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. Of course, it really helped to know everybody in town. The total portfolio value may be much higher due to cash 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). But there again, it's an interesting thing. $174 million and $174 million respectively. You once said to study the life and work of Lee Kuan Yew. Youre right. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. If you dont have master the rest of the knowledge you cant synthesize it with psychology. 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. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! But, of course, if we got a chance to do it again, we would do it better. Touch device users, explore by touch or with swipe gestures. containing a link to download the .zip file of the CSV file(s) you requested. I dont think we have made a lot of horrible mistakes. Intelligent Investing in Crisis Mode. 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. I think were into a lot less travel and a lot more Zooming. Larry Summers has recently been quoted as being worried that were having too much stimulus. Everybody has shortcuts to screen out certain hazards. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. 915 E. 1st Street. And if there is one thing the world could learn from Singapore, what would that be? And, of course, its going to create trouble as it did. These actions have given some shareholders more visibility and comfort on their investment. Question: Charlie, you are known as an advocate for learning from ones mistakes. But he could play chess blindfolded at just below the Grandmaster level. However, could you be more specific? And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Nothing is particularly obvious for everybody to do the same thing. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. 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. 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. Charlie Munger: I think Ive learned to avoid zoning work. -, 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. Of course, that made him very leery of dumb loans. Los . How can you not? The company operates in two segments: Traditional business and Journal Technologies. What do you think we can do to help those who are currently falling behind as a result of this pandemic? Daily Journal Corporation's ISS governance QualityScore as . Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. We have our crotchets and I just dont know enough about it to want to go into that activity. And you mentioned technologythats very, very important. So, I dont think Bitcoin is going to end up as the medium of exchange for the world. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. In 1978, the year Deng Xiaoping took over, it was 300. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. You can hardly think of anything more important in life than being reliable for the people who trust you. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. These symbols will be available throughout the site during your session. Gerald Salzman: None. Those are pretty good rules and theyre pretty simple. If you were offered a fresh start today, what would you do differently in life and in investing? VP of Publications & Sec. Theres a lot of competition and were a very small company compared to our main competitor. What do you think the long-term consequences will be? 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. So, no I dont think its the responsibility of management to assure where the stock sells. Appian: Well-Positioned Platform for Building Enterprise Software, PDF Solutions: Lowly Valued, with Net Cash and Growing SaaS Business, Interactive Brokers: Automated, Low-Cost, High-Margin Business. I dont follow that practice but I dont criticize it either. Put me down as skeptical. So, you can understand why Warren got disenchanted with Wells Fargo. She created a business with like 500 depression dollars that became a huge business. It was a background that helped everybody. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. Question: The highly configurable JTI product may help e-suites integrate deeply into new jurisdictions as agencies and citizens become familiar with the courthouse software. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. Many, but not all SEC filings are available in the SEC's EDGAR database. 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. They dont work that hard at figuring out what works and what doesnt. They just copied Adam Smith and left out the free speech and it worked fine for them. I was very lucky. Theyre in a place thats gotten more valuable. 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. Rich Eisinger, Great content, great people. email address below and choose 'Submit'. 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 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. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. 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. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Furthermore, hed gone through the Great Depression. It doesnt happen anymore. I do think that Im way less afraid of inequality than most people who are bleeding about it. 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! 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. Just think of the things that were once prosperous that are now in failure or gone. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. I think the world is gonna be quite different. 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. DAILY JOURNAL CORPORATION. We are subject to the orders and directions of those counties which, before, really didnt impact anything. But Im flabbergasted at how well theyre doing. I hope the newspaper survives too. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. He was that smart. Apartments have come through better. These are very difficult questions and most people assume that its simple. 2/13/23. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. Latticework New York It just created the most unholy mess. Question: In your past speeches, you have mentioned the term functional equivalent of embezzlement to describe situations where bubbles can form because both parties involved in a bubble believe the asset to be worth more than it truly is. 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. 306.00. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. About the awards. You fix what you can fit, and what you cant fix, you endure. I recommend that other people follow my example. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. This information can be used by investors to verify and understand the financial position of the company. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. Its like evolution in biology. And if you have a free market system thats trying to get rich in the way recommended by Adam Smith, what happens is that its a very irritating system because the poverty that causes so much misery is also causing the growth that makes everybody get out of poverty. So, of course, I admire him. Im not saying I wanted to live in China. Annual stock financials by MarketWatch. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. And, I was not surprised when it blew up. I regard this as insanity. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. With no analysts or investor relations department, few understand the transformation that has occurred. And what he does is he sells about half of them always. He was very amiable the way he talked about it. Rose Blumpkin had quite an effect on the Berkshire culture. I think some of these things are very difficult and I think, by and large, its a mistake to hire investment managementto hire armies of people to make conclusions. I think I would have lived a long time if I had lived a different life. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. The Manual of Ideas But I do think having a whole system to sell hydrogen is difficult. I think they stopped because if you taught that course, youd be stealing the best cases from the individual professors of marketing and so on and so on. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. 915 East First Street. So he was just a perfect banker if you wanted never to have any trouble. 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. 13F filing from DAILY JOURNAL CORP, enter your But the accountants are duly elected. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. Charlie Munger: Well, I dont participate at all. There are currently 4 companies in Mrs. Tos portfolio. 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. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. And his conclusion is that mankind should just step up to it and do it. I dont know the answer. We have offices in all the major cities in California and also in Logan, Utah. When you pay for order flow, youre probably charging your customers more and pretending to be free. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. Any tips on how to generate insight in these types of situations? The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. Type a symbol or company name. And I think that that is inevitable because its difficult to be a good investor. LEARN MORE. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? I think theyre a bad investment when interest rates are this low. The mantra he said over and over again is very simple. How do you decide to hold on to a stock or sell some? Do you agree with the premise and if so how would you address inequality? Contact. 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. Theyre just very simple. 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? He was old as I am. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. 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. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. -, 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. 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. And, of course, thats a very dangerous way to invest. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. These positions were updated on January 5th based on the funds latest 13F filing. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. And all I can say is that well do the best we can. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Culture is very important. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. It also serves as a newspaper representative specializing in public notice advertising. Think of whats died in my lifetime. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. The hydrocarbons are also needed as chemical feedstocks. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Its chairman is Steven Myhill-Jones. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. Charlie Munger: I think Im alive because of a lucky genetic accident. 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. Charlie Munger: Yes, I think it must end badly but I dont know when. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). -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 . He said, figure out what works and do it. I predict that if they do that, a lot of people will leave Washington. Nobody should believe that Robinhoods trades are free. Gerald Salzman: There are a number of factors that come into play here. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? And he made a very favorable impression. Ive been pretty quiet. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. Gerrys lived a long time too and I think we both have been lucky. Just time after time he would do something like that. The Hamilton Live 600 14th Street NW I dont think Im likely to have any new thoughts that are going to work miracles either. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. What do you look for in a leader? I think civilization would do better without it. They do way more good than harm. 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. Charlie Munger: Its very hard to have a shrinking business. Question: What would management [of Daily Journal] do with a sudden windfall of profits? The Daily Journal Corp office and employees reside in Los Angeles, California. Have you considered amending this quote or lowering your standards? 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 Theyve served us well over the years. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. And there arent many people that can do that. So human greed and the aggression of the brokerage community create these bubbles from time to time. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. [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. And, we hope to do well in it. Well, I dont think the quality of publishing public notice advertising has gone down. But show me a psychology department that knows how to do that. That happystat has more to do with their happiness and their outcomes in life. 1/9/23. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. Capitalism is almost as brutal as that. He was just so damn smart. Sure, we all love the kind of civilization we have. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. USD. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. [2]: And were gonna play that as hard as we can. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Member Feedback Question: Last February, you spoke about the wretched excess in the financial system. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? 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. 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. I dont know which is worse. DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. Of course, its going to be difficult. And I dont know whether hes right or not. By the way, thats not the normal outcome in America. And, pretty soon, he turned that into this gloriously prosperous place. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? It sold the previously owned 9,745 shares for $357 thousand. And we cant go to many offices because theyre closed. The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. I hope that that will continue in the future. He gasped and said, but hes never had anything to do with newspapers or anything else. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? Nobody else has ever taken a big country out of poverty so fast and so on. I think office buildings are now in some trouble and, of course, commercial real estate rented to stores has been in a lot of trouble for a long time. Or, has the digital revolution caused enormous productivity improvements in those businesses? But theres also a large risk of losing it coming from within an organization. Youve reached the limit of my circle of competence. Question: Do you think its best to invest in the common stocks of businesses early or while they are more nascent and the industry is smaller, or wait until they are the clear winner of a more mature industry? Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. 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 jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. I would hate to compete with Sequoia in their field. And that isnt necessarily right for its customers. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.To learn more about Yahoo Finance Plus please visit: https://yhoo.it/33jXYBpConnect with Yahoo Finance:Get the latest news: https://yhoo.it/2fGu5BbFind Yahoo Finance on Facebook: http://bit.ly/2A9u5ZqFollow Yahoo Finance on Twitter: http://bit.ly/2LMgloPFollow Yahoo Finance on Instagram: http://bit.ly/2LOpNYzFollow Cashay.comFollow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV 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. Click the button below to request a report when hardcopies become available. Everybody is. I knew a man once, Henry Singleton, who was not a chess champion. On the other hand, as you say, I didnt get rich by buying stocks at high price-earnings multiples in the midst of crazy speculative booms. On the other hand, it could be handled. Its a funny way to make money. We use cookies to ensure that we give you the best experience on our website. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. Charlie Munger: I dont know anything about Haven. 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. Its just that some people look for values in strong companies and some look for values in weak companies. Charlie Munger: Well, he was one of my closest friends for many decades. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. Charlie Munger: Well, it certainly does and thats the kind of thing that can happen when you get a whole lot of people who are using liquid stock markets to gamble the way they would betting on horses. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. Are they more stable? I admire him that much. He said it was the pursuit of the uneatable by the unspeakable. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. All rights reserved. Question: How important is the analysis of company culture in the investment process? How do you think about the hydrogen opportunity for transportation and how does it compare to the electric opportunity, specifically thinking about trucks versus cars. Have you seen the television show Queens Gambit on Netflix? Non-members may peek into the world of MOI Global via limited access. Question: My question concerns China. Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. He loved to kid people. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon?