However, could you be more specific? Investors play a major and vital role in the success and growth of a company. Question: You often advocate for learning from other peoples big calamities and stupidities. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. It was an accident. 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). Now, it sounds like anybody would know that made sense. 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. 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 . Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. We take the situation as it is and try to solve it. Its just that the investment banking profession will sell shit as long as shit can be sold. When autocomplete results are available use up and down arrows to review and enter to select. Daily Journal Corporation Announces Financial Results for the Six Months ended March 31.. Daily Journal : Announces New Chairman and CEO - Form 8-K. Daily Journal Corp : Change in Directors or Principal Officers, Financial Statements and E.. Daily Journal Corporation Announces New Chairman and CEO, Daily Journal : Fiscal Q1 Earnings Snapshot. All the good things. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. I think theyd run rings around me. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. Everybodys got a different situation. He loved to kid people. I think all of this activity is regrettable. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? I think management should tell it like it is at all times and not be a big promoter of its own stock. So its a very theoretical discussion. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. for Q4 2022. Chuck Akre | Sanjay Bakshi | Brian Bares | David Barr | Chris Bloomstran | John Burbank | Joel Cohen | Larry Cunningham | Aswath Damodaran | Christopher Davis | Charles de Vaulx | Fernando del Pino | Pat Dorsey | Jean-Marie Eveillard | James Ferguson | Frank Fischer | Tom Gayner | Daniel Gladi | Bruce Greenwald | Robert Hagstrom | Connor Haley | Ahron Herring | Michael Huber | Bryan Lawrence | Hendrik Leber | Paul Lountzis | Peter Mantas | David Marcus | Howard Marks | Michael Mauboussin | Chris Mittleman | David Nierenberg | Phil Ordway | Mohnish Pabrai | Francisco Garca Params | Bob Robotti | Franois Rochon | David Rolfe | Jim Roumell | Chuck Royce | Tom Russo | Dave Sather | Florian Schuhbauer | Adam H. Schwartz | Josh Shores | Guy Spier | Murray Stahl | Sean Stannard-Stockton | Lauren Templeton | Will Thorndike | Elliot Turner | Michael van Biema | Arnold van den Berg | Marcos Veremis | Ed Wachenheim | Amit Wadhwaney | Adrian Warner | Andrew Wilkinson | Jay Willoughby | Josh Wolfe | Don Yacktman | Tim Yates, MOI Global | The Membership Community of Intelligent Investors. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. The total portfolio value may be much higher due to cash 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. Many, but not all SEC filings are available in the SECs EDGAR database. He was death on corruption which was a very good idea. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. Gerry, dont you think were doing pretty well? Charlie Munger: We will not be following Tesla into bitcoin. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. A lot of the good rules of life are like that. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. I said it wont matter. How do you think about the hydrogen opportunity for transportation and how does it compare to the electric opportunity, specifically thinking about trucks versus cars. And there was one woman who was a year older than he was who was the first-ranked student in the school. And, we hope to do well in it. Corporate Governance. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathawayYahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie Munger.The meeting features Daily Journal Chairman and Berkshire Hathaway Vice Chairman Charlie Munger and DJCO President and CEO Jerry Salzman. Of course, we accomplished quite a bit working together. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. Classified advertising is down significantly. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. Charlie Munger: Well, it certainly does and thats the kind of thing that can happen when you get a whole lot of people who are using liquid stock markets to gamble the way they would betting on horses. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. It wasnt some malevolence of the rich that caused it. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? 2/24/23. Charlie Munger: I cant think of a We paid high prices for some little companies in the course of trying to enter the court software business. And theyre all dyingevery damn one of them almost. 2021 Quotemedia. Best Ideas Omaha When completed, an email will be sent to the email address you specify And I think both of us have done the same thing; we just suck it in and cope. And that isnt necessarily right for its customers. Webcast. Thats our system. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? The Corporation will host a fourth quar. Ill paraphrase here. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. And he was just so good. Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. Charlie Munger: Well, its not easy to handle accumulated money in the current environment when these stocks are so high and partials of real estate of certain kinds are also very inflated. That recognized reality and worked way better than what other people were doing. He was a very smart man and he had a lot of good ideas. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. We got a dividend of two and a half million shortly thereafter. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! He was very amiable the way he talked about it. I think I would have lived a long time if I had lived a different life. The fund focuses on investments in the United States as Question: Can you share some parting thoughts with the viewers who are watching all around the world? And my advice would be if you have a fixable disadvantage, remove it. Daily Journal Corp. 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. Because we have the proxies those directors are now reelected. The first order of business is to reelect the four directors and the votes are as follows: Charles Munger, 679,481, Gerald Salzman, 660,287, Peter Kaufman, 593,336, Mary Conlon, 651,493. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. 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. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. Its such a simple idea. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . Governance. Generally, what people do is they have financial reserves so they have some options if trouble comes, and they adapt the way Gerry has to require downsizings or require upsizings. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. 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. That turned out to be a wonderful idea and thats one of the reasons we made all this money. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. Chairmans Letter Many of our systems are in the cloud. Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? 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? Gerry, you have a comment on that? And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. I have a very simple idea on the subject. You once said to study the life and work of Lee Kuan Yew. Costco I do think has one thing that Amazon does not. The majority of revenue is generated from Traditional business segment. And, what about passive investing? Seneca Foods' (NASDAQ:SENE.A) investors will be pleased with their notable 70% return over the last three years 10/18/2022 3:57 PM. Membership Tour USD. Rose Blumpkin had quite an effect on the Berkshire culture. Charlie Munger: I think everybody is willing to hold stocks at higher price-earnings multiples when interest rates are as low as they are now. But, of course, if we got a chance to do it again, we would do it better. It closed the year with cash flow reaching $7.1 billion . Request Information 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? There are currently 4 companies in Mrs. Tos portfolio. I dont think Ive got any great insight about hydrogen. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. Thats very, very important. What would be a mistake at the Daily Journal which we can all learn from? I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. Create Email Alert, ***Log In or All except for the legal advertising system which we had to build because nobody else has the volume that we have. Charlie Munger: I think Ill skip that one. What are his thoughts on modern monetary theory? I think civilization would do better without it. 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. Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. When it gets difficult, I dont think theres any automatic fix for difficulty. And there arent many people that can do that. Many, but not all SEC filings are available in the SEC's EDGAR database. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Download 13F Summary Im pretty easy on myself these days. Take Gerry. And, of course, what Im saying is that if I were teaching business I would start the way Harvard Business School did a long time ago. Are they more stable? We are subject to the orders and directions of those counties which, before, really didnt impact anything. 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. In 1860, GDP per capita in China was 600. Youve said recently that Sequoia is the greatest investment firm ever. Zurich Project Podcast What do you think we can do to help those who are currently falling behind as a result of this pandemic? 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. Member-Only Podcasts 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? Performance numbers calculated through 2023-02-14. He gasped and said, but hes never had anything to do with newspapers or anything else. So human greed and the aggression of the brokerage community create these bubbles from time to time. You get crazy booms. They lose their money fast enough. If its not good enough for Berkshire, shouldnt we have the same standards? It says that man is too soon old and too late smart. Discover something new every day from News, Sports, Finance, Entertainment and more! Last year it quintupled. Question: The Federal Reserve appears to be supporting asset prices. She created a business with like 500 depression dollars that became a huge business. Type a symbol or company name. Rick was part of the group which consisted of Warren Buffett, Rick Guerin, and Charlie Munger that bought control of Blue Chip Stamps when it was widely distributed in an anti-trust settlement. The death tax in China is zero. So we were like an undertaker who suddenly got prosperous in a plague year.