That approach will never go out of style. Put me down as skeptical. Questions: Why are some people incapable of learning new ideas and behaviors? 915 E. 1st Street. And you mentioned technologythats very, very important. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Everyone knows this isnt a small cap Berkshire Hathaway. DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. . Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. But I wont be following him. I think that inequality is absolutely an inevitable consequence of having the policies that make a nation grow richer and richer and elevate the poor. 2021 Quotemedia. So he was just a perfect banker if you wanted never to have any trouble. and leadership at Berkshire Hathaway, Munger was . Youve reached the limit of my circle of competence. You dont need to worry about them. 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 . The Daily Journal's 'Slow and Awful' Path to LegalTech Success I think that that will probably continue. Charlie Munger: I think Ill skip that one. Theres a lot of temptation to do dumb things which will make the earnings next quarter go up but are bad for the long term. Im not going to change. 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. The total cash compensation, which includes bonus, and annual incentives, can vary anywhere from $137,730 to $197,363 with the average total cash compensation of $163,305. And, for example, here, we must have 30 or 40 deaths. I wouldnt change my life all that well. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. And some types of real estate in recent years has been particularly difficult. And if you cant do that, youre not gonna win the great chess championships of the world and youre not gonna do as well in business as Henry Singleton did. And theyre all dyingevery damn one of them almost. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Its just that the investment banking profession will sell shit as long as shit can be sold. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? Los Angeles, California 90012 . 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. We love it anyway. We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more. The majority of the companies in the funds portfolio are large-cap stocks. There are factories in China that are just absolutely full of robots and are working beautifully. 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. Chinas economic record among the big nations is the best that ever existed in the history of the world. 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. Charlie Munger: Full Transcript of Daily Journal Annual Meeting 2021 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 one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Charlie Munger: Yes, I think that is rising as we sit here. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. Charlie Munger: I think everybody is willing to hold stocks at higher price-earnings multiples when interest rates are as low as they are now. And what he does is he sells about half of them always. 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. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? He was very amiable the way he talked about it. The fund focuses on investments in the United States as 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. Annual stock financials by MarketWatch. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Thats what weve been doing throughout my whole lifetime. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? I think they would have come out worse because their position was so dire and the poverty was so extreme, they needed very extreme methods to get out of the fix they were in. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. I think theyd run rings around me. In his early education, he was the second-ranked student in the school. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. So, the people part has changed quite considerably being a small company. Knox Lane was founded in 2019. 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 that could happen, but, of course, thats not a sure thing. Ill paraphrase here. Gerald Salzman: Always upbeat, yes. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. That makes the whole thing very awkward. 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. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Daily Journal Corporation's ISS governance QualityScore as . I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. Los . Tu To, Daily Journal Corp: Profile and Biography Apartments have come through better. Download 13F Summary The daily journal stock sells way above the price I would pay if I was buying new stock. Tilly's, Inc. He said, figure out what works and do it. And they dont just keep everlastingly at it the way he did. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. But, but by and large, most of the knowledge has been available for a long time. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. Because if you do that, Im a moral leper. 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. I dont think I can teach you how to retroactively get a new accident yourself. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. In other words, to some extent, its a self-correcting system. When completed, an email will be sent to the email address you specify Of course, that made him very leery of dumb loans. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. And, as Gerry has just said to me just after breakfast, you wouldnt want to invest in a parking lot by a courthouse for the future because an awful lot of the court proceedings are going to go to the internet. Rose Blumpkin had quite an effect on the Berkshire culture. Company Search - astfinancial.com DJCO - Daily Journal Corp Valuation - NASDAQ | Morningstar 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 think management should tell it like it is at all times and not be a big promoter of its own stock. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. Asian Investing Summit Ive been around for a long time and my policy has always been to just write them out. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. 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. Local Chapters Where does it appear most egregious? 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. 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. 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. Theres no question about the fact that Wells Fargo has disappointed long-term investors like Berkshire because the old managementwhich is now removedwere not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to sell stuff that customers didnt really need. But its hard for anybody. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. John Lambert, First class in every way. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. He loved to kid people. He was very courageous and generous in helping everybody around him all his life. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. Contact. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. That recognized reality and worked way better than what other people were doing. So human greed and the aggression of the brokerage community create these bubbles from time to time. 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. Thats what the communists are doing. How do you think about the hydrogen opportunity for transportation and how does it compare to the electric opportunity, specifically thinking about trucks versus cars. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Charlie Munger: Thats too hard in general a question for me. But theres also a large risk of losing it coming from within an organization. Daily Journal: Transformation Yet to Be Fully Understood 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. Youve even said business schools that dont adopt this method are doing their students a disservice. I think the bankers of today could learn a lot from Eugene, but little is known of him. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. The wealth management industry has a crisis on its hands. Thats been greatly curtailed. Currently, Daily Journal Corp's portfolio is worth at least $174 million. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. The only opinion I have there is that I dont think anybody knows whats going to happen for sure. Florida would have a really serious problem. Daily Journal Corp. (S.C.) Common Stock (DJCO) - Nasdaq DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESU.. Daily Journal Corporation Announces Financial Resultsfor the Three Months ended Decemb.. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Res.. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 3.. Daily Journal Corp : Change in Directors or Principal Officers (form 8-K). Investor Letter Excerpts Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. 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! Question: What advice would you give to someone who is trying to stay within their circle of competence but finding that the pace of technical technological innovation is rapidly reducing that circle? SEC Form 13F Filing History. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. This page shows a list of all the recent 13F filings made by Daily Journal Corp. Form 13F is required to be filed within 45 days of the end of a calendar quarter. He lived in a particular town. Sign-up Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? If you continue to use this site we will assume that you are happy with it. Copyright 2023 Surperformance. I do think the present CEO is an extraordinarily able man and the directors made a very wise choice when they put him in charge. And what are the implications, since Treasury assets underpin the value of every other asset? How do I update this listing? Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. Your proxy in the enclosed form is solicited by the Board of Directors of the Company for use at the Annual Meeting of Shareholders to be held on February 12, 2020 at 10:00 a.m. Pacific Standard Time, at The Center at Cathedral Plaza, at 555 W . So, to some extent, everybody buying medical services in Singapore is paying for it themselves. We have our crotchets and I just dont know enough about it to want to go into that activity. It showsed how wise we were to put him there in the first place. I do think banking run intelligently is a very good business. 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 famously run investments through your mental checklist. And I just think it was academically inconvenient for them. Theyve served us well over the years. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Question: What are Mr. Mungers thoughts on the recent GameStop short squeeze by social media and the resulting implications on short selling in the future? Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? 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. Role of Investor Relations - Corporate Finance Institute DJCO | Daily Journal Corp. Company Profile & Executives - WSJ You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. He had excellent judgment. 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. I dont follow that practice but I dont criticize it either. What do you think the long-term consequences will be? Intelligent Investing in Crisis Mode. But I do admire what the Chinese have done. 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. These actions have given some shareholders more visibility and comfort on their investment. Ellen Ireland will be inspector of elections. Youre right. And I dont know whether hes right or not. And thats the way Eugene was in his community. 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? If I had stayed in Omaha, where I was raised, and gotten into the banking business, I would have been a hell of a good banker. Now, it sounds like anybody would know that made sense. The disruption from the decline in newspapers has had a significant impact. I expect less out of bankers than he does. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. All rights reserved. Question: The Federal Reserve appears to be supporting asset prices. What else can you do? But, of course, if we got a chance to do it again, we would do it better. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. DAILY JOURNAL CORPORATION : Shareholders Board Members Managers and And that institution has two assets in its endowment account.