And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. And, I think that could happen, but, of course, thats not a sure thing. 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. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. 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. Are they more stable? Performance And its rather interesting. When it gets difficult, I dont think theres any automatic fix for difficulty. Hell be able to do it. Charlie Munger: Well, I dont participate at all. 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. Do it right the first time. I hope the newspaper survives too. to see more advanced email alert options such as selecting any type of And we probably have more of those shortcuts than others. But I do think having a whole system to sell hydrogen is difficult. Of course, its hard to negotiate in such a field. And thats not a sure thing either. Do Not Sell My Personal Information (CA Residents Only). Gerald Salzman: There are a number of factors that come into play here. They just copied Adam Smith and left out the free speech and it worked fine for them. It doesnt happen anymore. The base salary for Investor Relations Manager in companies like DAILY JOURNAL CORP range from $117,251 to $165,504 with the average base salary of $145,822. Everything you see is profit. Gerald Salzman: Charlie refers to the courts, many times. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. Question: You famously run investments through your mental checklist. Well, I dont think the quality of publishing public notice advertising has gone down. 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? These are very difficult questions and most people assume that its simple. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. So I dont worry that the country is being ruined by a few people over getting ahead a little faster than the rest of us. Appian: Well-Positioned Platform for Building Enterprise Software, PDF Solutions: Lowly Valued, with Net Cash and Growing SaaS Business, Interactive Brokers: Automated, Low-Cost, High-Margin Business. In his early education, he was the second-ranked student in the school. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Now, it sounds like anybody would know that made sense. The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. And I think both of us have done the same thing; we just suck it in and cope. Click the button below to request a report when hardcopies become available. Apartments have come through better. DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RES.. Daily Journal Corporation Announces Financial Results for the Nine Months ended June 30.. Daily Journal : Fiscal Q2 Earnings Snapshot. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. Of course, that history is useful to know. Were not enlarging it. Who is MOI Global? Charlie Munger: Well, I consider that very unlikely. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. And he made a very favorable impression. 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. 2023 Annual Meeting. That happystat has more to do with their happiness and their outcomes in life. What do you think of all of the SPACs and the promoters pushing them? Charlie Munger: You have to be optimistic about the competency of our technical civilization. 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. Intelligent Investing in Crisis Mode. 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. Investor Letter Excerpts Question: Youve spent much of your life contributing your wisdom to schools and hospitals. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Thats interestingwho in the hell is voting against the accountants? Knox Lane was founded in 2019. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. You must have a subscription to view WhaleScore histories. Im just learning as I go along. If its not good enough for Berkshire, shouldnt we have the same standards? The disruption from the decline in newspapers has had a significant impact. Charlie Munger: I think Im alive because of a lucky genetic accident. and leadership at Berkshire Hathaway, Munger was . The only opinion I have there is that I dont think anybody knows whats going to happen for sure. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. He was a very smart man. 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. We hope theyll continue doing magnificently well. 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. 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? I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. 915 East First Street. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. In other words, its your money. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. When these people go, there is none replacing them. So it gets very dangerous. are based in the United States. Absolute insanity. [The questioner] would like to know what Charlies method of learning is. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. But everybody cant be better than everybody else. And some bankers yield to the temptations. Youve reached the limit of my circle of competence. And he was just so good. Chuck Royce. Copyright by BeyondProxy. Thats an interesting example of self-learning. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. Theres an old German proverb Ive always liked. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. Im not going to change. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. I think that that will probably continue. How do you decide to hold on to a stock or sell some? And you mentioned technologythats very, very important. They are joining the modern world very rapidly and theyre getting very skillful at operating. Everybody is. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. Its just that the investment banking profession will sell shit as long as shit can be sold. The daily journal stock sells way above the price I would pay if I was buying new stock. This information can be used by investors to verify and understand the financial position of the company. Gerrys lived a long time too and I think we both have been lucky. It was an accident. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Charlie Munger: Well thats an easy one. I think the world is gonna be quite different. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. People really trust Costco will be delivering enormous value. But I do admire what the Chinese have done. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. Charlie Munger: We will not be following Tesla into bitcoin. What do you look for in a leader? But I dont think thats going to end up with a mistake. 1996 - janv . If I had stayed in Omaha, where I was raised, and gotten into the banking business, I would have been a hell of a good banker. It was a background that helped everybody. Investment Ideas Charlie Munger: Its hard to know what exact macroeconomic policy is correct. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. 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. The bad news is its not clear whos gonna win all the business or how much money is going to be made. They really need the world to stay the way it is. I feel the same way about those choices. Meet-the-Author Summer Forum I think when difficulty comes, I expect to have my share. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. I think I would have lived a long time if I had lived a different life. Munger and Salzman will take shareholder questions from CNBCs Becky Quick.Don't Miss: Valley of Hype: The Culture That Built Elizabeth HolmesWATCH HERE:https://youtu.be/Sb179GLPNYEWatch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube:https://youtu.be/gx-OzwHpM9kSubscribe to Yahoo Finance: https://yhoo.it/2fGu5BbAbout Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. Gerry, dont you think were doing pretty well? If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. 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. Non-members may peek into the world of MOI Global via limited access. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. I dont think Im likely to have any new thoughts that are going to work miracles either. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. You are going to be flabbergasted. And if its unfixable, learn to live without it. And, as Gerry has just said to me just after breakfast, you wouldnt want to invest in a parking lot by a courthouse for the future because an awful lot of the court proceedings are going to go to the internet. 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. I was good at having low expectations and that helped me. Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. The hydrocarbons are also needed as chemical feedstocks. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. February 12, 2020 . 2021 Quotemedia. It seems to involve a lot of your standard causes of human misjudgment. That was not a startup, but it was so small and thinly traded that we were buying into a venture capital type investment but in the public market. I think theyre probably right, by the way. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. It wasnt some malevolence of the rich that caused it. You know what her mottoes were? And, we hope to do well in it. Type a symbol or company name. of stocks: 4 Portfolio value: $174,434,000 Holdings Activity Buys Sells History * Reported Price is the price of the security as of the portfolio date. Delayed Nasdaq What are his thoughts on modern monetary theory? Timeless Selections But, of course, its a very difficult field. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . 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. So we were like an undertaker who suddenly got prosperous in a plague year. I wouldnt change my life all that well. Charlie Munger: Were really old both of us. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. Everyone knows this isnt a small cap Berkshire Hathaway. But Henry was a genius. Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. USD. 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.