Charlie Munger: Early 70s. The first order of business is to reelect the four directors and the votes are as follows: Charles Munger, 679,481, Gerald Salzman, 660,287, Peter Kaufman, 593,336, Mary Conlon, 651,493. I would hate to compete with Sequoia in their field. He said, figure out what works and do it. Is it Bitcoin, decentralized finance, or something else? Thats our system. You must have a subscription to view WhaleScore histories. The total number of shares, represented by proxies at this meeting, are 995,682, which are more than enough to constitute a quorum making the meeting duly held. I do think the present CEO is an extraordinarily able man and the directors made a very wise choice when they put him in charge. And then the previous 100 years, that got another big chunk of modernity. Timeless Selections Chinas economic record among the big nations is the best that ever existed in the history of the world. Are they more stable? Im not trying to move mountains. They do way more good than harm. Florida would have a really serious problem. They really need the world to stay the way it is. Without the method of learning, youre like a one-legged man in an ass-kicking contest. And, of course, when things get extreme you have things like that short squeeze. Rick was always humorous. This Week in Intelligent Investing. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. Our editorial system and our advertising system are all in the cloud. Those are pretty good rules and theyre pretty simple. I think Im a little more lenient. He was always upbeat. -, Daily Journal Corp : Submission of Matters to a Vote of Security Holders (form 8-K), Charlie Munger downplays risk of Taiwan invasion, says crypto fans are 'idiots', Transcript : Daily Journal Corporation - Shareholder/Analyst Call, Secretary & Executive Vice President-Publications, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. I knew a man once, Henry Singleton, who was not a chess champion. divided by the total MV of the fund. Of course, people behave more sensibly when theyre spending their own money. Good Earnings: Salesforce's revenue was up 18% year-over-year, totaling $31.4 billion, and it's expected to grow to $34.5 billion next year. Touch device users, explore by touch or with swipe gestures. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. We will now proceed to the question period. containing a link to download the .zip file of the CSV file(s) you requested. Latticework London And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? I said to Rick, were going to make Gerry the head of the Daily Journal. , 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. 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? Annual stock financials by MarketWatch. The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. The bad news is its not clear whos gonna win all the business or how much money is going to be made. 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. But, I hardly think the editorial quality could go way up when employees were going down. BYD sells at nearly 200 P/E. There are companies that Daily Journal Corp is getting rid of from its portfolio. Do it right the first time. Is there anything that you wish you had added to your checklist sooner? Currently, their heaviest sector is Finance making up 81.3% of $174 million and $174 million respectively. Copyright 2023 Surperformance. Thank you for all you do to educate us. The Form 13F report requires disclosure of the manager that files the report, the name and class of the security, the CUSIP number, the number of shares . You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. And so, the stock went way up. The votes in favor of that are 995,356 against 120. CI. Daily Journal : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF.. Daily Journal Corporation Announces Financial Resultsfor the Nine Months ended June 30.. Daily Journal Corporation Announces Financial Resultsfor the Six Months ended March 31.. Daily Journal : Fiscal 1Q Earnings Snapshot. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. You can hardly think of anything more important in life than being reliable for the people who trust you. Best Ideas Conference or to simply have an email sent to you whenever we receive a new So, I dont think Bitcoin is going to end up as the medium of exchange for the world. 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. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. Because of that fact, it's of the utmost importance for companies to maintain strong . But, but by and large, most of the knowledge has been available for a long time. So, its a very interesting competitive field. A lot of the good rules of life are like that. What do you think of all of the SPACs and the promoters pushing them? Charlie Munger: Well, heres what I meant. You have to be concerned about employees lives. -, Daily Journal Corp : Submission of Matters to a Vote of Security Holders (form 8-K), Charlie Munger downplays risk of Taiwan invasion, says crypto fans are 'idiots', Transcript : Daily Journal Corporation - Shareholder/Analyst Call. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Theres an old German proverb Ive always liked. SEC Form 13F Filing History. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. Previously, Buntain worked at The Carlyle Group, where he . And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Question: How important is the analysis of company culture in the investment process? Im not going to change. Accounting is also in the cloud. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. 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. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. Thats interestingwho in the hell is voting against the accountants? Membership Tour Have you seen the television show Queens Gambit on Netflix? The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. When you pay for order flow, youre probably charging your customers more and pretending to be free. Of course, if he had a chance to do it over again, he would avoid those mistakes. And thats very interesting. 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. You can hardly think of a decision that matters more to human felicity than who you marry. Subscribe to WhaleWisdom to view all filing data And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. What do you look for in a leader? PROXY STATEMENT. Its hard to run a bank intelligently. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. SEC form, multiple filers or classes of filers, and much more.***. I think its just to some extent you either have it or you dont. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. All except for the legal advertising system which we had to build because nobody else has the volume that we have. And, of course, thats a very dangerous way to invest. And if there is one thing the world could learn from Singapore, what would that be? If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. Its like evolution in biology. How are they similar or different? These positions were updated on January 5th based on the funds latest 13F filing. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. So, Im kind of pleased that Im still functioning at all. Question: Charlie, you are known as an advocate for learning from ones mistakes. And thats the way Eugene was in his community. 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. Give me a new question. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. His method for doing it was so simple. The majority of the companies in the funds portfolio are large-cap stocks. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. I think the result would have been worse if either party had been in control all by itself for the whole period. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC Meet-the-Author Summer Forum Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. 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. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. Because we have the proxies those directors are now reelected. Trending Stocks. 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. Its been amazing that one little company starting up not that many decades ago could become as big as Costco did as fast as Costco did. Knox Lane was founded in 2019. I think you can count on the fact that if we really like the company and we like the managementand that is the way we feel about BYDwere likely to be a little too loyal. Its such a simple idea. And, pretty soon, he turned that into this gloriously prosperous place. Tilly's, Inc. Question: What is the biggest lie currently being perpetuated by the investment complex? The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. And I think both of us have done the same thing; we just suck it in and cope. Similar Job Titles: 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. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. And, I was always aware of that and so Ive accepted these damned annual meetings. Performance He was a very smart man and he had a lot of good ideas. Charlie Munger: I dont have any wonderful new thoughts. And, he was very good company and a splendid gentleman. You are going to be flabbergasted. Buffetts donations to the foundation have obviously helped to save many millions. And I applaud the result. Bitcoin reminds me of what Oscar Wilde said about fox hunting. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. LEARN MORE. Charlie Munger: Were really old both of us. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. I think you should try and make your money in this world by selling other people things that are good for them. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. All rights reserved. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. I think that would be insanity. The stock has gained so much this year and last year. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. 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. Question: What books are you currently reading and what can you reccomend? 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. 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. Contact the transfer agent for answers concerning the subjects below: Dividend reinvestment plan Lost or stolen certificates Stock transfer requirements American Stock Transfer & Trust Company, LLC 1-877-864-4750 Email: info@astfinancial.com Web site: www.astfinancial.com And, of course, its going to create trouble as it did.
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