Its very difficult to hire reporters in the San Francisco area with all the demands coming from the internet companies wanting to have an editorial product. Investor's Business Daily (IBD), which . The Daily Journal Corp office and employees reside in Los Angeles, California. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. The content provided on the Junto Investments (Junto) website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. 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. How do you decide to hold on to a stock or sell some? He was a very smart man. How would you advise these institutions to manage their endowments over the coming decades? I would hate to compete with Sequoia in their field. Its a funny way to make money. In Singapore, you get a savings account the day youre born. I expect less out of bankers than he does. 2023, Nasdaq, Inc. All Rights Reserved. Just time after time, he would choose the right system. LEARN MORE. Tilly's, Inc. Corporate Governance. Charlie Munger: Well, that is easy. He was a one party system but he could always be removed by the electorate. 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. The majority of the companies in the funds portfolio are large-cap stocks. February 26, 2021 / Richard Lewis / 6 Comments. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? We all live with that problem. Questions: Why are some people incapable of learning new ideas and behaviors? It was an accident. Trending Stocks. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? And what did the Chinese communists do with respect to death taxes? Question: Mr. Munger recently raised the alarm about the level of money printing taking place. [1]: The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. You dont need to worry about them. I think you should try and make your money in this world by selling other people things that are good for them. Daily Journal Corp is based out of Los Angeles. They are joining the modern world very rapidly and theyre getting very skillful at operating. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. Question: Is the oil and gas industry the new newspapers? 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. Absolute insanity. How can you not? 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. Ive been engaged in recent years in trying to create a better type of student dormitory. 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. Thats an interesting example of self-learning. Just time after time he would do something like that. Theyre just very simple. He was just a very old-fashioned sound thinker. 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. Zurich Project Podcast In his early education, he was the second-ranked student in the school. Charlie Munger: Well, I think all stocks can fluctuate. I said it wont matter. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. Always intelligent. 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. In 1860, GDP per capita in China was 600. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . Published since 1917, the Daily Commerce is based in Los Angeles and covers news of general interest, columns of interest to real estate investors and brokers, and information on distressed properties in Los Angeles County. I do think banking run intelligently is a very good business. I hope that that will continue in the future. Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . I never buy any and neither does Daily Journal. The Frankfurt Conversation, I got more out of Ideaweek than any investing-related event Ive been to since 1986. Peter Leacock, Senior Portfolio Manager, CIBC Wood Gundy. I cant help you. You are going to be flabbergasted. -, 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. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. On the other hand, the buses in Los Angeles work on natural gas. 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. Charlie Munger: Real estate has always been a difficult field. And they dont do that very wellIm talking about the business schools. I think that that will probably continue. Member Calendar, MOI Global is a wonderful way to expose yourself to the thoughts of some of the most successful investors and investment methods out there. She created a business with like 500 depression dollars that became a huge business. 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? You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Of course, if he had a chance to do it over again, he would avoid those mistakes. Charlie Munger: I dont think I have a lot of wonderful advice about starting a business but what youve learned in the pandemic is that we can do with a lot less travel and a lot more Zooming. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. And if there is one thing the world could learn from Singapore, what would that be? I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money. And I think both of us have done the same thing; we just suck it in and cope. Thats the good news. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. No, I dont have any secrets. Charlie Munger: Robinhood trades are not free. 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. Discover something new every day from News, Sports, Finance, Entertainment and more! 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. How are they similar or different? I have a very simple idea on the subject. All text and design is copyright 2020 WhaleWisdom.com. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. They just copied Adam Smith and left out the free speech and it worked fine for them. But its hard for anybody. Were not enlarging it. He was very amiable the way he talked about it. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. 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. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. Rich Eisinger, Great content, great people. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. 2022 Junto Investments, all rights reserved. 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. It was totally required. Question: Do you believe any psychological personality tests, such as the Myers-Briggs Type Indicator, to be of any good in choosing a compatible partner, given that choosing a spouse is probably the most important decision one can make in life. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. The decision was. The majority of revenue is generated from Traditional business segment. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. Governance. What do you make of these two pricings? Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. If you continue to use this site we will assume that you are happy with it. Los Angeles, California 90012 . And theyre all dyingevery damn one of them almost. I think all of this activity is regrettable. Webcast. It closed the year with cash flow reaching $7.1 billion . I hope the newspaper survives too. Los . Buffetts donations to the foundation have obviously helped to save many millions. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. Question: Do you believe global warming is an existential threat to humankind? What prevents the wide use of helpful psychological insight is the fact that psychology gets really useful when you integrate it with all other knowledge. How would they think about current opportunities with low rates and low inflation? 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. I recognized early that Gerry could run anything he wanted to run. And they dont just keep everlastingly at it the way he did. Youve even said business schools that dont adopt this method are doing their students a disservice. Question: You famously run investments through your mental checklist. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? I know Berkshire is a long-term owner and rarely sells securities of high-quality companies it owns in its portfolio simply because its overvalued. Corporate governance. 2/24/23. Because of that fact, it's of the utmost importance for companies to maintain strong . 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. Many, but not all SEC filings are available in the SECs EDGAR database. He was a very smart man and he had a lot of good ideas. The third-largest holding is Alibaba Ltd worth $26.4 million and the next is Us Bancorp worth $6.11 million, with 140,000 shares owned. . 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. The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. Charlie Munger: I think Ill skip that one. This years annual report suggests that the traditional business has 97 full-time employees. Daily Journal Corporation's ISS governance QualityScore as . That doesnt happen. But, of course, if we got a chance to do it again, we would do it better. 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? He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. The Form 13F report requires disclosure of the manager that files the report, the name and class of the security, the CUSIP number, the number of shares . -, 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. This information can be used by investors to verify and understand the financial position of the company. Has the quality of the publication suffered as the employment levels have decreased? 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. 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. And yet he made a lot of mistakes in the course of living his life. In a recent regulatory filing, The Daily Journal ( DJCO -3.51%) disclosed that it had bought more shares of Chinese giant Alibaba ( BABA 2.46%) with its corporate cash. Tom Gayner, Adds value to my research process. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. He loved to kid people. Latticework New York Will we have fewer gas stations or truck stops in the future? Click the button below to request a report when hardcopies become available. However, could you be more specific? So, the people part has changed quite considerably being a small company. 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. Every value investor tries to get more value than he pays for. They dont work that hard at figuring out what works and what doesnt. 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. Thats the reason he rose so fast in life. When it gets difficult, I dont think theres any automatic fix for difficulty. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. Look around all this real estate. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. And he said; I cant decide the order of presidency between a flee and a louse. That recognized reality and worked way better than what other people were doing. And he was just so good. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. They manage Where does it appear most egregious? Intellectual Property I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. Just think of the things that were once prosperous that are now in failure or gone. If the seas were to rise 60 feet, which could happen in another 100 years or so, wed have to build enormous barriers to sea entry. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. They really need the world to stay the way it is. 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. What do you think the long-term consequences will be? And there arent many people that can do that. But I do think having a whole system to sell hydrogen is difficult. 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. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC On the other hand, we have a fair amount of time to do it. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. 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). Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. 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. And, he was very good company and a splendid gentleman. regarding their board of directors using the Board Diversity Matrix. There arent that many people like Lee Kuan Yew that have ever lived. 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. Its chairman is Steven Myhill-Jones. Always on point. Nothing is particularly obvious for everybody to do the same thing. I think theyre probably right, by the way. 306.00. Best Ideas Conference And so, the stock went way up. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. Charlie Munger: Well thats an easy one. And that is why Costco presents some danger to Amazon. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. Thats what weve been doing throughout my whole lifetime. And all I can say is that well do the best we can. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. 2022. Stocks with a size of more than $10 billion in market cap make up And I think, by and large, we made the most practical decisions that were available to us. You once said to study the life and work of Lee Kuan Yew. Have you seen the television show Queens Gambit on Netflix? I learned those tendencies well enough to synthesize it with the rest of knowledge. Type a symbol or company name. Is it digital wallets like PayPal, Square, or Apple Pay? And some bankers yield to the temptations. And what he does is he sells about half of them always. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. We admire the company and like its position. Charlie Munger: Well, we dont really know where its all going. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. 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%. As a matter of fact, what happens is to make a nation rich, you need a free market system. As for some of our technology, like eFiling for example, the courts are closed. 915 East First Street. Industry Insights Summit Rose Blumpkin had quite an effect on the Berkshire culture. Investment Ideas Washington State is actually considering a wealth tax at the state level. 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? I find that by working at that, I can actually make some improvements even though Im old. The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. Hed been a receiver for a bank. Theyd take you through the building of the canals and the building of the railroads and so on and so on. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. It just created the most unholy mess. 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? Its not generally noticed by the public but clearinghouses clear all these trades. There are currently 4 companies in Mrs. Tos portfolio. And I think wise people should just stay out of them. Gerry and I have been together, how many years Gerry? The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. The first rule of a happy life is low expectations. Create your Watchlist to save your favorite quotes on Nasdaq.com. Question: We have a couple of questions about J.P. Rick Guerin. 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. Ive been around for a long time and my policy has always been to just write them out. But show me a psychology department that knows how to do that. 1/9/23. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. Daily Journal Corp's portfolio is diversified across 3 sectors. And he made a very favorable impression. I admire him that much. 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. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. And, of course, when things get extreme you have things like that short squeeze. Question: You are one of the oldest and greatest thinkers of our time. Take Gerry. Asian Investing Summit I think I would have lived a long time if I had lived a different life. We dont have any other secrets, do we Jerry? Investor Relations & Corporate Communications 650-260-7120 ext. Put me down as skeptical. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities I think its just to some extent you either have it or you dont. It operates through the Traditional Business and. Can you provide similar insight regarding the future at the Daily Journal and would you consider implementing policies like those at Berkshire so shareholders can get to know the up-and-coming leaders in the organization? 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. Im not going to change. I think office buildings are now in some trouble and, of course, commercial real estate rented to stores has been in a lot of trouble for a long time. I was very lucky. And the next time around the poor will get richer faster than the rich. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. Its such a simple idea. What are the psychological implications of this type of market behavior? The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. So its a very theoretical discussion. It also serves as a newspaper representative specializing in public notice advertising. 2/13/23. 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. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. About the awards. Its doing a big public service. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. We will now proceed to the question period. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. Create Email Alert, ***Log In or Thank you for all you do to educate us. Charlie Munger: Were really old both of us. 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. 264 Sara.Pellegrino@iovance.com. Of course, its hard to negotiate in such a field. A little wisdom in spouse selection is very desirable. The daily journal stock sells way above the price I would pay if I was buying new stock. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Could you share the secret to living a long, healthy, and happy life? Could you give more examples both good and bad ones from your personal observations or through vicarious readings?
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