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. Annual stock financials by MarketWatch. All rights reserved. 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. Gerrys lived a long time too and I think we both have been lucky. But its hard for anybody. Charlie Munger: Real estate has always been a difficult field. 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? Value Investing will never go out of style. The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. Thats what the communists are doing. Daily Journal Corp is based out of Los Angeles. +2.68%. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. When I was young, I rezoned some properties very successfully. So, its a very interesting competitive field. And the next time around the poor will get richer faster than the rich. And there arent many people that can do that. I prefer the United States. What can you learn from the Barry Duttons bookstore building deal in Brentwood and how would you apply that new knowledge or experience in the future? But he knew how to learn what he didnt know. Investor Letter Excerpts Larry Summers has recently been quoted as being worried that were having too much stimulus. There are currently 4 companies in Mrs. Tos portfolio. Florida would have a really serious problem. Question: Which do you think is crazier? People really trust Costco will be delivering enormous value. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. 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 . Jen Saunders 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 . Rick was always humorous. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. How would they think about current opportunities with low rates and low inflation? email address below and choose 'Submit'. We bought all these buildings cheaply. Gerry, can you ever remember Rick down? Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. VP of Publications & Sec. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. Look around all this real estate. Is there any new material? or to simply have an email sent to you whenever we receive a new Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. Best Ideas Omaha Its entirely possible that our system is right for us and their system is right for them. And I think, by and large, we made the most practical decisions that were available to us. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. I do think banking run intelligently is a very good business. All rights reserved. Download 13F Summary And thats the way we handled Gerry. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Daily Journal Corp. - AnnualReports.com Most Recent Annual Report MOST RECENT 2019 Form 10K View Form 10K (HTML) Daily Journal Corp. does not currently have any hardcopy reports on AnnualReports.com. Create your Watchlist to save your favorite quotes on Nasdaq.com. Culture is very important. I dont think Ive got any great insight about hydrogen. Part of the reason for that was cultural. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. Hell be able to do it. He really knew everything you had to do to avoid credit losses in a small town in Illinois. Ill paraphrase here. Industry Insights Summit Gerry has done magnificently well. And so, the stock went way up. Type a symbol or company name. Question: How important is the analysis of company culture in the investment process? Code of Business Conduct and Ethics; Whistle Blower Policy; Shareholder Rights Agreement Annual Meeting of Stockholders Date: June 13, 2022 Time: 10:00 a.m. EDT Location: Hilton McLean Tysons Corner Performance How are they similar or different? Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. Charlie Munger: Its very hard to have a shrinking business. Everything you see is profit. Today, it hovers around 9500. Question: Can you share some parting thoughts with the viewers who are watching all around the world? Have you met Lee Kuan Yew in person? The Daily Journal Corp office and employees reside in Los Angeles, California. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Of course, that history is useful to know. But show me a psychology department that knows how to do that. Charlie Munger: You have to be optimistic about the competency of our technical civilization. Who is MOI Global? And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. No, I dont have any secrets. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Its doing a big public service. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. Generally speaking, people assume that were a normal software company like Microsoft or something. Were beholden to the guidelines of the county of Los Angeles and other counties. I have a very simple idea on the subject. Local Chapters Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. I knew a man once, Henry Singleton, who was not a chess champion. Touch device users, explore by touch or with swipe gestures. If you try and reduce the poverty too much, its counterproductive. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. In 1978, the year Deng Xiaoping took over, it was 300. Thats entirely due to the practical talent of Lee Kuan Yew. 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. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. Charlie Munger: I think Im alive because of a lucky genetic accident. BYD sells at nearly 200 P/E. They dont work that hard at figuring out what works and what doesnt. 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. Charlie Munger: Yes, I think that is rising as we sit here. His method for doing it was so simple. I admire him that much. 2/24/23. 2022. What else can you do? I said it wont matter. What do you think the long-term consequences will be? That thing circulates. Prior to forming Peterson Capital Management, LLC and launching Peterson Investment Fund I, LP, Matthew split time between Wall Street and London as Capital Markets Manager in the Financial Services Vertical at Diamond Management and Technology Consultants. I think the oil and gas industry will be here for a long, long time. In his early education, he was the second-ranked student in the school. Chinas economic record among the big nations is the best that ever existed in the history of the world. He knew everybody and everything. [The questioner] would like to know what Charlies method of learning is. I feel the same way about those choices. Ideaweek Podcast Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. Our editorial system and our advertising system are all in the cloud. They just copied Adam Smith and left out the free speech and it worked fine for them. But, I find that the old ways of doing things still work. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. And my advice would be if you have a fixable disadvantage, remove it. Latticework New York Its just that the investment banking profession will sell shit as long as shit can be sold. What are his thoughts on modern monetary theory? 1996 - janv . But I do think politics is getting more full of hatred and irrationality than it used to be in America and I dont think thats good. I find that by working at that, I can actually make some improvements even though Im old. But he could play chess blindfolded at just below the Grandmaster level. 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. I think all of this activity is regrettable. These symbols will be available throughout the site during your session. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. Charlie Munger: Well, I think all stocks can fluctuate. But theres also a large risk of losing it coming from within an organization. Question: Its been a year since the coronavirus pandemic came to the U.S. What have you all learned about running a business in the past year? He said it was the pursuit of the uneatable by the unspeakable. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. I recommend that other people follow my example. As a result of holding those two positions, we have a lower cost than anybody else and we make more money than practically everybody else. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. Tom Gayner, Adds value to my research process. A rich civilization can afford to do it if we absolutely have to. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. My guess is we have suffered some editorial quality. Charlie Munger: Well, these things do happen in a market economy. So human greed and the aggression of the brokerage community create these bubbles from time to time. There are factories in China that are just absolutely full of robots and are working beautifully. 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. We love it anyway. I hope the newspaper survives too. Take Gerry. But I do think having a whole system to sell hydrogen is difficult. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. It closed the year with cash flow reaching $7.1 billion . Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. CI. And that institution has two assets in its endowment account. I think Im a little more lenient. That is true and makes sense. The Corporation will host a fourth quar. I think they stopped because if you taught that course, youd be stealing the best cases from the individual professors of marketing and so on and so on. $174 million and $174 million respectively. 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. The wealth management industry has a crisis on its hands. Munger and Salzman will take shareholder questions from CNBCs Becky Quick.Don't Miss: Valley of Hype: The Culture That Built Elizabeth HolmesWATCH HERE:https://youtu.be/Sb179GLPNYEWatch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube:https://youtu.be/gx-OzwHpM9kSubscribe to Yahoo Finance: https://yhoo.it/2fGu5BbAbout Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. But, I dont think Ive got a lot to contribute. On the other hand, it could be handled. And I think both of us have done the same thing; we just suck it in and cope. So, you can understand why Warren got disenchanted with Wells Fargo. Intelligent Investing in Crisis Mode. 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. He lived in a particular town. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. How do you decide to hold on to a stock or sell some? And that is why Costco presents some danger to Amazon. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. I dont follow that practice but I dont criticize it either. Question: What have you done to live such a long life? And were gonna play that as hard as we can. And if its unfixable, learn to live without it. And, of course, it works way better than our medical system. We are in fact being a more difficult type of software business than Microsoft. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? You can hardly think of anything more important in life than being reliable for the people who trust you. And then the previous 100 years, that got another big chunk of modernity. I never buy any and neither does Daily Journal. 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. 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? The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Los Angeles, California 90012 . And I dont think youll find me engaged in the massive rezonings in the future. 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 some bankers yield to the temptations. But you know, most people dont do that. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. But Im flabbergasted at how well theyre doing. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. and leadership at Berkshire Hathaway, Munger was . Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. And what did the Chinese communists do with respect to death taxes? And even if you have a natural gift, you cant be good at it unless you start playing at a very young age and get huge experience. And if you stop to think about it, that is also true at the Daily Journal. A lot of the good rules of life are like that. I think that would be insanity. Are traditional dividends and share repurchases the likely end-stateassuming our software business grows into a bonafide companyor will buying and holding securities from time to time be what the board is comfortable with? , 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. Munger became Chairman (because he was an attorney). I think they would have come out worse because their position was so dire and the poverty was so extreme, they needed very extreme methods to get out of the fix they were in. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. 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. 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 . Gerry, you have a comment on that? And when the evidence came in that the system wasnt working very well because some of the employees were cheating some of the customers, they came down hard on the customers instead of changing the system. Daily Commerce. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. Everyone knows this isnt a small cap Berkshire Hathaway. 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 All text and design is copyright 2020 WhaleWisdom.com. 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. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. Chairmans Letter [1]: We were trying to save the whole economy under terrible conditions. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. And, of course, its going to create trouble as it did. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. LEARN MORE. February 12, 2020 . Chuck Royce. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. I dont define that as value investing. If you were offered a fresh start today, what would you do differently in life and in investing? Ive been pretty quiet. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. And, of course, its regrettable. Just time after time, he would choose the right system. Everybody is. Of course, we accomplished quite a bit working together. It wasnt some malevolence of the rich that caused it. If we could make the world richer by just raising the minimum wage to $100,000 a second or something, of course we would do it but. They lose their money fast enough. And by the way, I think its hard to teach. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. So, the people part has changed quite considerably being a small company. I think management should tell it like it is at all times and not be a big promoter of its own stock. Im pretty easy on myself these days. 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. Question: You famously run investments through your mental checklist. The company operates in two segments: Traditional business and Journal Technologies. We use cookies to ensure that we give you the best experience on our website. He doesnt mind at all not getting credit for his charitable donations. Think of whats died in my lifetime. 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. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. Daily Journal Corp's portfolio is diversified across 3 sectors. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. All-Time Favorites The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. 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 Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. 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. Jeffrey Stacey, I enjoy it and others will also. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. And, of course, its all worked. And, we hope to do well in it. 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. Can you speak to the causes, the trend, and make some predictions? Investors play a major and vital role in the success and growth of a company. And, I think that could happen, but, of course, thats not a sure thing. Are they more stable? It reminds me of the key phrase and Bunyans Pilgrims Progress in which he says: My sword I leave to him who can wear it. I think the result would have been worse if either party had been in control all by itself for the whole period. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? You are on record as a zealous fan of the Chinese work ethic and Confucian value system. 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. This is a highly desirable thing. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. I tell a story on Rick that he took the Navys IQ test and got one of the highest scores ever recorded and left early. But the Chinese have proved that you dont need free speech to have a wonderful economy. DAILY JOURNAL CORPORATION - Print Media - 915 E 1st St, Los Angeles, CA - Phone Number - Yelp Daily Journal Corporation 5 reviews Unclaimed Print Media Frequently Asked Questions about Daily Journal Corporation How is Daily Journal Corporation rated? Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. All the good things. 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.