So, no I dont think its the responsibility of management to assure where the stock sells. Thats our system. Youll remember that when the first big bubble came, which was the South Sea bubble in England back in the 1700s, it created such havoc eventually when it blew up that England didnt allow hardly any public trading and securities of any companies for decades thereafter. 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. 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. 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. Sign-up 2/24/23. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. 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. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. I said it wont matter. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Is it digital wallets like PayPal, Square, or Apple Pay? Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. 2023, Nasdaq, Inc. All Rights Reserved. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? What do you make of these two pricings? It was absolutely incredible. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. We have offices in all the major cities in California and also in Logan, Utah. They manage I would hate to compete with Sequoia in their field. Charlie Munger: Well, I think all stocks can fluctuate. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Just time after time he would do something like that. Previously, Buntain worked at The Carlyle Group, where he . And my advice would be if you have a fixable disadvantage, remove it. Market Holidays Daily Analyst Ratings Daily Insider Trading. 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. Gerald Salzman: Always upbeat, yes. With no analysts or investor relations department, few understand the transformation that has occurred. And that institution has two assets in its endowment account. Hell be able to do it. When completed, an email will be sent to the email address you specify Charlie Munger: I think Im alive because of a lucky genetic accident. 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. Rick was always humorous. They really need the world to stay the way it is. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. Gerry, you have a comment on that? 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Generally speaking, people assume that were a normal software company like Microsoft or something. Similar Job Titles: Question: Previously, you have said; It takes character to sit with all that cash and do nothing. 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. But I dont think thats going to end up with a mistake. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Click the button below to request a report when hardcopies become available. Ive been pretty quiet. Charlie Munger: Well, I consider that very unlikely. Download 13F Summary He was very courageous and generous in helping everybody around him all his life. And theyre all dyingevery damn one of them almost. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. DAILY JOURNAL CORPORATION. We take the situation as it is and try to solve it. Question: My question concerns China. Its just that some people look for values in strong companies and some look for values in weak companies. Type a symbol or company name. Youve even said business schools that dont adopt this method are doing their students a disservice. Im just learning as I go along. And, I was not surprised when it blew up. Chairmans Letter The majority of the companies in the funds portfolio are large-cap stocks. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. Contact. Under Nasdaq's Board Diversity Proposal, operating companies listed on Nasdaq's U.S. exchange, including Daily Journal Corporation (DJCO), are required to publicly disclose diversity statistics . There are factories in China that are just absolutely full of robots and are working beautifully. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. In 1860, GDP per capita in China was 600. A rich civilization can afford to do it if we absolutely have to. Of course, his son, who is a bright man, is now Prime Minister of Singapore. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. The Manual of Ideas The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. Charlie Munger: Well, thats a very good question. All the good things. Capitalism is almost as brutal as that. You can hardly think of anything more important in life than being reliable for the people who trust you. 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. Im not saying I wanted to live in China. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. Question: Which do you think is crazier? And, of course, he hated costs. But he was 90 years of age. I dont know the answer. I think I would have lived a long time if I had lived a different life. Commission-free trading is not free. The number of people who ever got a chance to do it again is zero. 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. About the awards. There are these periods in capitalism. Charlie Munger: You have to be optimistic about the competency of our technical civilization. The disruption from the decline in newspapers has had a significant impact. And he made a very favorable impression. There are companies that Daily Journal Corp is getting rid of from its portfolio. What do you look for in a leader? and a top 10 holdings concentration of 100.0%. LOS ANGELES, CA I think that shareholders should be more sensible and not crowd into stocks and buy them just because theyre going up and they like to gamble. 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. That turned out to be a wonderful idea and thats one of the reasons we made all this money. SEC Form 13F Filing History. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. I have a bust of Lee Kuan Yew in my house. Its a funny way to make money. But, of course, if we got a chance to do it again, we would do it better. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. Since the annual event first launched in 1996 . When you pay for order flow, youre probably charging your customers more and pretending to be free. How can you not? It sold the previously owned 9,745 shares for $357 thousand. We are subject to the orders and directions of those counties which, before, really didnt impact anything. And what are the implications, since Treasury assets underpin the value of every other asset? You are limited to the prior 8 quarters of 13F filings. View the latest DJCO financial statements, income statements and financial ratios. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. All rights reserved. Gerrys lived a long time too and I think we both have been lucky. Theyve got a better reputation for providing value than practically anybody, including Amazon. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. Charlie Munger: Gerry, whats the biggest mistake weve made? Its entirely possible that our system is right for us and their system is right for them. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. A lot of things are going to change. regarding their board of directors using the Board Diversity Matrix. Throughout the transcript below, I have included clickable links to my notes and articles . They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. And there was one woman who was a year older than he was who was the first-ranked student in the school. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. 75% of the total holdings value. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. If you have unrealistic expectations, youre going to be miserable all your life. This information can be used by investors to verify and understand the financial position of the company. 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. So I dont worry that the country is being ruined by a few people over getting ahead a little faster than the rest of us. I find that by working at that, I can actually make some improvements even though Im old. Gerry, dont you think were doing pretty well? Charlie Munger: Well, I dont know how well the economys doing to work in the future. And some bankers yield to the temptations. 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. But I dont think everybody can be a great investor or a great chess player. He knew everybody and everything. Wheaton delivers amongst the highest cash operating . Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. Of course, people behave more sensibly when theyre spending their own money. When autocomplete results are available use up and down arrows to review and enter to select. Theyre just very simple. [1]: He was a very smart man and he had a lot of good ideas. Charlie Munger: Early 70s. Is there any new material? Currently, Daily Journal Corp's portfolio is worth at least $174 million. So human greed and the aggression of the brokerage community create these bubbles from time to time. I have a very simple idea on the subject. And thats very interesting. Trending Stocks. And thats the right way to do it. In 2010, that was down to 165 full-time employees and 15 part-time employees. Theres a lot of competition and were a very small company compared to our main competitor. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? email address below and choose 'Submit'. We would all say that. This information can be used by investors to verify and understand the financial position of the company. If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. He was always upbeat. Meet-the-Author Summer Forum Corporate governance. I dont think Im likely to have any new thoughts that are going to work miracles either. Charlie Munger: Well thats an easy one. 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. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. Has the quality gone down? I wouldnt change my life all that well. He didnt know one damn thing about the Daily Journal when we made him head of it. We dont have any other secrets, do we Jerry? Daily Journal Corp closed its position in Posco Adr on 5th January 2023. The only opinion I have there is that I dont think anybody knows whats going to happen for sure. We hope theyll continue doing magnificently well. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? 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. +2.68%. Our editorial system and our advertising system are all in the cloud. 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. He was just a very old-fashioned sound thinker. And, of course, its going to create trouble as it did. 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 would imagine that applies to the broad market too. What are the psychological implications of this type of market behavior? And, for example, here, we must have 30 or 40 deaths. The fund focuses on investments in the United States as The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. Alt Turnover is calculated by taking either the total MV of new purchases or 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. That makes the whole thing very awkward. But there again, it's an interesting thing. So, Im kind of pleased that Im still functioning at all. Of course, it really helped to know everybody in town. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. 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. Investment Ideas We admire the company and like its position. Theyre in a place thats gotten more valuable. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. Theres an old German proverb Ive always liked. I think that would be insanity. Question: Last February, you spoke about the wretched excess in the financial system. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. The hydrocarbons are also needed as chemical feedstocks. These actions have given some shareholders more visibility and comfort on their investment. Membership Tour Charlie Munger: Ben Franklin was one of the wisest men who ever lived. And, of course, its all worked. Of course, that made him very leery of dumb loans. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC Because of that fact, it's of the utmost importance for companies to maintain strong . Is there anything that you wish you had added to your checklist sooner? When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Charlie Munger: Were really old both of us. But I wont be following him. Well, I dont think the quality of publishing public notice advertising has gone down. I hope the newspaper survives too. Thats what weve been doing throughout my whole lifetime. Theres hardly anything he touched he didnt improve. But theres no rule that life has to be easy on the mental side. 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? On the other hand, we have a fair amount of time to do it. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. I think that the methods that Ive used including the checklists are the correct methods and Im grateful that I found them as early as I did and that the methods have worked as well as they have. Investor Letter Excerpts Create your Watchlist to save your favorite quotes on Nasdaq.com. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. Accounting is also in the cloud. I think theyd run rings around me. I learned those tendencies well enough to synthesize it with the rest of knowledge. CORRECTION - Daily Journal Corporation Announces Financial Resultsfor the Three Months.. Daily Journal Corporation Announces Financial Results for fiscal year ended September 3.. Daily Journal Corporation Announces Financial Results for the three months ended Decemb.. Daily Journal Corporation Announces Financial Results for fiscal 2017 ended September 3.. Daily Journal Corporation Announces Financial Results for Fiscal 2016 ended September 3.. Daily Journal Corporation Announces Financial Results for the Three Months Ended Decemb.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year Ended September 3.. Daily Journal Corporation Announces Financial Results for the Nine Months Ended June 30.. Daily Journal Corporation Announces Financial Results for the Six Months Ended March 31.. Daily Journal Corporation Receives Notice Regarding Non-Compliance With NASDAQ Listing .. Daily Journal Corporation : Announces Financial Results for the Three Months Ended Decembe.. Daily Journal Corporation : Announces Financial Results for the Fiscal Year ended Septembe.. Daily Journal Corporation : Announces Financial Results for the Nine Months ended June 30,.. Daily Journal Corporation : Announces Financial Results for the Six Months ended March 31,.. Interim 2023 Earnings Release (Projected), THE NEW YORK TIMES COMPANY : Q1 2023 Earnings Release (Projected), NEWS CORPORATION : Q3 2023 Earnings Release (Projected), REACH PLC : Interim 2023 Earnings Release, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. The death tax in China is zero. I never buy any and neither does Daily Journal. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . Always on point. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. Many of our systems are in the cloud. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. 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. [2]: And, of course, it works way better than our medical system. One thing I can promise is that I wont contribute much to it because I dont understand it. Daily Commerce. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? Non-members may peek into the world of MOI Global via limited access. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. Charlie Munger: I have seen an episode or two of the Queens Gambit. How are they similar or different? Its a very dishonorable low-grade way to talk. Thats entirely due to the practical talent of Lee Kuan Yew. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. And, I was always aware of that and so Ive accepted these damned annual meetings. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. And what he does is he sells about half of them always. But show me a psychology department that knows how to do that. European Investing Summit 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. [The questioner] would like to know what Charlies method of learning is. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. That happystat has more to do with their happiness and their outcomes in life. And so, the stock went way up. And he said; I cant decide the order of presidency between a flee and a louse. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. That way, whatever happens, he feels smart. 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. Of course, thats a useful thing. to see more advanced email alert options such as selecting any type of 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. The meeting will come to order. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. He gasped and said, but hes never had anything to do with newspapers or anything else. Intelligent Investing in Crisis Mode. -144-01 clinical trial in advanced melanoma during SITC in November 2022 and in a subsequent companion publication in the Journal for ImmunoTherapy of Cancer . BYD stock did nothing for the first five years we held it. Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. Charlie Munger: Robinhood trades are not free. This will schedule a job to export all requested 13f holdings data for this filer. I think that that will probably continue. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. Just time after time, he would choose the right system. Charlie Munger: Well, I dont participate at all. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. I call it deworsificationwhich I copied from somebody. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. What I see in China now just staggers me. As of 29th December 2022, Daily Journal Corps top holding is 2,300,000 shares of Bank Of America currently worth over $76.2 million and making up 43.7% of the portfolio value. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. Ive been engaged in recent years in trying to create a better type of student dormitory. However, is there a price too high that the companys future profits simply cannot justify? Request Information Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. I think all of this activity is regrettable. Buffetts donations to the foundation have obviously helped to save many millions. LEARN MORE. He was very amiable the way he talked about it. Question: We have a couple of questions about J.P. Rick Guerin. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. And thats the way Eugene was in his community. What would be a mistake at the Daily Journal which we can all learn from? , 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.