Tom Murphy used to say that his system of management was to delegate just short of total abdication. Tilly's, Inc. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. And what are the implications, since Treasury assets underpin the value of every other asset? And there was one woman who was a year older than he was who was the first-ranked student in the school. Of course, it really helped to know everybody in town. You have to be concerned about employees lives. But, of course, if we got a chance to do it again, we would do it better. Theres no question about the fact that Wells Fargo has disappointed long-term investors like Berkshire because the old managementwhich is now removedwere not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to sell stuff that customers didnt really need. February 26, 2021 / Richard Lewis / 6 Comments. But he was 90 years of age. Daily Journal | DJCO Stock Price, Company Overview & News - Forbes Everything you see is profit. Charlie Munger: I think Ive learned to avoid zoning work. I think office buildings are now in some trouble and, of course, commercial real estate rented to stores has been in a lot of trouble for a long time. The third-largest holding is Alibaba Ltd worth $26.4 million and the next is Us Bancorp worth $6.11 million, with 140,000 shares owned. Youve said recently that Sequoia is the greatest investment firm ever. And he said; I cant decide the order of presidency between a flee and a louse. I think when difficulty comes, I expect to have my share. View the latest DJCO financial statements, income statements and financial ratios. Governance. are based in the United States. Accounting is also in the cloud. Has the quality gone down? 915 East First Street. Titan International, Inc. - Investor - Contact Charlie Munger: I think I had the right temperament. Can U.S. Treasury bonds be such a case today? DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. So, no I dont think its the responsibility of management to assure where the stock sells. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. The Superinvestors of Daily Journal Corporation - Forbes Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. I said it wont matter. Intellectual Property The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Charlie Munger: I dont think you can make that a moral responsibility. Daily Journal: Transformation Yet to Be Fully Understood And if there is one thing the world could learn from Singapore, what would that be? Daily Journal Corp. - AnnualReports.com Rick was always humorous. Charlie Munger: Well, heres what I meant. Featured Content Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. But theres no rule that life has to be easy on the mental side. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. They had to because the traditional business newspaper business is shrinking. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. I recommend that other people follow my practice. $174 million and $174 million respectively. 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. Charlie Munger speaks at the Daily Journal annual meeting While historically a legal newspaper publishing company, today DJCO operates a SaaS business model providing case management software to courts and government agencies around the U.S. and the world. 2022. The hydrocarbons are also needed as chemical feedstocks. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. Daily Journal Corporation's ISS governance QualityScore as . to see more advanced email alert options such as selecting any type of Its such a simple idea. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? That recognized reality and worked way better than what other people were doing. 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. And thats the way Eugene was in his community. And thats not a sure thing either. He was a one party system but he could always be removed by the electorate. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? Any tips on how to generate insight in these types of situations? So, its a very interesting competitive field. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Charlie Munger: Thats too hard in general a question for me. Quickly find out what the most recently closed or increased positions are. Because if you do that, Im a moral leper. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. So, you can understand why Warren got disenchanted with Wells Fargo. I think the bankers of today could learn a lot from Eugene, but little is known of him. Its doing a big public service. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. Copyright 2023 Surperformance. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. In other words, to some extent, its a self-correcting system. SEC form, multiple filers or classes of filers, and much more.***. The fully online conferences hosted by MOI Global bring together great minds from our network of intelligent investors, with a focus on timely ideas and timeless wisdom. We will now proceed to the question period. Latticework London Generally speaking, people assume that were a normal software company like Microsoft or something. Every value investor tries to get more value than he pays for. That happystat has more to do with their happiness and their outcomes in life. Its a funny way to make money. And, of course, when things get extreme you have things like that short squeeze. I hope the newspaper survives too. If I had stayed in Omaha, where I was raised, and gotten into the banking business, I would have been a hell of a good banker. Industry Insights Summit I dont think that hydrocarbons are going. Daily Journal Corp. Copyright by BeyondProxy. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. He was just so damn smart. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? Charlie Munger: Robinhood trades are not free. Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. 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. Its one of the most ignorant professions in the world. And, of course, its regrettable. And he was a great kidder. But its hard for anybody. Question: We have a couple of questions about J.P. Rick Guerin. Announces 2022 Holiday Period Net Sales, Updates Fourth Quarter Outlook. And it was probably wise that we acted exactly as we did. And, he was very good company and a splendid gentleman. You get crazy booms. Create Email Alert, ***Log In or If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. Gerald Salzman: None. Gerry, you have a comment on that? But I do admire what the Chinese have done. With no analysts or investor relations department, few understand the transformation that has occurred. Question: Do you believe global warming is an existential threat to humankind? regarding their board of directors using the Board Diversity Matrix. Thank you for all you do to educate us. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. 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. 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 meeting was held on February 24, 2021. And its rather interesting. You fix what you can fit, and what you cant fix, you endure. 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. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. Question: Is the oil and gas industry the new newspapers? Daily Journal Corporation (DJCO) company profile & facts - Yahoo! And the next time around the poor will get richer faster than the rich. I think theyd run rings around me. You are going to be flabbergasted. A little wisdom in spouse selection is very desirable. We have our crotchets and I just dont know enough about it to want to go into that activity. 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. DJCO - Daily Journal Corp Valuation - NASDAQ | Morningstar I prefer the United States. Sign-up 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. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. LOS ANGELES, CA And if you have a free market system thats trying to get rich in the way recommended by Adam Smith, what happens is that its a very irritating system because the poverty that causes so much misery is also causing the growth that makes everybody get out of poverty. I hope that that will continue in the future. I think that would be insanity. I predict that if they do that, a lot of people will leave Washington. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. Charlie Munger: I dont know anything about Haven. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. Type a symbol or company name. Do it right the first time. 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 . There are currently 4 companies in Mrs. Tos portfolio. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. Wheaton delivers amongst the highest cash operating . Bruker Corporation to Present at Investor Conferences Question: Has your opinion on cryptocurrencies remained the same? Appian: Well-Positioned Platform for Building Enterprise Software, PDF Solutions: Lowly Valued, with Net Cash and Growing SaaS Business, Interactive Brokers: Automated, Low-Cost, High-Margin Business. What could investors do to cope better with periodical frenzy? There are certain behavioral rules. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. Commission-free trading is not free. I just see more and more of the rich people leaving. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Latticework New York Of course, if he had a chance to do it over again, he would avoid those mistakes. Annual stock financials by MarketWatch. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. The mantra he said over and over again is very simple. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. But I do think having a whole system to sell hydrogen is difficult. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? What else can you do? Is there anything that you wish you had added to your checklist sooner? +2.68%. And that is why Costco presents some danger to Amazon. Los Angeles, California 90012 . A lot of the old moats are going away, and, of course, people are creating new moats all the time. What is Investor Relations? Issuer Direct If you dont have master the rest of the knowledge you cant synthesize it with psychology. This will schedule a job to export all requested 13f holdings data for this filer. Question: You often advocate for learning from other peoples big calamities and stupidities. Nothing is particularly obvious for everybody to do the same thing. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. And I think, by and large, we made the most practical decisions that were available to us. February 12, 2020 . Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. 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. I dont think I can teach you how to retroactively get a new accident yourself. It just created the most unholy mess. Question: In recent years, Berkshire Hathaway has provided much greater insight into the companys succession thoughts and has made available at the annual meeting the companys leading managers that will steer Berkshires future. Daily Journal Corporation - Wikipedia He lived in a particular town. And if youre selling them gambling services where you make profits off of the top, like many of these new brokers who specialize in luring the amateurs in, I think its a dirty way to make money. And my advice would be if you have a fixable disadvantage, remove it. 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. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. 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. But the accountants are duly elected. for Q4 2022. Can you speak to the causes, the trend, and make some predictions? Jeffrey Stacey, I enjoy it and others will also. PDF Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Gerald Salzman: Always upbeat, yes. 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. 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. But there again, it's an interesting thing. Tom Gayner, Adds value to my research process. When completed, an email will be sent to the email address you specify 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. In a recent regulatory filing, The Daily Journal ( DJCO -3.51%) disclosed that it had bought more shares of Chinese giant Alibaba ( BABA 2.46%) with its corporate cash. 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. And so, we cant promise were going to succeed. Question: You identified the opportunity in electrification and invested in BYD. 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. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. But the Chinese have proved that you dont need free speech to have a wonderful economy. The first rule of a happy life is low expectations. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Theyve got a better reputation for providing value than practically anybody, including Amazon. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . Question: Previously, you have said; It takes character to sit with all that cash and do nothing. 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. Furthermore, hed gone through the Great Depression. Could you give more examples both good and bad ones from your personal observations or through vicarious readings?