Charlie Munger: Well, he was one of my closest friends for many decades. And if you stop to think about it, that is also true at the Daily Journal. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Its such a simple idea. Question: You often advocate for learning from other peoples big calamities and stupidities. 264 Sara.Pellegrino@iovance.com. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. Titan International, Inc. - Investor - Contact The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. Corporate Actions Services. A passionate, seasoned, internal Investor Relations strategist, executioner, demand-builder and teammate proactively taking a Company's story to Wall Street -- one ticker at a time | Learn more . Hed been a receiver for a bank. And some bankers yield to the temptations. I do think that Im way less afraid of inequality than most people who are bleeding about it. Wide-Moat Investing Summit So, you can understand why Warren got disenchanted with Wells Fargo. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. Iovance Biotherapeutics Reports Fourth Quarter and Full Year 2022 And he was just so good. PDF Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. Youd say that everybody does that in their education but I dont think everybody does. This years annual report suggests that the traditional business has 97 full-time employees. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. Los . How would they think about current opportunities with low rates and low inflation? 2022 Junto Investments, all rights reserved. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. 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. The average market cap of the portfolio companies is close to $220 billion. It sold the previously owned 9,745 shares for $357 thousand. Ideaweek Podcast The Zurich Project Thats an interesting example of self-learning. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . Los Angeles, California 90012 . 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? Thats the reason he rose so fast in life. Question: Mr. Munger is a champion of Chinese stocks. You have to be concerned about employees lives. 1996 - janv . In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. I think theyd run rings around me. 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. Local Chapters I have a very simple idea on the subject. She created a business with like 500 depression dollars that became a huge business. 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. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. All the buses. 915 East First Street. Im just learning as I go along. A rich civilization can afford to do it if we absolutely have to. Thats the nature of capitalism. Thats entirely due to the practical talent of Lee Kuan Yew. Performance numbers calculated through 2023-02-14. 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. 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. Think of whats died in my lifetime. I dont know the answer. Will we have fewer gas stations or truck stops in the future? And, of course, when things get extreme you have things like that short squeeze. But, I find that the old ways of doing things still work. Charlie Munger: Well, of course, its very hard to fix the global warming problem when the poorer countries need to burn coal to stay alive and so on. And they dont just keep everlastingly at it the way he did. for Q4 2022. John Lambert, First class in every way. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Culture is very important. He was a very smart man. Nothing is particularly obvious for everybody to do the same thing. 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. Of course, that made him very leery of dumb loans. Were all pretty forgiving of ourselves too which is probably a good thing. A single vial can cost upwards of $300, meaning a monthly cost of $1,000. Is it digital wallets like PayPal, Square, or Apple Pay? I never buy any and neither does Daily Journal. $174 million and $174 million respectively. Charlie Munger: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. Thats a really good rule. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? 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. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. Annual stock financials by MarketWatch. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. It was absolutely incredible. Its a very dishonorable low-grade way to talk. 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. 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? Has the quality gone down? That way, whatever happens, he feels smart. DJCO Stock Price & Charts | Daily Journal 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. Gerry and I have been together, how many years Gerry? . In other words, to some extent, its a self-correcting system. USD. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. The stock appreciated probably way more than intrinsic value. Asian Investing Summit What else can you do? I didnt get to where I am by going after mediocre opportunities. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. Bitcoin reminds me of what Oscar Wilde said about fox hunting. But you know, most people dont do that. Daily Journal Corp - Portfolio Holdings, AUM (13F, 13G At KB Home, social responsibility means investing in the relationships we have with our employees and within our communities. 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 management should tell it like it is at all times and not be a big promoter of its own stock. -, 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. Intelligent Investing in Crisis Mode. Is there any new material? 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. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . Everybodys got a different situation. Chinas economic record among the big nations is the best that ever existed in the history of the world. And I think that that is inevitable because its difficult to be a good investor. Everybody has shortcuts to screen out certain hazards. Company Search - astfinancial.com As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. 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. I dont think I can teach you how to retroactively get a new accident yourself. Its just not gonna work. Charlie Munger: I would go further. 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 Well, I dont think the quality of publishing public notice advertising has gone down. So, no I dont think its the responsibility of management to assure where the stock sells. How can you not? If its not good enough for Berkshire, shouldnt we have the same standards? If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. Charlie Munger: Well, these things do happen in a market economy. 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. By the way, thats not the normal outcome in America. Ill paraphrase here. Astronics Corporation (ATRO) That doesnt happen. Has the quality of the publication suffered as the employment levels have decreased? And if youre selling them gambling services where you make profits off of the top, like many of these new brokers who specialize in luring the amateurs in, I think its a dirty way to make money. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. 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. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. Theyve got a better reputation for providing value than practically anybody, including Amazon. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities Theres hardly anything he touched he didnt improve. 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. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Latticework New York Thats the good news. And were gonna play that as hard as we can. Gerry has done magnificently well. Gerrys lived a long time too and I think we both have been lucky. Today, it hovers around 9500. Munger and Salzman will take shareholder questions from CNBCs Becky Quick.Don't Miss: Valley of Hype: The Culture That Built Elizabeth HolmesWATCH HERE:https://youtu.be/Sb179GLPNYEWatch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube:https://youtu.be/gx-OzwHpM9kSubscribe to Yahoo Finance: https://yhoo.it/2fGu5BbAbout Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. I hope that that will continue in the future. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. But I do think politics is getting more full of hatred and irrationality than it used to be in America and I dont think thats good. The mantra he said over and over again is very simple. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! What I see in China now just staggers me. Munger became Chairman (because he was an attorney). Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. We have offices in all the major cities in California and also in Logan, Utah. Youre right. Daily Journal Corp. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? And, of course, its regrettable. Touch device users, explore by touch or with swipe gestures. Podcasts enable members to enjoy content in a convenient format. Charlie Munger: Yes, I think that is rising as we sit here. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.To learn more about Yahoo Finance Plus please visit: https://yhoo.it/33jXYBpConnect with Yahoo Finance:Get the latest news: https://yhoo.it/2fGu5BbFind Yahoo Finance on Facebook: http://bit.ly/2A9u5ZqFollow Yahoo Finance on Twitter: http://bit.ly/2LMgloPFollow Yahoo Finance on Instagram: http://bit.ly/2LOpNYzFollow Cashay.comFollow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. Daily Journal Corporation has 1 stars. 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. 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. Take Gerry. Charlie Munger Just Doubled Down on Alibaba: Should Investors Follow But I wont be following him. 2023, Nasdaq, Inc. All Rights Reserved. And that is why Costco presents some danger to Amazon. Charlie Munger: Full Transcript of the 2021 Daily Journal Meeting - Junto Look around all this real estate. Theyre just very simple. Question: How important is the analysis of company culture in the investment process? LEARN MORE. What are the psychological implications of this type of market behavior? I was good at having low expectations and that helped me. But the Chinese have proved that you dont need free speech to have a wonderful economy. The total portfolio value may be much higher due to cash Charlie Munger's Daily Journal Corporation Is A Cohiba Cigar Butt Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. And yet he made a lot of mistakes in the course of living his life. They had to because the traditional business newspaper business is shrinking. I expect less out of bankers than he does. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? He said it was the pursuit of the uneatable by the unspeakable. Were beholden to the guidelines of the county of Los Angeles and other counties. And, pretty soon, he turned that into this gloriously prosperous place. I do think banking run intelligently is a very good business. If we could make the world richer by just raising the minimum wage to $100,000 a second or something, of course we would do it but. I dont think we have made a lot of horrible mistakes. All rights reserved. Request Information 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 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. Ive been engaged in recent years in trying to create a better type of student dormitory. the MV of securities sold, whichever is less, Home - IR Magazine Awards - US 2023 Are traditional dividends and share repurchases the likely end-stateassuming our software business grows into a bonafide companyor will buying and holding securities from time to time be what the board is comfortable with? Its chairman is Steven Myhill-Jones. Role of Investor Relations - Corporate Finance Institute Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. The fund focuses on investments in the United States as containing a link to download the .zip file of the CSV file(s) you requested. And, of course, its all worked. 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. 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. Can U.S. Treasury bonds be such a case today? He was death on corruption which was a very good idea. In addition, the fund holds 1,591,800 shares of Wells Fargo & Co worth $65.7 million, whose value grew 4.2% in the past six months. And he made a very favorable impression. You fix what you can fit, and what you cant fix, you endure. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. Everyone knows this isnt a small cap Berkshire Hathaway. Currently, their heaviest sector is Finance making up 81.3% of You are on record as a zealous fan of the Chinese work ethic and Confucian value system. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. So, Im kind of pleased that Im still functioning at all. I think theyre probably right, by the way. But I do admire what the Chinese have done. Im not saying I wanted to live in China. 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. 2022. We dont have any other secrets, do we Jerry? Solved Auditor Changes at Daily Journal Corporation Charlie - Chegg If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. But, no, I dont think Treasury securities are a big problem. And, for example, here, we must have 30 or 40 deaths. View the latest DJCO financial statements, income statements and financial ratios. I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. [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. I think I would have lived a long time if I had lived a different life. 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! Florida would have a really serious problem. The meeting will come to order. Thats true whether youre Benjamin Franklin or Joe klutz. But, of course, if we got a chance to do it again, we would do it better. Youve said recently that Sequoia is the greatest investment firm ever. Questions: Many major businesses and high net worth individuals have been leaving California. Of course, it really helped to know everybody in town. And he was a great kidder. CORRECTION - Daily Journal Corporation Announces Financial Resultsfor the Three Months.. Daily Journal Corporation Announces Financial Results for fiscal year ended September 3.. Daily Journal Corporation Announces Financial Results for the three months ended Decemb.. Daily Journal Corporation Announces Financial Results for fiscal 2017 ended September 3.. Daily Journal Corporation Announces Financial Results for Fiscal 2016 ended September 3.. Daily Journal Corporation Announces Financial Results for the Three Months Ended Decemb.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year Ended September 3.. Daily Journal Corporation Announces Financial Results for the Nine Months Ended June 30.. Daily Journal Corporation Announces Financial Results for the Six Months Ended March 31.. Daily Journal Corporation Receives Notice Regarding Non-Compliance With NASDAQ Listing .. Daily Journal Corporation : Announces Financial Results for the Three Months Ended Decembe.. Daily Journal Corporation : Announces Financial Results for the Fiscal Year ended Septembe.. Daily Journal Corporation : Announces Financial Results for the Nine Months ended June 30,.. Daily Journal Corporation : Announces Financial Results for the Six Months ended March 31,.. Interim 2023 Earnings Release (Projected), THE NEW YORK TIMES COMPANY : Q1 2023 Earnings Release (Projected), NEWS CORPORATION : Q3 2023 Earnings Release (Projected), REACH PLC : Interim 2023 Earnings Release, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. Kimberly Stewart - Head of Investor Relations - LinkedIn We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. And I dont think youll find me engaged in the massive rezonings in the future. I said it wont matter. They are joining the modern world very rapidly and theyre getting very skillful at operating. And thats very interesting. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. But we cant. Moody's Corporation to Present at Investor Conferences Code of Business Conduct and Ethics; Whistle Blower Policy; Shareholder Rights Agreement Annual Meeting of Stockholders Date: June 13, 2022 Time: 10:00 a.m. EDT Location: Hilton McLean Tysons Corner Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? Gerald Salzman: Always upbeat, yes. Daily Journal Corp is based out of Los Angeles. Could you give more examples both good and bad ones from your personal observations or through vicarious readings? He was not a dictator. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. 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. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. Questions: Why are some people incapable of learning new ideas and behaviors? Gerry, can you ever remember Rick down? 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. Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter. The hydrocarbons are also needed as chemical feedstocks. I tell a story on Rick that he took the Navys IQ test and got one of the highest scores ever recorded and left early. On Tuesday, March 7, 2023 at 11:00 a.m. Eastern Time, Michael West, President of Moody's Investors Service, and Shivani Kak, Head of Investor Relations, will speak at the Raymond James . I think the world is gonna be quite different. Member Feedback No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). He loved to kid people. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. Hell be able to do it. -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 Corporation was incorporated in 1987 and is based in Los Angeles, California. And, of course, it works way better than our medical system. I would imagine that applies to the broad market too. email address below and choose 'Submit'. DAILY JOURNAL CORP Top 13F Holdings - WhaleWisdom.com
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