Question: You are one of the oldest and greatest thinkers of our time. BYD sells at nearly 200 P/E. Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. I think the result would have been worse if either party had been in control all by itself for the whole period. Of course, its hard to negotiate in such a field. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as War- ren Buffett's "right arm." Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod- ucts. 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. I predict that if they do that, a lot of people will leave Washington. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. I think the Chinese were very smart. Ive seen the whole bus system shift from gasoline or diesel to gas and so it obviously isnt impossible, but youd have to create a whole new system of supply for it. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? When the pandemic is over, I dont think were going back to just the way things were. I think management should tell it like it is at all times and not be a big promoter of its own stock. Ideaweek Podcast And, of course, what Im saying is that if I were teaching business I would start the way Harvard Business School did a long time ago. How can you not? [1]: We have our crotchets and I just dont know enough about it to want to go into that activity. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. He had excellent judgment. In Singapore, you get a savings account the day youre born. He was old as I am. How would they think about current opportunities with low rates and low inflation? Youve said recently that Sequoia is the greatest investment firm ever. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. But show me a psychology department that knows how to do that. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. 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. We do, as Charlie indicates, have a lot of travel. And thats not a sure thing either. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? I dont think that hydrocarbons are going. Daily Journal Corp's portfolio is diversified across 3 sectors. The stock appreciated probably way more than intrinsic value. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. Copyright 2023 Surperformance. What, for example, would you recommend as course materials? A lot of people assume that since England led the Industrial Revolution and had free speech early that free speech is required to have a booming economy as prescribed by Adam Smith. I dont think its like the newspaper business. But its hard for anybody. 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. If you do that all the time; if youre looking for disconfirming evidence and putting yourself on a grill, thats a good way to help remove ignorance. We got a dividend of two and a half million shortly thereafter. That recognized reality and worked way better than what other people were doing. But there again, it's an interesting thing. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Currently, Daily Journal Corp's portfolio is worth at least $174 million. And we probably have more of those shortcuts than others. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. He was very amiable the way he talked about it. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Corporate governance. That doesnt happen. Gerrys lived a long time too and I think we both have been lucky. You can hardly think of anything more important in life than being reliable for the people who trust you. I dont know which is worse. Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. Youd say that everybody does that in their education but I dont think everybody does. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. Theyve got a better reputation for providing value than practically anybody, including Amazon. We love it anyway. 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. And theyre all dyingevery damn one of them almost. That way, whatever happens, he feels smart. I was very lucky. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? And I dont think youll find me engaged in the massive rezonings in the future. This will schedule a job to export all requested 13f holdings data for this filer. Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. What are the main sources of ancillary revenue expected once the products have gone live and how meaningful will the products like eFile-it, ePay-it, cloud hosting services, and others become? He was death on corruption which was a very good idea. Question: You famously run investments through your mental checklist. See our Terms, Privacy Policy, and Disclaimer. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. Its one of the most ignorant professions in the world. 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. And I think both of us have done the same thing; we just suck it in and cope. So, of course, I admire him. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. 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. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. So, its a serious problem. Just time after time, he would choose the right system. 2021 Quotemedia. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. . Question: What books are you currently reading and what can you reccomend? European Investing Summit I think you can count on the fact that if we really like the company and we like the managementand that is the way we feel about BYDwere likely to be a little too loyal. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. If you have unrealistic expectations, youre going to be miserable all your life. Thats the nature of capitalism. He didnt know one damn thing about the Daily Journal when we made him head of it. Timeless Selections The Manual of Ideas Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities and a top 10 holdings concentration of 100.0%. 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. 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. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? They had to because the traditional business newspaper business is shrinking. Charlie Munger: Robinhood trades are not free. But you know, most people dont do that. The daily journal stock sells way above the price I would pay if I was buying new stock. I would hate to compete with Sequoia in their field. Astronics Corporation Announces Preliminary Sales for Fourth Quarter 2022 of $155 Million to $160 Million; Completes $205 Million Debt Refinancing Nov 15, 2022 4:05 pm EST Astronics Corporation Reports Third Quarter 2022 Financial Results Latest Presentation December 6, 2022 Truist Securities Industrials & Services Summit 2022 Gerry has done magnificently well. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. And if you stop to think about it, that is also true at the Daily Journal. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. Question: How important is the analysis of company culture in the investment process? We were trying to save the whole economy under terrible conditions. Do it right the first time. Charlie Munger: Yes, I think that is rising as we sit here. Charlie Munger: Well, I do have a tip. Gerald Salzman: Always upbeat, yes. Munger became Chairman (because he was an attorney). Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . Delayed Nasdaq Charlie Munger: Well, heres what I meant. -, Daily Journal Corp : Submission of Matters to a Vote of Security Holders (form 8-K), Charlie Munger downplays risk of Taiwan invasion, says crypto fans are 'idiots', Transcript : Daily Journal Corporation - Shareholder/Analyst Call. Los . #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . Charlie Munger: Well, he was one of my closest friends for many decades. Subscribe Columns Labor/Employment Viking River PAGA ruling has no clear destination for employers Mar. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. Charlie Munger: Were really old both of us. The first rule of a happy life is low expectations. About the awards. That approach will never go out of style. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. I think were into a lot less travel and a lot more Zooming. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. It was absolutely incredible. Chairmans Letter As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. Member-Only Podcasts Question: I enjoyed your Caltech interview and wanted you to elaborate and provide more insights on your point of great investors and great chess players. Ideaweek St. Moritz 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! If you dont have master the rest of the knowledge you cant synthesize it with psychology. "While Kimberly was head of Investor relations . , whose value grew 4.2% in the past six months, Us Bancorp worth $6.11 million, with 140,000 shares owned, Town & Country Bank & Trust Co Dba First Bankers Trust Co, Stocks and cryptocurrency portfolio tracker. Kipling once wrote a poem called The Women (The Ladies) and the concluding line was to the effect that you should learn about women from him instead of doing it yourself, because, he says, I know you wont follow my advice. And he was a great kidder. Where does it appear most egregious? Charlie Munger: Its very hard to have a shrinking business. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. They manage The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. There are companies that Daily Journal Corp is getting rid of from its portfolio. -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 . Daily Journal Corps portfolio is diversified across 3 sectors. Last year it quintupled. Generally speaking, people assume that were a normal software company like Microsoft or something. When people gave me a good idea and I could see it was a good idea, I quickly mastered it and started using it for the rest of my life. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 30, 2022 LOS ANGELES, Dec. 16, 2022 (GLOBE NEWSWIRE) -- During fiscal 2022, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $54,009,000 as compared with $49,925,000 in the prior year. Daily Journal Corp closed its position in Posco Adr on 5th January 2023. But we cant. Now, it sounds like anybody would know that made sense. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. It was an accident. And all I can say is that well do the best we can. I dont think Im likely to have any new thoughts that are going to work miracles either. Is it digital wallets like PayPal, Square, or Apple Pay? I think that shareholders should be more sensible and not crowd into stocks and buy them just because theyre going up and they like to gamble. Billionaires Group Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. But I dont think everybody can be a great investor or a great chess player. Costco I do think has one thing that Amazon does not. I hope the newspaper survives too. So, Im kind of pleased that Im still functioning at all. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? Thats a really good rule. And if there is one thing the world could learn from Singapore, what would that be? What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. But I do admire what the Chinese have done. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. But, I hardly think the editorial quality could go way up when employees were going down. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. 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? And like last year, you will in this note find a full transcript of the entire meeting. Charlie Munger: Well, we dont really know where its all going. That happened because Gerry and I bought these little newspapers all over the state just as a precaution to make sure we could serve public notice advertising wherever it arose in the state. Youre right. 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. Apartments have come through better. are based in the United States. 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. The bad news is its not clear whos gonna win all the business or how much money is going to be made. 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. 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. What are the psychological implications of this type of market behavior? And yet he made a lot of mistakes in the course of living his life. Zurich Project Podcast I think I would have lived a long time if I had lived a different life. Featured Content Thats been greatly curtailed. And, what about passive investing? And that institution has two assets in its endowment account. Hell be able to do it. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? They are joining the modern world very rapidly and theyre getting very skillful at operating. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. Rick was always humorous. Question: My question concerns China. So it gets very dangerous. And you mentioned technologythats very, very important. regarding their board of directors using the Board Diversity Matrix. 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). Its doing a big public service. He was very courageous and generous in helping everybody around him all his life. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. I think Im a little more lenient. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. Thats very, very important. It was a background that helped everybody. These symbols will be available throughout the site during your session. Question: Last February, you spoke about the wretched excess in the financial system. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. [2]: Also, fortunately before the pandemic, we got out of the conference-type events and we were not subjected to the problems of no conferences nobody to attend. I cant help you. But theres no rule that life has to be easy on the mental side. 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. This years annual report suggests that the traditional business has 97 full-time employees. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. Today, the majority of contractual revenue that can be identified is from implementations and licenses. On the other hand, it could be handled. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. So its a very theoretical discussion. Rich Eisinger, Great content, great people. What do you think we can do to help those who are currently falling behind as a result of this pandemic? The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. And he was just so good. Thats the good news. And thats the right way to do it. God knows it was difficult but I dont think its a mistake. and a top 10 holdings concentration of 100.0%. On the other hand, the buses in Los Angeles work on natural gas. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. Throughout the transcript below, I have included clickable links to my notes and articles . I think you should try and make your money in this world by selling other people things that are good for them. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. And thats very interesting. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. When completed, an email will be sent to the email address you specify 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. I said to Rick, were going to make Gerry the head of the Daily Journal. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. 1/9/23. Question: Mr. Munger is a champion of Chinese stocks. You are limited to the prior 8 quarters of 13F filings. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. If you stop to think about it, business success long term is a lot like biology. Ellen Ireland will be inspector of elections. DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESU.. Daily Journal Corporation Announces Financial Resultsfor the Three Months ended Decemb.. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Res.. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 3.. Daily Journal Corp : Change in Directors or Principal Officers (form 8-K). Question: You identified the opportunity in electrification and invested in BYD. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? This information can be used by investors to verify and understand the financial position of the company. Membership Tour Question: Should there be a tax on buying stock now that Robinhood trades are free? I kind of admire the way Bill takes on these very hard problems. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . 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. Charlie Munger: Well, that is easy. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. So you now know what I do in charitable institutions. He was not a dictator. And I think that were crazy to allow it. Asian Investing Summit 2023, Nasdaq, Inc. All Rights Reserved. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. Of course, if he had a chance to do it over again, he would avoid those mistakes. For example, Coca-Cola in the past. So, you can understand why Warren got disenchanted with Wells Fargo. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. It closed the year with cash flow reaching $7.1 billion . He was just so damn smart. We are in fact being a more difficult type of software business than Microsoft. Its too volatile to serve well as a medium of exchange. Ive been around for a long time and my policy has always been to just write them out. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. What could investors do to cope better with periodical frenzy? Charlie Munger: No, I would say that of course, theres some new material in misjudgment. Currently, their heaviest sector is Finance making up 81.3% of Question: Can you share some parting thoughts with the viewers who are watching all around the world? Request Information Charlie Munger: I think everybody is willing to hold stocks at higher price-earnings multiples when interest rates are as low as they are now. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. His method for doing it was so simple. Charlie Munger: Well, I cant top Lee Kuan Yews example. I said it wont matter. Theyre just very simple. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. Our editorial system and our advertising system are all in the cloud. Gerry and I have been together, how many years Gerry? 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.
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