Meet-the-Author Summer Forum for Q4 2022. Thats the good news. 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. Contact. I dont think well change on that. The average market cap of the portfolio companies is close to $220 billion. When people gave me a good idea and I could see it was a good idea, I quickly mastered it and started using it for the rest of my life. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. How do you recognize a potential downfall in a company you hold/invest in? Charlie Munger: No, I would say that of course, theres some new material in misjudgment. But Im flabbergasted at how well theyre doing. And I think, by and large, we made the most practical decisions that were available to us. I dont know which is worse. Part of the reason for that was cultural. At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. 13F filing from DAILY JOURNAL CORP, enter your Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. And if you believe Jeff Bezos is one of the best businessmen you have ever known, would you consider investing early in any of the new projects he will inevitably focus his attention on now that he will not have to be as concerned about the day to day responsibilities of Amazon? How are they similar or different? Were going to bust our ass to try and do a good job. And by the way, I think its hard to teach. And we probably have more of those shortcuts than others. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. Gerald Salzman: None. 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. 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, 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. They manage How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. Question: Do you believe global warming is an existential threat to humankind? Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. He was just a very old-fashioned sound thinker. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. It was absolutely incredible. Also, when you get reverses, if you just suck it in cope, that helps if you dont just fretfully stew yourself into a lot of misery. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) In other words, I think the system of checks and balances and elections that our founders gave us actually gave us pretty much the right policies during my lifetime. Charlie Munger: Well, thats a very good question. Question: You identified the opportunity in electrification and invested in BYD. Question: You often advocate for learning from other peoples big calamities and stupidities. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. Can you speak to the causes, the trend, and make some predictions? 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. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. I dont think I can teach you how to retroactively get a new accident yourself. And that isnt necessarily right for its customers. Has the quality gone down? The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. Theyve served us well over the years. I think all of this activity is regrettable. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. 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. You are going to be flabbergasted. Everyone knows this isnt a small cap Berkshire Hathaway. Ive been pretty quiet. Charlie Munger: Well, I dont know how well the economys doing to work in the future. CI. And, I was always aware of that and so Ive accepted these damned annual meetings. 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. Rich Eisinger, Great content, great people. Previously, Buntain worked at The Carlyle Group, where he . Performance How can you not? So he was just a perfect banker if you wanted never to have any trouble. But I dont think thats going to end up with a mistake. I think some of these things are very difficult and I think, by and large, its a mistake to hire investment managementto hire armies of people to make conclusions. Member-Only Podcasts Industry Insights Summit Will we have fewer gas stations or truck stops in the future? By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. And all I can say is that well do the best we can. Charlie Munger: Well thats an easy one. Just think of the things that were once prosperous that are now in failure or gone. If you stop to think about it, business success long term is a lot like biology. 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. They lose their money fast enough. What were the lessons learned? N/A: N/A: N/A: . And some types of real estate in recent years has been particularly difficult. I think management should tell it like it is at all times and not be a big promoter of its own stock. What happens is that every human being tends to believe way more than he should in what hes worked hard to find out or where hes announced publicly that he already believes. I recognized early that Gerry could run anything he wanted to run. He was not a dictator. Alt Turnover is calculated by taking either the total MV of new purchases or And he made a very favorable impression. Question: Can you share some parting thoughts with the viewers who are watching all around the world? Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. The votes in favor of that are 995,356 against 120. He was very amiable the way he talked about it. Best Ideas Omaha Of course, thats a useful thing. 2/24/23. Featured Content These are very difficult questions and most people assume that its simple. You know what her mottoes were? Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. We take the situation as it is and try to solve it. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. We expect many of our employees to always be at client court offices because we work with them very closely to make sure they get what they need. 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 Have you met Lee Kuan Yew in person? 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. Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. -, 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. 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. He loved to kid people. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . Of course, it really helped to know everybody in town. And what did the Chinese communists do with respect to death taxes? Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. And I dont think youll find me engaged in the massive rezonings in the future. The meeting will come to order. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. Culture is very important. LEARN MORE. I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that theyre way above average. Charlie Munger: Were really old both of us. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. The largest are the Los Angeles Daily Journal and San Francisco Daily Journal, established in 1888 and 1893, respectively, with 6,300 subscribers between them as of September 30, 2020. I think I would have lived a long time if I had lived a different life. Tom Gayner, Adds value to my research process. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. He said it was the pursuit of the uneatable by the unspeakable. Its chairman is Steven Myhill-Jones. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Look around all this real estate. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. For example, Coca-Cola in the past. Type a symbol or company name. We are in fact being a more difficult type of software business than Microsoft. All-Time Favorites Apartments have come through better. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. Get the latest articles and insights directly to your email inbox. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. Question: Has your opinion on cryptocurrencies remained the same? Charlie Munger: Real estate has always been a difficult field. And so, we cant promise were going to succeed. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. On the other hand, it could be handled. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. Gerrys lived a long time too and I think we both have been lucky. So human greed and the aggression of the brokerage community create these bubbles from time to time. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. 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. And theyre all dyingevery damn one of them almost. In 1978, the year Deng Xiaoping took over, it was 300. It was totally required. Thats an interesting example of self-learning. Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. And I think that that is inevitable because its difficult to be a good investor. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. 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 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? This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. Charlie Munger: Yes, I think it must end badly but I dont know when. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. And if its unfixable, learn to live without it. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. They are joining the modern world very rapidly and theyre getting very skillful at operating. , 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. 2023 Annual Meeting. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. We dont have any other secrets, do we Jerry? Of course, if he had a chance to do it over again, he would avoid those mistakes. All the good things. 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. 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 dont define that as value investing. Many, but not all SEC filings are available in the SEC's EDGAR database. 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. We have offices in all the major cities in California and also in Logan, Utah. Bitcoin reminds me of what Oscar Wilde said about fox hunting. We will now proceed to the question period. -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 . Similar Job Titles: How would they think about current opportunities with low rates and low inflation? Daily Journal Corp is based out of Los Angeles. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. Ill paraphrase here. 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 They dont work that hard at figuring out what works and what doesnt. But the accountants are duly elected. Charlie Munger: I dont have any wonderful new thoughts. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. BYD sells at nearly 200 P/E. 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. And I think wise people should just stay out of them. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. Copy and paste multiple symbols separated by spaces. You must have a subscription to view WhaleScore histories. 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? New species are created and old species are dying. Could you share the secret to living a long, healthy, and happy life? Nobody should believe that Robinhoods trades are free. Question: What advice would you give to someone who is trying to stay within their circle of competence but finding that the pace of technical technological innovation is rapidly reducing that circle? Youd say that everybody does that in their education but I dont think everybody does. Its a very dishonorable low-grade way to talk. He gasped and said, but hes never had anything to do with newspapers or anything else. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. Gerry has done magnificently well. It sold the previously owned 9,745 shares for $357 thousand. Question: Ben Franklin said: Were it offered to my choice, I should have no objection to a repetition of the same life from its beginning, only asking the advantages authors have in a second edition, to correct some faults of the first. Of course, its hard to negotiate in such a field. This years annual report suggests that the traditional business has 97 full-time employees. In his early education, he was the second-ranked student in the school. Gerald Salzman: Always upbeat, yes. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. And I think that were crazy to allow it. In Singapore, you get a savings account the day youre born. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. Charlie Munger: Well, I think all stocks can fluctuate. and leadership at Berkshire Hathaway, Munger was . I predict that if they do that, a lot of people will leave Washington. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. With no analysts or investor relations department, few understand the transformation that has occurred. Type a symbol or company name. Theyve got a better reputation for providing value than practically anybody, including Amazon. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. I think its just to some extent you either have it or you dont. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. And, of course, when things get extreme you have things like that short squeeze. So you now know what I do in charitable institutions. Those are pretty good rules and theyre pretty simple. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. I think the result would have been worse if either party had been in control all by itself for the whole period. And they dont just keep everlastingly at it the way he did. A lot of people assume that since England led the Industrial Revolution and had free speech early that free speech is required to have a booming economy as prescribed by Adam Smith. With that one exception, Ive stayed out of Sequoias business because theyre so much better at it than I would be and I dont know how to do it the way they do it. Best Ideas Conference I think Im a little more lenient. 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. He said, figure out what works and do it. 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. On the other hand, the buses in Los Angeles work on natural gas. Of course, his son, who is a bright man, is now Prime Minister of Singapore. My guess is we have suffered some editorial quality. I think theyd run rings around me. Nothing contained on junto.investments constitute a solicitation, recommendation, endorsement, or offer by Junto or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. I expect that and I welcome it. However, could you be more specific? 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.