Everybody has shortcuts to screen out certain hazards. Its just that the investment banking profession will sell shit as long as shit can be sold. Charlie Munger: I think Ive learned to avoid zoning work. Ive been pretty quiet. Timeless Selections All we can promise is that were gonna try and so far as I can tell, were doing pretty well. [2]: So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. 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. I think all good investing is value investing. Chinese stocks are often sensitive to geopolitical events, and news that Biden and Xi will meet later this year could signal a thaw in relations between China and the U.S. Daily Journal Corporation Reports Quarterly Revenue $11.68 Mln Daily Journal Corporation says For Nine Months Ended June 30 Consolidated Revenues Of $35.7 mln Versus $30.6 . Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. I think people have the theory that any intelligent hardworking person can get to be a great investor. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Its very difficult to hire reporters in the San Francisco area with all the demands coming from the internet companies wanting to have an editorial product. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. In his early education, he was the second-ranked student in the school. Copyright 2023 Surperformance. Charlie Munger: Well, I do have a tip. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. All rights reserved. Its just not gonna work. So, the people part has changed quite considerably being a small company. The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? Annual stock financials by MarketWatch. Charlie Munger: Early 70s. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. Youd say that everybody does that in their education but I dont think everybody does. All rights reserved. The meeting will come to order. I tell a story on Rick that he took the Navys IQ test and got one of the highest scores ever recorded and left early. The Corporation will host a fourth quar. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. The Frankfurt Conversation, I got more out of Ideaweek than any investing-related event Ive been to since 1986. Peter Leacock, Senior Portfolio Manager, CIBC Wood Gundy. Charlie Munger: I think Im alive because of a lucky genetic accident. I think the world is gonna be quite different. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. Best Ideas Omaha 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. But I dont think thats going to end up with a mistake. But you know, most people dont do that. Theres hardly anything he touched he didnt improve. Theyd take you through the building of the canals and the building of the railroads and so on and so on. Titan International, Inc. c/o Investor Relations 1525 Kautz Road, Suite 600 West Chicago, IL 60185 investor.relations@titan-intl.com Board Contact Information Written correspondence for any member of Titan's Board of Directors may be sent to their attention: Titan International, Inc. c/o Corporate Secretary 2701 Spruce Street Quincy, IL 62301 The average market cap of the portfolio companies is close to $220 billion. 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? 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? And I think that were crazy to allow it. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. Were all pretty forgiving of ourselves too which is probably a good thing. When completed, an email will be sent to the email address you specify Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. We hope theyll continue doing magnificently well. 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. Gerald Salzman: Well, we dont think about mistakes. Charlie Munger: I dont know anything about Haven. So, you can understand why Warren got disenchanted with Wells Fargo. 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. Delayed Nasdaq Chinas economic record among the big nations is the best that ever existed in the history of the world. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? Its entirely possible that our system is right for us and their system is right for them. Latticework Podcast And they dont just keep everlastingly at it the way he did. It closed the year with cash flow reaching $7.1 billion . The votes in favor of that are 995,356 against 120. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? If you do that all the time; if youre looking for disconfirming evidence and putting yourself on a grill, thats a good way to help remove ignorance. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Its a very dishonorable low-grade way to talk. This is a highly desirable thing. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. I recognized early that Gerry could run anything he wanted to run. Gerrys lived a long time too and I think we both have been lucky. The majority of the companies in the funds portfolio are large-cap stocks. Everybody is. What prevents the wide use of helpful psychological insight is the fact that psychology gets really useful when you integrate it with all other knowledge. $174 million and $174 million respectively. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. That approach will never go out of style. No, I dont have any secrets. Do you agree with the premise and if so how would you address inequality? Will we have fewer gas stations or truck stops in the future? February 26, 2021 / Richard Lewis / 6 Comments. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. Thats the reason he rose so fast in life. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? A passionate, seasoned, internal Investor Relations strategist, executioner, demand-builder and teammate proactively taking a Company's story to Wall Street -- one ticker at a time | Learn more . Rick was always humorous. 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. Thats the nature of capitalism. 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. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. He said it was the pursuit of the uneatable by the unspeakable. Member Calendar, MOI Global is a wonderful way to expose yourself to the thoughts of some of the most successful investors and investment methods out there. The bad news is its not clear whos gonna win all the business or how much money is going to be made. When it gets difficult, I dont think theres any automatic fix for difficulty. DAILY JOURNAL CORPORATION. Ellen Ireland will be inspector of elections. It seems to involve a lot of your standard causes of human misjudgment. 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. Charlie Munger: Well, I dont participate at all. February 12, 2020 . Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? You know, its just, its incredible whats happened in terms of the destruction. That doesnt happen. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. He took over a malarial swamp with no army, no nothing. And I dont think youll find me engaged in the massive rezonings in the future. Theyve got a better reputation for providing value than practically anybody, including Amazon. 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. Question: I enjoyed your Caltech interview and wanted you to elaborate and provide more insights on your point of great investors and great chess players. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. And all I can say is that well do the best we can. Question: Do you believe global warming is an existential threat to humankind? Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. regarding their board of directors using the Board Diversity Matrix. Membership Tour Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. Many of our systems are in the cloud. Today, the majority of contractual revenue that can be identified is from implementations and licenses. Youve said recently that Sequoia is the greatest investment firm ever. Apartments have come through better. We all live with that problem. Corporate governance. Daily Commerce. It was a background that helped everybody. Its not generally noticed by the public but clearinghouses clear all these trades. Charlie Munger: Its very hard to have a shrinking business. Those are pretty good rules and theyre pretty simple. Local Chapters 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? Governance. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. The fund focuses on investments in the United States as At times in my life, I have put myself to a standard that I think has helped me: I think Im not really equipped to comment on this subject until I can state the arguments against my conclusion better than the people on the other side. Theres an old German proverb Ive always liked. On Constellations trajectory as an HPC, the economics of a VMS, returns on capital, challenges in organic growth, the runway for M&A, the companys incentive system, and prospects for the use of FCF. Thats very, very important. Is there anything that you wish you had added to your checklist sooner? 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. 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. What can you learn from the Barry Duttons bookstore building deal in Brentwood and how would you apply that new knowledge or experience in the future? Thats what the communists are doing. Billionaires Group 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. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. Copyright by BeyondProxy. Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. 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. What I see in China now just staggers me. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Put me down as skeptical. Question: What advice would you give to someone who is trying to stay within their circle of competence but finding that the pace of technical technological innovation is rapidly reducing that circle? Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . So he married her. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. 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. And if you stop to think about it, that is also true at the Daily Journal. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. . You must have a subscription to view WhaleScore histories. Latticework London And even if you have a natural gift, you cant be good at it unless you start playing at a very young age and get huge experience. Gerry, can you ever remember Rick down? But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Where does it appear most egregious? So, I dont think Bitcoin is going to end up as the medium of exchange for the world. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. Can you speak to the causes, the trend, and make some predictions? [1]: BYD sells at nearly 200 P/E. Give me a new question. How do you decide to hold on to a stock or sell some? Culture is very important. They dont work that hard at figuring out what works and what doesnt. I think management should tell it like it is at all times and not be a big promoter of its own stock. He really knew everything you had to do to avoid credit losses in a small town in Illinois. Furthermore, hed gone through the Great Depression. And its rather interesting. Of course, if he had a chance to do it over again, he would avoid those mistakes. Charlie Munger: Well, that is easy. Charlie Munger: Yes, I think that is rising as we sit here. But, I hardly think the editorial quality could go way up when employees were going down. He didnt know one damn thing about the Daily Journal when we made him head of it. Los . What could investors do to cope better with periodical frenzy? What do you think of all of the SPACs and the promoters pushing them? And what he does is he sells about half of them always. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. Question: The Federal Reserve appears to be supporting asset prices. For example, Coca-Cola in the past. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. But everybody cant be better than everybody else. Last year it quintupled. 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. FOR ANNUAL MEETING OF SHAREHOLDERS. If you continue to use this site we will assume that you are happy with it. SEC form, multiple filers or classes of filers, and much more.***. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. Since the annual event first launched in 1996 . Always tell the truth and never lie to anybody about anything. So we were like an undertaker who suddenly got prosperous in a plague year. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. Its just that some people look for values in strong companies and some look for values in weak companies. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . I hope that that will continue in the future. I learned those tendencies well enough to synthesize it with the rest of knowledge. And, I think that could happen, but, of course, thats not a sure thing. 306.00. Questions: Now that we are cash flow positiveassuming the software business is investing organically as much as it canwhat is the philosophical thinking with respect to capital allocation at the Daily Journal. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . Theyre in a place thats gotten more valuable. We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. How are they similar or different? +2.68%. But I wont be following him. Nothing contained on junto.investments constitute a solicitation, recommendation, endorsement, or offer by Junto or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. Question: Charlie, you are known as an advocate for learning from ones mistakes. Question: What books are you currently reading and what can you reccomend? 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. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. 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. Tom Murphy used to say that his system of management was to delegate just short of total abdication. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. Hed been a receiver for a bank. Munger became Chairman (because he was an attorney). And, of course, thats a very dangerous way to invest. A little wisdom in spouse selection is very desirable. Daily Journal Corporation has 1 stars. And theyre all dyingevery damn one of them almost. I do think that a properly run bank is a great contributor to civilization and that the central banks of the world like controlling their own banking system and their own money supplies. This page shows a list of all the recent 13F filings made by Daily Journal Corp. Form 13F is required to be filed within 45 days of the end of a calendar quarter. 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). Part of the reason for that was cultural. Chairmans Letter 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. In other words, when we shout our knowledge out, were really pounding it out. 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?
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