Daily Commerce. And we cant go to many offices because theyre closed. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. Its not generally noticed by the public but clearinghouses clear all these trades. Theres hardly anything he touched he didnt improve. I think Im a little more lenient. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. Announces 2022 Holiday Period Net Sales, Updates Fourth Quarter Outlook. 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. How do I update this listing? The mantra he said over and over again is very simple. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. of stocks: 4 Portfolio value: $174,434,000 Holdings Activity Buys Sells History * Reported Price is the price of the security as of the portfolio date. Trending Stocks. Those are pretty good rules and theyre pretty simple. You know what her mottoes were? What else can you do? Investor Overview | Graham Holdings Company Gerry, you have a comment on that? Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. But he could play chess blindfolded at just below the Grandmaster level. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. How would you advise these institutions to manage their endowments over the coming decades? Have you met Lee Kuan Yew in person? Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. Of course, people behave more sensibly when theyre spending their own money. I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. 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. Its been amazing that one little company starting up not that many decades ago could become as big as Costco did as fast as Costco did. I think that shareholders should be more sensible and not crowd into stocks and buy them just because theyre going up and they like to gamble. Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. I think that the methods that Ive used including the checklists are the correct methods and Im grateful that I found them as early as I did and that the methods have worked as well as they have. Considering their system, that is not what he should have been doing. Charlie Munger: Well, you know, I had a failed marriage, so I dont think Im in the perfect position to advise the young about marriage. 915 E. 1st Street. Last year it quintupled. Daily Journal Corporation (DJCO) company profile & facts - Yahoo! And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Many, but not all SEC filings are available in the SECs EDGAR database. Get the latest articles and insights directly to your email inbox. Wheaton delivers amongst the highest cash operating . . Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. In 1860, GDP per capita in China was 600. 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. -, 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, Secretary & Executive Vice President-Publications, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. I do think that a properly run bank is a great contributor to civilization and that the central banks of the world like controlling their own banking system and their own money supplies. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. 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. Charlie Munger: Well, I think all stocks can fluctuate. containing a link to download the .zip file of the CSV file(s) you requested. Stocks with a size of more than $10 billion in market cap make up And thats very interesting. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? Daily Journal | DJCO Stock Price, Company Overview & News - Forbes Question: Mr. Munger recently raised the alarm about the level of money printing taking place. Or, has the digital revolution caused enormous productivity improvements in those businesses? Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. Charlie Munger: Well, I do have a tip. Performance LEARN MORE. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? 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. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? 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. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. Download 13F Summary Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. Question: Mr. Munger is a champion of Chinese stocks. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? However, could you be more specific? 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 Moody's Corporation to Present at Investor Conferences Charlie Munger: Well, we dont really know where its all going. About the awards. I dont think its easy for ordinary people to become great investors. And by the way, I think its hard to teach. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. Theres a lot of competition and were a very small company compared to our main competitor. As a matter of fact, what happens is to make a nation rich, you need a free market system. Charlie Munger: Yes, I think that is rising as we sit here. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. Best Ideas Conference Ive been engaged in recent years in trying to create a better type of student dormitory. And, pretty soon, he turned that into this gloriously prosperous place. Wide-Moat Investing Summit Gerald Salzman: Always upbeat, yes. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. Daily Journal Corporation (DJCO) - Yahoo! Put me down as skeptical. Charlie Munger: Well, I so rarely hold a company like BYD that goes to a nosebleed price that I dont think Ive got a system yet. I never buy any and neither does Daily Journal. Charlie Munger: You have to be optimistic about the competency of our technical civilization. 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. What are his thoughts on modern monetary theory? Any tips on how to generate insight in these types of situations? And I think that were crazy to allow it. We got a dividend of two and a half million shortly thereafter. I tell a story on Rick that he took the Navys IQ test and got one of the highest scores ever recorded and left early. All-Time Favorites 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. As a result of holding those two positions, we have a lower cost than anybody else and we make more money than practically everybody else. I dont follow that practice but I dont criticize it either. I think civilization would do better without it. But, I find that the old ways of doing things still work. 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. 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? You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. 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. And thats the way Eugene was in his community. 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. Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? My guess is we have suffered some editorial quality. Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. Charlie Munger: Well, I cant top Lee Kuan Yews example. I dont think we have any great gift at making macroeconomic predictions. Im just trying to get a feel for what the long-term capital allocation is. Everybody has shortcuts to screen out certain hazards. Tu To, Daily Journal Corp: Profile and Biography Question: The Federal Reserve appears to be supporting asset prices. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. DJCO | Daily Journal Corp. Company Profile & Executives - WSJ 264 Sara.Pellegrino@iovance.com. I recommend that other people follow my practice. What, for example, would you recommend as course materials? I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. But Im flabbergasted at how well theyre doing. Kimberly Stewart - Head of Investor Relations - LinkedIn All we can promise is that were gonna try and so far as I can tell, were doing pretty well. And he was a great kidder. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? Daily Journal Corp 13F annual report (2023) | wallmine Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. If you were offered a fresh start today, what would you do differently in life and in investing? Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. They manage Question: What is the wisdom behind holding bank stocks compared to other stocks. Daily Journal: Transformation Yet to Be Fully Understood A lot of the old moats are going away, and, of course, people are creating new moats all the time. That happystat has more to do with their happiness and their outcomes in life. 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. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? The stock appreciated probably way more than intrinsic value. Sure, we all love the kind of civilization we have. for Q4 2022. So you now know what I do in charitable institutions. Charlie Munger: Well, heres what I meant. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. When these people go, there is none replacing them. We are in fact being a more difficult type of software business than Microsoft. Costco I do think has one thing that Amazon does not. And I just think it was academically inconvenient for them. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . It was absolutely incredible. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. When I saw that psychology was necessary and I didnt have it, I didnt just learn the little tendencies well enough to get As in psychology. Meet-the-Author Summer Forum I think were into a lot less travel and a lot more Zooming. Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. daily journal corporation investor relations | Tulipnos ltalnos Iskola Copyright 2023 Surperformance. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. 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. Charlie Munger speaks at the Daily Journal Annual Meeting It just created the most unholy mess. Membership Tour Our editorial system and our advertising system are all in the cloud. Remember the Dot Com boom when every little building in Silicon Valley ran into a huge price and a few months later about a third of them were vacant. 2022. He loved to kid people. 1/9/23. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. Questions: Many major businesses and high net worth individuals have been leaving California. Copyright by BeyondProxy. With no analysts or investor relations department, few understand the transformation that has occurred. djco20191220_def14a.htm - SEC Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Tilly's, Inc. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. I think I would have lived a long time if I had lived a different life. And what are the implications, since Treasury assets underpin the value of every other asset? Charlie Munger: Full Transcript of the 2021 Daily Journal Meeting - Junto New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. Theyve got a better reputation for providing value than practically anybody, including Amazon. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Charlie Munger: Real estate has always been a difficult field. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. Thank you for all you do to educate us. DAILY JOURNAL CORP Top 13F Holdings - WhaleWisdom.com The average market cap of the portfolio companies is close to $220 billion. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. The Corporation will host a fourth quar. Chairmans Letter Rich Eisinger, Great content, great people. These are very difficult questions and most people assume that its simple. I dont think we have made a lot of horrible mistakes. Gerry, can you ever remember Rick down? Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. Will we have fewer gas stations or truck stops in the future? Question: The highly configurable JTI product may help e-suites integrate deeply into new jurisdictions as agencies and citizens become familiar with the courthouse software. 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? Nobody should believe that Robinhoods trades are free. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? And, he was very good company and a splendid gentleman. +2.68%. You can hardly think of anything more important in life than being reliable for the people who trust you. And, of course, thats a very dangerous way to invest. The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. 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. Question: I enjoyed your Caltech interview and wanted you to elaborate and provide more insights on your point of great investors and great chess players. I dont think Ive got any great insight about hydrogen. So, I think you can count on the fact that what were doing is going to be a big growing field. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. Has the quality gone down? Charlie Munger: Well, I dont know how well the economys doing to work in the future. I think theyd run rings around me. Part of the reason for that was cultural. Election | | daily-journal.com And I think thats what shareholders do. Can U.S. Treasury bonds be such a case today? In other words, when we shout our knowledge out, were really pounding it out. Can you provide similar insight regarding the future at the Daily Journal and would you consider implementing policies like those at Berkshire so shareholders can get to know the up-and-coming leaders in the organization? Investors | Seneca Foods And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. Im not trying to move mountains. But there again, it's an interesting thing. No, I dont think I have anything to contribute. divided by the total MV of the fund. Of course, that made him very leery of dumb loans. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? Question: Ben Franklin said: Were it offered to my choice, I should have no objection to a repetition of the same life from its beginning, only asking the advantages authors have in a second edition, to correct some faults of the first. Charlie Munger: I think Ive learned to avoid zoning work. Charlie Munger: I think I had the right temperament. With that one exception, Ive stayed out of Sequoias business because theyre so much better at it than I would be and I dont know how to do it the way they do it. DAILY JOURNAL CORPORATION : Press releases | DJCO | US2339121046

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