In a recent regulatory filing, The Daily Journal ( DJCO -3.51%) disclosed that it had bought more shares of Chinese giant Alibaba ( BABA 2.46%) with its corporate cash. 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. N/A: N/A: N/A: . I dont define that as value investing. You have to be concerned about employees lives. I was very lucky. Question: Which do you think is crazier? Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. And I think that that is inevitable because its difficult to be a good investor. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq -, 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. These symbols will be available throughout the site during your session. Rose Blumpkin had quite an effect on the Berkshire culture. 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. Of course, we accomplished quite a bit working together. or to simply have an email sent to you whenever we receive a new 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. The stock appreciated probably way more than intrinsic value. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. If the seas were to rise 60 feet, which could happen in another 100 years or so, wed have to build enormous barriers to sea entry. You know what her mottoes were? They just copied Adam Smith and left out the free speech and it worked fine for them. The total portfolio value may be much higher due to cash 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%. BYD stock did nothing for the first five years we held it. And we cant go to many offices because theyre closed. Latticework Podcast Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. February 12, 2020 . You can hardly think of a decision that matters more to human felicity than who you marry. And, I was always aware of that and so Ive accepted these damned annual meetings. Charlie Munger: I dont know anything about Haven. How would they think about current opportunities with low rates and low inflation? Do it right the first time. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. 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. The Manual of Ideas Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. What I see in China now just staggers me. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. 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. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. That happystat has more to do with their happiness and their outcomes in life. But Im flabbergasted at how well theyre doing. Charlie Munger: Robinhood trades are not free. Question: Last February, you spoke about the wretched excess in the financial system. Charlie Munger: Well, I do have a tip. Last year it quintupled. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. He was just so damn smart. If you continue to use this site we will assume that you are happy with it. Daily Journal Corporation Announces Financial Results for the Six Months ended March 31.. Daily Journal : Announces New Chairman and CEO - Form 8-K. Daily Journal Corp : Change in Directors or Principal Officers, Financial Statements and E.. Daily Journal Corporation Announces New Chairman and CEO, Daily Journal : Fiscal Q1 Earnings Snapshot. And, I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were, how stupid their policies were, and so forth. 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. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. Thats been greatly curtailed. 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. Charlie Munger: I think I had the right temperament. Ellen Ireland will be inspector of elections. 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 Corporation will host a fourth quar. So I think what China has done was probably right for China and that we shouldnt be so pompous as to be telling the Chinese they ought to behave like us because we like ourselves and our system. When completed, an email will be sent to the email address you specify Daily Journal Corp's portfolio is diversified across 3 sectors. So we were like an undertaker who suddenly got prosperous in a plague year. Question: Of the various types of moats and competitive advantages, which types do you think will be most important in the years ahead, and what combinations of competitive advantages can you imagine will create any new types of moats? [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. Its not generally noticed by the public but clearinghouses clear all these trades. Daily Journal Corp is based out of Los Angeles. In other words, to some extent, its a self-correcting system. We were trying to save the whole economy under terrible conditions. 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. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. We all live with that problem. And so, we cant promise were going to succeed. These positions were updated on January 5th based on the funds latest 13F filing. Bitcoin reminds me of what Oscar Wilde said about fox hunting. I dont think its like the newspaper business. Can you speak to the causes, the trend, and make some predictions? 2022. Gerald Salzman: Always upbeat, yes. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. Similar Job Titles: Type a symbol or company name. But, no, I dont think Treasury securities are a big problem. It was totally required. We are subject to the orders and directions of those counties which, before, really didnt impact anything. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. A lot of the good rules of life are like that. 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. . But he knew how to learn what he didnt know. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. Its just that some people look for values in strong companies and some look for values in weak companies. And if there is one thing the world could learn from Singapore, what would that be? $174 million and $174 million respectively. Considering their system, that is not what he should have been doing. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. Question: You identified the opportunity in electrification and invested in BYD. Youve said recently that Sequoia is the greatest investment firm ever. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. Daily Journal Corporation's ISS governance QualityScore as . What happens is that every human being tends to believe way more than he should in what hes worked hard to find out or where hes announced publicly that he already believes. I dont think that hydrocarbons are going. Many, but not all SEC filings are available in the SECs EDGAR database. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. Charlie Munger: Real estate has always been a difficult field. Tilly's, Inc. The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. 1/9/23. Meet-the-Author Summer Forum 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 . They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. So it gets very dangerous. The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. Knox Lane was founded in 2019. I would hate to compete with Sequoia in their field. We dont have any other secrets, do we Jerry? Gerald Salzman: None. Jen Saunders Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. Hell be able to do it. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. 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? And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? Is there any new material? And, I was not surprised when it blew up. Its doing a big public service. The average market cap of the portfolio companies is close to $220 billion. Its just not gonna work. So he was just a perfect banker if you wanted never to have any trouble. Charlie Munger: Well, of course, the places downsized. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. You once said to study the life and work of Lee Kuan Yew. I think most people are born with a happystat. I think when difficulty comes, I expect to have my share. In 2010, that was down to 165 full-time employees and 15 part-time employees. It says that man is too soon old and too late smart. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? When the pandemic is over, I dont think were going back to just the way things were. Everyone knows this isnt a small cap Berkshire Hathaway. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Daily Commerce. 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. Gerald Salzman: There are a number of factors that come into play here. Always tell the truth and never lie to anybody about anything. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. 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. 2021 Quotemedia. But the Chinese have proved that you dont need free speech to have a wonderful economy. Thats a really good rule. the MV of securities sold, whichever is less, Charlie Munger: Well, we dont really know where its all going. Florida would have a really serious problem. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. Delayed Nasdaq Question: You are one of the oldest and greatest thinkers of our time. Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. But you know, most people dont do that. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . I dont think well change on that. USD. Contact. 2022. Everybody has shortcuts to screen out certain hazards. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. Daily Journal Corporation has 1 stars. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. Question: Charlie, you are known as an advocate for learning from ones mistakes. There are companies that Daily Journal Corp is getting rid of from its portfolio. 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. The meeting will come to order. Currently, Daily Journal Corp's portfolio is worth at least $174 million. All rights reserved. Theyve got a better reputation for providing value than practically anybody, including Amazon. 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. Discover something new every day from News, Sports, Finance, Entertainment and more! Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. He gasped and said, but hes never had anything to do with newspapers or anything else. Tom Murphy used to say that his system of management was to delegate just short of total abdication. 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. Intelligent Investing in Crisis Mode. Where does it appear most egregious? About the awards. John Lambert, First class in every way. For example, Coca-Cola in the past. Charlie Munger: Well, I dont participate at all. 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. On the other hand, it could be handled. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) 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 All we can promise is that were gonna try and so far as I can tell, were doing pretty well. 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. And if its unfixable, learn to live without it. As for some of our technology, like eFiling for example, the courts are closed. He was a one party system but he could always be removed by the electorate. We bought all these buildings cheaply. Quickly find out what the most recently closed or increased positions are. Wheaton delivers amongst the highest cash operating . How would you advise these institutions to manage their endowments over the coming decades? You are limited to the prior 8 quarters of 13F filings. Look around all this real estate. Im afraid thats the way we all have to leave our swords. Best Ideas Conference What are his thoughts on modern monetary theory? Theres a lot of competition and were a very small company compared to our main competitor. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. So its a very theoretical discussion. Request Information When autocomplete results are available use up and down arrows to review and enter to select. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. [The questioner] would like to know what Charlies method of learning is. Many of our systems are in the cloud. . You can hardly think of anything more important in life than being reliable for the people who trust you. If its not good enough for Berkshire, shouldnt we have the same standards? Thats true whether youre Benjamin Franklin or Joe klutz. Question: My question concerns China. Gerald Salzman: Charlie refers to the courts, many times. In other words, when we shout our knowledge out, were really pounding it out. Thats the good news. Its just that the investment banking profession will sell shit as long as shit can be sold. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. Ideaweek Podcast Any tips on how to generate insight in these types of situations? email address below and choose 'Submit'. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. Investment Ideas containing a link to download the .zip file of the CSV file(s) you requested. He didnt know one damn thing about the Daily Journal when we made him head of it. A lot of things are going to change. Will we have fewer gas stations or truck stops in the future? I think I would have lived a long time if I had lived a different life. But everybody cant be better than everybody else. The bad news is its not clear whos gonna win all the business or how much money is going to be made. Can U.S. Treasury bonds be such a case today? Delayed Nasdaq A little wisdom in spouse selection is very desirable. Investors play a major and vital role in the success and growth of a company. That approach will never go out of style. We paid two and a half million for it. The first rule of a happy life is low expectations. Latticework London 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. Now, it sounds like anybody would know that made sense. 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. And it was probably wise that we acted exactly as we did. I think theyd run rings around me. Its entirely possible that our system is right for us and their system is right for them. On the other hand, the buses in Los Angeles work on natural gas. Copyright 2023 Surperformance. 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. And his conclusion is that mankind should just step up to it and do it. It sold the previously owned 9,745 shares for $357 thousand. And I think thats what shareholders do. He was old as I am. Since the annual event first launched in 1996 . What do you think we can do to help those who are currently falling behind as a result of this pandemic? You know, its just, its incredible whats happened in terms of the destruction. So, I think you can count on the fact that what were doing is going to be a big growing field. Question: What have you done to live such a long life? Im not going to change. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. And, of course, its all worked. Member Calendar, MOI Global is a wonderful way to expose yourself to the thoughts of some of the most successful investors and investment methods out there. But I do admire what the Chinese have done. The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. So, no I dont think its the responsibility of management to assure where the stock sells. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. It also serves as a newspaper representative specializing in public notice advertising. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. And, of course, when things get extreme you have things like that short squeeze. And, pretty soon, he turned that into this gloriously prosperous place. 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. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. 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. Asian Investing Summit And, of course, its going to create trouble as it did. Classified advertising is down significantly. Chuck Royce. Investor Relations & Corporate Communications 650-260-7120 ext. The wealth management industry has a crisis on its hands. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. I just see more and more of the rich people leaving. Of course, people behave more sensibly when theyre spending their own money. Questions: Many major businesses and high net worth individuals have been leaving California. If you stop to think about it, business success long term is a lot like biology. In his early education, he was the second-ranked student in the school. Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? But, but by and large, most of the knowledge has been available for a long time. Question: Can you share some parting thoughts with the viewers who are watching all around the world? Annual stock financials by MarketWatch. So, its a very interesting competitive field. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. But we cant. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. CORRECTION - Daily Journal Corporation Announces Financial Resultsfor the Three Months.. Daily Journal Corporation Announces Financial Results for fiscal year ended September 3.. Daily Journal Corporation Announces Financial Results for the three months ended Decemb.. Daily Journal Corporation Announces Financial Results for fiscal 2017 ended September 3.. Daily Journal Corporation Announces Financial Results for Fiscal 2016 ended September 3.. Daily Journal Corporation Announces Financial Results for the Three Months Ended Decemb.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year Ended September 3.. Daily Journal Corporation Announces Financial Results for the Nine Months Ended June 30.. Daily Journal Corporation Announces Financial Results for the Six Months Ended March 31.. Daily Journal Corporation Receives Notice Regarding Non-Compliance With NASDAQ Listing .. Daily Journal Corporation : Announces Financial Results for the Three Months Ended Decembe.. Daily Journal Corporation : Announces Financial Results for the Fiscal Year ended Septembe.. Daily Journal Corporation : Announces Financial Results for the Nine Months ended June 30,.. Daily Journal Corporation : Announces Financial Results for the Six Months ended March 31,.. Interim 2023 Earnings Release (Projected), THE NEW YORK TIMES COMPANY : Q1 2023 Earnings Release (Projected), NEWS CORPORATION : Q3 2023 Earnings Release (Projected), REACH PLC : Interim 2023 Earnings Release, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. Question: In your past speeches, you have mentioned the term functional equivalent of embezzlement to describe situations where bubbles can form because both parties involved in a bubble believe the asset to be worth more than it truly is. I think theyre probably right, by the way. Investor's Business Daily (IBD), which . He took over a malarial swamp with no army, no nothing. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. In other words, its your money. They do way more good than harm. And my advice would be if you have a fixable disadvantage, remove it. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Of course, that will still work. I think that would be insanity. 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. Charlie Munger: I think Ill skip that one. Create Email Alert, ***Log In or Daily Journal Corps portfolio is diversified across 3 sectors. FOR ANNUAL MEETING OF SHAREHOLDERS. I said to Rick, were going to make Gerry the head of the Daily Journal. When it gets difficult, I dont think theres any automatic fix for difficulty. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. Gerald Salzman: Well, we dont think about mistakes. Its a funny way to make money. Generally speaking, people assume that were a normal software company like Microsoft or something. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on.