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. 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. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek. And, he was very good company and a splendid gentleman. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. regarding their board of directors using the Board Diversity Matrix. PROXY STATEMENT. Latticework London Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. And I think thats what shareholders do. Thats an interesting example of self-learning. Charlie Munger: I have seen an episode or two of the Queens Gambit. And I dont think youll find me engaged in the massive rezonings in the future. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. Download 13F Summary And thats the right way to do it. 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 dont define that as value investing. Everyone knows this isnt a small cap Berkshire Hathaway. It was absolutely incredible. Question: Last February, you spoke about the wretched excess in the financial system. All rights reserved. And it was probably wise that we acted exactly as we did. When I look at the modern Singapore health system, it costs 20% of what the American system costs. 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. And I think, by and large, we made the most practical decisions that were available to us. And, what about passive investing? Value investors know Warren Buffett's classic retort to efficient market theory, "The . Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . Everything you see is profit. Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. We use cookies to ensure that we give you the best experience on our website. Wide-Moat Investing Summit This is a highly desirable thing. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. Chuck Royce. Its chairman is Steven Myhill-Jones. And his conclusion is that mankind should just step up to it and do it. 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. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . Question: Charlie, you are known as an advocate for learning from ones mistakes. Subscribe Columns Labor/Employment Viking River PAGA ruling has no clear destination for employers Mar. 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? I feel the same way about those choices. email address below and choose 'Submit'. Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? Nothing contained on junto.investments constitute a solicitation, recommendation, endorsement, or offer by Junto or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. So its very difficult. Gerry, dont you think were doing pretty well? And I think the world would be better off without them. to see more advanced email alert options such as selecting any type of What else can you do? Licensed software for many ten-year contracts is currently in the multi-year implementation stage. And, of course, its going to create trouble as it did. Question: What have you done to live such a long life? The average salary for Investor Relations Director at companies like DAILY JOURNAL CORP in the United States is $173,091 as of November 23, 2022, but the range typically falls between $149,030 and $199,970. 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. Charlie Munger: Its very hard to have a shrinking business. 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. 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. DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. Do Not Sell My Personal Information (CA Residents Only). But theres also a large risk of losing it coming from within an organization. One thing I can promise is that I wont contribute much to it because I dont understand 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. I dont think we have made a lot of horrible mistakes. That doesnt happen. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. With no analysts or investor relations department, few understand the transformation that has occurred. Copy and paste multiple symbols separated by spaces. They do way more good than harm. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. Since the annual event first launched in 1996 . Investor Relations & Corporate Communications 650-260-7120 ext. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. I was good at having low expectations and that helped me. Its too volatile to serve well as a medium of exchange. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? 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 he was just so good. That happystat has more to do with their happiness and their outcomes in life. Nobody was trying to make the rich richer. Thats what the communists are doing. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Of course, if he had a chance to do it over again, he would avoid those mistakes. And I just think it was academically inconvenient for them. Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. How can you not? All rights reserved. I hope that that will continue in the future. 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. The decision was. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. Contact. And some bankers yield to the temptations. Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. I think people have the theory that any intelligent hardworking person can get to be a great investor. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. So he was just a perfect banker if you wanted never to have any trouble. But Henry was a genius. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. And, of course, its all worked. Nobody should believe that Robinhoods trades are free. But, but by and large, most of the knowledge has been available for a long time. Rick was part of the group which consisted of Warren Buffett, Rick Guerin, and Charlie Munger that bought control of Blue Chip Stamps when it was widely distributed in an anti-trust settlement. Capitalism is almost as brutal as that. Everybody is. Charlie Munger: Were really old both of us. 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. Its difficult, but its not impossible investing in bank stocks successfully. I think the Chinese were very smart. In 1860, GDP per capita in China was 600. But, I hardly think the editorial quality could go way up when employees were going down. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. This years annual report suggests that the traditional business has 97 full-time employees. Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. What is interesting is that in wealth management, a lot of people think that if they have a hundred stocks theyre investing more professionally than they are if they have four or five. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. Will we have fewer gas stations or truck stops in the future? Daily Journal Corp's portfolio is diversified across 3 sectors. Question: What is the biggest lie currently being perpetuated by the investment complex? Charlie Munger: I think Im alive because of a lucky genetic accident. 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. Nothing is particularly obvious for everybody to do the same thing. Is there anything that you wish you had added to your checklist sooner? Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. I dont think Im likely to have any new thoughts that are going to work miracles either. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. Look around all this real estate. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. The only opinion I have there is that I dont think anybody knows whats going to happen for sure. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. Can you speak to the causes, the trend, and make some predictions? 2023 Annual Meeting. Part of the reason for that was cultural. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. I think its much easier to find five than it is to find a hundred. Question: What would management [of Daily Journal] do with a sudden windfall of profits? During his tenure with Diamond, Matthew worked with top-tier investment banks, global payments firms, and international insurance companies to deliver high impact solutions to his clients most challenging business problems. And, for example, here, we must have 30 or 40 deaths. Charlie Munger: Well, I dont participate at all. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. And we cant go to many offices because theyre closed. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. Type a symbol or company name. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. Intellectual Property I was very lucky. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? Now 16 years have passed. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. My guess is we have suffered some editorial quality. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. Currently, their heaviest sector is Finance making up 81.3% of When the pandemic is over, I dont think were going back to just the way things were. And the next time around the poor will get richer faster than the rich. Has the quality of the publication suffered as the employment levels have decreased? Charlie Munger: I would go further. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. I didnt get to where I am by going after mediocre opportunities. We do, as Charlie indicates, have a lot of travel. Tom Gayner, Adds value to my research process. 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. 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. How do you reconcile the idea of paying 50 or 60 times revenue for a growing but unprofitable business with the more traditional value investing concept of a margin of safety? Ive been engaged in recent years in trying to create a better type of student dormitory. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . New species are created and old species are dying. 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. Charlie Munger: I cant think of a We paid high prices for some little companies in the course of trying to enter the court software business. I dont know the answer. On the other hand, the buses in Los Angeles work on natural gas. And what are the implications, since Treasury assets underpin the value of every other asset? 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Schwartz | Josh Shores | Guy Spier | Murray Stahl | Sean Stannard-Stockton | Lauren Templeton | Will Thorndike | Elliot Turner | Michael van Biema | Arnold van den Berg | Marcos Veremis | Ed Wachenheim | Amit Wadhwaney | Adrian Warner | Andrew Wilkinson | Jay Willoughby | Josh Wolfe | Don Yacktman | Tim Yates, MOI Global | The Membership Community of Intelligent Investors. I admire him that much. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Questions: Why are some people incapable of learning new ideas and behaviors? Copyright by BeyondProxy. For example, Coca-Cola in the past. If you try and reduce the poverty too much, its counterproductive. He was a very smart man. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. 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? 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. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. the MV of securities sold, whichever is less, Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. 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. or to simply have an email sent to you whenever we receive a new 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: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? Today, the majority of contractual revenue that can be identified is from implementations and licenses. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. And that isnt necessarily right for its customers. I have a bust of Lee Kuan Yew in my house. In Singapore, you get a savings account the day youre born. And there was one woman who was a year older than he was who was the first-ranked student in the school. Its doing a big public service. I said to Rick, were going to make Gerry the head of the Daily Journal. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. And all I can say is that well do the best we can. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. But I dont think thats going to end up with a mistake. Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. Rose Blumpkin had quite an effect on the Berkshire culture. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. But everybody cant be better than everybody else. Information Agent. I dont think its easy for ordinary people to become great investors. And in biology, what happens is the individuals all die, and eventually, so do all the species. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. 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. Gerry, you have a comment on that? If you stop to think about it, business success long term is a lot like biology. Have you considered amending this quote or lowering your standards? Type a symbol or company name. So, of course, I admire him. And if there is one thing the world could learn from Singapore, what would that be? Have you met Lee Kuan Yew in person? 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. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? On the other hand, it could be handled. I dont think we have any great gift at making macroeconomic predictions. Furthermore, hed gone through the Great Depression. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. Many of our systems are in the cloud. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. Thats entirely due to the practical talent of Lee Kuan Yew. But I wont be following him. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. But we cant. Subscribe to WhaleWisdom to view all filing data European Investing Summit Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. So it gets very dangerous. The company operates in two segments: Traditional business and Journal Technologies. Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. Charlie Munger: Well, it certainly does and thats the kind of thing that can happen when you get a whole lot of people who are using liquid stock markets to gamble the way they would betting on horses. So human greed and the aggression of the brokerage community create these bubbles from time to time. Is there any new material? Charlie Munger: I dont think so. They are joining the modern world very rapidly and theyre getting very skillful at operating. 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 do think that Im way less afraid of inequality than most people who are bleeding about it. He said, figure out what works and do it. Discover something new every day from News, Sports, Finance, Entertainment and more! You can hardly think of anything more important in life than being reliable for the people who trust you. Is it Bitcoin, decentralized finance, or something else? Market Holidays Daily Analyst Ratings Daily Insider Trading. Im not going to change. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. Many, but not all SEC filings are available in the SECs EDGAR database. Thought Leader Series. 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. He was very courageous and generous in helping everybody around him all his life. I recognized early that Gerry could run anything he wanted to run. It operates through the Traditional Business and. 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. 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. God knows it was difficult but I dont think its a mistake. Los . 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. 2022 Junto Investments, all rights reserved. Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? 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. If you continue to use this site we will assume that you are happy with it. Is it digital wallets like PayPal, Square, or Apple Pay? The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. -, 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. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business.

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