I dont think Im likely to have any new thoughts that are going to work miracles either. Or, has the digital revolution caused enormous productivity improvements in those businesses? Question: Do you think value investing is still relevant in a GDP-decreasing world? I dont think we have made a lot of horrible mistakes. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. News Releases | Investor Relations | Tillys Just time after time he would do something like that. 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. All text and design is copyright 2020 WhaleWisdom.com. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. 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. I think the world is gonna be quite different. And there arent many people that can do that. Question: What have you done to live such a long life? And, I was not surprised when it blew up. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Its doing a big public service. Its just not gonna work. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Nobody else has ever taken a big country out of poverty so fast and so on. Download 13F Summary Apartments have come through better. 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. divided by the total MV of the fund. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Eli Lilly Slashes Price of Insulin | Nasdaq He said it was the pursuit of the uneatable by the unspeakable. Charlie Munger: Real estate has always been a difficult field. FOR ANNUAL MEETING OF SHAREHOLDERS. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people. Do Not Sell My Personal Information (CA Residents Only). Charlie Munger: Well, I dont know how well the economys doing to work in the future. How can you not? Licensed software for many ten-year contracts is currently in the multi-year implementation stage. 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 have a bust of Lee Kuan Yew in my house. Can you speak to the causes, the trend, and make some predictions? Is there anything that you wish you had added to your checklist sooner? He took over a malarial swamp with no army, no nothing. And you mentioned technologythats very, very important. Tom Gayner, Adds value to my research process. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. Wheaton delivers amongst the highest cash operating . 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. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. Create Email Alert, ***Log In or I think Im a little more lenient. That is true and makes sense. Question: What books are you currently reading and what can you reccomend? Question: It is estimated that the Gates Foundation has saved well over 100 million lives. Charlie Munger speaks at the Daily Journal Annual Meeting The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . Charlie Munger: Its very hard to have a shrinking business. So, Im kind of pleased that Im still functioning at all. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. Is it digital wallets like PayPal, Square, or Apple Pay? I expect that and I welcome it. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. Type a symbol or company name. And all I can say is that well do the best we can. Do you agree with the premise and if so how would you address inequality? (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) Investment Ideas I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. 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. and a top 10 holdings concentration of 100.0%. And, what about passive investing? And its really stupid to have a culture that encourages as much gambling in stocks by people who have the mindset of race track betters. As a matter of fact, what happens is to make a nation rich, you need a free market system. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. Many of our systems are in the cloud. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. If you continue to use this site we will assume that you are happy with it. He doesnt mind at all not getting credit for his charitable donations. Charlie Munger: I dont think you can make that a moral responsibility. Gerald Salzman: Well, we dont think about mistakes. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. Thats what weve been doing throughout my whole lifetime. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? In other words, to some extent, its a self-correcting system. Governance. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. I just see more and more of the rich people leaving. Question: In recent years, Berkshire Hathaway has provided much greater insight into the companys succession thoughts and has made available at the annual meeting the companys leading managers that will steer Berkshires future. daily journal corporation investor relations | Tulipnos ltalnos Iskola Latest SEC filings for Daily Journal Corporation (DJCO) Question: It seems likely that the current Fed policy of keeping interest rates near zero will only exacerbate the income disparity in this country by benefiting those who own the financial assets. And so, we cant promise were going to succeed. But he knew how to learn what he didnt know. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Considering their system, that is not what he should have been doing. Ellen Ireland will be inspector of elections. And when the evidence came in that the system wasnt working very well because some of the employees were cheating some of the customers, they came down hard on the customers instead of changing the system. Question: Its been a year since the coronavirus pandemic came to the U.S. What have you all learned about running a business in the past year? And, we have to function as an informal committee in that we have to bring our employees and our clients together to work out what they already know and how we can help them do a better joba more efficient job. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. We bought all these buildings cheaply. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Ive been engaged in recent years in trying to create a better type of student dormitory. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. DAILY JOURNAL CORP Top 13F Holdings - WhaleWisdom.com What I see in China now just staggers me. This years annual report suggests that the traditional business has 97 full-time employees. Tu To, Daily Journal Corp: Profile and Biography Charlie Munger: Well, thats a very good question. or to simply have an email sent to you whenever we receive a new Question: Previously, you have said; It takes character to sit with all that cash and do nothing. Give me a new question. Until his recent step-down as chairman of the board in April, the marketable. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? We expect many of our employees to always be at client court offices because we work with them very closely to make sure they get what they need. Every value investor tries to get more value than he pays for. The daily journal stock sells way above the price I would pay if I was buying new stock. 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. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. The stock appreciated probably way more than intrinsic value. And, of course, its going to create trouble as it did. And I think both of us have done the same thing; we just suck it in and cope. [1]: Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. Ideaweek Podcast Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! 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. Charlie Munger: I dont have any wonderful new thoughts. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. Gerald Salzman: There are a number of factors that come into play here. View the latest DJCO financial statements, income statements and financial ratios. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Its just that the investment banking profession will sell shit as long as shit can be sold. 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? Currently, their heaviest sector is Finance making up 81.3% of [2]: Stocks with a size of more than $10 billion in market cap make up Youre right. Well, I dont think the quality of publishing public notice advertising has gone down. Question: Is the oil and gas industry the new newspapers? 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. But I do think having a whole system to sell hydrogen is difficult. Nobody should believe that Robinhoods trades are free.
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