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I expect less out of bankers than he does. Create Email Alert, ***Log In or and a top 10 holdings concentration of 100.0%. 75% of the total holdings value. With no analysts or investor relations department, few understand the transformation that has occurred. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. Discover something new every day from News, Sports, Finance, Entertainment and more! And, pretty soon, he turned that into this gloriously prosperous place. Question: Ben Franklin said: Were it offered to my choice, I should have no objection to a repetition of the same life from its beginning, only asking the advantages authors have in a second edition, to correct some faults of the first. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. [The questioner] would like to know what Charlies method of learning is. Hed been a receiver for a bank. No, I dont think I have anything to contribute. We have offices in all the major cities in California and also in Logan, Utah. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. And what he does is he sells about half of them always. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. Best Ideas Omaha They just copied Adam Smith and left out the free speech and it worked fine for them. Chairmans Letter The Daily Journal is a legal publisher in Los Angeles, spun out in 1986 as a public company from a closed-end fund Munger and Guerin owned. I dont think its like the newspaper business. I would hate to compete with Sequoia in their field. Larry Summers has recently been quoted as being worried that were having too much stimulus. Furthermore, hed gone through the Great Depression. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. These positions were updated on January 5th based on the funds latest 13F filing. Charlie Munger: Well, he was one of my closest friends for many decades. Of course, we accomplished quite a bit working together. And if there is one thing the world could learn from Singapore, what would that be? So, of course, I admire him. Look around all this real estate. Currently, their heaviest sector is Finance making up 81.3% of Have you met Lee Kuan Yew in person? But I dont think everybody can be a great investor or a great chess player. Ive been pretty quiet. The decision was. 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. And thats the right way to do it. I think the bankers of today could learn a lot from Eugene, but little is known of him. How would you advise these institutions to manage their endowments over the coming decades? He was that smart. Thought Leader Series. 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. In other words, its your money. Culture is very important. 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. It reminds me of the key phrase and Bunyans Pilgrims Progress in which he says: My sword I leave to him who can wear it. About the awards. He doesnt mind at all not getting credit for his charitable donations. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. Stocks with a size of more than $10 billion in market cap make up -, 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. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. Youve said recently that Sequoia is the greatest investment firm ever. 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. to see more advanced email alert options such as selecting any type of And by the way, I think its hard to teach. Charlie Munger: Well, I consider that very unlikely. Question: You are one of the oldest and greatest thinkers of our time. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as War- ren Buffett's "right arm." Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod- ucts. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Sign-up Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. He was old as I am. Charlie Munger: Were really old both of us. Daily Journal Corporation has 1 stars. And I think, by and large, we made the most practical decisions that were available to us. But its hard for anybody. I dont think well change on that. A lot of people assume that since England led the Industrial Revolution and had free speech early that free speech is required to have a booming economy as prescribed by Adam Smith. What, for example, would you recommend as course materials? Do Not Sell My Personal Information (CA Residents Only). Question: Do you think its best to invest in the common stocks of businesses early or while they are more nascent and the industry is smaller, or wait until they are the clear winner of a more mature industry? BYD stock did nothing for the first five years we held it. God knows it was difficult but I dont think its a mistake. 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? Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! Question: Is the oil and gas industry the new newspapers? N/A: N/A: N/A: . 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. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. We love it anyway. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. 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. Throughout the transcript below, I have included clickable links to my notes and articles . And when the evidence came in that the system wasnt working very well because some of the employees were cheating some of the customers, they came down hard on the customers instead of changing the system. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. 264 Sara.Pellegrino@iovance.com. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. Member Feedback Delayed Nasdaq Ideaweek St. Moritz Nobody should believe that Robinhoods trades are free. 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 But everybody cant be better than everybody else. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. The content provided on the Junto Investments (Junto) website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. Practically everybody does that. Everything you see is profit. Gerald Salzman: Always upbeat, yes. Contact. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. 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. And he was a great kidder. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. Theres a lot of competition and were a very small company compared to our main competitor. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. 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? So I think what China has done was probably right for China and that we shouldnt be so pompous as to be telling the Chinese they ought to behave like us because we like ourselves and our system. 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. Best Ideas Conference Published since 1917, the Daily Commerce is based in Los Angeles and covers news of general interest, columns of interest to real estate investors and brokers, and information on distressed properties in Los Angeles County. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. European Investing Summit Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. Charlie Munger: I think I had the right temperament. These actions have given some shareholders more visibility and comfort on their investment. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? Thats an interesting example of self-learning. I dont define that as value investing. The number of people who ever got a chance to do it again is zero. Charlie Munger: I think Im alive because of a lucky genetic accident. Today, it hovers around 9500. Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . I dont think its easy for ordinary people to become great investors. I have a very simple idea on the subject. Its such a simple idea. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. He loved to kid people. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. Has the quality of the publication suffered as the employment levels have decreased? Munger became Chairman (because he was an attorney). Do you agree with the premise and if so how would you address inequality? It was an accident. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. He had a long and wonderful run. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. He was always upbeat. Charlie Munger: Modern monetary theory means that people are less worried about an inflationary disaster like Weimar Germany from government printing of money and spending it. Tom Murphy used to say that his system of management was to delegate just short of total abdication. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . So it gets very dangerous. , 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. Latticework London Is there anything that you wish you had added to your checklist sooner? Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? Licensed software for many ten-year contracts is currently in the multi-year implementation stage. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. Type a symbol or company name. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. for Q4 2022. When you respond to software by the RFP process, its a very difficult, demanding business and its less profitable and less sure than what Microsoft does. That recognized reality and worked way better than what other people were doing. Request Information The Manual of Ideas Question: Charlie, you are known as an advocate for learning from ones mistakes. So its a very theoretical discussion. Billionaires Group I think Im a little more lenient. Now, it sounds like anybody would know that made sense. I think all good investing is value investing. Nothing is particularly obvious for everybody to do the same thing. 13F filing from DAILY JOURNAL CORP, enter your When the pandemic is over, I dont think were going back to just the way things were. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. Question: Do you believe any psychological personality tests, such as the Myers-Briggs Type Indicator, to be of any good in choosing a compatible partner, given that choosing a spouse is probably the most important decision one can make in life. 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 Daily Journal Corps portfolio is diversified across 3 sectors. And there was one woman who was a year older than he was who was the first-ranked student in the school. View the latest DJCO financial statements, income statements and financial ratios. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. But he knew how to learn what he didnt know. It closed the year with cash flow reaching $7.1 billion . 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.