You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. Charlie Munger: Robinhood trades are not free. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. He doesnt mind at all not getting credit for his charitable donations. [2]: They really need the world to stay the way it is. Larry Summers has recently been quoted as being worried that were having too much stimulus. 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. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 30, 2022 LOS ANGELES, Dec. 16, 2022 (GLOBE NEWSWIRE) -- During fiscal 2022, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $54,009,000 as compared with $49,925,000 in the prior year. But, of course, I think there will be more automation in transportation of all kinds in the future. 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. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. It was absolutely incredible. You once said to study the life and work of Lee Kuan Yew. You can hardly think of anything more important in life than being reliable for the people who trust you. Member-Only Podcasts I dont think I can teach you how to retroactively get a new accident yourself. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. Latticework New York By the way, thats not the normal outcome in America. 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. I think all of this activity is regrettable. 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. to see more advanced email alert options such as selecting any type of To the extent that my thoughts have helped my life, I think Ive pretty well run the course. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. I prefer the United States. As for some of our technology, like eFiling for example, the courts are closed. Rich Eisinger, Great content, great people. Its like evolution in biology. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. A lot of the people who are doing this remote worka lot are going to work three days a week in the office and two days a week at home. In other words, its your money. If you were offered a fresh start today, what would you do differently in life and in investing? We have our crotchets and I just dont know enough about it to want to go into that activity. Value Investing will never go out of style. A little wisdom in spouse selection is very desirable. He was just a very old-fashioned sound thinker. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. The company operates in two segments: Traditional business and Journal Technologies. They lose their money fast enough. And yet he made a lot of mistakes in the course of living his life. 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. 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! 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. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. The death tax in China is zero. We admire the company and like its position. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. 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. Intellectual Property A lot of the good rules of life are like that. 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 Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. The bad news is its not clear whos gonna win all the business or how much money is going to be made. VP of Publications & Sec. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Absolute insanity. 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. He knew everybody and everything. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. Is there any new material? So, its a very interesting competitive field. Webcast. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. Always tell the truth and never lie to anybody about anything. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. regarding their board of directors using the Board Diversity Matrix. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. I think when difficulty comes, I expect to have my share. Delayed Nasdaq Of course, that made him very leery of dumb loans. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. That recognized reality and worked way better than what other people were doing. Question: In your past speeches, you have mentioned the term functional equivalent of embezzlement to describe situations where bubbles can form because both parties involved in a bubble believe the asset to be worth more than it truly is. These actions have given some shareholders more visibility and comfort on their investment. Its doing a big public service. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? [The questioner] would like to know what Charlies method of learning is. A single vial can cost upwards of $300, meaning a monthly cost of $1,000. Because of that fact, it's of the utmost importance for companies to maintain strong . Investor's Business Daily (IBD), which . Theyre in a place thats gotten more valuable. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . 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. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Everything you see is profit. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. It showsed how wise we were to put him there in the first place. These symbols will be available throughout the site during your session. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. If you dont have master the rest of the knowledge you cant synthesize it with psychology. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. Theres hardly anything he touched he didnt improve. N/A: N/A: N/A: . If you dont spend the money, you and your heirs get to spend it eventually. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? 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. I find that by working at that, I can actually make some improvements even though Im old. In 2010, that was down to 165 full-time employees and 15 part-time employees. And there arent many people that can do that. This is a highly desirable thing. 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. I never buy any and neither does Daily Journal. 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. And, of course, its regrettable. These positions were updated on January 5th based on the funds latest 13F filing. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? Charlie Munger: Gerry, whats the biggest mistake weve made? Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC The hydrocarbons are also needed as chemical feedstocks. Your proxy in the enclosed form is solicited by the Board of Directors of the Company for use at the Annual Meeting of Shareholders to be held on February 12, 2020 at 10:00 a.m. Pacific Standard Time, at The Center at Cathedral Plaza, at 555 W . It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. In 1860, GDP per capita in China was 600. And, I think that could happen, but, of course, thats not a sure thing. And, pretty soon, he turned that into this gloriously prosperous place. Who is MOI Global? So, the people part has changed quite considerably being a small company. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. This Week in Intelligent Investing. How do you think about the hydrogen opportunity for transportation and how does it compare to the electric opportunity, specifically thinking about trucks versus cars. And that institution has two assets in its endowment account. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. We have different tax considerations. The Daily Journal Corp office and employees reside in Los Angeles, California. Thats the good news. Question: Do you believe the market is going through a long-term value slump similar to 1999, or do you believe technology has caused a permanent change in how companies should be valued? But theres no rule that life has to be easy on the mental side. We will now proceed to the question period. 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. Click the button below to request a report when hardcopies become available. MOI Global en Espaol. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. This information can be used by investors to verify and understand the financial position of the company. Questions: Why are some people incapable of learning new ideas and behaviors? And he said; I cant decide the order of presidency between a flee and a louse.