And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. So, I think you can count on the fact that what were doing is going to be a big growing field. Astronics Corporation Announces Preliminary Sales for Fourth Quarter 2022 of $155 Million to $160 Million; Completes $205 Million Debt Refinancing Nov 15, 2022 4:05 pm EST Astronics Corporation Reports Third Quarter 2022 Financial Results Latest Presentation December 6, 2022 Truist Securities Industrials & Services Summit 2022 The only opinion I have there is that I dont think anybody knows whats going to happen for sure. 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. Chuck Royce. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. Thank you for all you do to educate us. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. Gerald Salzman: There are a number of factors that come into play here. Best Ideas Conference I do think banking run intelligently is a very good business. You are limited to the prior 8 quarters of 13F filings. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. They are joining the modern world very rapidly and theyre getting very skillful at operating. The disruption from the decline in newspapers has had a significant impact. At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. As a matter of fact, what happens is to make a nation rich, you need a free market system. Classified advertising is down significantly. So its a very theoretical discussion. And we cant go to many offices because theyre closed. Until his recent step-down as chairman of the board in April, the marketable. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. And I applaud the result. You must have a subscription to view WhaleScore histories. There are currently 4 companies in Mrs. Tos portfolio. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? I think all good investing is value investing. All rights reserved. Charlie Munger: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. 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. Do it right the first time. 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. 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 Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. So, no I dont think its the responsibility of management to assure where the stock sells. We dont have any other secrets, do we Jerry? Announces 2022 Holiday Period Net Sales, Updates Fourth Quarter Outlook. You are going to be flabbergasted. I would imagine that applies to the broad market too. 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, 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 is based out of Los Angeles. I dont think Im likely to have any new thoughts that are going to work miracles either. 2/24/23. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. 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. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. 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. Nobody was trying to make the rich richer. You know what her mottoes were? Gerald Salzman: Always upbeat, yes. Nothing is particularly obvious for everybody to do the same thing. Thats what weve been doing throughout my whole lifetime. That recognized reality and worked way better than what other people were doing. FOR ANNUAL MEETING OF SHAREHOLDERS. The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. 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. But they dont teach that in the psychology department because the academic system rewards little experiments that develop more insight into psychological tendencies instead of synthesizing whats already been discovered with the rest of knowledge. containing a link to download the .zip file of the CSV file(s) you requested. When it gets difficult, I dont think theres any automatic fix for difficulty. Daily Journal : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF.. Daily Journal Corporation Announces Financial Resultsfor the Nine Months ended June 30.. Daily Journal Corporation Announces Financial Resultsfor the Six Months ended March 31.. Daily Journal : Fiscal 1Q Earnings Snapshot. 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. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities and a top 10 holdings concentration of 100.0%. So he married her. 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. Because if you do that, Im a moral leper. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. 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 In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. Tom Murphy used to say that his system of management was to delegate just short of total abdication. I think theyre probably right, by the way. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. 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. Download 13F Summary I wouldnt change my life all that well. and a top 10 holdings concentration of 100.0%. Chairmans Letter When I was young, I rezoned some properties very successfully. Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? Charlie Munger: Well, I dont think its required that we be exactly the same on everything. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. -, 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. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. 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. Im afraid thats the way we all have to leave our swords. Performance numbers calculated through 2023-02-14. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. It was a background that helped everybody. Charlie Munger: Robinhood trades are not free. 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. Rose Blumpkin had quite an effect on the Berkshire culture. 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. Question: What would management [of Daily Journal] do with a sudden windfall of profits? Question: Is the oil and gas industry the new newspapers? No, I dont have any secrets. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. All-Time Favorites #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. I have a very simple idea on the subject. And all I can say is that well do the best we can. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. Or, has the digital revolution caused enormous productivity improvements in those businesses? We all live with that problem. 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. Question: Do you believe the market is going through a long-term value slump similar to 1999, or do you believe technology has caused a permanent change in how companies should be valued? A lot of the old moats are going away, and, of course, people are creating new moats all the time. They manage 2022. Thats a really good rule. Currently, their heaviest sector is Finance making up 81.3% of And like last year, you will in this note find a full transcript of the entire meeting. I think you should try and make your money in this world by selling other people things that are good for them. A lot of the good rules of life are like that. Featured Content Hell be able to do it. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. or to simply have an email sent to you whenever we receive a new 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. This information can be used by investors to verify and understand the financial position of the company. John Lambert, First class in every way. We will now proceed to the question period. and leadership at Berkshire Hathaway, Munger was . Of course, people behave more sensibly when theyre spending their own money. I dont define that as value investing. That was a big error in judgment. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC Ill paraphrase here. Question: Mr. Munger is a champion of Chinese stocks. I think theyd run rings around me. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. So, you can understand why Warren got disenchanted with Wells Fargo. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. 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. 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. Ive been around for a long time and my policy has always been to just write them out. When I saw that psychology was necessary and I didnt have it, I didnt just learn the little tendencies well enough to get As in psychology. Will we have fewer gas stations or truck stops in the future? We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. Question: Should there be a tax on buying stock now that Robinhood trades are free? I think you can count on the fact that if we really like the company and we like the managementand that is the way we feel about BYDwere likely to be a little too loyal. Similar Job Titles: We hope theyll continue doing magnificently well. And that is why Costco presents some danger to Amazon. The Zurich Project 2021 Quotemedia. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. BYD stock did nothing for the first five years we held it. I think that shareholders should be more sensible and not crowd into stocks and buy them just because theyre going up and they like to gamble. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. Wheaton delivers amongst the highest cash operating . 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. Charlie Munger: Modern monetary theory means that people are less worried about an inflationary disaster like Weimar Germany from government printing of money and spending it. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. I recognized early that Gerry could run anything he wanted to run. But, of course, its a very difficult field. 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 he made a very favorable impression. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. These are very difficult questions and most people assume that its simple. So, Im kind of pleased that Im still functioning at all. The Frankfurt Conversation, I got more out of Ideaweek than any investing-related event Ive been to since 1986. Peter Leacock, Senior Portfolio Manager, CIBC Wood Gundy. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. Charlie Munger: I dont have any wonderful new thoughts. Its not generally noticed by the public but clearinghouses clear all these trades. -, 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. We were trying to save the whole economy under terrible conditions. 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. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. Take Gerry. Copyright 2023 Surperformance. 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. Its entirely possible that our system is right for us and their system is right for them. And I dont think youll find me engaged in the massive rezonings in the future. The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. I just see more and more of the rich people leaving. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. Bitcoin reminds me of what Oscar Wilde said about fox hunting. Im just trying to get a feel for what the long-term capital allocation is. When I look at the modern Singapore health system, it costs 20% of what the American system costs. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. 75% of the total holdings value. Have you met Lee Kuan Yew in person? Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. Question: What is the wisdom behind holding bank stocks compared to other stocks. Podcasts enable members to enjoy content in a convenient format. New species are created and old species are dying. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. Of course, it really helped to know everybody in town. But I wont be following him. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. And they dont do that very wellIm talking about the business schools. -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 . I was good at having low expectations and that helped me. The daily journal stock sells way above the price I would pay if I was buying new stock. 1996 - janv . Charlie Munger: Well, heres what I meant. So human greed and the aggression of the brokerage community create these bubbles from time to time. 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. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? He was not a dictator. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. View the latest DJCO financial statements, income statements and financial ratios. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. Do Not Sell My Personal Information (CA Residents Only). Question: We have a couple of questions about J.P. Rick Guerin. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. 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. Youve even said business schools that dont adopt this method are doing their students a disservice. Copyright 2023 Surperformance. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. And thats what we have going in the stock market in a frenzy thats fed by people who are getting commissions and other revenues out of this new bunch of gamblers. And its really stupid to have a culture that encourages as much gambling in stocks by people who have the mindset of race track betters. In other words, when we shout our knowledge out, were really pounding it out. I expect that and I welcome it. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. 264 Sara.Pellegrino@iovance.com. Delayed Nasdaq Any tips on how to generate insight in these types of situations? That happystat has more to do with their happiness and their outcomes in life. 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. Costco I do think has one thing that Amazon does not. What do you think the long-term consequences will be? Question: Youve spent much of your life contributing your wisdom to schools and hospitals. This very special event honors excellence in the investor relations profession across the US and we are excited to welcome everyone for an evening of fine food, dancing and lots of celebrating! And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. It also serves as a newspaper representative specializing in public notice advertising. If you dont spend the money, you and your heirs get to spend it eventually. If you try and reduce the poverty too much, its counterproductive. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. Investor's Business Daily (IBD), which . Of course, that made him very leery of dumb loans. He was just a very old-fashioned sound thinker. 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. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Kipling once wrote a poem called The Women (The Ladies) and the concluding line was to the effect that you should learn about women from him instead of doing it yourself, because, he says, I know you wont follow my advice. 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. And there arent many people that can do that. Questions: Many major businesses and high net worth individuals have been leaving California. See our Terms, Privacy Policy, and Disclaimer. N/A: N/A: N/A: . I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. Charlie Munger: Gerry, whats the biggest mistake weve made? Theres an old German proverb Ive always liked. Charlie Munger: Well, I do have a tip. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? But, I dont think Ive got a lot to contribute. Always intelligent. Of course, thats a useful thing. Governance. The meeting will come to order. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. But, I hardly think the editorial quality could go way up when employees were going down. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. Last year it quintupled. USD. But, but by and large, most of the knowledge has been available for a long time. He was a very smart man and he had a lot of good ideas. That way, whatever happens, he feels smart. And, of course, he hated costs. So, the people part has changed quite considerably being a small company. I do think that a properly run bank is a great contributor to civilization and that the central banks of the world like controlling their own banking system and their own money supplies.