Last year it quintupled. Question: Which do you think is crazier? Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. We hope theyll continue doing magnificently well. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? The company operates in two segments: Traditional business and Journal Technologies. Market Holidays Daily Analyst Ratings Daily Insider Trading. The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. 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. February 26, 2021 / Richard Lewis / 6 Comments. The majority of revenue is generated from Traditional business segment. 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. I think the oil and gas industry will be here for a long, long time. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? That is true and makes sense. Request Information Question: It is estimated that the Gates Foundation has saved well over 100 million lives. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. In 1978, the year Deng Xiaoping took over, it was 300. When these people go, there is none replacing them. All rights reserved. I think I would have lived a long time if I had lived a different life. Daily Journal Corp is based out of Los Angeles. Charlie Munger: You have to be optimistic about the competency of our technical civilization. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. New species are created and old species are dying. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. This is a highly desirable thing. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. As a matter of fact, what happens is to make a nation rich, you need a free market system. 2/24/23. The only opinion I have there is that I dont think anybody knows whats going to happen for sure. Quickly find out what the most recently closed or increased positions are. Larry Summers has recently been quoted as being worried that were having too much stimulus. No, I dont have any secrets. Jeffrey Stacey, I enjoy it and others will also. Thats true whether youre Benjamin Franklin or Joe klutz. If its not good enough for Berkshire, shouldnt we have the same standards? 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. 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. 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? So I dont worry that the country is being ruined by a few people over getting ahead a little faster than the rest of us. And, of course, its regrettable. And what he does is he sells about half of them always. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? 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. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. Charlie Munger: Well, I dont know how well the economys doing to work in the future. 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. Theres a lot of competition and were a very small company compared to our main competitor. I predict that if they do that, a lot of people will leave Washington. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. 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. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. And I think wise people should just stay out of them. 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. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? Charlie Munger: No, I would say that of course, theres some new material in misjudgment. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. Now 16 years have passed. They really need the world to stay the way it is. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. It also serves as a newspaper representative specializing in public notice advertising. Take Gerry. The bad news is its not clear whos gonna win all the business or how much money is going to be made. These are very difficult questions and most people assume that its simple. Theres an old German proverb Ive always liked. I call it deworsificationwhich I copied from somebody. We all live with that problem. 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! Of course, that made him very leery of dumb loans. Ellen Ireland will be inspector of elections. 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 know which is worse. The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. These actions have given some shareholders more visibility and comfort on their investment. Its just that some people look for values in strong companies and some look for values in weak companies. Costco I do think has one thing that Amazon does not. That doesnt happen. VP of Publications & Sec. They manage Governance. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. 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. I dont follow that practice but I dont criticize it either. Thats been greatly curtailed. What, for example, would you recommend as course materials? LOS ANGELES, CA As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. Discover something new every day from News, Sports, Finance, Entertainment and more! Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. And his conclusion is that mankind should just step up to it and do it. 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. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. Its such a simple idea. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. The daily journal stock sells way above the price I would pay if I was buying new stock. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. See our Terms, Privacy Policy, and Disclaimer. 1/9/23. Question: Charlie, you are known as an advocate for learning from ones mistakes. He was not a dictator. 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. I dont define that as value investing. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. Charlie Munger: Yes, I think it must end badly but I dont know when. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. 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. Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. And he was just so good. DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. divided by the total MV of the fund. I think Im a little more lenient. I dont think we have any great gift at making macroeconomic predictions. I dont think well change on that. Question: Do you think value investing is still relevant in a GDP-decreasing world? And in biology, what happens is the individuals all die, and eventually, so do all the species. And, of course, thats a very dangerous way to invest. They had to because the traditional business newspaper business is shrinking. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. I wouldnt change my life all that well. A rich civilization can afford to do it if we absolutely have to. 915 E. 1st Street. Industry Insights Summit Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. If anybody can fix it, he can. We do, as Charlie indicates, have a lot of travel. You must have a subscription to view WhaleScore histories. And thats the way Eugene was in his community. There are these periods in capitalism. The Manual of Ideas Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. 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. These positions were updated on January 5th based on the funds latest 13F filing. What were the lessons learned? The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. Its too volatile to serve well as a medium of exchange. 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: Well, I dont think its required that we be exactly the same on everything. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. But Henry was a genius. Published since 1917, the Daily Commerce is based in Los Angeles and covers news of general interest, columns of interest to real estate investors and brokers, and information on distressed properties in Los Angeles County. So, I think you can count on the fact that what were doing is going to be a big growing field. SEC form, multiple filers or classes of filers, and much more.***. That recognized reality and worked way better than what other people were doing. And thats very interesting. Thats our system. All the good things. Meet-the-Author Summer Forum Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. A lot of things are going to change. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. Just time after time he would do something like that. In Singapore, you get a savings account the day youre born. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. 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 expect that and I welcome it. Member-Only Podcasts 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. $174 million and $174 million respectively. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. I dont think I can teach you how to retroactively get a new accident yourself. Everything you see is profit. Question: Last February, you spoke about the wretched excess in the financial system. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Non-members may peek into the world of MOI Global via limited access. Tom Gayner, Adds value to my research process. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. 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 Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. 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. Thought Leader Series. I think its much easier to find five than it is to find a hundred. Thats the nature of capitalism. Without the method of learning, youre like a one-legged man in an ass-kicking contest. Sure, we all love the kind of civilization we have. Podcasts enable members to enjoy content in a convenient format. On Tuesday, March 7, 2023 at 11:00 a.m. Eastern Time, Michael West, President of Moody's Investors Service, and Shivani Kak, Head of Investor Relations, will speak at the Raymond James . You can hardly think of anything more important in life than being reliable for the people who trust you. I dont know the answer. Chairmans Letter Announces 2022 Holiday Period Net Sales, Updates Fourth Quarter Outlook. The Zurich Project That thing circulates. In other words, when we shout our knowledge out, were really pounding it out. All rights reserved. So he was just a perfect banker if you wanted never to have any trouble. John Lambert, First class in every way. Charlie Munger: Well, he was one of my closest friends for many decades. When I was young, I rezoned some properties very successfully. 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. Daily Journal Corps portfolio is diversified across 3 sectors. But Im flabbergasted at how well theyre doing. And if there is one thing the world could learn from Singapore, what would that be? 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. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? Gerrys lived a long time too and I think we both have been lucky. And if you stop to think about it, that is also true at the Daily Journal. We are very excited to look forward to enabling the courts to function as we know that they want to and will in the future. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? 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?