And what he does is he sells about half of them always. Meet-the-Author Summer Forum Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. And if there is one thing the world could learn from Singapore, what would that be? Hed been a receiver for a bank. If you have unrealistic expectations, youre going to be miserable all your life. Charlie Munger: I would go further. Asian Investing Summit And there arent many people that can do that. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. The death tax in China is zero. You get crazy booms. And I dont think youll find me engaged in the massive rezonings in the future. I do think that Im way less afraid of inequality than most people who are bleeding about it. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? Knox Lane hires Buntain to head investor relations | PE Hub The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. Question: Can you share some parting thoughts with the viewers who are watching all around the world? Since the annual event first launched in 1996 . 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. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. And the next time around the poor will get richer faster than the rich. 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 Charlie Munger: Well, the one charitable institution where I have had some influence for a very long time has a whole bunch of hotshot financiers in every branch of wealth management there is on the board. 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 by the way, I think its hard to teach. What would be a mistake at the Daily Journal which we can all learn from? And so, the stock went way up. Always on point. Iovance Biotherapeutics Reports Fourth Quarter and Full Year 2022 Click the button below to request a report when hardcopies become available. Of course, its hard to negotiate in such a field. 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! As for some of our technology, like eFiling for example, the courts are closed. It was absolutely incredible. Nothing is particularly obvious for everybody to do the same thing. 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. Could you give more examples both good and bad ones from your personal observations or through vicarious readings? We take the situation as it is and try to solve it. They manage 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. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. How do I update this listing? You can hardly think of a decision that matters more to human felicity than who you marry. All the good things. And theyre all dyingevery damn one of them almost. 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. Solved Auditor Changes at Daily Journal Corporation Charlie | Chegg.com Charlie Munger: Well, its not easy to handle accumulated money in the current environment when these stocks are so high and partials of real estate of certain kinds are also very inflated. Charlie Munger: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. 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. But, I find that the old ways of doing things still work. There arent that many people like Lee Kuan Yew that have ever lived. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. [The questioner] would like to know what Charlies method of learning is. Podcasts enable members to enjoy content in a convenient format. I think people have the theory that any intelligent hardworking person can get to be a great investor. Of course, his son, who is a bright man, is now Prime Minister of Singapore. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. Daily Journal Corporation Announces Financial Results for the Six Months ended March 31.. Daily Journal : Announces New Chairman and CEO - Form 8-K. Daily Journal Corp : Change in Directors or Principal Officers, Financial Statements and E.. Daily Journal Corporation Announces New Chairman and CEO, Daily Journal : Fiscal Q1 Earnings Snapshot. Investment Ideas I hope that that will continue in the future. MOI Global en Espaol. 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. Give me a new question. So it gets very dangerous. Create Email Alert, ***Log In or This is a highly desirable thing. Always tell the truth and never lie to anybody about anything. . Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. Question: Mr. Munger is a champion of Chinese stocks. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. regarding their board of directors using the Board Diversity Matrix. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? I dont think its like the newspaper business. How do you think about the hydrogen opportunity for transportation and how does it compare to the electric opportunity, specifically thinking about trucks versus cars. You dont need to worry about them. Today, it hovers around 9500. 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. -, 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. 2022. For example, Coca-Cola in the past. I was very lucky. What do you think of all of the SPACs and the promoters pushing them? Theyve got a better reputation for providing value than practically anybody, including Amazon. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. I think civilization would do better without it. 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. Charlie Munger: I think I had the right temperament. I dont know which is worse. I recognized early that Gerry could run anything he wanted to run. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. He gasped and said, but hes never had anything to do with newspapers or anything else. Nobody should believe that Robinhoods trades are free. So, you can understand why Warren got disenchanted with Wells Fargo. But I wont be following him. Theres hardly anything he touched he didnt improve. A lot of the people who are doing this remote worka lot are going to work three days a week in the office and two days a week at home. We hope theyll continue doing magnificently well. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. Can you speak to the causes, the trend, and make some predictions? And thats very interesting. 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. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. Charlie Munger: I think Ive learned to avoid zoning work. Question: What would management [of Daily Journal] do with a sudden windfall of profits? They do way more good than harm. 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. 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. Kimberly Stewart - Head of Investor Relations - LinkedIn On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Visit Investor Network Presentation / Fact sheet Get the summary on ISDR today, including a copy of our recent investor presentation View Now US Global HQ One Glenwood Ave, Suite 1001 Raleigh, NC 27603 Tel: +1.919.481.4000 Fax: +1.919.481.6222 info@issuerdirect.com Touch device users, explore by touch or with swipe gestures. Create your Watchlist to save your favorite quotes on Nasdaq.com. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. Your proxy in the enclosed form is solicited by the Board of Directors of the Company for use at the Annual Meeting of Shareholders to be held on February 12, 2020 at 10:00 a.m. Pacific Standard Time, at The Center at Cathedral Plaza, at 555 W . And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? There are factories in China that are just absolutely full of robots and are working beautifully. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. Because we have the proxies those directors are now reelected. Its hard to run a bank intelligently. The Daily Journal Corp office and employees reside in Los Angeles, California. But, no, I dont think Treasury securities are a big problem. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. And his conclusion is that mankind should just step up to it and do it. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. Have you seen the television show Queens Gambit on Netflix? And that is why Costco presents some danger to Amazon. So, you have to be a little closer to the employees needs, desires, babysitting, and all those activities that were kind of taken for granted in the past. But I do admire what the Chinese have done. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) Charlie Munger: Well, he was one of my closest friends for many decades. 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. I feel the same way about those choices. 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. Question: You are one of the oldest and greatest thinkers of our time. 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. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. He loved to kid people. But I dont think everybody can be a great investor or a great chess player. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. Daily Journal Corporation (DJCO) Company Profile & Facts - Yahoo! Charlie Munger: Well, I cant top Lee Kuan Yews example. Thats a really good rule. He had a long and wonderful run. Question: How do you control your investments in a world where reasonable companies with a good image like General Electric sink rapidly into the bottomland of the stock market. The majority of the companies in the funds portfolio are large-cap stocks. DAILY JOURNAL CORPORATION. And that institution has two assets in its endowment account. Of course, if he had a chance to do it over again, he would avoid those mistakes. DAILY JOURNAL CORPORATION : Shareholders Board Members Managers and Is there any new material? 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. -, 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. Without the method of learning, youre like a one-legged man in an ass-kicking contest. Local Chapters Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. What I see in China now just staggers me. Or, has the digital revolution caused enormous productivity improvements in those businesses? You know what her mottoes were? All we can promise is that were gonna try and so far as I can tell, were doing pretty well. 75% of the total holdings value. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. But theres also a large risk of losing it coming from within an organization. Investors play a major and vital role in the success and growth of a company. 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. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. Corporate Governance. We would all say that. There are certain behavioral rules. All rights reserved. containing a link to download the .zip file of the CSV file(s) you requested. Knox Lane was founded in 2019. Every value investor tries to get more value than he pays for. And, of course, he hated costs. Everybodys got a different situation. $174 million and $174 million respectively. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. Its just that some people look for values in strong companies and some look for values in weak companies. Daily Journal: Transformation Yet to Be Fully Understood 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. They are joining the modern world very rapidly and theyre getting very skillful at operating. Question: Has your opinion on cryptocurrencies remained the same? By the way, thats not the normal outcome in America. Everyone knows this isnt a small cap Berkshire Hathaway. Thats been greatly curtailed. He was just a very old-fashioned sound thinker. Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. European Investing Summit Charlie Munger: Its quite importantpart of the success of a company like Costco. What is Investor Relations? Issuer Direct The total number of shares, represented by proxies at this meeting, are 995,682, which are more than enough to constitute a quorum making the meeting duly held. Investor Letter Excerpts Moody's Corporation to Present at Investor Conferences As a matter of fact, what happens is to make a nation rich, you need a free market system. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. Charlie Munger: Well thats an easy one. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . Its such a simple idea. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. The disruption from the decline in newspapers has had a significant impact. We dont have any other secrets, do we Jerry? Well, I dont think the quality of publishing public notice advertising has gone down. Buffetts donations to the foundation have obviously helped to save many millions. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. Tom Murphy used to say that his system of management was to delegate just short of total abdication. And its really stupid to have a culture that encourages as much gambling in stocks by people who have the mindset of race track betters. We are subject to the orders and directions of those counties which, before, really didnt impact anything. You can hardly think of anything more important in life than being reliable for the people who trust you. He was always upbeat. DAILY JOURNAL CORP Top 13F Holdings - WhaleWisdom.com And, of course, its going to create trouble as it did. 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.
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