-, 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. Currently, Daily Journal Corp's portfolio is worth at least $174 million. One thing I can promise is that I wont contribute much to it because I dont understand it. Its entirely possible that our system is right for us and their system is right for them. He had a long and wonderful run. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. Give me a new question. Larry Summers has recently been quoted as being worried that were having too much stimulus. 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. Gerry, dont you think were doing pretty well? You are going to be flabbergasted. That turned out to be a wonderful idea and thats one of the reasons we made all this money. And I just think it was academically inconvenient for them. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. Good Earnings: Salesforce's revenue was up 18% year-over-year, totaling $31.4 billion, and it's expected to grow to $34.5 billion next year. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. Ideaweek Podcast #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. Always on point. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. Thats what the communists are doing. I think civilization would do better without it. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? Information Agent. Since the annual event first launched in 1996 . Im not going to change. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. Trending Stocks. The average market cap of the portfolio companies is close to $220 billion. But, no, I dont think Treasury securities are a big problem. You know, its just, its incredible whats happened in terms of the destruction. Question: Last February, you spoke about the wretched excess in the financial system. And I think that were crazy to allow it. All-Time Favorites If you were offered a fresh start today, what would you do differently in life and in investing? Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. 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. Last year it quintupled. But, of course, its a very difficult field. Charlie Munger: Well, thats a very good question. They do way more good than harm. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? Charlie Munger: Well, he was one of my closest friends for many decades. I dont know the answer. I said it wont matter. Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. 2/13/23. 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. And I think thats what shareholders do. The majority of the companies in the funds portfolio are large-cap stocks. I never buy any and neither does Daily Journal. It operates through the Traditional Business and. 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. Everybody is. And, of course, when things get extreme you have things like that short squeeze. Theyve served us well over the years. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? When it gets difficult, I dont think theres any automatic fix for difficulty. I think I would have lived a long time if I had lived a different life. And if you stop to think about it, that is also true at the Daily Journal. 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. Because we have the proxies those directors are now reelected. Classified advertising is down significantly. Charlie Munger: Its very hard to have a shrinking business. 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. My guess is we have suffered some editorial quality. Member-Only Podcasts He was a very smart man and he had a lot of good ideas. He lived in a particular town. Now, it sounds like anybody would know that made sense. SEC Form 13F Filing History. 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. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. How can you not? and leadership at Berkshire Hathaway, Munger was . But its hard for anybody. I dont think well change on that. Charlie Munger: I think Ill skip that one. Could you share the secret to living a long, healthy, and happy life? Latticework London While historically a legal newspaper publishing company, today DJCO operates a SaaS business model providing case management software to courts and government agencies around the U.S. and the world. The majority of revenue is generated from Traditional business segment. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. But he could play chess blindfolded at just below the Grandmaster level. Youd say that everybody does that in their education but I dont think everybody does. He said, figure out what works and do it. And what are the implications, since Treasury assets underpin the value of every other asset? Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. Are they more stable? Question: Charlie, you are known as an advocate for learning from ones mistakes. And that institution has two assets in its endowment account. The stock appreciated probably way more than intrinsic value. Membership Tour are based in the United States. The base salary for Investor Relations Manager in companies like DAILY JOURNAL CORP range from $117,251 to $165,504 with the average base salary of $145,822. I think the bankers of today could learn a lot from Eugene, but little is known of him. People really trust Costco will be delivering enormous value. New species are created and old species are dying. Question: We have a couple of questions about J.P. Rick Guerin. It seems to involve a lot of your standard causes of human misjudgment. And they dont just keep everlastingly at it the way he did. The total number of shares, represented by proxies at this meeting, are 995,682, which are more than enough to constitute a quorum making the meeting duly held. And, of course, its all worked. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. Im just trying to get a feel for what the long-term capital allocation is. They manage How do I update this listing? Daily Journal Corp's portfolio is diversified across 3 sectors. If you continue to use this site we will assume that you are happy with it. Costco I do think has one thing that Amazon does not. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. And, of course, he hated costs. Practically everybody does that. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. 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? Question: Mr. Munger is a champion of Chinese stocks. But the accountants are duly elected. Latticework New York What else can you do? 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. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. Theres a lot of temptation to do dumb things which will make the earnings next quarter go up but are bad for the long term. Gerry, can you ever remember Rick down? I have a very simple idea on the subject. USD. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. Do you agree with the premise and if so how would you address inequality? And so, we cant promise were going to succeed. How would you advise these institutions to manage their endowments over the coming decades? What are the psychological implications of this type of market behavior? And I dont think youll find me engaged in the massive rezonings in the future. regarding their board of directors using the Board Diversity Matrix. I think people have the theory that any intelligent hardworking person can get to be a great investor. And some bankers yield to the temptations. Download 13F Summary And we pay huge taxes to a combination of the federal government and the state of California when we sell something. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. Throughout the transcript below, I have included clickable links to my notes and articles . We miss Rick terribly. The meeting will come to order. He said it was the pursuit of the uneatable by the unspeakable. 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. Charlie Munger: We will not be following Tesla into bitcoin. Type a symbol or company name. If you try and reduce the poverty too much, its counterproductive. About the awards. For example, Coca-Cola in the past. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. I have a bust of Lee Kuan Yew in my house. I think all good investing is value investing. I think most people are born with a happystat. Subscribe to WhaleWisdom to view all filing data These positions were updated on January 5th based on the funds latest 13F filing. Jen Saunders 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 . Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. We use cookies to ensure that we give you the best experience on our website. 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 meeting was held on February 24, 2021. Everything you see is profit. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Do it right the first time. Without the method of learning, youre like a one-legged man in an ass-kicking contest. Of course, if he had a chance to do it over again, he would avoid those mistakes. A little wisdom in spouse selection is very desirable. Charlie Munger: Well, heres what I meant. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. And, of course, its regrettable. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. How do you recognize a potential downfall in a company you hold/invest in? It was absolutely incredible. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC It doesnt happen anymore. Its just that the investment banking profession will sell shit as long as shit can be sold. So, you can understand why Warren got disenchanted with Wells Fargo. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. 2023 Annual Meeting. Thats a really good rule. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities But he knew how to learn what he didnt know. 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. Annual stock financials by MarketWatch. or to simply have an email sent to you whenever we receive a new And that is why Costco presents some danger to Amazon. Quickly find out what the most recently closed or increased positions are. God knows it was difficult but I dont think its a mistake. What could investors do to cope better with periodical frenzy? Charlie Munger: Gerry, whats the biggest mistake weve made? And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. And we cant go to many offices because theyre closed.
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