What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. 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. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? The content provided on the Junto Investments (Junto) website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. Will we have fewer gas stations or truck stops in the future? DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. Touch device users, explore by touch or with swipe gestures. So, its a serious problem. Currently, their heaviest sector is Finance making up 81.3% of How do you recognize a potential downfall in a company you hold/invest in? That recognized reality and worked way better than what other people were doing. 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. And I think both of us have done the same thing; we just suck it in and cope. If you have unrealistic expectations, youre going to be miserable all your life. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 30, 2022 LOS ANGELES, Dec. 16, 2022 (GLOBE NEWSWIRE) -- During fiscal 2022, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $54,009,000 as compared with $49,925,000 in the prior year. DAILY JOURNAL CORPORATION. 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. The mantra he said over and over again is very simple. 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. Role of Investor Relations - Corporate Finance Institute Charlie Munger: Well, I think all stocks can fluctuate. MOI Global en Espaol. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. 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. Charlie Munger: Early 70s. Value investors know Warren Buffett's classic retort to efficient market theory, "The . He said it was the pursuit of the uneatable by the unspeakable. Value Investing will never go out of style. DJCO Stock Price & Charts | Daily Journal That doesnt happen. Question: Which do you think is crazier? The number of people who ever got a chance to do it again is zero. The majority of revenue is generated from Traditional business segment. Were all pretty forgiving of ourselves too which is probably a good thing. And he said; I cant decide the order of presidency between a flee and a louse. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. Investor Relations & Corporate Communications 650-260-7120 ext. 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. 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. Put me down as skeptical. Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? Question: What books are you currently reading and what can you reccomend? DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq Charlie Munger: Ben Franklin was one of the wisest men who ever lived. Question: My question concerns China. And thats the way Eugene was in his community. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. Knox Lane was founded in 2019. Who is MOI Global? I dont follow that practice but I dont criticize it either. That thing circulates. Its just that the investment banking profession will sell shit as long as shit can be sold. We take the situation as it is and try to solve it. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Do Not Sell My Personal Information (CA Residents Only). And that isnt necessarily right for its customers. So, you can understand why Warren got disenchanted with Wells Fargo. 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. Im not saying I wanted to live in China. or to simply have an email sent to you whenever we receive a new When I was young, I rezoned some properties very successfully. He was death on corruption which was a very good idea. Commission-free trading is not free. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. But, but by and large, most of the knowledge has been available for a long time. Daily Journal Corp. (S.C.) Common Stock (DJCO) - Nasdaq Thats the good news. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. I expect that and I welcome it. USD. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. Tom Gayner, Adds value to my research process. Its a funny way to make money. 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. Discover something new every day from News, Sports, Finance, Entertainment and more! 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. And its rather interesting. Our editorial system and our advertising system are all in the cloud. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. There are certain behavioral rules. In other words, when we shout our knowledge out, were really pounding it out. Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. So its a very theoretical discussion. 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. So we were like an undertaker who suddenly got prosperous in a plague year. 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. I do think that Im way less afraid of inequality than most people who are bleeding about it. LOS ANGELES, CA Were not enlarging it. +2.68%. Question: What have you done to live such a long life? Rick was always humorous. 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. 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. I dont think I can teach you how to retroactively get a new accident yourself. And there was one woman who was a year older than he was who was the first-ranked student in the school. They lose their money fast enough. We hope theyll continue doing magnificently well. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. But the accountants are duly elected. He didnt know one damn thing about the Daily Journal when we made him head of it. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. 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. Investor's Business Daily (IBD), which . Today, it hovers around 9500. All rights reserved. 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. Daily Journal Corporation (DJCO) company profile & facts - Yahoo! Best Ideas Omaha We paid two and a half million for it. Youve said recently that Sequoia is the greatest investment firm ever. 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. How do you decide to hold on to a stock or sell some? Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. 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. Bitcoin reminds me of what Oscar Wilde said about fox hunting. No, I dont think I have anything to contribute. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities The fund focuses on investments in the United States as CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec. A lot of the good rules of life are like that. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. 1/9/23. Is it Bitcoin, decentralized finance, or something else? The decision was. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Of course, its going to be difficult. Charlie Munger: You have to be optimistic about the competency of our technical civilization. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. They do way more good than harm. You can hardly think of anything more important in life than being reliable for the people who trust you. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. Governance. A lot of the old moats are going away, and, of course, people are creating new moats all the time. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? During his tenure with Diamond, Matthew worked with top-tier investment banks, global payments firms, and international insurance companies to deliver high impact solutions to his clients most challenging business problems. So, I dont think Bitcoin is going to end up as the medium of exchange for the world. Ive been around for a long time and my policy has always been to just write them out. How would you advise these institutions to manage their endowments over the coming decades? Theres an old German proverb Ive always liked. 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. All the buses. And thats very interesting. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. But you know, most people dont do that. and leadership at Berkshire Hathaway, Munger was . So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. Charlie Munger: Well, I consider that very unlikely. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. Considering their system, that is not what he should have been doing. By the way, thats not the normal outcome in America. And I just think it was academically inconvenient for them. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? 2022. Question: You identified the opportunity in electrification and invested in BYD. 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 . You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. 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. We bought all these buildings cheaply. Thats interestingwho in the hell is voting against the accountants? 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? But I do think having a whole system to sell hydrogen is difficult. We have different tax considerations. PDF Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq I was very lucky. Of course, it really helped to know everybody in town. I prefer the United States. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. When the pandemic is over, I dont think were going back to just the way things were. Would you share a few stories about him and your fondest memory? It says that man is too soon old and too late smart. The bad news is its not clear whos gonna win all the business or how much money is going to be made. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. Ellen Ireland will be inspector of elections. And I think the world would be better off without them. Good Earnings: Salesforce's revenue was up 18% year-over-year, totaling $31.4 billion, and it's expected to grow to $34.5 billion next year. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. He really knew everything you had to do to avoid credit losses in a small town in Illinois. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? Type a symbol or company name. I dont define that as value investing. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. He was fun to be with because he was always jumping out of airplanes and parachutes and running marathons and so on, doing all kinds of things I would never consider doing. DAILY JOURNAL CORP Top 13F Holdings - WhaleWisdom.com 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. Always intelligent. Question: How do you control your investments in a world where reasonable companies with a good image like General Electric sink rapidly into the bottomland of the stock market. You fix what you can fit, and what you cant fix, you endure. All the good things. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC 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. Information Agent. It also serves as a newspaper representative specializing in public notice advertising. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. It wasnt some malevolence of the rich that caused it. regarding their board of directors using the Board Diversity Matrix. If the seas were to rise 60 feet, which could happen in another 100 years or so, wed have to build enormous barriers to sea entry. I cant help you. 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. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. Similar Job Titles: And it was probably wise that we acted exactly as we did. I think you should try and make your money in this world by selling other people things that are good for them. Questions: Now that we are cash flow positiveassuming the software business is investing organically as much as it canwhat is the philosophical thinking with respect to capital allocation at the Daily Journal. Daily Journal Corp is based out of Los Angeles. And I think thats what shareholders do. -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 . SEC Form 13F Filing History. All-Time Favorites Charlie Munger: I dont know anything about Haven. And he was a great kidder. Its difficult, but its not impossible investing in bank stocks successfully. And we probably have more of those shortcuts than others. Thats entirely due to the practical talent of Lee Kuan Yew. Charlie Munger: Well, I do have a tip. So, no I dont think its the responsibility of management to assure where the stock sells. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. Get the latest articles and insights directly to your email inbox. Theres a lot of competition and were a very small company compared to our main competitor. I feel the same way about those choices. The first rule of a happy life is low expectations. These actions have given some shareholders more visibility and comfort on their investment. Thought Leader Series. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. And they dont just keep everlastingly at it the way he did. So far the evidence would be that maybe the monetary modern monetary theory is right. The hydrocarbons are also needed as chemical feedstocks. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. Have you considered amending this quote or lowering your standards? Member-Only Podcasts So, of course, I admire him. Daily Journal Corporation (DJCO) Company Profile & Facts - Yahoo! Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. Has the quality gone down? He took over a malarial swamp with no army, no nothing. Question: Mr. Munger is a champion of Chinese stocks. That turned out to be a wonderful idea and thats one of the reasons we made all this money. Create Email Alert, ***Log In or PROXY STATEMENT. BYD stock did nothing for the first five years we held it. Charlie Munger: Yes, I think it must end badly but I dont know when. His method for doing it was so simple. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? 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. I have a very simple idea on the subject. But, I dont think Ive got a lot to contribute. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. "While Kimberly was head of Investor relations . Thats very, very important. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. 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. FOR ANNUAL MEETING OF SHAREHOLDERS. Copyright by BeyondProxy. Local Chapters 2022. 13F filing from DAILY JOURNAL CORP, enter your Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. I think the Chinese were very smart. Question: Has your opinion on cryptocurrencies remained the same? I predict that if they do that, a lot of people will leave Washington. And if you stop to think about it, that is also true at the Daily Journal. 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 . Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? Just time after time he would do something like that. Membership Tour 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.