Charlie Munger: Well, I dont think I know exactly what the future of banking is and I dont think I know how the payment system will evolve. 13F filing from DAILY JOURNAL CORP, enter your Of course, his son, who is a bright man, is now Prime Minister of Singapore. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Investor Letter Excerpts Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. Investors | Seneca Foods And I think wise people should just stay out of them. But the accountants are duly elected. Florida would have a really serious problem. It operates through the Traditional Business and. Daily Journal Corp's portfolio is diversified across 3 sectors. Intellectual Property I think theyd run rings around me. DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. All rights reserved. I think people have the theory that any intelligent hardworking person can get to be a great investor. In 1978, the year Deng Xiaoping took over, it was 300. Thats been greatly curtailed. [The questioner] would like to know what Charlies method of learning is. They manage And, of course, its all worked. We love it anyway. If you continue to use this site we will assume that you are happy with 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). Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. Delayed Nasdaq They are joining the modern world very rapidly and theyre getting very skillful at operating. 2022. If you were offered a fresh start today, what would you do differently in life and in investing? On the other hand, the buses in Los Angeles work on natural gas. . Furthermore, hed gone through the Great Depression. Member Calendar, MOI Global is a wonderful way to expose yourself to the thoughts of some of the most successful investors and investment methods out there. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. 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. Request Information And his conclusion is that mankind should just step up to it and do it. And he made a very favorable impression. If we could make the world richer by just raising the minimum wage to $100,000 a second or something, of course we would do it but. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. 915 E. 1st Street. So far the evidence would be that maybe the monetary modern monetary theory is right. Think of whats died in my lifetime. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC We were trying to save the whole economy under terrible conditions. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. DJCO Stock Price & Charts | Daily Journal Also, when you get reverses, if you just suck it in cope, that helps if you dont just fretfully stew yourself into a lot of misery. 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. Charlie Munger: Early 70s. Intelligent Investing in Crisis Mode. I knew a man once, Henry Singleton, who was not a chess champion. But I do think having a whole system to sell hydrogen is difficult. 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. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. are based in the United States. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. I said it wont matter. All rights reserved. Charlie Munger: Real estate has always been a difficult field. or to simply have an email sent to you whenever we receive a new As a matter of fact, what happens is to make a nation rich, you need a free market system. 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 Charlie Munger Just Doubled Down on Alibaba: Should Investors Follow I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money. Many, but not all SEC filings are available in the SEC's EDGAR database. What are his thoughts on modern monetary theory? Titan International, Inc. - Investor - Contact Daily Journal Corporation offers legal software and services to US courts and other justice agencies, including browser-based case processing systems (eCourt, eProsecutor, eDefender, and eProbation) and electronic filing and payment tools (eFile, ePayIt). DJCO - Daily Journal Corp Stock Price Quote - Morningstar And he was just so good. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. Election | | daily-journal.com Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? Were not enlarging it. And that isnt necessarily right for its customers. All the buses. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. When you pay for order flow, youre probably charging your customers more and pretending to be free. What, for example, would you recommend as course materials? Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. Commission-free trading is not free. Of course, that will still work. DJCO | Daily Journal Corp. Financial Statements - WSJ LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . She created a business with like 500 depression dollars that became a huge business. I dont think we have any great gift at making macroeconomic predictions. 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. He loved to kid people. Non-members may peek into the world of MOI Global via limited access. Rose Blumpkin had quite an effect on the Berkshire culture. 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. All the good things. They really need the world to stay the way it is. 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. The stock appreciated probably way more than intrinsic value. I dont think Ive got any great insight about hydrogen. And by the way, I think its hard to teach. Billionaires Group 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. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. Im just learning as I go along. Ive been engaged in recent years in trying to create a better type of student dormitory. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. 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? And, of course, he hated costs. Could you give more examples both good and bad ones from your personal observations or through vicarious readings? New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. We would all say that. 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 management should tell it like it is at all times and not be a big promoter of its own stock. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. Charlie Munger's Daily Journal Corporation Is A Cohiba Cigar Butt PROXY STATEMENT. Daily Journal | DJCO Stock Price, Company Overview & News - Forbes divided by the total MV of the fund. Daily Journal Corporation Transfer Agent | Shareholder Services | Investor Relations | Norfolk And they dont just keep everlastingly at it the way he did. Charlie Munger: You have to be optimistic about the competency of our technical civilization. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. 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. A little wisdom in spouse selection is very desirable. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. 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. 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. 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. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. 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. There are companies that Daily Journal Corp is getting rid of from its portfolio. A lot of the people who are doing this remote worka lot are going to work three days a week in the office and two days a week at home. We admire the company and like its position. The majority of revenue is generated from Traditional business segment. Quickly find out what the most recently closed or increased positions are. Is it digital wallets like PayPal, Square, or Apple Pay? 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. With no analysts or investor relations department, few understand the transformation that has occurred. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. Of course, if he had a chance to do it over again, he would avoid those mistakes. Youve said recently that Sequoia is the greatest investment firm ever. And thats the way we handled Gerry. And thats not a sure thing either. He doesnt mind at all not getting credit for his charitable donations. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. What can you learn from the Barry Duttons bookstore building deal in Brentwood and how would you apply that new knowledge or experience in the future? And some bankers yield to the temptations. LOS ANGELES, CA And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. N/A: N/A: N/A: . Last year it quintupled. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Get the latest articles and insights directly to your email inbox. When people gave me a good idea and I could see it was a good idea, I quickly mastered it and started using it for the rest of my life. I think you should try and make your money in this world by selling other people things that are good for them. And in biology, what happens is the individuals all die, and eventually, so do all the species. So, Im kind of pleased that Im still functioning at all. If you dont spend the money, you and your heirs get to spend it eventually. Question: Eugene Abegg seems like he was one of the best bankers of the last century, achieving both extremely low loan loss rates and earning around 2% on assets over a long time period. And thats what we have going in the stock market in a frenzy thats fed by people who are getting commissions and other revenues out of this new bunch of gamblers. And my advice would be if you have a fixable disadvantage, remove it. Daily Journal Corp is based out of Los Angeles. Theres a lot of competition and were a very small company compared to our main competitor. What do you make of these two pricings? We dont have any other secrets, do we Jerry? Daily Journal Corporation has 1 stars. Question: You often advocate for learning from other peoples big calamities and stupidities. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. 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. But he was 90 years of age. Question: What is the wisdom behind holding bank stocks compared to other stocks. That happystat has more to do with their happiness and their outcomes in life. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. But I dont think thats going to end up with a mistake. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. Charlie Munger: Well, we dont really know where its all going. 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: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. You can hardly think of anything more important in life than being reliable for the people who trust you. Charlie Munger: Full Transcript of Daily Journal Annual Meeting 2021 Its too volatile to serve well as a medium of exchange. Meet-the-Author Summer Forum email address below and choose 'Submit'. Youve even said business schools that dont adopt this method are doing their students a disservice. 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%. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. Or, has the digital revolution caused enormous productivity improvements in those businesses? This years annual report suggests that the traditional business has 97 full-time employees. We miss Rick terribly. If you have unrealistic expectations, youre going to be miserable all your life. Charlie Munger: Well, I dont know how well the economys doing to work in the future. 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. I learned those tendencies well enough to synthesize it with the rest of knowledge. On the other hand, we have a fair amount of time to do it. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. Ill paraphrase here. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. There are these periods in capitalism. I recognized early that Gerry could run anything he wanted to run. It also serves as a newspaper representative specializing in public notice advertising. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. View the latest DJCO financial statements, income statements and financial ratios. Nasdaq provides companysSEC filings, which arefinancial statements andreports filed electronically with the U.S. Securities and Exchange Commission (SEC) byQuotemedia. Type a symbol or company name. We are in fact being a more difficult type of software business than Microsoft. 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. Im afraid thats the way we all have to leave our swords. It was totally required. 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? Everybodys got a different situation. 2/13/23. The death tax in China is zero. Corporate Governance. The Manual of Ideas 1/9/23. Create Email Alert, ***Log In or Similar Job Titles: But we cant. the total portfolio value. I regard this as insanity. If anybody can fix it, he can. Theyve got a better reputation for providing value than practically anybody, including Amazon. Always on point. 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. Gerry and I have been together, how many years Gerry? Timeless Selections daily journal corporation investor relations | Tulipnos ltalnos Iskola daily journal corporation investor relations DAILY JOURNAL CORPORATION - Print Media - 915 E 1st St, Los - Yelp So, no I dont think its the responsibility of management to assure where the stock sells. Value Investing will never go out of style. What would be a mistake at the Daily Journal which we can all learn from? I feel the same way about those choices. 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. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. Copyright 2023 Surperformance. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. On Tuesday, March 7, 2023 at 11:00 a.m. Eastern Time, Michael West, President of Moody's Investors Service, and Shivani Kak, Head of Investor Relations, will speak at the Raymond James . 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. Charlie Munger: Well thats an easy one. But there again, it's an interesting thing. Because of that fact, it's of the utmost importance for companies to maintain strong . As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? Daily Journal Corporation - Wikipedia He was just a very old-fashioned sound thinker. I didnt get to where I am by going after mediocre opportunities. I think the world is gonna be quite different. Investor Relations & Corporate Communications 650-260-7120 ext. So, its a very interesting competitive field. You dont need to worry about them. The average salary for Investor Relations Director at companies like DAILY JOURNAL CORP in the United States is $173,091 as of November 23, 2022, but the range typically falls between $149,030 and $199,970. 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. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. We take the situation as it is and try to solve it. Gerald Salzman: Always upbeat, yes. I think Im a little more lenient. 2021 Quotemedia. When I saw that psychology was necessary and I didnt have it, I didnt just learn the little tendencies well enough to get As in psychology. Chinese stocks are often sensitive to geopolitical events, and news that Biden and Xi will meet later this year could signal a thaw in relations between China and the U.S. Daily Journal Corporation Reports Quarterly Revenue $11.68 Mln Daily Journal Corporation says For Nine Months Ended June 30 Consolidated Revenues Of $35.7 mln Versus $30.6 . I think you can count on the fact that if we really like the company and we like the managementand that is the way we feel about BYDwere likely to be a little too loyal. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. 2022 Junto Investments, all rights reserved. And what did the Chinese communists do with respect to death taxes? Apartments have come through better. 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. This Week in Intelligent Investing. 264 Sara.Pellegrino@iovance.com. He was very amiable the way he talked about it. If you try and reduce the poverty too much, its counterproductive. You are limited to the prior 8 quarters of 13F filings. DAILY JOURNAL CORPORATION - Print Media - 915 E 1st St, Los Angeles, CA - Phone Number - Yelp Daily Journal Corporation 5 reviews Unclaimed Print Media Frequently Asked Questions about Daily Journal Corporation How is Daily Journal Corporation rated? Company Search - astfinancial.com I think all good investing is value investing. I think that that will probably continue. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. The daily journal stock sells way above the price I would pay if I was buying new stock. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? Question: Do you believe any psychological personality tests, such as the Myers-Briggs Type Indicator, to be of any good in choosing a compatible partner, given that choosing a spouse is probably the most important decision one can make in life. I think its much easier to find five than it is to find a hundred. Daily Journal Corp is based out of Los Angeles. A lot of the old moats are going away, and, of course, people are creating new moats all the time. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. I wouldnt change my life all that well. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. How can you not? Thats one you can easily arrange. 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. We bought all these buildings cheaply. Sure, we all love the kind of civilization we have. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. 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. He lived in a particular town. But everybody cant be better than everybody else.
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