Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. Alt Turnover is calculated by taking either the total MV of new purchases or Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. 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. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? These are very difficult questions and most people assume that its simple. I expect that and I welcome it. So, I dont think Bitcoin is going to end up as the medium of exchange for the world. This information can be used by investors to verify and understand the financial position of the company. The meeting will come to order. Apartments have come through better. And I think that were crazy to allow it. Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. All-Time Favorites 915 East First Street. There are factories in China that are just absolutely full of robots and are working beautifully. And I think thats what shareholders do. We all live with that problem. How are they similar or different? February 12, 2020 . The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. Rick was always humorous. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. And if there is one thing the world could learn from Singapore, what would that be? 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. When the pandemic is over, I dont think were going back to just the way things were. Of course, that made him very leery of dumb loans. regarding their board of directors using the Board Diversity Matrix. Tom Murphy used to say that his system of management was to delegate just short of total abdication. Latticework London Charlie Munger: Well, I cant top Lee Kuan Yews example. Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. PROXY STATEMENT. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. But, but by and large, most of the knowledge has been available for a long time. Today, it hovers around 9500. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. . A single vial can cost upwards of $300, meaning a monthly cost of $1,000. Latticework New York Generally, what people do is they have financial reserves so they have some options if trouble comes, and they adapt the way Gerry has to require downsizings or require upsizings. Question: Mr. Munger is a champion of Chinese stocks. I said to Rick, were going to make Gerry the head of the Daily Journal. I was very lucky. You are going to be flabbergasted. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. And he was just so good. Our editorial system and our advertising system are all in the cloud. Were all pretty forgiving of ourselves too which is probably a good thing. 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. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. How do you decide to hold on to a stock or sell some? Many, but not all SEC filings are available in the SEC's EDGAR database. I recommend that other people follow my practice. $174 million and $174 million respectively. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. 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. Daily Journal Corp is based out of Los Angeles. And there was one woman who was a year older than he was who was the first-ranked student in the school. They had to because the traditional business newspaper business is shrinking. Im pretty easy on myself these days. What would be a mistake at the Daily Journal which we can all learn from? My guess is we have suffered some editorial quality. I just see more and more of the rich people leaving. And I think, by and large, we made the most practical decisions that were available to us. 75% of the total holdings value. In other words, I think the system of checks and balances and elections that our founders gave us actually gave us pretty much the right policies during my lifetime. It operates through the Traditional Business and. But, I find that the old ways of doing things still work. I think theyre a bad investment when interest rates are this low. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . Intelligent Investing in Crisis Mode. 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. It says that man is too soon old and too late smart. Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. And what did the Chinese communists do with respect to death taxes? This Week in Intelligent Investing. Of course, its hard to negotiate in such a field. This will schedule a job to export all requested 13f holdings data for this filer. Look around all this real estate. Larry Summers has recently been quoted as being worried that were having too much stimulus. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. These actions have given some shareholders more visibility and comfort on their investment. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. The disruption from the decline in newspapers has had a significant impact. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. And he said; I cant decide the order of presidency between a flee and a louse. A lot of things are going to change. That was a big error in judgment. And, of course, thats a very dangerous way to invest. Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. Im afraid thats the way we all have to leave our swords. Daily Journal Corps portfolio is diversified across 3 sectors. Value investors know Warren Buffett's classic retort to efficient market theory, "The . They just copied Adam Smith and left out the free speech and it worked fine for them. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. Have you seen the television show Queens Gambit on Netflix? The Form 13F report requires disclosure of the manager that files the report, the name and class of the security, the CUSIP number, the number of shares . We have offices in all the major cities in California and also in Logan, Utah. Charlie Munger: I dont know anything about Haven. I think the result would have been worse if either party had been in control all by itself for the whole period. But I wont be following him. Question: Has your opinion on cryptocurrencies remained the same? Copyright by BeyondProxy. You dont need to worry about them. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . Youd say that everybody does that in their education but I dont think everybody does. I kind of admire the way Bill takes on these very hard problems. What are the psychological implications of this type of market behavior? Always tell the truth and never lie to anybody about anything. Theyre just very simple. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. No, I dont think I have anything to contribute. The fully online conferences hosted by MOI Global bring together great minds from our network of intelligent investors, with a focus on timely ideas and timeless wisdom. All the good things. Do Not Sell My Personal Information (CA Residents Only). 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. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? When you pay for order flow, youre probably charging your customers more and pretending to be free. So, the people part has changed quite considerably being a small company. But, of course, its a very difficult field. But I dont think thats going to end up with a mistake. And if you cant do that, youre not gonna win the great chess championships of the world and youre not gonna do as well in business as Henry Singleton did. On the other hand, the buses in Los Angeles work on natural gas. 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. Copy and paste multiple symbols separated by spaces. They really need the world to stay the way it is. When I look at the modern Singapore health system, it costs 20% of what the American system costs. Webcast. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Intellectual Property But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. Because we have the proxies those directors are now reelected. 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. In other words, to some extent, its a self-correcting system. But Henry was a genius. What could investors do to cope better with periodical frenzy? In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. You know, its just, its incredible whats happened in terms of the destruction. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. When these people go, there is none replacing them. 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. 306.00. I have a very simple idea on the subject. Corporate Governance. And he made a very favorable impression. Im not trying to move mountains. He was not a dictator. And his conclusion is that mankind should just step up to it and do it. He lived in a particular town. Meet-the-Author Summer Forum BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. 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. In his early education, he was the second-ranked student in the school. Charlie Munger: Well, I consider that very unlikely. Rich Eisinger, Great content, great people. This years annual report suggests that the traditional business has 97 full-time employees. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. DAILY JOURNAL CORPORATION. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. BYD stock did nothing for the first five years we held it. 2023 Annual Meeting. Appian: Well-Positioned Platform for Building Enterprise Software, PDF Solutions: Lowly Valued, with Net Cash and Growing SaaS Business, Interactive Brokers: Automated, Low-Cost, High-Margin Business. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. That approach will never go out of style. Charlie Munger: Well, I so rarely hold a company like BYD that goes to a nosebleed price that I dont think Ive got a system yet. Discover something new every day from News, Sports, Finance, Entertainment and more! And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. And that isnt necessarily right for its customers. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. And, I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were, how stupid their policies were, and so forth. Theres a lot of competition and were a very small company compared to our main competitor. In 1860, GDP per capita in China was 600. Charlie Munger: Well, I dont participate at all. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. 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. 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 And, of course, its going to create trouble as it did. Charlie Munger: Well, of course, its very hard to fix the global warming problem when the poorer countries need to burn coal to stay alive and so on. Charlie Munger: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. The Zurich Project Thats the nature of capitalism. Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. Rose Blumpkin had quite an effect on the Berkshire culture. 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. Questions: Many observers see market behavior that reminds them of the Dot Com bubble: wild speculation, endless SPACs, and IPOs soaring on their first day of trading. There are certain behavioral rules. That makes the whole thing very awkward. I dont know the answer. And, I was not surprised when it blew up. How would you advise these institutions to manage their endowments over the coming decades? I admire him that much. We bought all these buildings cheaply. But theres no rule that life has to be easy on the mental side. And I think wise people should just stay out of them. If you continue to use this site we will assume that you are happy with it. Part of the reason for that was cultural. Investor's Business Daily (IBD), which . He cared terribly about not making bad loans or incurring dumb expenses. Ive been pretty quiet. Always on point. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. Question: You often advocate for learning from other peoples big calamities and stupidities. Give me a new question. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Florida would have a really serious problem. If its not good enough for Berkshire, shouldnt we have the same standards? SEC form, multiple filers or classes of filers, and much more.***. Question: Is the oil and gas industry the new newspapers? Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Or, has the digital revolution caused enormous productivity improvements in those businesses? Just think of the things that were once prosperous that are now in failure or gone. Are they more stable? 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 . Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. Gerry and I have been together, how many years Gerry? Considering their system, that is not what he should have been doing. Do it right the first time. 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. Who is MOI Global? Charlie Munger: Gerry, whats the biggest mistake weve made? 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. On Tuesday, March 7, 2023 at 11:00 a.m. Eastern Time, Michael West, President of Moody's Investors Service, and Shivani Kak, Head of Investor Relations, will speak at the Raymond James . Theyve served us well over the years. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. He doesnt mind at all not getting credit for his charitable donations. Charlie Munger: I think Ill skip that one. Charlie Munger: Well, I do have a tip. Thats interestingwho in the hell is voting against the accountants? I do think that Im way less afraid of inequality than most people who are bleeding about it. Gerald Salzman: None. I knew a man once, Henry Singleton, who was not a chess champion. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. Every value investor tries to get more value than he pays for. And some bankers yield to the temptations. 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. We are subject to the orders and directions of those counties which, before, really didnt impact anything.
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