You have to be concerned about employees lives. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. 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. The base salary for Investor Relations Manager in companies like DAILY JOURNAL CORP range from $117,251 to $165,504 with the average base salary of $145,822. But, I dont think Ive got a lot to contribute. See our Terms, Privacy Policy, and Disclaimer. Thats very, very important. 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. There arent that many people like Lee Kuan Yew that have ever lived. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. It was an accident. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. Think of whats died in my lifetime. 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 . When you respond to software by the RFP process, its a very difficult, demanding business and its less profitable and less sure than what Microsoft does. I was good at having low expectations and that helped me. And, we hope to do well in it. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. 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. 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. to see more advanced email alert options such as selecting any type of I think the result would have been worse if either party had been in control all by itself for the whole period. 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. I think you should try and make your money in this world by selling other people things that are good for them. And the next time around the poor will get richer faster than the rich. Theyve got a better reputation for providing value than practically anybody, including Amazon. You must have a subscription to view WhaleScore histories. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? Classified advertising is down significantly. And that is why Costco presents some danger to Amazon. And thats the way we handled Gerry. And, I think that could happen, but, of course, thats not a sure thing. The total portfolio value may be much higher due to cash Daily Journal Corp's portfolio is diversified across 3 sectors. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. Is there anything that you wish you had added to your checklist sooner? Delayed Nasdaq Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. Value investors know Warren Buffett's classic retort to efficient market theory, "The . Charlie Munger: Its very hard to have a shrinking business. Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. What were the lessons learned? They just copied Adam Smith and left out the free speech and it worked fine for them. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. 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 think the oil and gas industry will be here for a long, long time. Gerry, can you ever remember Rick down? Charlie Munger: Well, I dont think I know exactly what the future of banking is and I dont think I know how the payment system will evolve. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. Can you speak to the causes, the trend, and make some predictions? And, I was not surprised when it blew up. When completed, an email will be sent to the email address you specify If you have unrealistic expectations, youre going to be miserable all your life. How would they think about current opportunities with low rates and low inflation? Today, the majority of contractual revenue that can be identified is from implementations and licenses. When these people go, there is none replacing them. I predict that if they do that, a lot of people will leave Washington. Latticework Podcast And thats not a sure thing either. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) Membership Tour And thats the right way to do it. Its too volatile to serve well as a medium of exchange. We use cookies to ensure that we give you the best experience on our website. Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. What are his thoughts on modern monetary theory? How can you not? All except for the legal advertising system which we had to build because nobody else has the volume that we have. In other words, when we shout our knowledge out, were really pounding it out. 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. The death tax in China is zero. It also serves as a newspaper representative specializing in public notice advertising. Charlie Munger: I dont think so. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. Charlie Munger: I think Ill skip that one. Are they more stable? 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. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. It closed the year with cash flow reaching $7.1 billion . Question: Do you believe the valuations for electric car manufacturers are in bubble territory? Jen Saunders 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. The wealth management industry has a crisis on its hands. Gerald Salzman: Charlie refers to the courts, many times. These symbols will be available throughout the site during your session. Thats true whether youre Benjamin Franklin or Joe klutz. Contact the transfer agent for answers concerning the subjects below: Dividend reinvestment plan Lost or stolen certificates Stock transfer requirements American Stock Transfer & Trust Company, LLC 1-877-864-4750 Email: info@astfinancial.com Web site: www.astfinancial.com Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. DAILY JOURNAL CORPORATION. We miss Rick terribly. Of course, that history is useful to know. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. Charlie Munger: I dont think you can make that a moral responsibility. You can hardly think of a decision that matters more to human felicity than who you marry. And, I was always aware of that and so Ive accepted these damned annual meetings. He didnt know one damn thing about the Daily Journal when we made him head of it. are based in the United States. Its a very dishonorable low-grade way to talk. And all I can say is that well do the best we can. I expect that and I welcome it. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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 . As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. Currently, their heaviest sector is Finance making up 81.3% of Because we have the proxies those directors are now reelected. And, I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were, how stupid their policies were, and so forth. And if its unfixable, learn to live without it. Everyone knows this isnt a small cap Berkshire Hathaway. All text and design is copyright 2020 WhaleWisdom.com. VP of Publications & Sec. Charlie Munger: Well, I dont participate at all. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. I never buy any and neither does Daily Journal. Investment Ideas or to simply have an email sent to you whenever we receive a new Its just that the investment banking profession will sell shit as long as shit can be sold. Chinas economic record among the big nations is the best that ever existed in the history of the world. Copy and paste multiple symbols separated by spaces. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. I dont even know how much more difficultor how much more dangerousit would be to deal with hydrogen than it is to deal with gasoline which is also a dangerous substance. Timeless Selections Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. And its rather interesting. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. I think all good investing is value investing. New species are created and old species are dying. the total portfolio value. Thats the nature of capitalism. 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. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. regarding their board of directors using the Board Diversity Matrix. This information can be used by investors to verify and understand the financial position of the company. Daily Journal Corporation offers legal software and services to US courts and other justice agencies, including browser-based case processing systems (eCourt, eProsecutor, eDefender, and eProbation) and electronic filing and payment tools (eFile, ePayIt). He was death on corruption which was a very good idea. I think I would have lived a long time if I had lived a different life. I expect less out of bankers than he does. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. And there was one woman who was a year older than he was who was the first-ranked student in the school. You are limited to the prior 8 quarters of 13F filings. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. He was that smart. But I wont be following him. Alt Turnover is calculated by taking either the total MV of new purchases or . And by the way, I think its hard to teach. How do you recognize a potential downfall in a company you hold/invest in? Those are pretty good rules and theyre pretty simple. What do you make of these two pricings? When you look at whats happened in California [in terms of] the price of real estate and rentals, weve reduced the number of offices we have both for Journal Technology and for the Daily Journal. 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. 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. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. It says that man is too soon old and too late smart. Charlie Munger: Modern monetary theory means that people are less worried about an inflationary disaster like Weimar Germany from government printing of money and spending it. Where does it appear most egregious? And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. What do you look for in a leader? 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. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. 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. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. BYD stock did nothing for the first five years we held it. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. 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: Early 70s. I have a bust of Lee Kuan Yew in my house. Theres a lot of competition and were a very small company compared to our main competitor. This will schedule a job to export all requested 13f holdings data for this filer. That is true and makes sense. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? I dont think that hydrocarbons are going. 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). 2022. Daily Commerce. Performance Im just learning as I go along. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. Throughout the transcript below, I have included clickable links to my notes and articles . 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. Charlie Munger: Yes, I think it must end badly but I dont know when. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. I recommend that other people follow my practice. Accounting is also in the cloud. 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 we cant go to many offices because theyre closed. February 26, 2021 / Richard Lewis / 6 Comments. [The questioner] would like to know what Charlies method of learning is. Im not saying I wanted to live in China. Charlie Munger: I think Im alive because of a lucky genetic accident. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Now, it sounds like anybody would know that made sense. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. All rights reserved. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . 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. But, but by and large, most of the knowledge has been available for a long time. And there arent many people that can do that. The number of people who ever got a chance to do it again is zero. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. I dont think its like the newspaper business. I think that would be insanity. Of course, its going to be difficult. Charlie Munger: Were really old both of us. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . BYD sells at nearly 200 P/E. The average market cap of the portfolio companies is close to $220 billion. So it gets very dangerous. Thats interestingwho in the hell is voting against the accountants? It sold the previously owned 9,745 shares for $357 thousand. 2/13/23. Chairmans Letter But I do admire what the Chinese have done. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. Corporate Actions Services. How are they similar or different? Question: The Federal Reserve appears to be supporting asset prices. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Nobody was trying to make the rich richer. Charlie Munger: Well, thats a very good question. He was a very smart man. In other words, to some extent, its a self-correcting system. But I dont think everybody can be a great investor or a great chess player. The meeting was held on February 24, 2021. Delayed Nasdaq 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. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. 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. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. 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. What could investors do to cope better with periodical frenzy? LOS ANGELES, CA And, he was very good company and a splendid gentleman. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? We love it anyway. 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. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. So you now know what I do in charitable institutions. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. And so, the stock went way up. 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 theyre all dyingevery damn one of them almost. Charlie Munger: Yes, I think that is rising as we sit here. Get the latest articles and insights directly to your email inbox. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. I dont define that as value investing. He said, figure out what works and do it. Youve reached the limit of my circle of competence. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. Everybodys got a different situation. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. Thats one you can easily arrange. I prefer the United States. 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. He said it was the pursuit of the uneatable by the unspeakable. But show me a psychology department that knows how to do that. Generally speaking, people assume that were a normal software company like Microsoft or something. 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. I recognized early that Gerry could run anything he wanted to run. The Hamilton Live 600 14th Street NW Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. But Im flabbergasted at how well theyre doing. Featured Content Youve said recently that Sequoia is the greatest investment firm ever. Daily Journal Corp is based out of Los Angeles. When it gets difficult, I dont think theres any automatic fix for difficulty. By the way, the Harvard Business School, when it started out way early, they started out with a history of the 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, Secretary & Executive Vice President-Publications, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. 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 can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec. The bad news is its not clear whos gonna win all the business or how much money is going to be made. It seems to involve a lot of your standard causes of human misjudgment. No, I dont have any secrets. 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! Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Of course, that made him very leery of dumb loans. We have offices in all the major cities in California and also in Logan, Utah. We hope theyll continue doing magnificently well. Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? Everybody has shortcuts to screen out certain hazards. My guess is we have suffered some editorial quality. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. Question: What are Mr. Mungers thoughts on the recent GameStop short squeeze by social media and the resulting implications on short selling in the future? Charlie Munger: Well, of course, its very hard to fix the global warming problem when the poorer countries need to burn coal to stay alive and so on. 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? Question: We have a couple of questions about J.P. Rick Guerin. 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. So, its a serious problem. Of course, we accomplished quite a bit working together. Until his recent step-down as chairman of the board in April, the marketable. And if you stop to think about it, that is also true at the Daily Journal. Many, but not all SEC filings are available in the SECs EDGAR database. Without the method of learning, youre like a one-legged man in an ass-kicking contest. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. Thats been greatly curtailed. We all live with that problem. I think theyre probably right, by the way. The decision was. Of course, it really helped to know everybody in town. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. 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. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. A passionate, seasoned, internal Investor Relations strategist, executioner, demand-builder and teammate proactively taking a Company's story to Wall Street -- one ticker at a time | Learn more . I think theyre a bad investment when interest rates are this low. 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. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. Commission-free trading is not free. Question: What would management [of Daily Journal] do with a sudden windfall of profits? 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%. All-Time Favorites Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Gerald Salzman: Well, we dont think about mistakes. They really need the world to stay the way it is. Daily Journal Corporation : Announces Financial Results for the Three Months ended Decembe.. Daily Journal Corporation Announces Financial Results for the Three Months ended Decemb.. Daily Journal : Management's Discussion and Analysis of Financial Condition and Results of.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year ended September 3.. Daily Journal Corp : Changes in Registrant's Certifying Accountant, Financial Statements a.. Daily Journal : Fiscal 3Q Earnings Snapshot, Daily Journal : Fiscal 2Q Earnings Snapshot. Charlie Munger: Well, of course, the places downsized. We bought all these buildings cheaply. MOI Global en Espaol. And like last year, you will in this note find a full transcript of the entire meeting. Click the button below to request a report when hardcopies become available. A lot of things are going to change. Billionaires Group Ideaweek St. Moritz If you continue to use this site we will assume that you are happy with it. 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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