2023 Annual Meeting. Its a funny way to make money. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. By the way, thats not the normal outcome in America. -, 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. He was old as I am. Question: You identified the opportunity in electrification and invested in BYD. On the other hand, we have a fair amount of time to do it. 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. But, I dont think Ive got a lot to contribute. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Gerry, you have a comment on that? Could you share the secret to living a long, healthy, and happy life? 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. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. I learned those tendencies well enough to synthesize it with the rest of knowledge. Titan International, Inc. - Investor - Contact You once said to study the life and work of Lee Kuan Yew. 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 . Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. Question: What is the wisdom behind holding bank stocks compared to other stocks. For example, Coca-Cola in the past. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? Quickly find out what the most recently closed or increased positions are. Download 13F Summary Non-members may peek into the world of MOI Global via limited access. So, the people part has changed quite considerably being a small company. Gerrys lived a long time too and I think we both have been lucky. 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. I just see more and more of the rich people leaving. The first rule of a happy life is low expectations. We were trying to save the whole economy under terrible conditions. Daily Journal Corp. - AnnualReports.com And that institution has two assets in its endowment account. Everybody is. Do Not Sell My Personal Information (CA Residents Only). Question: What advice would you give to someone who is trying to stay within their circle of competence but finding that the pace of technical technological innovation is rapidly reducing that circle? These positions were updated on January 5th based on the funds latest 13F filing. How would you advise these institutions to manage their endowments over the coming decades? Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. But the accountants are duly elected. 264 Sara.Pellegrino@iovance.com. 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. DJCO | Daily Journal Corp. Annual Income Statement | MarketWatch The stock has gained so much this year and last year. 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. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. And we probably have more of those shortcuts than others. I think theyd run rings around me. Best Ideas Omaha But Im flabbergasted at how well theyre doing. In 1860, GDP per capita in China was 600. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as Wa ren Buffetr's "right arm. You can hardly think of a decision that matters more to human felicity than who you marry. It showsed how wise we were to put him there in the first place. Daily Commerce Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. CORRECTION - Daily Journal Corporation Announces Financial Resultsfor the Three Months.. Daily Journal Corporation Announces Financial Results for fiscal year ended September 3.. Daily Journal Corporation Announces Financial Results for the three months ended Decemb.. Daily Journal Corporation Announces Financial Results for fiscal 2017 ended September 3.. Daily Journal Corporation Announces Financial Results for Fiscal 2016 ended September 3.. Daily Journal Corporation Announces Financial Results for the Three Months Ended Decemb.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year Ended September 3.. Daily Journal Corporation Announces Financial Results for the Nine Months Ended June 30.. Daily Journal Corporation Announces Financial Results for the Six Months Ended March 31.. Daily Journal Corporation Receives Notice Regarding Non-Compliance With NASDAQ Listing .. Daily Journal Corporation : Announces Financial Results for the Three Months Ended Decembe.. Daily Journal Corporation : Announces Financial Results for the Fiscal Year ended Septembe.. Daily Journal Corporation : Announces Financial Results for the Nine Months ended June 30,.. Daily Journal Corporation : Announces Financial Results for the Six Months ended March 31,.. Interim 2023 Earnings Release (Projected), THE NEW YORK TIMES COMPANY : Q1 2023 Earnings Release (Projected), NEWS CORPORATION : Q3 2023 Earnings Release (Projected), REACH PLC : Interim 2023 Earnings Release, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. Gerald Salzman: Always upbeat, yes. Everything you see is profit. And, of course, when things get extreme you have things like that short squeeze. Charlie Munger: Well, I cant top Lee Kuan Yews example. 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. 2021 Quotemedia. Thats the reason he rose so fast in life. And thats the way Eugene was in his community. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. Daily Journal Corp. (S.C.) Common Stock (DJCO) - Nasdaq 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 . Charlie Munger: You have to be optimistic about the competency of our technical civilization. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Astronics Corporation (ATRO) 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. BYD stock did nothing for the first five years we held it. divided by the total MV of the fund. First Merchants Corporation (FRME) Stock Price, Quote & News - Stock Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. Im afraid thats the way we all have to leave our swords. Charlie Munger: Full Transcript of the 2021 Daily Journal Meeting - Junto Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. and leadership at Berkshire Hathaway, Munger was . Company Search - astfinancial.com The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . You know, its just, its incredible whats happened in terms of the destruction. We do, as Charlie indicates, have a lot of travel. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. 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. I think the result would have been worse if either party had been in control all by itself for the whole period. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. As for some of our technology, like eFiling for example, the courts are closed. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. 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. And he was a great kidder. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Local Chapters On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. Throughout the transcript below, I have included clickable links to my notes and articles . Those are pretty good rules and theyre pretty simple. And, he was very good company and a splendid gentleman. We miss Rick terribly. 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. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Request Information -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 . I wouldnt change my life all that well. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. Alt Turnover is calculated by taking either the total MV of new purchases or Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. Capitalism is almost as brutal as that. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. Latticework London As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. Question: My question concerns China. It seems to involve a lot of your standard causes of human misjudgment. Daily Journal Corporation I would imagine that applies to the broad market too. And some types of real estate in recent years has been particularly difficult. Im not trying to move mountains. So, of course, I admire him. The Corporation will host a fourth quar. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. Chinas economic record among the big nations is the best that ever existed in the history of the world. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. Ive been around for a long time and my policy has always been to just write them out. 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. We use cookies to ensure that we give you the best experience on our website. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. 1/9/23. I think the oil and gas industry will be here for a long, long time. Daily Journal Corp closed its position in Posco Adr on 5th January 2023. There arent that many people like Lee Kuan Yew that have ever lived. I recommend that other people follow my practice. A lot of the old moats are going away, and, of course, people are creating new moats all the time. If you try and reduce the poverty too much, its counterproductive. It just created the most unholy mess. Would you share a few stories about him and your fondest memory? Were beholden to the guidelines of the county of Los Angeles and other counties. Im just learning as I go along. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. In other words, to some extent, its a self-correcting system. Member-Only Podcasts Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. The meeting was held on February 24, 2021. Every value investor tries to get more value than he pays for. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. djco20191220_def14a.htm - SEC 75% of the total holdings value. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. Timeless Selections I would hate to compete with Sequoia in their field. In display advertising, for example, we now utilize a very friendly company that worked with us for 25 years and now they are helping us sell advertising. Nothing contained on junto.investments constitute a solicitation, recommendation, endorsement, or offer by Junto or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. So, its a serious problem. And if its unfixable, learn to live without it. Industry Insights Summit That recognized reality and worked way better than what other people were doing. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? Tom Gayner, Adds value to my research process. 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. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. 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. Charlie Munger: Thats too hard in general a question for me. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? But there again, it's an interesting thing. 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. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? But he was 90 years of age. 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. News Corp Announces Acquisition of Investor's Business Daily These symbols will be available throughout the site during your session. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. Charlie Munger: Well, that is easy. 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. 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. DAILY JOURNAL CORPORATION : Shareholders Board Members Managers and Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? Many, but not all SEC filings are available in the SEC's EDGAR database. 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. And that is why Costco presents some danger to Amazon. I dont think I can teach you how to retroactively get a new accident yourself. Tom Murphy used to say that his system of management was to delegate just short of total abdication. Charlie Munger: I have seen an episode or two of the Queens Gambit. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. Question: Mr. Munger is a champion of Chinese stocks. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Charlie Munger: I dont know anything about Haven. Mitch Gellman - Investor Relations & Strategic Adviser - LinkedIn So I think what China has done was probably right for China and that we shouldnt be so pompous as to be telling the Chinese they ought to behave like us because we like ourselves and our system. Wide-Moat Investing Summit Charlie Munger: Real estate has always been a difficult field. We admire the company and like its position. 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. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. Charlie Munger: Well, he was one of my closest friends for many decades. Theres a lot of competition and were a very small company compared to our main competitor. Question: How do you control your investments in a world where reasonable companies with a good image like General Electric sink rapidly into the bottomland of the stock market. The Daily Journal Corp office and employees reside in Los Angeles, California. She created a business with like 500 depression dollars that became a huge business. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. Its hard to run a bank intelligently. You know what her mottoes were? the total portfolio value. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. And he was just so good. email address below and choose 'Submit'. Charlie Munger: Full Transcript of Daily Journal Annual Meeting 2021 FOR ANNUAL MEETING OF SHAREHOLDERS. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. It was totally required. New species are created and old species are dying. There are these periods in capitalism. He took over a malarial swamp with no army, no nothing. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. DJCO | Daily Journal Corp. Company Profile & Executives - WSJ I was good at having low expectations and that helped me. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. In 2010, that was down to 165 full-time employees and 15 part-time employees. I kind of admire the way Bill takes on these very hard problems. All rights reserved. Any tips on how to generate insight in these types of situations? And so, the stock went way up. Im not going to change. 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! So, to some extent, everybody buying medical services in Singapore is paying for it themselves. It was absolutely incredible. 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. Its too volatile to serve well as a medium of exchange. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. And I think, by and large, we made the most practical decisions that were available to us. Announces 2022 Holiday Period Net Sales, Updates Fourth Quarter Outlook. DAILY JOURNAL CORPORATION : Press releases | DJCO | US2339121046 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. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. The majority of the companies in the funds portfolio are large-cap stocks. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. Ratios & Margins Daily Journal Corp. All values updated annually at fiscal year end Valuation P/E Ratio (TTM) - P/E Ratio (including extraordinary items) - Price to Sales Ratio 6.55 Price to Book. Gerald Salzman: Well, we dont think about mistakes. Have you considered amending this quote or lowering your standards? And, of course, it works way better than our medical system. And, I was always aware of that and so Ive accepted these damned annual meetings. Its been amazing that one little company starting up not that many decades ago could become as big as Costco did as fast as Costco did. I 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. DAILY JOURNAL CORPORATION - Print Media - 915 E 1st St, Los - Yelp 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. 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. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. Of course, that made him very leery of dumb loans. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? I think civilization would do better without it. And there was one woman who was a year older than he was who was the first-ranked student in the school. Copy and paste multiple symbols separated by spaces. Daily Journal Corp is based out of Los Angeles. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. Nobody was trying to make the rich richer. That is true and makes sense. 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. The company operates in two segments: Traditional business and Journal Technologies. daily journal corporation investor relations Sure, we all love the kind of civilization we have. And I just think it was academically inconvenient for them. Type a symbol or company name. Gerald Salzman: None. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. He was that smart. Buffetts donations to the foundation have obviously helped to save many millions. And they dont do that very wellIm talking about the business schools. Charlie Munger: Early 70s. And what he does is he sells about half of them always. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Daily Journal Corporation (DJCO) - Yahoo! Today, the majority of contractual revenue that can be identified is from implementations and licenses. Can you speak to the causes, the trend, and make some predictions? LOS ANGELES, CA Well, I dont think the quality of publishing public notice advertising has gone down. And so, we cant promise were going to succeed. to see more advanced email alert options such as selecting any type of Theyre just very simple. Youve said recently that Sequoia is the greatest investment firm ever. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. Thats what weve been doing throughout my whole lifetime. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. They lose their money fast enough. Always intelligent. And some bankers yield to the temptations. That approach will never go out of style. 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.