Announces 2022 Holiday Period Net Sales, Updates Fourth Quarter Outlook. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. Investor Letter Excerpts If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Best Ideas Conference And some bankers yield to the temptations. I prefer the United States. Questions: Why are some people incapable of learning new ideas and behaviors? Thats true whether youre Benjamin Franklin or Joe klutz. Of course, people behave more sensibly when theyre spending their own money. 2/24/23. Im just learning as I go along. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. Discover something new every day from News, Sports, Finance, Entertainment and more! You know what her mottoes were? Intellectual Property Charlie Munger: I dont know anything about Haven. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. 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. Thats what weve been doing throughout my whole lifetime. We would all say that. 306.00. Jen Saunders At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. Quickly find out what the most recently closed or increased positions are. Think of whats died in my lifetime. I cant help you. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. Podcasts enable members to enjoy content in a convenient format. But theres also a large risk of losing it coming from within an organization. So, no I dont think its the responsibility of management to assure where the stock sells. 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. He had excellent judgment. And even if you have a natural gift, you cant be good at it unless you start playing at a very young age and get huge experience. Who is MOI Global? 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. It closed the year with cash flow reaching $7.1 billion . Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? The disruption from the decline in newspapers has had a significant impact. The stock appreciated probably way more than intrinsic value. I dont think Ive got any great insight about hydrogen. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Its difficult, but its not impossible investing in bank stocks successfully. Nobody else has ever taken a big country out of poverty so fast and so on. I think its just to some extent you either have it or you dont. Chuck Akre | Sanjay Bakshi | Brian Bares | David Barr | Chris Bloomstran | John Burbank | Joel Cohen | Larry Cunningham | Aswath Damodaran | Christopher Davis | Charles de Vaulx | Fernando del Pino | Pat Dorsey | Jean-Marie Eveillard | James Ferguson | Frank Fischer | Tom Gayner | Daniel Gladi | Bruce Greenwald | Robert Hagstrom | Connor Haley | Ahron Herring | Michael Huber | Bryan Lawrence | Hendrik Leber | Paul Lountzis | Peter Mantas | David Marcus | Howard Marks | Michael Mauboussin | Chris Mittleman | David Nierenberg | Phil Ordway | Mohnish Pabrai | Francisco Garca Params | Bob Robotti | Franois Rochon | David Rolfe | Jim Roumell | Chuck Royce | Tom Russo | Dave Sather | Florian Schuhbauer | Adam H. 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. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. 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. 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 what the communists are doing. The only opinion I have there is that I dont think anybody knows whats going to happen for sure. 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. We have our crotchets and I just dont know enough about it to want to go into that activity. 2022. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. BYD sells at nearly 200 P/E. Similar Job Titles: 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 Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. He had a long and wonderful run. And there arent many people that can do that. Im afraid thats the way we all have to leave our swords. Could you give more examples both good and bad ones from your personal observations or through vicarious readings? And if you have a free market system thats trying to get rich in the way recommended by Adam Smith, what happens is that its a very irritating system because the poverty that causes so much misery is also causing the growth that makes everybody get out of poverty. Published since 1917, the Daily Commerce is based in Los Angeles and covers news of general interest, columns of interest to real estate investors and brokers, and information on distressed properties in Los Angeles County. The Form 13F report requires disclosure of the manager that files the report, the name and class of the security, the CUSIP number, the number of shares . You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. All text and design is copyright 2020 WhaleWisdom.com. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. Question: What books are you currently reading and what can you reccomend? Do Not Sell My Personal Information (CA Residents Only). Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. Stocks with a size of more than $10 billion in market cap make up How can you not? But, I hardly think the editorial quality could go way up when employees were going down. What prevents the wide use of helpful psychological insight is the fact that psychology gets really useful when you integrate it with all other knowledge. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. I think they stopped because if you taught that course, youd be stealing the best cases from the individual professors of marketing and so on and so on. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? You are on record as a zealous fan of the Chinese work ethic and Confucian value system. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. 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. Daily Journal Corp's portfolio is diversified across 3 sectors. And thats the way Eugene was in his community. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. 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. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . 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. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. 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. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. All rights reserved. And we cant go to many offices because theyre closed. You get crazy booms. There are these periods in capitalism. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. Youve reached the limit of my circle of competence. All rights reserved. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. 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? Asian Investing Summit Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? Until his recent step-down as chairman of the board in April, the marketable. So, you have to be a little closer to the employees needs, desires, babysitting, and all those activities that were kind of taken for granted in the past. Youve even said business schools that dont adopt this method are doing their students a disservice. Thats an interesting example of self-learning. 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. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. I think I would have lived a long time if I had lived a different life. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. 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. And, of course, its all worked. Contact the transfer agent for answers concerning the subjects below: Dividend reinvestment plan Lost or stolen certificates Stock transfer requirements American Stock Transfer & Trust Company, LLC 1-877-864-4750 Email: info@astfinancial.com Web site: www.astfinancial.com Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. Nobody was trying to make the rich richer. . That doesnt happen. Everybodys got a different situation. 915 E. 1st Street. He was very courageous and generous in helping everybody around him all his life. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities As a result of holding those two positions, we have a lower cost than anybody else and we make more money than practically everybody else. Gerry and I have been together, how many years Gerry? Of course, that history is useful to know. I learned those tendencies well enough to synthesize it with the rest of knowledge. Charlie Munger: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. They really need the world to stay the way it is. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as War- ren Buffett's "right arm." Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod- ucts. Any tips on how to generate insight in these types of situations? This information can be used by investors to verify and understand the financial position of the company. What would be a mistake at the Daily Journal which we can all learn from? That approach will never go out of style. See our Terms, Privacy Policy, and Disclaimer. Ill paraphrase here. Chuck Royce. Governance. Im just trying to get a feel for what the long-term capital allocation is. A lot of the people who are doing this remote worka lot are going to work three days a week in the office and two days a week at home. Our editorial system and our advertising system are all in the cloud. He was always upbeat. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? Rose Blumpkin had quite an effect on the Berkshire culture. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie.