But Im flabbergasted at how well theyre doing. Question: Mr. Munger is a champion of Chinese stocks. Charlie Munger: Well, I dont know how well the economys doing to work in the future. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. In other words, when we shout our knowledge out, were really pounding it out. They are joining the modern world very rapidly and theyre getting very skillful at operating. Gerry has done magnificently well. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. These positions were updated on January 5th based on the funds latest 13F filing. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. 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 . 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. Without the method of learning, youre like a one-legged man in an ass-kicking contest. Question: What have you done to live such a long life? Tom Murphy used to say that his system of management was to delegate just short of total abdication. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? 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%. 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. Investor Relations & Corporate Communications 650-260-7120 ext. With no analysts or investor relations department, few understand the transformation that has occurred. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. Questions: Why are some people incapable of learning new ideas and behaviors? Theyd take you through the building of the canals and the building of the railroads and so on and so on. 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. The first rule of a happy life is low expectations. And, of course, he hated costs. 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. I find that by working at that, I can actually make some improvements even though Im old. The number of people who ever got a chance to do it again is zero. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. Youve said recently that Sequoia is the greatest investment firm ever. Charlie Munger: I think Im alive because of a lucky genetic accident. I think that that will probably continue. Will we have fewer gas stations or truck stops in the future? Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. Charlie Munger: We will not be following Tesla into bitcoin. Theyre just very simple. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. You are limited to the prior 8 quarters of 13F filings. A little wisdom in spouse selection is very desirable. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . CI. Intellectual Property In his early education, he was the second-ranked student in the school. We have our crotchets and I just dont know enough about it to want to go into that activity. Touch device users, explore by touch or with swipe gestures. And thats the right way to do it. Im not saying I wanted to live in China. See our Terms, Privacy Policy, and Disclaimer. I would hate to compete with Sequoia in their field. 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. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. And I dont think youll find me engaged in the massive rezonings in the future. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Or, has the digital revolution caused enormous productivity improvements in those businesses? 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. Non-members may peek into the world of MOI Global via limited access. Chuck Royce. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. He loved to kid people. And I think that were crazy to allow it. It says that man is too soon old and too late smart. I think its much easier to find five than it is to find a hundred. But, of course, its a very difficult field. What are his thoughts on modern monetary theory? Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. 2023 Annual Meeting. Put me down as skeptical. Jen Saunders The meeting was held on February 24, 2021. There arent that many people like Lee Kuan Yew that have ever lived. I think the oil and gas industry will be here for a long, long time. I dont think I can teach you how to retroactively get a new accident yourself. Nobody else has ever taken a big country out of poverty so fast and so on. $174 million and $174 million respectively. That approach will never go out of style. The wealth management industry has a crisis on its hands. If you try and reduce the poverty too much, its counterproductive. Its such a simple idea. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. That way, whatever happens, he feels smart. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. LEARN MORE. He was not a dictator. Commission-free trading is not free. It just created the most unholy mess. Thats what the communists are doing. Charlie Munger: Were really old both of us. But I dont think thats going to end up with a mistake. And if you believe Jeff Bezos is one of the best businessmen you have ever known, would you consider investing early in any of the new projects he will inevitably focus his attention on now that he will not have to be as concerned about the day to day responsibilities of Amazon? If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. 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. Because of that fact, it's of the utmost importance for companies to maintain strong . Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Charlie Munger: Well, I cant top Lee Kuan Yews example. Munger became Chairman (because he was an attorney). The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. So, I think you can count on the fact that what were doing is going to be a big growing field. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). I think office buildings are now in some trouble and, of course, commercial real estate rented to stores has been in a lot of trouble for a long time. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. Investor's Business Daily (IBD), which . 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. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. 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. Theyve served us well over the years. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. You know what her mottoes were? Astronics Corporation Announces Preliminary Sales for Fourth Quarter 2022 of $155 Million to $160 Million; Completes $205 Million Debt Refinancing Nov 15, 2022 4:05 pm EST Astronics Corporation Reports Third Quarter 2022 Financial Results Latest Presentation December 6, 2022 Truist Securities Industrials & Services Summit 2022 Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? The daily journal stock sells way above the price I would pay if I was buying new stock. 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. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. 1996 - janv . 2022. Were going to bust our ass to try and do a good job. Charlie Munger: I think Ill skip that one. We are subject to the orders and directions of those counties which, before, really didnt impact anything. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. Today, it hovers around 9500. And in biology, what happens is the individuals all die, and eventually, so do all the species. And, I was always aware of that and so Ive accepted these damned annual meetings. The average market cap of the portfolio companies is close to $220 billion. I admire him that much. That recognized reality and worked way better than what other people were doing. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. Our editorial system and our advertising system are all in the cloud. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. 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 really need the world to stay the way it is. Those are pretty good rules and theyre pretty simple. And what he does is he sells about half of them always. There are companies that Daily Journal Corp is getting rid of from its portfolio. Discover something new every day from News, Sports, Finance, Entertainment and more! If anybody can fix it, he can. I think the Chinese were very smart. Prior to forming Peterson Capital Management, LLC and launching Peterson Investment Fund I, LP, Matthew split time between Wall Street and London as Capital Markets Manager in the Financial Services Vertical at Diamond Management and Technology Consultants. 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). I think theyd run rings around me. And the next time around the poor will get richer faster than the rich. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. The bad news is its not clear whos gonna win all the business or how much money is going to be made. 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. And he was a great kidder. I knew a man once, Henry Singleton, who was not a chess champion. And he said; I cant decide the order of presidency between a flee and a louse. In 1860, GDP per capita in China was 600. So, its a very interesting competitive field. Always tell the truth and never lie to anybody about anything. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. The company operates in two segments: Traditional business and Journal Technologies. Is there anything that you wish you had added to your checklist sooner? I recognized early that Gerry could run anything he wanted to run. Charlie Munger: Well, we dont really know where its all going. I do think that Im way less afraid of inequality than most people who are bleeding about it. Of course, its hard to negotiate in such a field. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. And his conclusion is that mankind should just step up to it and do it. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. In 2010, that was down to 165 full-time employees and 15 part-time employees. Question: Do you believe global warming is an existential threat to humankind? Theres an old German proverb Ive always liked. Last year it quintupled. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money. Charlie Munger: Well, these things do happen in a market economy. Question: How important is the analysis of company culture in the investment process? And, of course, it works way better than our medical system. But, of course, if we got a chance to do it again, we would do it better. I do think that a properly run bank is a great contributor to civilization and that the central banks of the world like controlling their own banking system and their own money supplies. The largest are the Los Angeles Daily Journal and San Francisco Daily Journal, established in 1888 and 1893, respectively, with 6,300 subscribers between them as of September 30, 2020. They dont work that hard at figuring out what works and what doesnt. That turned out to be a wonderful idea and thats one of the reasons we made all this money. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California.
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