The Corporation will host a fourth quar. The wealth management industry has a crisis on its hands. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. Because we have the proxies those directors are now reelected. And they dont do that very wellIm talking about the business schools. Thats interestingwho in the hell is voting against the accountants? 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. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. Question: The Federal Reserve appears to be supporting asset prices. I didnt get to where I am by going after mediocre opportunities. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? I do think banking run intelligently is a very good business. Now, it sounds like anybody would know that made sense. Jeffrey Stacey, I enjoy it and others will also. 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. You dont need to worry about them. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. Furthermore, hed gone through the Great Depression. Nobody should believe that Robinhoods trades are free. All the buses. 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. Its not generally noticed by the public but clearinghouses clear all these trades. Im pretty easy on myself these days. But its hard for anybody. I feel the same way about those choices. Thats very, very important. But, but by and large, most of the knowledge has been available for a long time. 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. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. containing a link to download the .zip file of the CSV file(s) you requested. What do you make of these two pricings? 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. Throughout the transcript below, I have included clickable links to my notes and articles . Some people have a natural trend toward good judgment, and with other people, their life is just a series of mistakes over and over again. 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. And there was one woman who was a year older than he was who was the first-ranked student in the school. Culture is very important. Theyve served us well over the years. Latticework New York Daily Journal Corp's portfolio is diversified across 3 sectors. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Charlie Munger: Yes, I think that is rising as we sit here. Copyright by BeyondProxy. You get crazy booms. . Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. During his tenure with Diamond, Matthew worked with top-tier investment banks, global payments firms, and international insurance companies to deliver high impact solutions to his clients most challenging business problems. 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 Im not trying to move mountains. 2/24/23. Charlie Munger: Its quite importantpart of the success of a company like Costco. Do you think that digital economy has reached a tipping point such that this time is different and that conventional valuation measures for these types of companies are dead, or does this environment remind you of 1999? And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? Just think of the things that were once prosperous that are now in failure or gone. Investor's Business Daily (IBD), which . And he was a great kidder. LEARN MORE. Generally speaking, people assume that were a normal software company like Microsoft or something. 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. Costco I do think has one thing that Amazon does not. Capitalism is almost as brutal as that. In a recent regulatory filing, The Daily Journal ( DJCO -3.51%) disclosed that it had bought more shares of Chinese giant Alibaba ( BABA 2.46%) with its corporate cash. divided by the total MV of the fund. The stock appreciated probably way more than intrinsic value. 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! I kind of admire the way Bill takes on these very hard problems. He was not a dictator. When completed, an email will be sent to the email address you specify You must have a subscription to view WhaleScore histories. How would they think about current opportunities with low rates and low inflation? The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. How can you not? When autocomplete results are available use up and down arrows to review and enter to select. 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. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. By the way, thats not the normal outcome in America. When these people go, there is none replacing them. Youre right. It showsed how wise we were to put him there in the first place. Questions: Why are some people incapable of learning new ideas and behaviors? This years annual report suggests that the traditional business has 97 full-time employees. I wouldnt change my life all that well. I think when difficulty comes, I expect to have my share. 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. Or, has the digital revolution caused enormous productivity improvements in those businesses? She created a business with like 500 depression dollars that became a huge business. 2/13/23. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? Value investors know Warren Buffett's classic retort to efficient market theory, "The . In addition, the fund holds 1,591,800 shares of Wells Fargo & Co worth $65.7 million, whose value grew 4.2% in the past six months. BYD stock did nothing for the first five years we held it. I dont know which is worse. But I do think politics is getting more full of hatred and irrationality than it used to be in America and I dont think thats good. Were all pretty forgiving of ourselves too which is probably a good thing. I find that by working at that, I can actually make some improvements even though Im old. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. Code of Business Conduct and Ethics; Whistle Blower Policy; Shareholder Rights Agreement Annual Meeting of Stockholders Date: June 13, 2022 Time: 10:00 a.m. EDT Location: Hilton McLean Tysons Corner That happened because Gerry and I bought these little newspapers all over the state just as a precaution to make sure we could serve public notice advertising wherever it arose in the state. Have you considered amending this quote or lowering your standards? 2023 Annual Meeting. And, I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were, how stupid their policies were, and so forth. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? for Q4 2022. Governance. I think Im a little more lenient. I never buy any and neither does Daily Journal. Question: What would management [of Daily Journal] do with a sudden windfall of profits? He had a long and wonderful run. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. 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 info@issuerdirect.com Question: Charlie, you are known as an advocate for learning from ones mistakes. In other words, to some extent, its a self-correcting system. Now 16 years have passed. 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. Always tell the truth and never lie to anybody about anything. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. What, for example, would you recommend as course materials? We miss Rick terribly. 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. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. I think you should try and make your money in this world by selling other people things that are good for them. 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. 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. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. I think that that will probably continue. We all live with that problem. 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. Are they more stable? Contact. Knox Lane was founded in 2019. SEC form, multiple filers or classes of filers, and much more.***. Charlie Munger: I think I had the right temperament. Tilly's, Inc. Question: Is the oil and gas industry the new newspapers? Non-members may peek into the world of MOI Global via limited access. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. This will schedule a job to export all requested 13f holdings data for this filer. And if its unfixable, learn to live without it. The number of people who ever got a chance to do it again is zero. Los Angeles, California 90012 . (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) Request Information Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. The Daily Journal Corp office and employees reside in Los Angeles, California. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. We would all say that. 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: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. So far the evidence would be that maybe the monetary modern monetary theory is right. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. 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. So, its a serious problem. Annual stock financials by MarketWatch. Theres no question about the fact that Wells Fargo has disappointed long-term investors like Berkshire because the old managementwhich is now removedwere not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to sell stuff that customers didnt really need. Charlie Munger: Real estate has always been a difficult field. I recommend that other people follow my practice. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. Charlie Munger: Well, I so rarely hold a company like BYD that goes to a nosebleed price that I dont think Ive got a system yet. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. Question: What books are you currently reading and what can you reccomend? Take Gerry. Subscribe to WhaleWisdom to view all filing data 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. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. Of course, that will still work. 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? If you dont have master the rest of the knowledge you cant synthesize it with psychology. Tom Gayner, Adds value to my research process. Theyve got a better reputation for providing value than practically anybody, including Amazon. "While Kimberly was head of Investor relations . Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. And, of course, when things get extreme you have things like that short squeeze. Charlie Munger: Well, I dont know how well the economys doing to work in the future. Its hard to run a bank intelligently. So, you can understand why Warren got disenchanted with Wells Fargo. Question: Eugene Abegg seems like he was one of the best bankers of the last century, achieving both extremely low loan loss rates and earning around 2% on assets over a long time period. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Currently, Daily Journal Corp's portfolio is worth at least $174 million. It seems to involve a lot of your standard causes of human misjudgment. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. I think its just to some extent you either have it or you dont. Theyre in a place thats gotten more valuable. You can hardly think of a decision that matters more to human felicity than who you marry. There are these periods in capitalism. And in biology, what happens is the individuals all die, and eventually, so do all the species. the MV of securities sold, whichever is less, 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. Charlie Munger: Gerry, whats the biggest mistake weve made? Theres a lot of competition and were a very small company compared to our main competitor. Charlie Munger: I think Ill skip that one. Is it digital wallets like PayPal, Square, or Apple Pay? On the other hand, we have a fair amount of time to do it. But I do think having a whole system to sell hydrogen is difficult. Today, the majority of contractual revenue that can be identified is from implementations and licenses. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. If you try and reduce the poverty too much, its counterproductive. There are factories in China that are just absolutely full of robots and are working beautifully. They do way more good than harm. Bitcoin reminds me of what Oscar Wilde said about fox hunting. Question: Which do you think is crazier? How do I update this listing? And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. The fund focuses on investments in the United States as Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. I think its much easier to find five than it is to find a hundred. And I dont think youll find me engaged in the massive rezonings in the future. Charlie Munger: Well, we dont really know where its all going. Of course, people behave more sensibly when theyre spending their own money. [The questioner] would like to know what Charlies method of learning is. And its rather interesting. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. You have to be concerned about employees lives. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? 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. The average market cap of the portfolio companies is close to $220 billion. With no analysts or investor relations department, few understand the transformation that has occurred. The Manual of Ideas But the accountants are duly elected. But Im flabbergasted at how well theyre doing. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? And, of course, thats a very dangerous way to invest. He took over a malarial swamp with no army, no nothing. LOS ANGELES, CA And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Thats entirely due to the practical talent of Lee Kuan Yew. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . In 1860, GDP per capita in China was 600. What I see in China now just staggers me. Everything you see is profit. So, Im kind of pleased that Im still functioning at all. Membership Tour So you now know what I do in charitable institutions. He was old as I am. He loved to kid people. Charlie Munger: Well, he was one of my closest friends for many decades. I recognized early that Gerry could run anything he wanted to run. So, I dont think Bitcoin is going to end up as the medium of exchange for the world. I think they would have come out worse because their position was so dire and the poverty was so extreme, they needed very extreme methods to get out of the fix they were in. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. And I dont know whether hes right or not. are based in the United States. And thats the right way to do it. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). Buffetts donations to the foundation have obviously helped to save many millions. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. Charlie Munger: Its very hard to have a shrinking business. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. And they dont just keep everlastingly at it the way he did. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. I regard this as insanity. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. Corporate Actions Services. But, of course, its a very difficult field. Has the quality gone down? So he was just a perfect banker if you wanted never to have any trouble. I do think that Im way less afraid of inequality than most people who are bleeding about it. Wide-Moat Investing Summit The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. What do you think the long-term consequences will be? Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec. This information can be used by investors to verify and understand the financial position of the company. DAILY JOURNAL CORPORATION. Of course, its going to be difficult. Do Not Sell My Personal Information (CA Residents Only). I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. 915 E. 1st Street. Do you agree with the premise and if so how would you address inequality? With no analysts or investor relations department, few understand the transformation that has occurred. These positions were updated on January 5th based on the funds latest 13F filing. BYD sells at nearly 200 P/E. He was a very smart man and he had a lot of good ideas. We hope theyll continue doing magnificently well. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. 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. Charlie Munger: I dont have any wonderful new thoughts. Thats the reason he rose so fast in life. 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. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. 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).
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