Performance Im not going to change. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Take Gerry. -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 . And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. Now, it sounds like anybody would know that made sense. How do you recognize a potential downfall in a company you hold/invest in? Question: The Federal Reserve appears to be supporting asset prices. 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. Ive been around for a long time and my policy has always been to just write them out. In other words, to some extent, its a self-correcting system. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Will we have fewer gas stations or truck stops in the future? Create Email Alert, ***Log In or So, you can understand why Warren got disenchanted with Wells Fargo. 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 Copyright by BeyondProxy. And I just think it was academically inconvenient for them. Charlie Munger: I dont think you can make that a moral responsibility. Daily Journal Corp is based out of Los Angeles. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Have you seen the television show Queens Gambit on Netflix? Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. And that institution has two assets in its endowment account. When I look at the modern Singapore health system, it costs 20% of what the American system costs. A single vial can cost upwards of $300, meaning a monthly cost of $1,000. Question: Is the oil and gas industry the new newspapers? He was not a dictator. I hope the newspaper survives too. 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. That was a big error in judgment. That makes the whole thing very awkward. And I think the world would be better off without them. And he was a great kidder. Has the quality gone down? They lose their money fast enough. Daily Journal Corp's portfolio is diversified across 3 sectors. Charlie Munger: Well thats an easy one. Of course, it really helped to know everybody in town. These positions were updated on January 5th based on the funds latest 13F filing. A lot of the good rules of life are like that. 50.0% of the portfolio companies Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. I think that the methods that Ive used including the checklists are the correct methods and Im grateful that I found them as early as I did and that the methods have worked as well as they have. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. 2023, Nasdaq, Inc. All Rights Reserved. And we probably have more of those shortcuts than others. But, no, I dont think Treasury securities are a big problem. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Theyve served us well over the years. He said it was the pursuit of the uneatable by the unspeakable. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. With no analysts or investor relations department, few understand the transformation that has occurred. We were trying to save the whole economy under terrible conditions. 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. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. What I see in China now just staggers me. And there was one woman who was a year older than he was who was the first-ranked student in the school. Create your Watchlist to save your favorite quotes on Nasdaq.com. The meeting was held on February 24, 2021. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. I dont think we have any great gift at making macroeconomic predictions. 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: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. Quickly find out what the most recently closed or increased positions are. Gerald Salzman: None. But he could play chess blindfolded at just below the Grandmaster level. 2023 Annual Meeting. The majority of the companies in the funds portfolio are large-cap stocks. I recognized early that Gerry could run anything he wanted to run. Youll remember that when the first big bubble came, which was the South Sea bubble in England back in the 1700s, it created such havoc eventually when it blew up that England didnt allow hardly any public trading and securities of any companies for decades thereafter. Of course, if he had a chance to do it over again, he would avoid those mistakes. Charlie Munger: I think Ive learned to avoid zoning work. 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. Daily Journal Corp. Gerry, can you ever remember Rick down? The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. Currently, Daily Journal Corp's portfolio is worth at least $174 million. Capitalism is almost as brutal as that. Member Feedback Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. So, I dont think Bitcoin is going to end up as the medium of exchange for the world. for Q4 2022. You dont need to worry about them. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. He had a long and wonderful run. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. And all I can say is that well do the best we can. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. Gerry, dont you think were doing pretty well? And he made a very favorable impression. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. So, the people part has changed quite considerably being a small company. In addition, the fund holds 1,591,800 shares of Wells Fargo & Co worth $65.7 million, whose value grew 4.2% in the past six months. Is it Bitcoin, decentralized finance, or something else? Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Charlie Munger: Well, these things do happen in a market economy. Just time after time he would do something like that. And what are the implications, since Treasury assets underpin the value of every other asset? 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. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. These actions have given some shareholders more visibility and comfort on their investment. Question: What is the biggest competitive threat to U.S. banks like Bank of America and US Bankboth equity holdings of the Daily Journal Corporationover the long term? Its like evolution in biology. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. N/A: N/A: N/A: . Remember the Dot Com boom when every little building in Silicon Valley ran into a huge price and a few months later about a third of them were vacant. Considering their system, that is not what he should have been doing. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. And some bankers yield to the temptations. Just think of the things that were once prosperous that are now in failure or gone. 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. Charlie Munger: Well, he was one of my closest friends for many decades. When you look at whats happened in California [in terms of] the price of real estate and rentals, weve reduced the number of offices we have both for Journal Technology and for the Daily Journal. 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? Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? We take the situation as it is and try to solve it. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. This information can be used by investors to verify and understand the financial position of the company. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. Currently, their heaviest sector is Finance making up 81.3% of Charlie Munger: Ben Franklin was one of the wisest men who ever lived. There are companies that Daily Journal Corp is getting rid of from its portfolio. Charlie Munger: Well, I consider that very unlikely. I dont think well change on that. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Stocks with a size of more than $10 billion in market cap make up Best Ideas Omaha Its one of the most ignorant professions in the world. He was a one party system but he could always be removed by the electorate. Im not saying I wanted to live in China. It also serves as a newspaper representative specializing in public notice advertising. And they dont just keep everlastingly at it the way he did. A rich civilization can afford to do it if we absolutely have to. And, pretty soon, he turned that into this gloriously prosperous place. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. I dont think I can teach you how to retroactively get a new accident yourself. 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. LEARN MORE. Of course, we accomplished quite a bit working together. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. The stock appreciated probably way more than intrinsic value. And in biology, what happens is the individuals all die, and eventually, so do all the species. Larry Summers has recently been quoted as being worried that were having too much stimulus. Im afraid thats the way we all have to leave our swords. The Hamilton Live 600 14th Street NW So, its a very interesting competitive field. 13F filing from DAILY JOURNAL CORP, enter your I dont think its easy for ordinary people to become great investors. So he was just a perfect banker if you wanted never to have any trouble. We paid two and a half million for it. And they dont do that very wellIm talking about the business schools. Generally speaking, people assume that were a normal software company like Microsoft or something. And, I think that could happen, but, of course, thats not a sure thing. 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. Question: You are one of the oldest and greatest thinkers of our time. You are limited to the prior 8 quarters of 13F filings. Charlie Munger: Early 70s. 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. I think that that will probably continue. You must have a subscription to view WhaleScore histories. They are joining the modern world very rapidly and theyre getting very skillful at operating. Investors play a major and vital role in the success and growth of a company. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. Now 16 years have passed. Thats an interesting example of self-learning. That way, whatever happens, he feels smart. We have different tax considerations. I dont know the answer. I would imagine that applies to the broad market too. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. Nasdaq provides companysSEC filings, which arefinancial statements andreports filed electronically with the U.S. Securities and Exchange Commission (SEC) byQuotemedia. And thats the way we handled Gerry. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). Thats what weve been doing throughout my whole lifetime. Type a symbol or company name. And what did the Chinese communists do with respect to death taxes? Gerrys lived a long time too and I think we both have been lucky. And if you have a free market system thats trying to get rich in the way recommended by Adam Smith, what happens is that its a very irritating system because the poverty that causes so much misery is also causing the growth that makes everybody get out of poverty. 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. 2022. Youre right. 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. 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. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. Nothing is particularly obvious for everybody to do the same thing. Tom Gayner, Adds value to my research process. We expect many of our employees to always be at client court offices because we work with them very closely to make sure they get what they need. All-Time Favorites And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. 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. If you have unrealistic expectations, youre going to be miserable all your life. It was an accident. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. February 26, 2021 / Richard Lewis / 6 Comments. Investor's Business Daily (IBD), which . When completed, an email will be sent to the email address you specify Wide-Moat Investing Summit Charlie Munger: I think Im alive because of a lucky genetic accident. Im just trying to get a feel for what the long-term capital allocation is. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. And I think that that is inevitable because its difficult to be a good investor. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. But there again, it's an interesting thing. As for some of our technology, like eFiling for example, the courts are closed. So, of course, I admire him. So he married her. The Daily Journal is a legal publisher in Los Angeles, spun out in 1986 as a public company from a closed-end fund Munger and Guerin owned. So, its a serious problem. And I think thats what shareholders do. We do, as Charlie indicates, have a lot of travel. And its really stupid to have a culture that encourages as much gambling in stocks by people who have the mindset of race track betters. For example, Coca-Cola in the past. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. What do you think the long-term consequences will be? Our editorial system and our advertising system are all in the cloud. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. 2022 Junto Investments, all rights reserved. Value Investing will never go out of style. And, of course, thats a very dangerous way to invest. 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. But, I dont think Ive got a lot to contribute. I prefer the United States. 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. But the accountants are duly elected. Best Ideas Conference But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. I think the result would have been worse if either party had been in control all by itself for the whole period. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. Its just not gonna work. 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. All rights reserved. Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. You once said to study the life and work of Lee Kuan Yew. Furthermore, hed gone through the Great Depression. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. Practically everybody does that. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. In other words, its your money. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. 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. 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. Youve said recently that Sequoia is the greatest investment firm ever. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? We admire the company and like its position. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. Thats true whether youre Benjamin Franklin or Joe klutz. We all live with that problem. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Charlie Munger: Well, of course, the places downsized. Question: What would management [of Daily Journal] do with a sudden windfall of profits? Charlie Munger: I dont think so. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? Daily Journal Corps portfolio is diversified across 3 sectors. Charlie Munger: Well, we dont really know where its all going. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. This is a highly desirable thing. My guess is we have suffered some editorial quality. The Zurich Project European Investing Summit Until his recent step-down as chairman of the board in April, the marketable. containing a link to download the .zip file of the CSV file(s) you requested. How would they think about current opportunities with low rates and low inflation? They manage We use cookies to ensure that we give you the best experience on our website. Latticework London All rights reserved. And that isnt necessarily right for its customers. Ill paraphrase here. the total portfolio value. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. 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. I do think that Im way less afraid of inequality than most people who are bleeding about it. Everybody has shortcuts to screen out certain hazards. I think its just to some extent you either have it or you dont. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. The third-largest holding is Alibaba Ltd worth $26.4 million and the next is Us Bancorp worth $6.11 million, with 140,000 shares owned. Hell be able to do it. And its rather interesting. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. She created a business with like 500 depression dollars that became a huge business. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. About the awards. I think the Chinese were very smart. Can U.S. Treasury bonds be such a case today? And I think, by and large, we made the most practical decisions that were available to us. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. However, could you be more specific? But theres no rule that life has to be easy on the mental side. And then the previous 100 years, that got another big chunk of modernity. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. So its a very theoretical discussion. Membership Tour Question: My question concerns China. So I dont worry that the country is being ruined by a few people over getting ahead a little faster than the rest of us. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. The Corporation will host a fourth quar. And I think that were crazy to allow it. Question: What is the wisdom behind holding bank stocks compared to other stocks. Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. 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. We are subject to the orders and directions of those counties which, before, really didnt impact anything. 915 East First Street. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. If you were offered a fresh start today, what would you do differently in life and in investing? Question: Charlie, you are known as an advocate for learning from ones mistakes. 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. 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. Commission-free trading is not free. Its chairman is Steven Myhill-Jones. And, I was always aware of that and so Ive accepted these damned annual meetings. Its just that some people look for values in strong companies and some look for values in weak companies. I think I would have lived a long time if I had lived a different life. 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. He was old as I am. Daily Journal Corp is based out of Los Angeles. Jen Saunders Investor Relations & Corporate Communications 650-260-7120 ext. Always on point. But its hard for anybody. Charlie Munger: Gerry, whats the biggest mistake weve made? Investor Letter Excerpts Question: Has your opinion on cryptocurrencies remained the same? Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick.
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