When it gets difficult, I dont think theres any automatic fix for difficulty. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. to see more advanced email alert options such as selecting any type of Charlie Munger: No, I would say that of course, theres some new material in misjudgment. Copyright by BeyondProxy. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. 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. Everyone knows this isnt a small cap Berkshire Hathaway. It seems to involve a lot of your standard causes of human misjudgment. He was death on corruption which was a very good idea. the MV of securities sold, whichever is less, They just copied Adam Smith and left out the free speech and it worked fine for them. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. Gerry, can you ever remember Rick down? Its just that the investment banking profession will sell shit as long as shit can be sold. "While Kimberly was head of Investor relations . Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Accounting is also in the cloud. So its very difficult. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. He was just a very old-fashioned sound thinker. The Hamilton Live 600 14th Street NW Its chairman is Steven Myhill-Jones. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. How would you advise these institutions to manage their endowments over the coming decades? 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. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. Furthermore, hed gone through the Great Depression. Market Holidays Daily Analyst Ratings Daily Insider Trading. Stocks with a size of more than $10 billion in market cap make up But show me a psychology department that knows how to do that. +2.68%. In his early education, he was the second-ranked student in the school. 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. Theyve served us well over the years. Thats entirely due to the practical talent of Lee Kuan Yew. . The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. 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. It says that man is too soon old and too late smart. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. divided by the total MV of the fund. And, what about passive investing? Charlie Munger: Modern monetary theory means that people are less worried about an inflationary disaster like Weimar Germany from government printing of money and spending it. Its entirely possible that our system is right for us and their system is right for them. If you stop to think about it, business success long term is a lot like biology. 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? As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? 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. Daily Journal Corporation (DJCO) - 8-K - Current report SEC FilingsYesterday, 3:57 PM Daily Journal Corporation (DJCO) - 10-Q - Quarterly Report SEC FilingsMon, Feb. 13 Daily. 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. I learned those tendencies well enough to synthesize it with the rest of knowledge. Tilly's, Inc. With no analysts or investor relations department, few understand the transformation that has occurred. I do think that Im way less afraid of inequality than most people who are bleeding about it. The stock has gained so much this year and last year. Charlie Munger: We will not be following Tesla into bitcoin. 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. 2022. If you have unrealistic expectations, youre going to be miserable all your life. And the next time around the poor will get richer faster than the rich. I dont think Ive got any great insight about hydrogen. It showsed how wise we were to put him there in the first place. Charlie Munger: Well, I dont participate at all. What do you look for in a leader? Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. 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). Alt Turnover is calculated by taking either the total MV of new purchases or And, he was very good company and a splendid gentleman. And thats the right way to do it. Type a symbol or company name. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. 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? Charlie Munger: Its quite importantpart of the success of a company like Costco. Question: What are Mr. Mungers thoughts on the recent GameStop short squeeze by social media and the resulting implications on short selling in the future? She created a business with like 500 depression dollars that became a huge business. Some people have a natural trend toward good judgment, and with other people, their life is just a series of mistakes over and over again. 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 Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. Gerry, dont you think were doing pretty well? I dont even know how much more difficultor how much more dangerousit would be to deal with hydrogen than it is to deal with gasoline which is also a dangerous substance. Question: Has your opinion on cryptocurrencies remained the same? Gerald Salzman: Always upbeat, yes. He was always upbeat. Of course, if he had a chance to do it over again, he would avoid those mistakes. Who is MOI Global? Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . I call it deworsificationwhich I copied from somebody. But there again, it's an interesting thing. 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. Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. It was an accident. Ive been around for a long time and my policy has always been to just write them out. A little wisdom in spouse selection is very desirable. 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. Thats one you can easily arrange. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. I dont think we have made a lot of horrible mistakes. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. The Daily Journal Corp office and employees reside in Los Angeles, California. This Week in Intelligent Investing. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. Thats the good news. FOR ANNUAL MEETING OF SHAREHOLDERS. The Zurich Project And I think, by and large, we made the most practical decisions that were available to us. How do you decide to hold on to a stock or sell some? Value Investing will never go out of style. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. They manage But, of course, I think there will be more automation in transportation of all kinds in the future. Daily Journal : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF.. Daily Journal Corporation Announces Financial Resultsfor the Nine Months ended June 30.. Daily Journal Corporation Announces Financial Resultsfor the Six Months ended March 31.. Daily Journal : Fiscal 1Q Earnings Snapshot. How do I update this listing? Charlie Munger: Yes, I think that is rising as we sit here. I do think the present CEO is an extraordinarily able man and the directors made a very wise choice when they put him in charge. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. 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, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. Charlie Munger: Well, we dont really know where its all going. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Give me a new question. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. These actions have given some shareholders more visibility and comfort on their investment. Charlie Munger: I dont know anything about Haven. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Rick was always humorous. Subscribe to WhaleWisdom to view all filing data Im not saying I wanted to live in China. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Ive been engaged in recent years in trying to create a better type of student dormitory. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. So, its a very interesting competitive field. And yet he made a lot of mistakes in the course of living his life. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? And even if you have a natural gift, you cant be good at it unless you start playing at a very young age and get huge experience. 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. You once said to study the life and work of Lee Kuan Yew. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. I think I would have lived a long time if I had lived a different life. And, pretty soon, he turned that into this gloriously prosperous place. I think they would have come out worse because their position was so dire and the poverty was so extreme, they needed very extreme methods to get out of the fix they were in. We paid two and a half million for it. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. Put me down as skeptical. I recognized early that Gerry could run anything he wanted to run. They do way more good than harm. I think the bankers of today could learn a lot from Eugene, but little is known of him. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. And they dont just keep everlastingly at it the way he did. He said it was the pursuit of the uneatable by the unspeakable. 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. Im afraid thats the way we all have to leave our swords. Will we have fewer gas stations or truck stops in the future? He had excellent judgment. Charlie Munger: Its very hard to have a shrinking business. 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. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. Quickly find out what the most recently closed or increased positions are. Question: Charlie, you are known as an advocate for learning from ones mistakes. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. Question: You often advocate for learning from other peoples big calamities and stupidities. And thats very interesting. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. Question: How important is the analysis of company culture in the investment process? The hydrocarbons are also needed as chemical feedstocks. Everybody is. 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. What are the psychological implications of this type of market behavior? But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. 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. The meeting will come to order. In 1860, GDP per capita in China was 600. Question: You identified the opportunity in electrification and invested in BYD. And, we have to function as an informal committee in that we have to bring our employees and our clients together to work out what they already know and how we can help them do a better joba more efficient job. Nasdaq provides companysSEC filings, which arefinancial statements andreports filed electronically with the U.S. Securities and Exchange Commission (SEC) byQuotemedia. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Daily Journal Corp closed its position in Posco Adr on 5th January 2023. 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. Tom Gayner, Adds value to my research process. I have a very simple idea on the subject. 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. Charlie Munger: Robinhood trades are not free. Daily Journal Corp is based out of Los Angeles. 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. 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. But, I find that the old ways of doing things still work. Best Ideas Omaha Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. Charlie Munger: Well, its not easy to handle accumulated money in the current environment when these stocks are so high and partials of real estate of certain kinds are also very inflated. Thats our system. What do you think we can do to help those who are currently falling behind as a result of this pandemic? And, we hope to do well in it. 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. Larry Summers has recently been quoted as being worried that were having too much stimulus. DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. But, of course, its a very difficult field. Is there any new material? #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. 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. And it was probably wise that we acted exactly as we did. I knew a man once, Henry Singleton, who was not a chess champion. Type a symbol or company name. Gerry and I have been together, how many years Gerry? 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? We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more. Part of the reason for that was cultural. And then the previous 100 years, that got another big chunk of modernity. 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. LOS ANGELES, CA So human greed and the aggression of the brokerage community create these bubbles from time to time. I have a bust of Lee Kuan Yew in my house. 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. Can you speak to the causes, the trend, and make some 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. When you respond to software by the RFP process, its a very difficult, demanding business and its less profitable and less sure than what Microsoft does. Since the annual event first launched in 1996 . And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The average market cap of the portfolio companies is close to $220 billion. Create Email Alert, ***Log In or We are subject to the orders and directions of those counties which, before, really didnt impact anything. But, but by and large, most of the knowledge has been available for a long time. Everybody has shortcuts to screen out certain hazards. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. And what are the implications, since Treasury assets underpin the value of every other asset? Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. 75% of the total holdings value. You can hardly think of a decision that matters more to human felicity than who you marry. Charlie Munger: Well, you know, I had a failed marriage, so I dont think Im in the perfect position to advise the young about marriage. 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. For example, Coca-Cola in the past. What do you think the long-term consequences will be? I was good at having low expectations and that helped me. Ellen Ireland will be inspector of elections. 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 . What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. Daily Journal Corp. Youre right. And he said; I cant decide the order of presidency between a flee and a louse. Delayed Nasdaq Copyright 2023 Surperformance. And I think wise people should just stay out of them. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? Just time after time he would do something like that. 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. The majority of revenue is generated from Traditional business segment. 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? Contact. 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. 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. Its one of the most ignorant professions in the world. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. We miss Rick terribly. The number of people who ever got a chance to do it again is zero. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. On the other hand, we have a fair amount of time to do it. Its very difficult to hire reporters in the San Francisco area with all the demands coming from the internet companies wanting to have an editorial product. The death tax in China is zero. Of course, his son, who is a bright man, is now Prime Minister of Singapore. This years annual report suggests that the traditional business has 97 full-time employees. However, could you be more specific? The fully online conferences hosted by MOI Global bring together great minds from our network of intelligent investors, with a focus on timely ideas and timeless wisdom. Your proxy in the enclosed form is solicited by the Board of Directors of the Company for use at the Annual Meeting of Shareholders to be held on February 12, 2020 at 10:00 a.m. Pacific Standard Time, at The Center at Cathedral Plaza, at 555 W . I think all of this activity is regrettable.