Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. But theres no rule that life has to be easy on the mental side. And that isnt necessarily right for its customers. 1/9/23. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? In a recent regulatory filing, The Daily Journal ( DJCO -3.51%) disclosed that it had bought more shares of Chinese giant Alibaba ( BABA 2.46%) with its corporate cash. 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. 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. PROXY STATEMENT. And, I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were, how stupid their policies were, and so forth. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? It showsed how wise we were to put him there in the first place. Asian Investing Summit Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? Theres an old German proverb Ive always liked. And, pretty soon, he turned that into this gloriously prosperous place. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. 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 when difficulty comes, I expect to have my share. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Were all pretty forgiving of ourselves too which is probably a good thing. The Hamilton Live 600 14th Street NW At times in my life, I have put myself to a standard that I think has helped me: I think Im not really equipped to comment on this subject until I can state the arguments against my conclusion better than the people on the other side. I think its much easier to find five than it is to find a hundred. That happystat has more to do with their happiness and their outcomes in life. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. Quickly find out what the most recently closed or increased positions are. He had a long and wonderful run. And, I was not surprised when it blew up. I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that theyre way above average. 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. Question: Ben Franklin said: Were it offered to my choice, I should have no objection to a repetition of the same life from its beginning, only asking the advantages authors have in a second edition, to correct some faults of the first. Best Ideas Omaha He loved to kid people. Copy and paste multiple symbols separated by spaces. They lose their money fast enough. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. Currently, their heaviest sector is Finance making up 81.3% of Could you share the secret to living a long, healthy, and happy life? But I do think having a whole system to sell hydrogen is difficult. The total cash compensation, which includes bonus, and annual incentives, can vary anywhere from $137,730 to $197,363 with the average total cash compensation of $163,305. Sign-up And, he was very good company and a splendid gentleman. Gerry has done magnificently well. 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. Accounting is also in the cloud. But they dont teach that in the psychology department because the academic system rewards little experiments that develop more insight into psychological tendencies instead of synthesizing whats already been discovered with the rest of knowledge. What I see in China now just staggers me. 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. If you continue to use this site we will assume that you are happy with it. By the way, thats not the normal outcome in America. He knew everybody and everything. A rich civilization can afford to do it if we absolutely have to. The votes in favor of that are 995,356 against 120. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? Can you speak to the causes, the trend, and make some predictions? This will schedule a job to export all requested 13f holdings data for this filer. 264 Sara.Pellegrino@iovance.com. Question: What would management [of Daily Journal] do with a sudden windfall of profits? Always on point. 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. He was death on corruption which was a very good idea. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. He was a very smart man. Every value investor tries to get more value than he pays for. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. The wealth management industry has a crisis on its hands. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. 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. Performance No, I dont think I have anything to contribute. European Investing Summit (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. I recommend that other people follow my practice. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Charlie Munger: Well, thats a very good question. What were the lessons learned? He didnt know one damn thing about the Daily Journal when we made him head of it. Give me a new question. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. I would hate to compete with Sequoia in their field. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. 50.0% of the portfolio companies Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. So it gets very dangerous. Ive been pretty quiet. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. The first rule of a happy life is low expectations. But Henry was a genius. Questions: Now that we are cash flow positiveassuming the software business is investing organically as much as it canwhat is the philosophical thinking with respect to capital allocation at the Daily Journal. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. Delayed Nasdaq And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. When autocomplete results are available use up and down arrows to review and enter to select. 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? You can argue that I got close to Sequoia when with Li Lu we bought into BYD. And, for example, here, we must have 30 or 40 deaths. Its like evolution in biology. 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. 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. 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. Any tips on how to generate insight in these types of situations? Charlie Munger: Its hard to know what exact macroeconomic policy is correct. When I was young, I rezoned some properties very successfully. Gerald Salzman: There are a number of factors that come into play here. Put me down as skeptical. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. And it was probably wise that we acted exactly as we did. LOS ANGELES, CA Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. And, I think that could happen, but, of course, thats not a sure thing. Costco I do think has one thing that Amazon does not. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. I think the oil and gas industry will be here for a long, long time. I think management should tell it like it is at all times and not be a big promoter of its own stock. 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. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. And he was a great kidder. The first order of business is to reelect the four directors and the votes are as follows: Charles Munger, 679,481, Gerald Salzman, 660,287, Peter Kaufman, 593,336, Mary Conlon, 651,493. How would you advise these institutions to manage their endowments over the coming decades? Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. Copyright 2023 Surperformance. 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? Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. 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. And they dont just keep everlastingly at it the way he did. But I wont be following him. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. He was old as I am. Latticework New York I hope the newspaper survives too. And the next time around the poor will get richer faster than the rich. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Question: How important is the analysis of company culture in the investment process? He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. All those factors come into play and if you go back a little further, we eliminated California Lawyer magazine and we had one time a newspaper in Seattle and one in Denver. $174 million and $174 million respectively. I dont think well change on that. Daily Journal Corp. Previously, Buntain worked at The Carlyle Group, where he . It wasnt some malevolence of the rich that caused it. I dont think I can teach you how to retroactively get a new accident yourself. 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. Do you think that digital economy has reached a tipping point such that this time is different and that conventional valuation measures for these types of companies are dead, or does this environment remind you of 1999? All rights reserved. Thats the good news. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. A lot of the old moats are going away, and, of course, people are creating new moats all the time. Thats entirely due to the practical talent of Lee Kuan Yew. CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec. However, could you be more specific? Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. He doesnt mind at all not getting credit for his charitable donations. And they dont do that very wellIm talking about the business schools. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. We were trying to save the whole economy under terrible conditions. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. Ive been engaged in recent years in trying to create a better type of student dormitory. Thats been greatly curtailed. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. And he made a very favorable impression. 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. He gasped and said, but hes never had anything to do with newspapers or anything else. I do think banking run intelligently is a very good business. Im pretty easy on myself these days. I prefer the United States. That recognized reality and worked way better than what other people were doing. But he knew how to learn what he didnt know. We have offices in all the major cities in California and also in Logan, Utah. I think Im a little more lenient. So, no I dont think its the responsibility of management to assure where the stock sells. And I think that that is inevitable because its difficult to be a good investor. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. Without the method of learning, youre like a one-legged man in an ass-kicking contest. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. And what did the Chinese communists do with respect to death taxes? When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. Thats our system. He was fun to be with because he was always jumping out of airplanes and parachutes and running marathons and so on, doing all kinds of things I would never consider doing. So, you have to be a little closer to the employees needs, desires, babysitting, and all those activities that were kind of taken for granted in the past. So its a very theoretical discussion. Its one of the most ignorant professions in the world. How do I update this listing? We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. New species are created and old species are dying. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. I was good at having low expectations and that helped me. Gerald Salzman: Charlie refers to the courts, many times. Industry Insights Summit Its a very dishonorable low-grade way to talk. He had excellent judgment. There are factories in China that are just absolutely full of robots and are working beautifully. Copyright by BeyondProxy. So far the evidence would be that maybe the monetary modern monetary theory is right. I think I would have lived a long time if I had lived a different life. And, of course, its going to create trouble as it did. 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. Daily Journal Corp is based out of Los Angeles. MOI Global en Espaol. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. View the latest DJCO financial statements, income statements and financial ratios. "While Kimberly was head of Investor relations . I dont think we have any great gift at making macroeconomic predictions. I just see more and more of the rich people leaving. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. 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 email address below and choose 'Submit'. That doesnt happen. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. or to simply have an email sent to you whenever we receive a new So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. 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. They had to because the traditional business newspaper business is shrinking. And, I was always aware of that and so Ive accepted these damned annual meetings. BYD stock did nothing for the first five years we held it. You can hardly think of a decision that matters more to human felicity than who you marry. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. Question: What have you done to live such a long life? If its not good enough for Berkshire, shouldnt we have the same standards? Or, has the digital revolution caused enormous productivity improvements in those businesses? Knox Lane was founded in 2019. Question: The Federal Reserve appears to be supporting asset prices. Charlie Munger: Well thats an easy one. Charlie Munger: We will not be following Tesla into bitcoin. It closed the year with cash flow reaching $7.1 billion . Charlie Munger: Well, I dont participate at all. That way, whatever happens, he feels smart. I said it wont matter. Question: Mr. Munger is a champion of Chinese stocks. Has the quality of the publication suffered as the employment levels have decreased? 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. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. The Corporation will host a fourth quar. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . And in biology, what happens is the individuals all die, and eventually, so do all the species. Investor Letter Excerpts Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. 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. John Lambert, First class in every way. Capitalism is almost as brutal as that. Corporate Actions Services. We are subject to the orders and directions of those counties which, before, really didnt impact anything. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. With that one exception, Ive stayed out of Sequoias business because theyre so much better at it than I would be and I dont know how to do it the way they do it. Culture is very important. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. 2022. Charlie Munger: Thats too hard in general a question for me. Question: In recent years, Berkshire Hathaway has provided much greater insight into the companys succession thoughts and has made available at the annual meeting the companys leading managers that will steer Berkshires future. We paid two and a half million for it. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. Absolute insanity. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Florida would have a really serious problem. Its just that the investment banking profession will sell shit as long as shit can be sold. I think most people are born with a happystat. But theres also a large risk of losing it coming from within an organization. Im afraid thats the way we all have to leave our swords.