Announces 2022 Holiday Period Net Sales, Updates Fourth Quarter Outlook. Investor Letter Excerpts Latest SEC filings for Daily Journal Corporation (DJCO) Jen Saunders Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. Daily Journal Corporation It was an accident. The third-largest holding is Alibaba Ltd worth $26.4 million and the next is Us Bancorp worth $6.11 million, with 140,000 shares owned. DATAROMA Superinvestors Portfolio Holdings By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. But, I find that the old ways of doing things still work. Everyone knows this isnt a small cap Berkshire Hathaway. Investors | Seneca Foods On the other hand, we have a fair amount of time to do it. And we probably have more of those shortcuts than others. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. What were the lessons learned? We got a dividend of two and a half million shortly thereafter. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. He really knew everything you had to do to avoid credit losses in a small town in Illinois. And there arent many people that can do that. DAILY JOURNAL CORPORATION - Address, Director information And some types of real estate in recent years has been particularly difficult. This is a highly desirable thing. In 1978, the year Deng Xiaoping took over, it was 300. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. I think theyd run rings around me. I think all good investing is value investing. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. Hed been a receiver for a bank. Today, the majority of contractual revenue that can be identified is from implementations and licenses. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. 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. 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. Charlie Munger: I cant think of a We paid high prices for some little companies in the course of trying to enter the court software business. Daily Journal Corporation : Announces Financial Results for the Three Months ended Decembe.. Daily Journal Corporation Announces Financial Results for the Three Months ended Decemb.. Daily Journal : Management's Discussion and Analysis of Financial Condition and Results of.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year ended September 3.. Daily Journal Corp : Changes in Registrant's Certifying Accountant, Financial Statements a.. Daily Journal : Fiscal 3Q Earnings Snapshot, Daily Journal : Fiscal 2Q Earnings Snapshot. Furthermore, hed gone through the Great Depression. Copyright by BeyondProxy. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. Question: Has your opinion on cryptocurrencies remained the same? 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. 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. Timeless Selections Charlie Munger: I dont think you can make that a moral responsibility. Its difficult, but its not impossible investing in bank stocks successfully. Ive seen the whole bus system shift from gasoline or diesel to gas and so it obviously isnt impossible, but youd have to create a whole new system of supply for it. We bought all these buildings cheaply. I dont think that hydrocarbons are going. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. I recommend that other people follow my example. Charlie Munger: You have to be optimistic about the competency of our technical civilization. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. Charlie Munger: Were really old both of us. And thats what we have going in the stock market in a frenzy thats fed by people who are getting commissions and other revenues out of this new bunch of gamblers. Of course, that made him very leery of dumb loans. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. Daily Journal: Transformation Yet to Be Fully Understood Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. What do you think of all of the SPACs and the promoters pushing them? But, of course, its a very difficult field. Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. It seems to involve a lot of your standard causes of human misjudgment. I think that would be insanity. It was totally required. Charlie Munger: Well, I consider that very unlikely. I admire him that much. Subscribe Columns Labor/Employment Viking River PAGA ruling has no clear destination for employers Mar. And like last year, you will in this note find a full transcript of the entire meeting. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. Question: How do you control your investments in a world where reasonable companies with a good image like General Electric sink rapidly into the bottomland of the stock market. Question: What would management [of Daily Journal] do with a sudden windfall of profits? Wide-Moat Investing Summit The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. The Zurich Project 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? One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. 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. 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 recognized early that Gerry could run anything he wanted to run. You once said to study the life and work of Lee Kuan Yew. Member Feedback I know Berkshire is a long-term owner and rarely sells securities of high-quality companies it owns in its portfolio simply because its overvalued. You know what her mottoes were? The Hamilton Live 600 14th Street NW Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. BYD sells at nearly 200 P/E. Charlie Munger: Well, that is easy. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. What else can you do? We paid two and a half million for it. Question: What is the biggest lie currently being perpetuated by the investment complex? And he said; I cant decide the order of presidency between a flee and a louse. CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek. 2023, Nasdaq, Inc. All Rights Reserved. Charlie Munger speaks at the Daily Journal Annual Meeting Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. And, pretty soon, he turned that into this gloriously prosperous place. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? And that institution has two assets in its endowment account. regarding their board of directors using the Board Diversity Matrix. Knox Lane was founded in 2019. 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. Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? There are factories in China that are just absolutely full of robots and are working beautifully. Many of our systems are in the cloud. And if its unfixable, learn to live without it. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Daily Journal Corporation Announces Financial Results for the Six Months ended March 31.. Daily Journal : Announces New Chairman and CEO - Form 8-K. Daily Journal Corp : Change in Directors or Principal Officers, Financial Statements and E.. Daily Journal Corporation Announces New Chairman and CEO, Daily Journal : Fiscal Q1 Earnings Snapshot. I think when difficulty comes, I expect to have my share. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. 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. 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! Charlie Munger: Well, I cant top Lee Kuan Yews example. I think theyre probably right, by the way. Charlie Munger: Yes, I think that is rising as we sit here. John Lambert, First class in every way. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. Culture is very important. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. Its doing a big public service. Theyve served us well over the years. Im afraid thats the way we all have to leave our swords. Type a symbol or company name. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. Youll remember that when the first big bubble came, which was the South Sea bubble in England back in the 1700s, it created such havoc eventually when it blew up that England didnt allow hardly any public trading and securities of any companies for decades thereafter. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? Charlie Munger: Real estate has always been a difficult field.
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