If you try and reduce the poverty too much, its counterproductive. Rich Eisinger, Great content, great people. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. The stock appreciated probably way more than intrinsic value. The Daily Journal Corp office and employees reside in Los Angeles, California. Podcasts enable members to enjoy content in a convenient format. I think civilization would do better without it. I think all good investing is value investing. 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. 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. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . 2023 Annual Meeting. Many, but not all SEC filings are available in the SEC's EDGAR database. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. And in biology, what happens is the individuals all die, and eventually, so do all the species. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. And like last year, you will in this note find a full transcript of the entire meeting. But the Chinese have proved that you dont need free speech to have a wonderful economy. Absolute insanity. Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. And thats the way Eugene was in his community. 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%. Throughout the transcript below, I have included clickable links to my notes and articles . Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. And so, the stock went way up. So its a very theoretical discussion. He cared terribly about not making bad loans or incurring dumb expenses. 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. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. Charlie Munger: Well, I consider that very unlikely. Youd say that everybody does that in their education but I dont think everybody does. I think all of this activity is regrettable. Many, but not all SEC filings are available in the SECs EDGAR database. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. Just time after time he would do something like that. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. He was just a very old-fashioned sound thinker. Member Feedback And theyre all dyingevery damn one of them almost. are based in the United States. Question: You are one of the oldest and greatest thinkers of our time. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. Question: You often advocate for learning from other peoples big calamities and stupidities. 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. Annual stock financials by MarketWatch. Similar Job Titles: Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. I never buy any and neither does Daily Journal. When completed, an email will be sent to the email address you specify And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. All rights reserved. Put me down as skeptical. Youve said recently that Sequoia is the greatest investment firm ever. 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. But, of course, if we got a chance to do it again, we would do it better. And I just think it was academically inconvenient for them. We miss Rick terribly. 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 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. That happystat has more to do with their happiness and their outcomes in life. The bad news is its not clear whos gonna win all the business or how much money is going to be made. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Can you speak to the causes, the trend, and make some predictions? The meeting will come to order. It closed the year with cash flow reaching $7.1 billion . And it was probably wise that we acted exactly as we did. I dont think that hydrocarbons are going. Were all pretty forgiving of ourselves too which is probably a good thing. 915 East First Street. But he knew how to learn what he didnt know. Costco I do think has one thing that Amazon does not. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. What do you make of these two pricings? And, we hope to do well in it. Im not saying I wanted to live in China. Charlie Munger: Well, of course, the places downsized. 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. We dont have any other secrets, do we Jerry? We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. Rick was always humorous. The disruption from the decline in newspapers has had a significant impact. Charlie Munger: Well, heres what I meant. He was old as I am. He was a very smart man and he had a lot of good ideas. 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. They just copied Adam Smith and left out the free speech and it worked fine for them. So you now know what I do in charitable institutions. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. Im afraid thats the way we all have to leave our swords. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. He loved to kid people. Create your Watchlist to save your favorite quotes on Nasdaq.com. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. 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. Questions: Many major businesses and high net worth individuals have been leaving California. 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. But its hard for anybody. As of 29th December 2022, Daily Journal Corps top holding is 2,300,000 shares of Bank Of America currently worth over $76.2 million and making up 43.7% of the portfolio value. If you continue to use this site we will assume that you are happy with it. 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 Hell be able to do it. On the other hand, it could be handled. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. This will schedule a job to export all requested 13f holdings data for this filer. Thats what weve been doing throughout my whole lifetime. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. 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 And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. 13F filing from DAILY JOURNAL CORP, enter your I wouldnt change my life all that well. So, its a serious problem. 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. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. What do you think we can do to help those who are currently falling behind as a result of this pandemic? Featured Content Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. That turned out to be a wonderful idea and thats one of the reasons we made all this money. So, Im kind of pleased that Im still functioning at all. Gerald Salzman: None. When the pandemic is over, I dont think were going back to just the way things were. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. There are companies that Daily Journal Corp is getting rid of from its portfolio. Wide-Moat Investing Summit Have you considered amending this quote or lowering your standards? Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Charlie Munger: Well, I think all stocks can fluctuate. 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. 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. Question: Should there be a tax on buying stock now that Robinhood trades are free? 2022. 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. Investment Ideas But Henry was a genius. Los . And, pretty soon, he turned that into this gloriously prosperous place. I cant help you. Question: What would management [of Daily Journal] do with a sudden windfall of profits? N/A: N/A: N/A: . How are they similar or different? Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. Because we have the proxies those directors are now reelected. In addition, the fund holds 1,591,800 shares of Wells Fargo & Co worth $65.7 million, whose value grew 4.2% in the past six months. In other words, I think the system of checks and balances and elections that our founders gave us actually gave us pretty much the right policies during my lifetime. But I do admire what the Chinese have done. 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. Could you share the secret to living a long, healthy, and happy life? 915 E. 1st Street. A little wisdom in spouse selection is very desirable. I think were into a lot less travel and a lot more Zooming. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy.