The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. Latticework London 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. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. Have you met Lee Kuan Yew in person? 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. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? Gerry and I have been together, how many years Gerry? Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? Charlie Munger: Well, I do have a tip. He was a very smart man. The stock has gained so much this year and last year. Im not going to change. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. 2022. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. And, of course, its all worked. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? That makes the whole thing very awkward. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. And I dont think youll find me engaged in the massive rezonings in the future. We bought all these buildings cheaply. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? 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? Create your Watchlist to save your favorite quotes on Nasdaq.com. Chuck Royce. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? Today, it hovers around 9500. Meet-the-Author Summer Forum Question: Youve spent much of your life contributing your wisdom to schools and hospitals. Podcasts enable members to enjoy content in a convenient format. We are subject to the orders and directions of those counties which, before, really didnt impact anything. And so, the stock went way up. 2021 Quotemedia. Create Email Alert, ***Log In or Were beholden to the guidelines of the county of Los Angeles and other counties. They really need the world to stay the way it is. Tilly's, Inc. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. He took over a malarial swamp with no army, no nothing. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. Question: Ben Franklin said: Were it offered to my choice, I should have no objection to a repetition of the same life from its beginning, only asking the advantages authors have in a second edition, to correct some faults of the first. 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. Ideaweek Podcast Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. How are they similar or different? When these people go, there is none replacing them. Zurich Project Podcast the MV of securities sold, whichever is less, How would they think about current opportunities with low rates and low inflation? Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. 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. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. 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. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . 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. Charlie Munger: Well thats an easy one. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. I feel the same way about those choices. Thats our system. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. If anybody can fix it, he can. He really knew everything you had to do to avoid credit losses in a small town in Illinois. or to simply have an email sent to you whenever we receive a new CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec. 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? And he made a very favorable impression. Wheaton delivers amongst the highest cash operating . Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? Its doing a big public service. Well, I dont think the quality of publishing public notice advertising has gone down. [1]: Always intelligent. We all live with that problem. Of course, people behave more sensibly when theyre spending their own money. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. And that institution has two assets in its endowment account. Charlie Munger: Its very hard to have a shrinking business. Is there any new material? In Singapore, you get a savings account the day youre born. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. Every value investor tries to get more value than he pays for. Latticework Podcast -, 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, Secretary & Executive Vice President-Publications, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. You can hardly think of a decision that matters more to human felicity than who you marry. How would you advise these institutions to manage their endowments over the coming decades? 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. Thank you for all you do to educate us. What were the lessons learned? Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. However, is there a price too high that the companys future profits simply cannot justify? And thats not a sure thing either. 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. Its hard to run a bank intelligently. Get the latest articles and insights directly to your email inbox. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. 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. The Hamilton Live 600 14th Street NW And, of course, when things get extreme you have things like that short squeeze. I have a very simple idea on the subject. So it gets very dangerous. There arent that many people like Lee Kuan Yew that have ever lived. Everybody is. So I think what China has done was probably right for China and that we shouldnt be so pompous as to be telling the Chinese they ought to behave like us because we like ourselves and our system. Charlie Munger: Gerry, whats the biggest mistake weve made? We give you the access and tools to invest like a Wall Street money manager at a Main Street price. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. And he said; I cant decide the order of presidency between a flee and a louse. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. And, as Gerry has just said to me just after breakfast, you wouldnt want to invest in a parking lot by a courthouse for the future because an awful lot of the court proceedings are going to go to the internet. All rights reserved. Charlie Munger: I dont think so. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. Question: Last February, you spoke about the wretched excess in the financial system. I dont think Im likely to have any new thoughts that are going to work miracles either. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. 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. I think its much easier to find five than it is to find a hundred. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. On the other hand, it could be handled. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. But he could play chess blindfolded at just below the Grandmaster level. 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. We admire the company and like its position. +2.68%. Member-Only Podcasts Gerald Salzman: None. At times in my life, I have put myself to a standard that I think has helped me: I think Im not really equipped to comment on this subject until I can state the arguments against my conclusion better than the people on the other side. 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. Question: Is the oil and gas industry the new newspapers? What do you look for in a leader? 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. Furthermore, hed gone through the Great Depression. He was just so damn smart. View the latest DJCO financial statements, income statements and financial ratios. The mantra he said over and over again is very simple. This page shows a list of all the recent 13F filings made by Daily Journal Corp. Form 13F is required to be filed within 45 days of the end of a calendar quarter. You have to be concerned about employees lives. I admire him that much. Its one of the most ignorant professions in the world. 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. In other words, its your money. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. The only opinion I have there is that I dont think anybody knows whats going to happen for sure. It operates through the Traditional Business and. Until his recent step-down as chairman of the board in April, the marketable. He didnt know one damn thing about the Daily Journal when we made him head of it. Question: You identified the opportunity in electrification and invested in BYD. Ellen Ireland will be inspector of elections. Member Feedback And so, we cant promise were going to succeed. And yet he made a lot of mistakes in the course of living his life. And I think the world would be better off without them. , 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. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). Investor Letter Excerpts And, what about passive investing? Thats the good news. 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? 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. Question: Do you believe global warming is an existential threat to humankind? 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. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. You dont need to worry about them. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. VP of Publications & Sec. 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. And I dont know whether hes right or not. Question: Mr. Munger is a champion of Chinese stocks. What is interesting is that in wealth management, a lot of people think that if they have a hundred stocks theyre investing more professionally than they are if they have four or five. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. Gerald Salzman: Well, we dont think about mistakes. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. 50.0% of the portfolio companies 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? If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. I learned those tendencies well enough to synthesize it with the rest of knowledge. Gerrys lived a long time too and I think we both have been lucky. If you continue to use this site we will assume that you are happy with it. The total portfolio value may be much higher due to cash Wide-Moat Investing Summit 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. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. Theyre in a place thats gotten more valuable. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. Value investors know Warren Buffett's classic retort to efficient market theory, "The . Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. All the buses. A single vial can cost upwards of $300, meaning a monthly cost of $1,000. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. It sold the previously owned 9,745 shares for $357 thousand. So its a very theoretical discussion. Can U.S. Treasury bonds be such a case today? And you mentioned technologythats very, very important. Membership Tour DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RES.. Daily Journal Corporation Announces Financial Results for the Nine Months ended June 30.. Daily Journal : Fiscal Q2 Earnings Snapshot. Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. The number of people who ever got a chance to do it again is zero. 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. So, of course, I admire him. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. 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. . So, its a serious problem. Now 16 years have passed. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its just not gonna work. They are joining the modern world very rapidly and theyre getting very skillful at operating. When you pay for order flow, youre probably charging your customers more and pretending to be free. Question: Its been a year since the coronavirus pandemic came to the U.S. What have you all learned about running a business in the past year? So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. I would imagine that applies to the broad market too. Our editorial system and our advertising system are all in the cloud. Thats very, very important. But Im flabbergasted at how well theyre doing. The first rule of a happy life is low expectations. What do you think of all of the SPACs and the promoters pushing them? And he was a great kidder. And, I was always aware of that and so Ive accepted these damned annual meetings. 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. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? It doesnt happen anymore. And if there is one thing the world could learn from Singapore, what would that be? 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. Tilly's, Inc. With no analysts or investor relations department, few understand the transformation that has occurred. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. I think people have the theory that any intelligent hardworking person can get to be a great investor. Charlie Munger: I dont think you can make that a moral responsibility. Could you give more examples both good and bad ones from your personal observations or through vicarious readings? Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. [The questioner] would like to know what Charlies method of learning is. The disruption from the decline in newspapers has had a significant impact. -, 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. But Henry was a genius. Gerald Salzman: Charlie refers to the courts, many times. What would be a mistake at the Daily Journal which we can all learn from? Information Agent. The average market cap of the portfolio companies is close to $220 billion. I expect less out of bankers than he does. I think Im a little more lenient. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. Question: Should there be a tax on buying stock now that Robinhood trades are free? Charlie Munger: Well, these things do happen in a market economy. However, could you be more specific? I expect that and I welcome it. The meeting was held on February 24, 2021. What, for example, would you recommend as course materials? 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. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) How do you reconcile the idea of paying 50 or 60 times revenue for a growing but unprofitable business with the more traditional value investing concept of a margin of safety? We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. But, but by and large, most of the knowledge has been available for a long time. Everything you see is profit. 2023, Nasdaq, Inc. All Rights Reserved. 2023 Annual Meeting. I think that would be insanity. Charlie Munger: Well, it certainly does and thats the kind of thing that can happen when you get a whole lot of people who are using liquid stock markets to gamble the way they would betting on horses. On the other hand, the buses in Los Angeles work on natural gas. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. In 1978, the year Deng Xiaoping took over, it was 300. 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 . A lot of things are going to change. The Corporation will host a fourth quar. And I think both of us have done the same thing; we just suck it in and cope. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. Investors play a major and vital role in the success and growth of a company. Charlie Munger: Well, that is easy. But they dont teach that in the psychology department because the academic system rewards little experiments that develop more insight into psychological tendencies instead of synthesizing whats already been discovered with the rest of knowledge. The company operates in two segments: Traditional business and Journal Technologies. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Throughout the transcript below, I have included clickable links to my notes and articles . [2]: And I think, by and large, we made the most practical decisions that were available to us. When it gets difficult, I dont think theres any automatic fix for difficulty. In display advertising, for example, we now utilize a very friendly company that worked with us for 25 years and now they are helping us sell advertising.
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