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Los Angeles, California 90012 . He was very amiable the way he talked about it. With no analysts or investor relations department, few understand the transformation that has occurred. And thats what we have going in the stock market in a frenzy thats fed by people who are getting commissions and other revenues out of this new bunch of gamblers. A lot of things are going to change. Its too volatile to serve well as a medium of exchange. The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. I do think that Im way less afraid of inequality than most people who are bleeding about it. Gerrys lived a long time too and I think we both have been lucky. I cant help you. And we probably have more of those shortcuts than others. Or, has the digital revolution caused enormous productivity improvements in those businesses? But I do admire what the Chinese have done. The average market cap of the portfolio companies is close to $220 billion. 2023 Annual Meeting. Theyre in a place thats gotten more valuable. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. I knew a man once, Henry Singleton, who was not a chess champion. I think theyre probably right, by the way. No, I dont have any secrets. I think that inequality is absolutely an inevitable consequence of having the policies that make a nation grow richer and richer and elevate the poor. Charlie Munger: Were really old both of us. People really trust Costco will be delivering enormous value. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. But I dont think everybody can be a great investor or a great chess player. Questions: Many observers see market behavior that reminds them of the Dot Com bubble: wild speculation, endless SPACs, and IPOs soaring on their first day of trading. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Download 13F Summary Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. I think all good investing is value investing. Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. Think of whats died in my lifetime. But Im flabbergasted at how well theyre doing. Charlie Munger: Early 70s. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? Generally, what people do is they have financial reserves so they have some options if trouble comes, and they adapt the way Gerry has to require downsizings or require upsizings. But, of course, if we got a chance to do it again, we would do it better. We paid two and a half million for it. If you dont spend the money, you and your heirs get to spend it eventually. That happystat has more to do with their happiness and their outcomes in life. New species are created and old species are dying. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? 2021 Quotemedia. 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. I think theyre a bad investment when interest rates are this low. And he was a great kidder. 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. I think that would be insanity. Have you seen the television show Queens Gambit on Netflix? Home - IR Magazine Awards - US 2023 Charlie Munger: I think I had the right temperament. When I look at the modern Singapore health system, it costs 20% of what the American system costs. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. It seems to involve a lot of your standard causes of human misjudgment. DAILY JOURNAL CORPORATION. He was death on corruption which was a very good idea. How do you decide to hold on to a stock or sell some? Its doing a big public service. DAILY JOURNAL CORP Top 13F Holdings - WhaleWisdom.com Do it right the first time. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq DJCO | Daily Journal Corp. Financial Statements - WSJ 13F filing from DAILY JOURNAL CORP, enter your The first order of business is to reelect the four directors and the votes are as follows: Charles Munger, 679,481, Gerald Salzman, 660,287, Peter Kaufman, 593,336, Mary Conlon, 651,493. First Merchants Corporation (FRME) Stock Price, Quote & News - Stock It was totally required. This information can be used by investors to verify and understand the financial position of the company. 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. All except for the legal advertising system which we had to build because nobody else has the volume that we have. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. All-Time Favorites SEC form, multiple filers or classes of filers, and much more.***. Generally speaking, people assume that were a normal software company like Microsoft or something. Gerald Salzman: None. The Manual of Ideas Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Thats a really good rule. 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. Tilly's, Inc. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. It wasnt some malevolence of the rich that caused it. And so, the stock went way up. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. Where does it appear most egregious? So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. 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 then the previous 100 years, that got another big chunk of modernity. I think all of this activity is regrettable. I recognized early that Gerry could run anything he wanted to run. Charlie Munger: I dont think you can make that a moral responsibility. Charlie Munger: Its very hard to have a shrinking business. I dont think Ive got any great insight about hydrogen. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. We admire the company and like its position. 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? Charlie Munger: Well, I do have a tip. He was a one party system but he could always be removed by the electorate. Gerald Salzman: Charlie refers to the courts, many times. 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. Question: It seems likely that the current Fed policy of keeping interest rates near zero will only exacerbate the income disparity in this country by benefiting those who own the financial assets. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? 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. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. What are the psychological implications of this type of market behavior? Asian Investing Summit They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Everybody is. You can hardly think of anything more important in life than being reliable for the people who trust you. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. Knox Lane was founded in 2019. I think the Chinese were very smart. I dont think that hydrocarbons are going. My guess is we have suffered some editorial quality. Gerry, can you ever remember Rick down? Theyve got a better reputation for providing value than practically anybody, including Amazon. So far the evidence would be that maybe the monetary modern monetary theory is right. And they dont do that very wellIm talking about the business schools. . But he knew how to learn what he didnt know. DAILY JOURNAL CORPORATION : Press releases | DJCO | US2339121046 306.00. Absolute insanity. And there was one woman who was a year older than he was who was the first-ranked student in the school. And he said; I cant decide the order of presidency between a flee and a louse. Latest SEC filings for Daily Journal Corporation (DJCO) Could you please elaborate on the subject and could you consider giving a talk on this particular subject? Florida would have a really serious problem. Everything you see is profit. I think you should try and make your money in this world by selling other people things that are good for them. I dont know which is worse. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Theyre just very simple. Question: In your past speeches, you have mentioned the term functional equivalent of embezzlement to describe situations where bubbles can form because both parties involved in a bubble believe the asset to be worth more than it truly is. 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. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. With no analysts or investor relations department, few understand the transformation that has occurred. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. Question: In recent years, Berkshire Hathaway has provided much greater insight into the companys succession thoughts and has made available at the annual meeting the companys leading managers that will steer Berkshires future. Question: Charlie, you are known as an advocate for learning from ones mistakes. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. The number of people who ever got a chance to do it again is zero. The wealth management industry has a crisis on its hands. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. Chuck Akre | Sanjay Bakshi | Brian Bares | David Barr | Chris Bloomstran | John Burbank | Joel Cohen | Larry Cunningham | Aswath Damodaran | Christopher Davis | Charles de Vaulx | Fernando del Pino | Pat Dorsey | Jean-Marie Eveillard | James Ferguson | Frank Fischer | Tom Gayner | Daniel Gladi | Bruce Greenwald | Robert Hagstrom | Connor Haley | Ahron Herring | Michael Huber | Bryan Lawrence | Hendrik Leber | Paul Lountzis | Peter Mantas | David Marcus | Howard Marks | Michael Mauboussin | Chris Mittleman | David Nierenberg | Phil Ordway | Mohnish Pabrai | Francisco Garca Params | Bob Robotti | Franois Rochon | David Rolfe | Jim Roumell | Chuck Royce | Tom Russo | Dave Sather | Florian Schuhbauer | Adam H. Schwartz | Josh Shores | Guy Spier | Murray Stahl | Sean Stannard-Stockton | Lauren Templeton | Will Thorndike | Elliot Turner | Michael van Biema | Arnold van den Berg | Marcos Veremis | Ed Wachenheim | Amit Wadhwaney | Adrian Warner | Andrew Wilkinson | Jay Willoughby | Josh Wolfe | Don Yacktman | Tim Yates, MOI Global | The Membership Community of Intelligent Investors. And I think that that is inevitable because its difficult to be a good investor. I dont even know how much more difficultor how much more dangerousit would be to deal with hydrogen than it is to deal with gasoline which is also a dangerous substance. It also serves as a newspaper representative specializing in public notice advertising. And thats not a sure thing either. Everybodys got a different situation. Im not saying I wanted to live in China. Intelligent Investing in Crisis Mode. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. We miss Rick terribly. He was very courageous and generous in helping everybody around him all his life. Delayed Nasdaq I didnt get to where I am by going after mediocre opportunities. But, of course, I think there will be more automation in transportation of all kinds in the future. 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. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. And thats the way we handled Gerry. 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. Its difficult, but its not impossible investing in bank stocks successfully. So, you can understand why Warren got disenchanted with Wells Fargo. 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. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities DAILY JOURNAL CORPORATION - Print Media - 915 E 1st St, Los - Yelp All we can promise is that were gonna try and so far as I can tell, were doing pretty well. -, 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. Rick was part of the group which consisted of Warren Buffett, Rick Guerin, and Charlie Munger that bought control of Blue Chip Stamps when it was widely distributed in an anti-trust settlement. 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. Our editorial system and our advertising system are all in the cloud. are based in the United States. So its a very theoretical discussion. So, the people part has changed quite considerably being a small company. 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. 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 stock has gained so much this year and last year. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world.