Its a funny way to make money. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. And if you stop to think about it, that is also true at the Daily Journal. 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. We will now proceed to the question period. Give me a new question. Were not enlarging it. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. Im pretty easy on myself these days. Its chairman is Steven Myhill-Jones. I kind of admire the way Bill takes on these very hard problems. The majority of revenue is generated from Traditional business segment. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. Thats the good news. 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. In other words, to some extent, its a self-correcting system. He had a long and wonderful run. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. Because of that fact, it's of the utmost importance for companies to maintain strong . I think you should try and make your money in this world by selling other people things that are good for them. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC 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. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. 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. Question: Last February, you spoke about the wretched excess in the financial system. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. I think that would be insanity. 264 Sara.Pellegrino@iovance.com. They just copied Adam Smith and left out the free speech and it worked fine for them. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . Los Angeles, California 90012 . LEARN MORE. 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. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. It doesnt happen anymore. It operates through the Traditional Business and. Its too volatile to serve well as a medium of exchange. 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 do you and Warren have any tricks or shortcuts to size people up quickly and accurately? Its a very dishonorable low-grade way to talk. are based in the United States. Just time after time he would do something like that. Do you think that digital economy has reached a tipping point such that this time is different and that conventional valuation measures for these types of companies are dead, or does this environment remind you of 1999? Larry Summers has recently been quoted as being worried that were having too much stimulus. 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. Im just learning as I go along. However, is there a price too high that the companys future profits simply cannot justify? Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? 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. Just think of the things that were once prosperous that are now in failure or gone. And so, we cant promise were going to succeed. Munger became Chairman (because he was an attorney). 2021 Quotemedia. February 12, 2020 . Question: Previously, you have said; It takes character to sit with all that cash and do nothing. We are very excited to look forward to enabling the courts to function as we know that they want to and will in the future. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. But we cant. Charlie Munger: Yes, I think it must end badly but I dont know when. Currently, their heaviest sector is Finance making up 81.3% of Charlie Munger: Well thats an easy one. How can you not? I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. Wheaton delivers amongst the highest cash operating . What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. 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. At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. SEC form, multiple filers or classes of filers, and much more.***. Market Holidays Daily Analyst Ratings Daily Insider Trading. I dont think Ive got any great insight about hydrogen. Its just that the investment banking profession will sell shit as long as shit can be sold. You dont need to worry about them. That recognized reality and worked way better than what other people were doing. Gerald Salzman: Well, we dont think about mistakes. 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. Any tips on how to generate insight in these types of situations? The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. These actions have given some shareholders more visibility and comfort on their investment. 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. Of course, that will still work. Its like evolution in biology. 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. That turned out to be a wonderful idea and thats one of the reasons we made all this money. Question: What books are you currently reading and what can you reccomend? 1996 - janv . Create your Watchlist to save your favorite quotes on Nasdaq.com. The disruption from the decline in newspapers has had a significant impact. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. But I do admire what the Chinese have done. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. She created a business with like 500 depression dollars that became a huge business. Member Feedback Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. So human greed and the aggression of the brokerage community create these bubbles from time to time. Latticework London I have a very simple idea on the subject. And if its unfixable, learn to live without it. That doesnt happen. They really need the world to stay the way it is. In his early education, he was the second-ranked student in the school. Rose Blumpkin had quite an effect on the Berkshire culture. -, 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. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. Ive been engaged in recent years in trying to create a better type of student dormitory. And his conclusion is that mankind should just step up to it and do it. And what are the implications, since Treasury assets underpin the value of every other asset? Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? I dont think its easy for ordinary people to become great investors. Can U.S. Treasury bonds be such a case today? Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. Copyright 2023 Surperformance. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. I never buy any and neither does Daily Journal. Is it digital wallets like PayPal, Square, or Apple Pay? Type a symbol or company name. 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. The decision was. 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. You fix what you can fit, and what you cant fix, you endure. Chinas economic record among the big nations is the best that ever existed in the history of the world. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . 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. Member-Only Podcasts Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. And what did the Chinese communists do with respect to death taxes? Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. Were all pretty forgiving of ourselves too which is probably a good thing. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . We paid two and a half million for it. 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. Titan International, Inc. c/o Investor Relations 1525 Kautz Road, Suite 600 West Chicago, IL 60185 investor.relations@titan-intl.com Board Contact Information Written correspondence for any member of Titan's Board of Directors may be sent to their attention: Titan International, Inc. c/o Corporate Secretary 2701 Spruce Street Quincy, IL 62301 Ideaweek Podcast PROXY STATEMENT. I dont know which is worse. You get crazy booms. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. Charlie Munger: I dont think so. Thats a really good rule. Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter. Throughout the transcript below, I have included clickable links to my notes and articles . And, I was not surprised when it blew up. And I applaud the result. Charlie Munger: I dont know anything about Haven. In display advertising, for example, we now utilize a very friendly company that worked with us for 25 years and now they are helping us sell advertising. Thats our system. But, no, I dont think Treasury securities are a big problem. Because we have the proxies those directors are now reelected. I didnt get to where I am by going after mediocre opportunities. Corporate Governance. He took over a malarial swamp with no army, no nothing. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. Daily Journal Corporation offers legal software and services to US courts and other justice agencies, including browser-based case processing systems (eCourt, eProsecutor, eDefender, and eProbation) and electronic filing and payment tools (eFile, ePayIt). The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. 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. And he made a very favorable impression. Of course, if he had a chance to do it over again, he would avoid those mistakes. [The questioner] would like to know what Charlies method of learning is. Bitcoin reminds me of what Oscar Wilde said about fox hunting. And I think thats what shareholders do. If you have unrealistic expectations, youre going to be miserable all your life. BYD sells at nearly 200 P/E. 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. 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. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. Alt Turnover is calculated by taking either the total MV of new purchases or New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. Delayed Nasdaq And I think, by and large, we made the most practical decisions that were available to us. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. It was an accident. Is it Bitcoin, decentralized finance, or something else? So, I think you can count on the fact that what were doing is going to be a big growing field. The bad news is its not clear whos gonna win all the business or how much money is going to be made. How would you advise these institutions to manage their endowments over the coming decades? Charlie Munger: Early 70s. 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. Im not saying I wanted to live in China. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Is there any new material? And there arent many people that can do that. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Best Ideas Conference Im not trying to move mountains. And we cant go to many offices because theyre closed. There are certain behavioral rules. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. Charlie Munger: You have to be optimistic about the competency of our technical civilization. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. 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. And, of course, he hated costs. Buffetts donations to the foundation have obviously helped to save many millions. Tom Murphy used to say that his system of management was to delegate just short of total abdication. The Manual of Ideas 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. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. And my advice would be if you have a fixable disadvantage, remove it. Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. [2]: 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. Question: Has your opinion on cryptocurrencies remained the same? Have you met Lee Kuan Yew in person? Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. Would you share a few stories about him and your fondest memory? Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. You are going to be flabbergasted. Daily Journal Corp. I dont think I can teach you how to retroactively get a new accident yourself. 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. But I do think having a whole system to sell hydrogen is difficult. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. 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. 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. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. Membership Tour What, for example, would you recommend as course materials? Trending Stocks. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. The Hamilton Live 600 14th Street NW 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? 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. John Lambert, First class in every way. 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Thats interestingwho in the hell is voting against the accountants? -, 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. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. Just time after time, he would choose the right system. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. 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. When I look at the modern Singapore health system, it costs 20% of what the American system costs. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. DAILY JOURNAL CORPORATION. A lot of the good rules of life are like that. And I think that that is inevitable because its difficult to be a good investor. So, no I dont think its the responsibility of management to assure where the stock sells. But theres no rule that life has to be easy on the mental side. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. Well, I dont think the quality of publishing public notice advertising has gone down. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq Question: You often advocate for learning from other peoples big calamities and stupidities. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. 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: I dont know how permanent its going to be but it certainly caused a change. 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. Gerald Salzman: Charlie refers to the courts, many times. And, what about passive investing? Under Nasdaq's Board Diversity Proposal, operating companies listed on Nasdaq's U.S. exchange, including Daily Journal Corporation (DJCO), are required to publicly disclose diversity statistics . They do way more good than harm. Charlie Munger: Well, I cant top Lee Kuan Yews example. There arent that many people like Lee Kuan Yew that have ever lived. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. 13F filing from DAILY JOURNAL CORP, enter your If its not good enough for Berkshire, shouldnt we have the same standards? Question: You are one of the oldest and greatest thinkers of our time. Intellectual Property In 1860, GDP per capita in China was 600. 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. Theyve got a better reputation for providing value than practically anybody, including Amazon. Its not generally noticed by the public but clearinghouses clear all these trades. The number of people who ever got a chance to do it again is zero. SEC Form 13F Filing History. But he was 90 years of age. In 2010, that was down to 165 full-time employees and 15 part-time employees. And by the way, I think its hard to teach. Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. Code of Business Conduct and Ethics; Whistle Blower Policy; Shareholder Rights Agreement Annual Meeting of Stockholders Date: June 13, 2022 Time: 10:00 a.m. EDT Location: Hilton McLean Tysons Corner For example, Coca-Cola in the past. Value Investing will never go out of style. Classified advertising is down significantly. He lived in a particular town. 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. 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. What are his thoughts on modern monetary theory? And thats not a sure thing either. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. 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. All those factors come into play and if you go back a little further, we eliminated California Lawyer magazine and we had one time a newspaper in Seattle and one in Denver. So far the evidence would be that maybe the monetary modern monetary theory is right. N/A: N/A: N/A: . 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: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. I think were into a lot less travel and a lot more Zooming. But, of course, if we got a chance to do it again, we would do it better. Of course, people behave more sensibly when theyre spending their own money. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. All-Time Favorites Thats the reason he rose so fast in life. He was death on corruption which was a very good idea. 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. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities When you look at whats happened in California [in terms of] the price of real estate and rentals, weve reduced the number of offices we have both for Journal Technology and for the Daily Journal. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathawayYahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie Munger.The meeting features Daily Journal Chairman and Berkshire Hathaway Vice Chairman Charlie Munger and DJCO President and CEO Jerry Salzman. He had excellent judgment. By the way, thats not the normal outcome in America. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. Many of our systems are in the cloud. Its such a simple idea. And the next time around the poor will get richer faster than the rich. Chuck Royce. You can hardly think of a decision that matters more to human felicity than who you marry. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. So, its a very interesting competitive field. and leadership at Berkshire Hathaway, Munger was . By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. A little wisdom in spouse selection is very desirable. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. Daily Journal Corps portfolio is diversified across 3 sectors. We got a dividend of two and a half million shortly thereafter. DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012.