I hope that that will continue in the future. All the buses. FOR ANNUAL MEETING OF SHAREHOLDERS. It was a background that helped everybody. 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 Questions: Many observers see market behavior that reminds them of the Dot Com bubble: wild speculation, endless SPACs, and IPOs soaring on their first day of trading. I dont think well change on that. I think most people are born with a happystat. Ellen Ireland will be inspector of elections. But, I dont think Ive got a lot to contribute. Daily Journal Corps portfolio is diversified across 3 sectors. 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. Get the latest articles and insights directly to your email inbox. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. And, of course, when things get extreme you have things like that short squeeze. Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. Performance numbers calculated through 2023-02-14. Larry Summers has recently been quoted as being worried that were having too much stimulus. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Podcasts enable members to enjoy content in a convenient format. And you mentioned technologythats very, very important. Los . On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. Everybody is. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities If you stop to think about it, business success long term is a lot like biology. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. Knox Lane was founded in 2019. I think all good investing is value investing. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. But I dont think everybody can be a great investor or a great chess player. 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. And, what about passive investing? Take Gerry. Florida would have a really serious problem. Many, but not all SEC filings are available in the SECs EDGAR database. And, of course, it works way better than our medical system. Subscribe Columns Labor/Employment Viking River PAGA ruling has no clear destination for employers Mar. 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. DJCO - Daily Journal Corp Stock Price Quote - Morningstar You are going to be flabbergasted. Governance. And his conclusion is that mankind should just step up to it and do it. I never buy any and neither does Daily Journal. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Questions: Many major businesses and high net worth individuals have been leaving California. How do you recognize a potential downfall in a company you hold/invest in? Capitalism is almost as brutal as that. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. Quickly find out what the most recently closed or increased positions are. 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. I think theyre a bad investment when interest rates are this low. But the Chinese have proved that you dont need free speech to have a wonderful economy. I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money. In his early education, he was the second-ranked student in the school. Question: Eugene Abegg seems like he was one of the best bankers of the last century, achieving both extremely low loan loss rates and earning around 2% on assets over a long time period. 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. What do you think we can do to help those who are currently falling behind as a result of this pandemic? The meeting was held on February 24, 2021. [The questioner] would like to know what Charlies method of learning is. You know what her mottoes were? Our editorial system and our advertising system are all in the cloud. 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. So you now know what I do in charitable institutions. I hope the newspaper survives too. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. Nobody else has ever taken a big country out of poverty so fast and so on. Daily Journal | DJCO Stock Price, Company Overview & News - Forbes We hope theyll continue doing magnificently well. Question: It seems likely that the current Fed policy of keeping interest rates near zero will only exacerbate the income disparity in this country by benefiting those who own the financial assets. So we were like an undertaker who suddenly got prosperous in a plague year. Many, but not all SEC filings are available in the SEC's EDGAR database. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. Im not trying to move mountains. 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. But I wont be following him. Tilly's, Inc. Ive been around for a long time and my policy has always been to just write them out. Previously, Buntain worked at The Carlyle Group, where he . Accounting is also in the cloud. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. They lose their money fast enough. First Merchants Corporation (FRME) Stock Price, Quote & News - Stock But theres no rule that life has to be easy on the mental side. Question: You identified the opportunity in electrification and invested in BYD. Tom Murphy used to say that his system of management was to delegate just short of total abdication. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. Everything you see is profit. He was always upbeat. Give me a new question. He lived in a particular town. Gerry, can you ever remember Rick down? So, the people part has changed quite considerably being a small company. She created a business with like 500 depression dollars that became a huge business. Thats what the communists are doing. By the way, thats not the normal outcome in America. These positions were updated on January 5th based on the funds latest 13F filing. Chinese stocks are often sensitive to geopolitical events, and news that Biden and Xi will meet later this year could signal a thaw in relations between China and the U.S. Daily Journal Corporation Reports Quarterly Revenue $11.68 Mln Daily Journal Corporation says For Nine Months Ended June 30 Consolidated Revenues Of $35.7 mln Versus $30.6 . And they dont do that very wellIm talking about the business schools. Member Feedback All except for the legal advertising system which we had to build because nobody else has the volume that we have. Because of that fact, it's of the utmost importance for companies to maintain strong . Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Question: What is the biggest lie currently being perpetuated by the investment complex? Question: Mr. Munger is a champion of Chinese stocks. I dont think its easy for ordinary people to become great investors. daily journal corporation investor relations | Tulipnos ltalnos Iskola I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. And what he does is he sells about half of them always. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. Question: You often advocate for learning from other peoples big calamities and stupidities. 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 said to Rick, were going to make Gerry the head of the Daily Journal. And theyre all dyingevery damn one of them almost. Nobody should believe that Robinhoods trades are free. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. They really need the world to stay the way it is. On Constellations trajectory as an HPC, the economics of a VMS, returns on capital, challenges in organic growth, the runway for M&A, the companys incentive system, and prospects for the use of FCF. The Daily Journal is a legal publisher in Los Angeles, spun out in 1986 as a public company from a closed-end fund Munger and Guerin owned. Daily Journal Corp. - AnnualReports.com Most Recent Annual Report MOST RECENT 2019 Form 10K View Form 10K (HTML) Daily Journal Corp. does not currently have any hardcopy reports on AnnualReports.com. Annual stock financials by MarketWatch. So human greed and the aggression of the brokerage community create these bubbles from time to time. So, its a very interesting competitive field. Those are pretty good rules and theyre pretty simple. Culture is very important. But, I find that the old ways of doing things still work. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. Are traditional dividends and share repurchases the likely end-stateassuming our software business grows into a bonafide companyor will buying and holding securities from time to time be what the board is comfortable with? All rights reserved. But we cant. Featured Content He was just a very old-fashioned sound thinker. Theres a lot of competition and were a very small company compared to our main competitor. Bitcoin reminds me of what Oscar Wilde said about fox hunting. Questions: Why are some people incapable of learning new ideas and behaviors? Charlie Munger: 2022 Daily Journal Annual Meeting Transcript - Junto Today, it hovers around 9500. Investor Overview | Graham Holdings Company 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. Charlie Munger: I dont have any wonderful new thoughts. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. But I do think politics is getting more full of hatred and irrationality than it used to be in America and I dont think thats good. Latticework New York 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. Thats interestingwho in the hell is voting against the accountants? Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. He said, figure out what works and do it. 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. 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. 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. He was a very smart man. On the other hand, as you say, I didnt get rich by buying stocks at high price-earnings multiples in the midst of crazy speculative booms. Intelligent Investing in Crisis Mode. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? The decision was. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. or to simply have an email sent to you whenever we receive a new Jeffrey Stacey, I enjoy it and others will also. And thats the way we handled Gerry. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. 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 Look around all this real estate. New species are created and old species are dying. I recommend that other people follow my practice. Thats the nature of capitalism. Chairmans Letter And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. , whose value grew 4.2% in the past six months, Us Bancorp worth $6.11 million, with 140,000 shares owned, Town & Country Bank & Trust Co Dba First Bankers Trust Co, Stocks and cryptocurrency portfolio tracker. Can you speak to the causes, the trend, and make some predictions? I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. Daily Journal Corporation Company Profile | Los Angeles, CA That was not a startup, but it was so small and thinly traded that we were buying into a venture capital type investment but in the public market. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. I predict that if they do that, a lot of people will leave Washington. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? 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. LOS ANGELES, CA What can you learn from the Barry Duttons bookstore building deal in Brentwood and how would you apply that new knowledge or experience in the future? Ten Charts That Show World Economy's Turbulent Course Over 2022 Market Data Stocks Commodities Rates & Bonds Currencies Futures Sectors View More Markets Economics Economics Indicators Central. Commission-free trading is not free. Charlie Munger: Well, thats a very good question. 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. DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. Discover something new every day from News, Sports, Finance, Entertainment and more! What are the main sources of ancillary revenue expected once the products have gone live and how meaningful will the products like eFile-it, ePay-it, cloud hosting services, and others become? I recommend that other people follow my example. Daily Journal Corporation has 1 stars. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. 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. 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. Theres an old German proverb Ive always liked. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. Question: Charlie, you are known as an advocate for learning from ones mistakes. When I look at the modern Singapore health system, it costs 20% of what the American system costs. Investors play a major and vital role in the success and growth of a company. We dont have any other secrets, do we Jerry? Im afraid thats the way we all have to leave our swords. Munger and Salzman will take shareholder questions from CNBCs Becky Quick.Don't Miss: Valley of Hype: The Culture That Built Elizabeth HolmesWATCH HERE:https://youtu.be/Sb179GLPNYEWatch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube:https://youtu.be/gx-OzwHpM9kSubscribe to Yahoo Finance: https://yhoo.it/2fGu5BbAbout Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. The Hamilton Live 600 14th Street NW Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. Every value investor tries to get more value than he pays for. 2022. We love it anyway. They dont work that hard at figuring out what works and what doesnt. Charlie Munger speaks at the Daily Journal annual meeting He didnt know one damn thing about the Daily Journal when we made him head of it. Gerrys lived a long time too and I think we both have been lucky. But, of course, if we got a chance to do it again, we would do it better. Chinas economic record among the big nations is the best that ever existed in the history of the world. And if you stop to think about it, that is also true at the Daily Journal. DATAROMA Superinvestors Portfolio Holdings Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. I think the oil and gas industry will be here for a long, long time. Daily Journal Corp. - AnnualReports.com Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. How do I update this listing? 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. 2023, Nasdaq, Inc. All Rights Reserved. The only opinion I have there is that I dont think anybody knows whats going to happen for sure. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. If you do that all the time; if youre looking for disconfirming evidence and putting yourself on a grill, thats a good way to help remove ignorance. And he made a very favorable impression. [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. Daily Journal: Transformation Yet to Be Fully Understood The number of people who ever got a chance to do it again is zero. How are they similar or different? Its entirely possible that our system is right for us and their system is right for them. You can hardly think of a decision that matters more to human felicity than who you marry. And I think both of us have done the same thing; we just suck it in and cope. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. What were the lessons learned? I said it wont matter. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. It doesnt happen anymore. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. 13F filing from DAILY JOURNAL CORP, enter your 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. Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. Titan International, Inc. - Investor - Contact And some bankers yield to the temptations. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? Asian Investing Summit And if there is one thing the world could learn from Singapore, what would that be? Question: What is the biggest competitive threat to U.S. banks like Bank of America and US Bankboth equity holdings of the Daily Journal Corporationover the long term? Its one of the most ignorant professions in the world. And I think wise people should just stay out of them. Occasionally, some damned fool will suggest something that violates the laws of physics and I always turn off my mind the minute I realize the poor bastard doesnt know any physics. Of course, its going to be difficult. Charlie Munger: We will not be following Tesla into bitcoin. I think its much easier to find five than it is to find a hundred. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it.
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