I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? I think the Chinese were very smart. We are subject to the orders and directions of those counties which, before, really didnt impact anything. Its just that the investment banking profession will sell shit as long as shit can be sold. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? Theyd take you through the building of the canals and the building of the railroads and so on and so on. On the other hand, as you say, I didnt get rich by buying stocks at high price-earnings multiples in the midst of crazy speculative booms. [The questioner] would like to know what Charlies method of learning is. Costco I do think has one thing that Amazon does not. And some bankers yield to the temptations. Would you share a few stories about him and your fondest memory? Charlie Munger: Well, I dont know how well the economys doing to work in the future. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. Question: You identified the opportunity in electrification and invested in BYD. And, of course, its all worked. 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. 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. Sign-up "While Kimberly was head of Investor relations . DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESU.. Daily Journal Corporation Announces Financial Resultsfor the Three Months ended Decemb.. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Res.. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 3.. Daily Journal Corp : Change in Directors or Principal Officers (form 8-K). 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. Because of that fact, it's of the utmost importance for companies to maintain strong . 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. I learned those tendencies well enough to synthesize it with the rest of knowledge. Question: Should there be a tax on buying stock now that Robinhood trades are free? The majority of revenue is generated from Traditional business segment. 2/13/23. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . Of course, its going to be difficult. 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. Is there any new material? Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? Has the quality gone down? Florida would have a really serious problem. You once said to study the life and work of Lee Kuan Yew. These actions have given some shareholders more visibility and comfort on their investment. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? In other words, to some extent, its a self-correcting system. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. And some types of real estate in recent years has been particularly difficult. 1/9/23. What could investors do to cope better with periodical frenzy? Daily Journal Corporation Company Profile | Los Angeles, CA 2022. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Thats the reason he rose so fast in life. I think that that will probably continue. Its entirely possible that our system is right for us and their system is right for them. 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. And, of course, thats a very dangerous way to invest. With no analysts or investor relations department, few understand the transformation that has occurred. Bitcoin reminds me of what Oscar Wilde said about fox hunting. Gerry, dont you think were doing pretty well? And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Nobody else has ever taken a big country out of poverty so fast and so on. I think that inequality is absolutely an inevitable consequence of having the policies that make a nation grow richer and richer and elevate the poor. We would all say that. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. These positions were updated on January 5th based on the funds latest 13F filing. Look around all this real estate. Charlie Munger: Well, heres what I meant. Gerald Salzman: None. And, I think that could happen, but, of course, thats not a sure thing. But, of course, its a very difficult field. All rights reserved. Charlie Munger: Well, I dont think I know exactly what the future of banking is and I dont think I know how the payment system will evolve. When autocomplete results are available use up and down arrows to review and enter to select. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. DJCO | Daily Journal Corp. Company Profile & Executives - WSJ When people gave me a good idea and I could see it was a good idea, I quickly mastered it and started using it for the rest of my life. Is it Bitcoin, decentralized finance, or something else? All the good things. 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. Daily Journal Corporation (DJCO) - 8-K - Current report SEC FilingsYesterday, 3:57 PM Daily Journal Corporation (DJCO) - 10-Q - Quarterly Report SEC FilingsMon, Feb. 13 Daily. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. Question: Which do you think is crazier? The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. And I dont know whether hes right or not. 915 E. 1st Street. Get the latest articles and insights directly to your email inbox. What I see in China now just staggers me. We will now proceed to the question period. Washington State is actually considering a wealth tax at the state level. All-Time Favorites Munger became Chairman (because he was an attorney). 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. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. We all live with that problem. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. Thats what weve been doing throughout my whole lifetime. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. If you were offered a fresh start today, what would you do differently in life and in investing? 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. This years annual report suggests that the traditional business has 97 full-time employees. He had a long and wonderful run. They do way more good than harm. So, its a serious problem. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. Thats our system. Can U.S. Treasury bonds be such a case today? Culture is very important. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Charlie Munger: Well, I do have a tip. I think they stopped because if you taught that course, youd be stealing the best cases from the individual professors of marketing and so on and so on. 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. 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: No, I would say that of course, theres some new material in misjudgment. I have a very simple idea on the subject. Ideaweek Podcast But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Gerald Salzman: Always upbeat, yes. Member Feedback But he was 90 years of age. Charlie Munger: You have to be optimistic about the competency of our technical civilization. But, I dont think Ive got a lot to contribute. 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. The fund focuses on investments in the United States as 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 Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. So we were like an undertaker who suddenly got prosperous in a plague year. Im not going to change. If you stop to think about it, business success long term is a lot like biology. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. 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. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. So, of course, I admire him. Have you met Lee Kuan Yew in person? We miss Rick terribly. Always on point. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. That was a big error in judgment. I kind of admire the way Bill takes on these very hard problems. . Of course, people behave more sensibly when theyre spending their own money. He cared terribly about not making bad loans or incurring dumb expenses. Good Earnings for Salesforce Might Give Activist Investors a Chill Pill The Corporation will host a fourth quar. 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. Theres an old German proverb Ive always liked. But, I hardly think the editorial quality could go way up when employees were going down. But I do think having a whole system to sell hydrogen is difficult. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. I think the bankers of today could learn a lot from Eugene, but little is known of him. 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. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. My guess is we have suffered some editorial quality. Of course, that history is useful to know. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. 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. Corporate Actions Services. 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. Practically everybody does that. Its such a simple idea. So you now know what I do in charitable institutions. There arent that many people like Lee Kuan Yew that have ever lived. And all I can say is that well do the best we can. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Now, it sounds like anybody would know that made sense. And I think the world would be better off without them. PDF Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Charlie Munger: I think I had the right temperament. 2022 Junto Investments, all rights reserved. Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. How do you decide to hold on to a stock or sell some? And he made a very favorable impression. If you dont spend the money, you and your heirs get to spend it eventually. We take the situation as it is and try to solve it. Ideaweek St. Moritz It doesnt happen anymore. SEC Form 13F Filing History. And it was probably wise that we acted exactly as we did. A little wisdom in spouse selection is very desirable. Daily Journal Corporation's ISS governance QualityScore as . Charlie Munger: Well, the one charitable institution where I have had some influence for a very long time has a whole bunch of hotshot financiers in every branch of wealth management there is on the board. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. 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. Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? And thats the way we handled Gerry. That thing circulates. Its just that some people look for values in strong companies and some look for values in weak companies. But you know, most people dont do that. Question: You famously run investments through your mental checklist. Commission-free trading is not free. It just created the most unholy mess. They dont work that hard at figuring out what works and what doesnt. It was an accident. So its very difficult. When the pandemic is over, I dont think were going back to just the way things were. I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that theyre way above average. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? I think that would be insanity. 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? Its very difficult to hire reporters in the San Francisco area with all the demands coming from the internet companies wanting to have an editorial product. Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. 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