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As of 29th December 2022, Daily Journal Corps top holding is 2,300,000 shares of Bank Of America currently worth over $76.2 million and making up 43.7% of the portfolio value. You can hardly think of anything more important in life than being reliable for the people who trust you. And so, we cant promise were going to succeed. But, of course, if we got a chance to do it again, we would do it better. Or, has the digital revolution caused enormous productivity improvements in those businesses? PROXY STATEMENT. Election | | daily-journal.com I dont think Im likely to have any new thoughts that are going to work miracles either. If I had stayed in Omaha, where I was raised, and gotten into the banking business, I would have been a hell of a good banker. When you look at whats happened in California [in terms of] the price of real estate and rentals, weve reduced the number of offices we have both for Journal Technology and for the Daily Journal. Type a symbol or company name. All text and design is copyright 2020 WhaleWisdom.com. He was old as I am. In 1860, GDP per capita in China was 600. Do Not Sell My Personal Information (CA Residents Only). And were gonna play that as hard as we can. There are certain behavioral rules. It closed the year with cash flow reaching $7.1 billion . And, of course, he hated costs. How are they similar or different? And, I was always aware of that and so Ive accepted these damned annual meetings. And I applaud the result. The company operates in two segments: Traditional business and Journal Technologies. This information can be used by investors to verify and understand the financial position of the company. 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! Is there any new material? What is interesting is that in wealth management, a lot of people think that if they have a hundred stocks theyre investing more professionally than they are if they have four or five. 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? BYD sells at nearly 200 P/E. Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. Thought Leader Series. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Charlie Munger: 2022 Daily Journal Annual Meeting Transcript - Junto Were not enlarging it. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. 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. Also, when you get reverses, if you just suck it in cope, that helps if you dont just fretfully stew yourself into a lot of misery. Thats one you can easily arrange. Daily Journal | DJCO Stock Price, Company Overview & News - Forbes The wealth management industry has a crisis on its hands. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. Local Chapters Performance numbers calculated through 2023-02-14. 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. For example, Coca-Cola in the past. Kipling once wrote a poem called The Women (The Ladies) and the concluding line was to the effect that you should learn about women from him instead of doing it yourself, because, he says, I know you wont follow my advice. 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. I expect that and I welcome it. And my advice would be if you have a fixable disadvantage, remove it. These symbols will be available throughout the site during your session. 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. 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. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. There are these periods in capitalism. I dont know which is worse. And yet he made a lot of mistakes in the course of living his life. 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. Florida would have a really serious problem. They do way more good than harm. N/A: N/A: N/A: . Always intelligent. What is Investor Relations? Issuer Direct But I dont think everybody can be a great investor or a great chess player. Charlie Munger: Well, I dont participate at all. SEC Form 13F Filing History. In other words, when we shout our knowledge out, were really pounding it out. [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. Copyright 2023 Surperformance. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Jeffrey Stacey, I enjoy it and others will also. 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. And, of course, its all worked. The daily journal stock sells way above the price I would pay if I was buying new stock. 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. I think all good investing is value investing. Its not generally noticed by the public but clearinghouses clear all these trades. Part of the reason for that was cultural. 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. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. Zurich Project Podcast 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. 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. Just time after time, he would choose the right system. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. However, is there a price too high that the companys future profits simply cannot justify? Trending Stocks. We would all say that. Question: My question concerns China. And I dont think youll find me engaged in the massive rezonings in the future. How do you recognize a potential downfall in a company you hold/invest in? And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? +2.68%. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. There are companies that Daily Journal Corp is getting rid of from its portfolio. And they dont do that very wellIm talking about the business schools. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. 2/24/23. I dont follow that practice but I dont criticize it either. He had a long and wonderful run. And thats very interesting. And thats the right way to do it. Thank you for all you do to educate us. I cant help you. It was absolutely incredible. I dont think Ive got any great insight about hydrogen. Question: You famously run investments through your mental checklist. So, the people part has changed quite considerably being a small company. Announces 2022 Holiday Period Net Sales, Updates Fourth Quarter Outlook. When you pay for order flow, youre probably charging your customers more and pretending to be free. And, of course, its regrettable. I think theyd run rings around me. Featured Content As a matter of fact, what happens is to make a nation rich, you need a free market system. 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. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? That way, whatever happens, he feels smart. The Zurich Project Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Daily Journal Corp - Portfolio Holdings, AUM (13F, 13G At KB Home, social responsibility means investing in the relationships we have with our employees and within our communities. February 26, 2021 / Richard Lewis / 6 Comments. European Investing Summit Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. Tom Murphy used to say that his system of management was to delegate just short of total abdication. Has the quality gone down? Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. 2023, Nasdaq, Inc. All Rights Reserved. Munger and Salzman will take shareholder questions from CNBCs Becky Quick.Don't Miss: Valley of Hype: The Culture That Built Elizabeth HolmesWATCH HERE:https://youtu.be/Sb179GLPNYEWatch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube:https://youtu.be/gx-OzwHpM9kSubscribe to Yahoo Finance: https://yhoo.it/2fGu5BbAbout Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. containing a link to download the .zip file of the CSV file(s) you requested. A lot of the old moats are going away, and, of course, people are creating new moats all the time. 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. Theyre just very simple. -, 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. And, I think that could happen, but, of course, thats not a sure thing. Solved Auditor Changes at Daily Journal Corporation Charlie - Chegg Costco I do think has one thing that Amazon does not. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? Youve reached the limit of my circle of competence. 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? If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. When it gets difficult, I dont think theres any automatic fix for difficulty. Shaquil Barrett Brother Passed Away, George Counts Philosophy On Aims And Methods Of Education, What Are The Periphery Countries, Articles D

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