earnings Snapshot. And we cant go to many offices because theyre closed. Of course, that will still work. He was very amiable the way he talked about it. When you pay for order flow, youre probably charging your customers more and pretending to be free. If you try and reduce the poverty too much, its counterproductive. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. 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. Charlie Munger: I think Ive learned to avoid zoning work. divided by the total MV of the fund. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Gerry, dont you think were doing pretty well? Charlie Munger: Early 70s. DAILY JOURNAL CORPORATION. Daily Journal Corp is based out of Los Angeles. Thats the nature of capitalism. But I do admire what the Chinese have done. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. How do you decide to hold on to a stock or sell some? Sign-up We admire the company and like its position. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . Im just trying to get a feel for what the long-term capital allocation is. God knows it was difficult but I dont think its a mistake. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. [The questioner] would like to know what Charlies method of learning is. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. 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. Solved Auditor Changes at Daily Journal Corporation Charlie - Chegg Currently, their heaviest sector is Finance making up 81.3% of We were trying to save the whole economy under terrible conditions. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. In other words, to some extent, its a self-correcting system. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. So, I dont think Bitcoin is going to end up as the medium of exchange for the world. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. Just time after time, he would choose the right system. Is it digital wallets like PayPal, Square, or Apple Pay? And if its unfixable, learn to live without it. He said, figure out what works and do it. I think civilization would do better without it. Many, but not all SEC filings are available in the SECs EDGAR database. Thats the good news. What are his thoughts on modern monetary theory? Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. As of 29th December 2022, Daily Journal Corps top holding is 2,300,000 shares of Bank Of America currently worth over $76.2 million and making up 43.7% of the portfolio value. 2022. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. That was not a startup, but it was so small and thinly traded that we were buying into a venture capital type investment but in the public market. Prior to forming Peterson Capital Management, LLC and launching Peterson Investment Fund I, LP, Matthew split time between Wall Street and London as Capital Markets Manager in the Financial Services Vertical at Diamond Management and Technology Consultants. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. Get the latest articles and insights directly to your email inbox. If you have unrealistic expectations, youre going to be miserable all your life. Ive been pretty quiet. Gerry, can you ever remember Rick down? It just created the most unholy mess. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. I would imagine that applies to the broad market too. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? Knox Lane was founded in 2019. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? -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 . Thank you for all you do to educate us. All-Time Favorites That recognized reality and worked way better than what other people were doing. The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. This years annual report suggests that the traditional business has 97 full-time employees. 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. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. I never buy any and neither does Daily Journal. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? People really trust Costco will be delivering enormous value. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . The base salary for Investor Relations Manager in companies like DAILY JOURNAL CORP range from $117,251 to $165,504 with the average base salary of $145,822. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. Is there anything that you wish you had added to your checklist sooner? Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. Of course, people behave more sensibly when theyre spending their own money. 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. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. The total number of shares, represented by proxies at this meeting, are 995,682, which are more than enough to constitute a quorum making the meeting duly held. -, 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. Until his recent step-down as chairman of the board in April, the marketable. And I think thats what shareholders do. With no analysts or investor relations department, few understand the transformation that has occurred. And his conclusion is that mankind should just step up to it and do it. He was a very smart man. Charlie Munger: Its quite importantpart of the success of a company like Costco. Charlie Munger: You have to be optimistic about the competency of our technical civilization. How would they think about current opportunities with low rates and low inflation? But, I hardly think the editorial quality could go way up when employees were going down. I have a very simple idea on the subject. It seems to involve a lot of your standard causes of human misjudgment. Thats very, very important. Daily Journal Corporation Company Profile | Los Angeles, CA Could you please elaborate on the subject and could you consider giving a talk on this particular subject? Its entirely possible that our system is right for us and their system is right for them. 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. Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? So you now know what I do in charitable institutions. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. 2023, Nasdaq, Inc. All Rights Reserved. I regard this as insanity. Question: I enjoyed your Caltech interview and wanted you to elaborate and provide more insights on your point of great investors and great chess players. And, of course, what Im saying is that if I were teaching business I would start the way Harvard Business School did a long time ago. Delayed Nasdaq What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? The meeting was held on February 24, 2021. 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 . A lot of the good rules of life are like that. The meeting will come to order. But, I find that the old ways of doing things still work. In his early education, he was the second-ranked student in the school. Tilly's, Inc. All the buses. Question: You often advocate for learning from other peoples big calamities and stupidities. So he married her. 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. But Im flabbergasted at how well theyre doing. Moody's Corporation to Present at Investor Conferences They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. So its very difficult. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Previously, Buntain worked at The Carlyle Group, where he . Theres a lot of temptation to do dumb things which will make the earnings next quarter go up but are bad for the long term. 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. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek. But I dont think thats going to end up with a mistake. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. Has the quality gone down? You get crazy booms. Because we have the proxies those directors are now reelected. Charlie Munger: Full Transcript of the 2021 Daily Journal Meeting - Junto No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. Without the method of learning, youre like a one-legged man in an ass-kicking contest. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. I think the bankers of today could learn a lot from Eugene, but little is known of him.