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. They dont work that hard at figuring out what works and what doesnt. I was good at having low expectations and that helped me. Theyre just very simple. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. We would all say that. And if you cant do that, youre not gonna win the great chess championships of the world and youre not gonna do as well in business as Henry Singleton did. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. Intellectual Property You fix what you can fit, and what you cant fix, you endure. The Manual of Ideas If you dont spend the money, you and your heirs get to spend it eventually. Thought Leader Series. Any tips on how to generate insight in these types of situations? All rights reserved. Generally speaking, people assume that were a normal software company like Microsoft or something. 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 Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. Absolute insanity. Always tell the truth and never lie to anybody about anything. I expect that and I welcome it. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. 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. Rick was always humorous. 13F filing from DAILY JOURNAL CORP, enter your What are the main sources of ancillary revenue expected once the products have gone live and how meaningful will the products like eFile-it, ePay-it, cloud hosting services, and others become? That turned out to be a wonderful idea and thats one of the reasons we made all this money. Also, fortunately before the pandemic, we got out of the conference-type events and we were not subjected to the problems of no conferences nobody to attend. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. Delayed Nasdaq And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. The mantra he said over and over again is very simple. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. When completed, an email will be sent to the email address you specify Everything you see is profit. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. Questions: Many observers see market behavior that reminds them of the Dot Com bubble: wild speculation, endless SPACs, and IPOs soaring on their first day of trading. And they dont do that very wellIm talking about the business schools. Get the latest articles and insights directly to your email inbox. Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. Im not trying to move mountains. Were beholden to the guidelines of the county of Los Angeles and other counties. 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. That way, whatever happens, he feels smart. Do Not Sell My Personal Information (CA Residents Only). Charlie Munger: Real estate has always been a difficult field. But the accountants are duly elected. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! If you dont have master the rest of the knowledge you cant synthesize it with psychology. 2/24/23. We do, as Charlie indicates, have a lot of travel. 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. You can hardly think of anything more important in life than being reliable for the people who trust you. Copy and paste multiple symbols separated by spaces. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. Accounting is also in the cloud. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Classified advertising is down significantly. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. I think some of these things are very difficult and I think, by and large, its a mistake to hire investment managementto hire armies of people to make conclusions. But theres no rule that life has to be easy on the mental side. The meeting was held on February 24, 2021. 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. I dont follow that practice but I dont criticize it either. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. 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. When I look at the modern Singapore health system, it costs 20% of what the American system costs. All-Time Favorites Well, I dont think the quality of publishing public notice advertising has gone down. February 12, 2020 . Daily Journal Corp. (S.C.) Common Stock (DJCO) - Nasdaq Chuck Royce. Gerry, you have a comment on that? Daily Journal Corp - Filing History - Charlie Munger - Fintel Wide-Moat Investing Summit So human greed and the aggression of the brokerage community create these bubbles from time to time. What do you make of these two pricings? Question: You are one of the oldest and greatest thinkers of our time. 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. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. 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. 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. The stock has gained so much this year and last year. Charlie Munger: I think Im alive because of a lucky genetic accident. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. I think its just to some extent you either have it or you dont. 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. Give me a new question. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. Charlie Munger: I think I had the right temperament. Value Investing will never go out of style. Webcast. Role of Investor Relations - Corporate Finance Institute 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. I have a very simple idea on the subject. 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. Gerald Salzman: None. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. And some types of real estate in recent years has been particularly difficult. The decision was. Create Email Alert, ***Log In or , whose value grew 4.2% in the past six months, Us Bancorp worth $6.11 million, with 140,000 shares owned, Town & Country Bank & Trust Co Dba First Bankers Trust Co, Stocks and cryptocurrency portfolio tracker. This very special event honors excellence in the investor relations profession across the US and we are excited to welcome everyone for an evening of fine food, dancing and lots of celebrating! There are factories in China that are just absolutely full of robots and are working beautifully. Charlie Munger: Well, I do have a tip. Gerry has done magnificently well. And were gonna play that as hard as we can. Daily Journal Corporation - Wikipedia This information can be used by investors to verify and understand the financial position of the company. 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. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. And some bankers yield to the temptations. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC So he was just a perfect banker if you wanted never to have any trouble. Daily Journal Corps portfolio is diversified across 3 sectors. The death tax in China is zero. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. What do you think the long-term consequences will be? And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. Everybodys got a different situation. 1/9/23. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. What could investors do to cope better with periodical frenzy? The bad news is its not clear whos gonna win all the business or how much money is going to be made. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. LEARN MORE. Local Chapters Question: Has your opinion on cryptocurrencies remained the same? You once said to study the life and work of Lee Kuan Yew. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. Last year it quintupled. And that isnt necessarily right for its customers. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. But, I find that the old ways of doing things still work. I dont think we have made a lot of horrible mistakes. But everybody cant be better than everybody else. How do you reconcile the idea of paying 50 or 60 times revenue for a growing but unprofitable business with the more traditional value investing concept of a margin of safety? Daily Journal Corp. - AnnualReports.com Most Recent Annual Report MOST RECENT 2019 Form 10K View Form 10K (HTML) Daily Journal Corp. does not currently have any hardcopy reports on AnnualReports.com. Ive been around for a long time and my policy has always been to just write them out. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. That is true and makes sense. Daily Journal Corporation (DJCO) Stock Price, News, Quote - Yahoo! And, of course, its regrettable. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. We admire the company and like its position. He was very courageous and generous in helping everybody around him all his life. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. Do you agree with the premise and if so how would you address inequality? Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. Request Information Youve said recently that Sequoia is the greatest investment firm ever. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. Its just that the investment banking profession will sell shit as long as shit can be sold. Charlie Munger: Well, he was one of my closest friends for many decades. DJCO - Daily Journal Corp Valuation - NASDAQ | Morningstar Its too volatile to serve well as a medium of exchange. A lot of the good rules of life are like that. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. There arent that many people like Lee Kuan Yew that have ever lived. Question: What is the biggest lie currently being perpetuated by the investment complex? Jeffrey Stacey, I enjoy it and others will also. Knox Lane hires Buntain to head investor relations | PE Hub I hope that that will continue in the future. 264 [email protected]. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. The daily journal stock sells way above the price I would pay if I was buying new stock. And I just think it was academically inconvenient for them. Daily Journal Corp 13F annual report (2023) | wallmine Charlie Munger: Yes, I think that is rising as we sit here. Its like evolution in biology. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. 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 I applaud the result. But, but by and large, most of the knowledge has been available for a long time. 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. But I dont think everybody can be a great investor or a great chess player. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. Think of whats died in my lifetime. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. Jen Saunders We take the situation as it is and try to solve it. Knox Lane was founded in 2019. He took over a malarial swamp with no army, no nothing. So, its a serious problem. All rights reserved. He loved to kid people. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? BYD stock did nothing for the first five years we held it. Ellen Ireland will be inspector of elections. N/A: N/A: N/A: . Transfer Agent | Shareholder Services | Investor Relations | Norfolk I wouldnt change my life all that well. 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. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. And if there is one thing the world could learn from Singapore, what would that be? But I do admire what the Chinese have done. 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. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. 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. New Investor Information - Cel Sci 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. Annual stock financials by MarketWatch. Theres a lot of competition and were a very small company compared to our main competitor. Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. Or, has the digital revolution caused enormous productivity improvements in those businesses? 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: I dont know how permanent its going to be but it certainly caused a change. 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: 2022 Daily Journal Annual Meeting Transcript - Junto According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. Investors | Seneca Foods But he could play chess blindfolded at just below the Grandmaster level. How do you recognize a potential downfall in a company you hold/invest in? By the way, thats not the normal outcome in America. And, I was always aware of that and so Ive accepted these damned annual meetings. daily journal corporation investor relations Theres hardly anything he touched he didnt improve. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. Of course, its going to be difficult. Of course, that will still work. I think all of this activity is regrettable. 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. What are the psychological implications of this type of market behavior? Question: Is the oil and gas industry the new newspapers? Los . And, of course, he hated costs. Have you considered amending this quote or lowering your standards? And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. Visit Investor Network Presentation / Fact sheet Get the summary on ISDR today, including a copy of our recent investor presentation View Now US Global HQ One Glenwood Ave, Suite 1001 Raleigh, NC 27603 Tel: +1.919.481.4000 Fax: +1.919.481.6222 [email protected] The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. and leadership at Berkshire Hathaway, Munger was . Thats entirely due to the practical talent of Lee Kuan Yew. Ratios & Margins Daily Journal Corp. All values updated annually at fiscal year end Valuation P/E Ratio (TTM) - P/E Ratio (including extraordinary items) - Price to Sales Ratio 6.55 Price to Book. Thats what the communists are doing. What were the lessons learned? Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. And he was just so good. 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 Just Doubled Down on Alibaba: Should Investors Follow 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? We dont have any other secrets, do we Jerry? Bruker Corporation to Present at Investor Conferences Gerry and I have been together, how many years Gerry? Charlie Munger: Well, these things do happen in a market economy. I was very lucky. Election | | daily-journal.com It operates through the Traditional Business and. Charlie Munger: I would go further. And we cant go to many offices because theyre closed. These positions were updated on January 5th based on the funds latest 13F filing. 75% of the total holdings value. Tu To, Daily Journal Corp: Profile and Biography But there again, it's an interesting thing. and a top 10 holdings concentration of 100.0%. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. The votes in favor of that are 995,356 against 120. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). Copyright by BeyondProxy. Daily Journal Corp is based out of Los Angeles. They manage CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec.