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. 2023, Nasdaq, Inc. All Rights Reserved. Subscribe Columns Labor/Employment Viking River PAGA ruling has no clear destination for employers Mar. Look around all this real estate. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. He was just a very old-fashioned sound thinker. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? Charlie Munger: Well, I consider that very unlikely. In 1860, GDP per capita in China was 600. 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 . A little wisdom in spouse selection is very desirable. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. But I dont think thats going to end up with a mistake. Charlie Munger: Its quite importantpart of the success of a company like Costco. . Its a funny way to make money. Tilly's, Inc. I think that that will probably continue. Everybody has shortcuts to screen out certain hazards. Of course, people behave more sensibly when theyre spending their own money. Charlie Munger: I dont think so. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? 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. 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. Now 16 years have passed. Questions: Why are some people incapable of learning new ideas and behaviors? What are the main sources of ancillary revenue expected once the products have gone live and how meaningful will the products like eFile-it, ePay-it, cloud hosting services, and others become? And that is why Costco presents some danger to Amazon. LEARN MORE. Charlie Munger: Well, these things do happen in a market economy. If you continue to use this site we will assume that you are happy with it. 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. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. If anybody can fix it, he can. Chuck Royce. The number of people who ever got a chance to do it again is zero. And like last year, you will in this note find a full transcript of the entire meeting. Theres a lot of temptation to do dumb things which will make the earnings next quarter go up but are bad for the long term. 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. Daily Journal Corporation (DJCO) - Yahoo! 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. Many, but not all SEC filings are available in the SECs EDGAR database. 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. So, Im kind of pleased that Im still functioning at all. The largest are the Los Angeles Daily Journal and San Francisco Daily Journal, established in 1888 and 1893, respectively, with 6,300 subscribers between them as of September 30, 2020. Similar Job Titles: They are joining the modern world very rapidly and theyre getting very skillful at operating. Copyright 2023 Surperformance. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. Im pretty easy on myself these days. We were trying to save the whole economy under terrible conditions. Investor Overview | Graham Holdings Company I think the Chinese were very smart. And if there is one thing the world could learn from Singapore, what would that be? And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. Of course, thats a useful thing. Will we have fewer gas stations or truck stops in the future? The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. Value Investing will never go out of style. Everybodys got a different situation. He doesnt mind at all not getting credit for his charitable donations. Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. I dont think we have any great gift at making macroeconomic predictions. Charlie Munger: Gerry, whats the biggest mistake weve made? And theyre all dyingevery damn one of them almost. And some types of real estate in recent years has been particularly difficult. BYD sells at nearly 200 P/E. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. 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. When I was young, I rezoned some properties very successfully. We miss Rick terribly. Trending Stocks. Currently, Daily Journal Corp's portfolio is worth at least $174 million. A lot of things are going to change. Thats the nature of capitalism. Sure, we all love the kind of civilization we have. Election | | daily-journal.com Question: Do you believe the valuations for electric car manufacturers are in bubble territory? The stock has gained so much this year and last year. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. Code of Business Conduct and Ethics; Whistle Blower Policy; Shareholder Rights Agreement Annual Meeting of Stockholders Date: June 13, 2022 Time: 10:00 a.m. EDT Location: Hilton McLean Tysons Corner Everybody is. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. So, its a serious problem. If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. Always tell the truth and never lie to anybody about anything. Billionaires Group They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathawayYahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie Munger.The meeting features Daily Journal Chairman and Berkshire Hathaway Vice Chairman Charlie Munger and DJCO President and CEO Jerry Salzman. When these people go, there is none replacing them. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. Company Search - astfinancial.com Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. Theres a lot of competition and were a very small company compared to our main competitor. -144-01 clinical trial in advanced melanoma during SITC in November 2022 and in a subsequent companion publication in the Journal for ImmunoTherapy of Cancer . 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). Its like evolution in biology. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. And I think the world would be better off without them. Generally speaking, people assume that were a normal software company like Microsoft or something. Thank you for all you do to educate us. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. 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. Question: What are Mr. Mungers thoughts on the recent GameStop short squeeze by social media and the resulting implications on short selling in the future? Daily Journal Corp is based out of Los Angeles. Our editorial system and our advertising system are all in the cloud. And yet he made a lot of mistakes in the course of living his life. So it gets very dangerous. Moody's Corporation to Present at Investor Conferences Do you agree with the premise and if so how would you address inequality? Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? Were not enlarging it. They had to because the traditional business newspaper business is shrinking. Solved Auditor Changes at Daily Journal Corporation Charlie | Chegg.com Charlie Munger: I would go further. Charlie Munger: Were really old both of us. [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. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. So, you can understand why Warren got disenchanted with Wells Fargo. and a top 10 holdings concentration of 100.0%. The stock appreciated probably way more than intrinsic value. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? Charlie Munger: Modern monetary theory means that people are less worried about an inflationary disaster like Weimar Germany from government printing of money and spending it. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. Thats what weve been doing throughout my whole lifetime. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. What happens is that every human being tends to believe way more than he should in what hes worked hard to find out or where hes announced publicly that he already believes. BYD stock did nothing for the first five years we held it. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. Tom Murphy used to say that his system of management was to delegate just short of total abdication. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. I would hate to compete with Sequoia in their field. He was fun to be with because he was always jumping out of airplanes and parachutes and running marathons and so on, doing all kinds of things I would never consider doing. 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. And so, we cant promise were going to succeed. Im not saying I wanted to live in China. Hell be able to do it. And in biology, what happens is the individuals all die, and eventually, so do all the species. Nothing is particularly obvious for everybody to do the same thing. -, 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. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. And by the way, I think its hard to teach. 2021 Quotemedia. I recommend that other people follow my practice. The meeting was held on February 24, 2021. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? I think I would have lived a long time if I had lived a different life. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. Its such a simple idea. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Question: Eugene Abegg seems like he was one of the best bankers of the last century, achieving both extremely low loan loss rates and earning around 2% on assets over a long time period. We hope theyll continue doing magnificently well. Corporate Governance. Has the quality of the publication suffered as the employment levels have decreased? On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Charlie Munger: 2022 Daily Journal Annual Meeting Transcript - Junto One thing I can promise is that I wont contribute much to it because I dont understand it. I think that inequality is absolutely an inevitable consequence of having the policies that make a nation grow richer and richer and elevate the poor. Currently, their heaviest sector is Finance making up 81.3% of 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 . That happystat has more to do with their happiness and their outcomes in life. 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? Charlie Munger: Yes, I think it must end badly but I dont know when. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. Charlie Munger: Well, I cant top Lee Kuan Yews example. Thats the good news. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. Charlie Munger: You have to be optimistic about the competency of our technical civilization. And he was just so good. But he could play chess blindfolded at just below the Grandmaster level. Charlie Munger: Well thats an easy one. 2022. Youre right. Put me down as skeptical. Its just that some people look for values in strong companies and some look for values in weak companies. And I think thats what shareholders do. Chinas economic record among the big nations is the best that ever existed in the history of the world. Investment Ideas All rights reserved. I knew a man once, Henry Singleton, who was not a chess champion. Question: Is the oil and gas industry the new newspapers? But the Chinese have proved that you dont need free speech to have a wonderful economy. How do you decide to hold on to a stock or sell some? Question: You identified the opportunity in electrification and invested in BYD. He knew everybody and everything. Today, the majority of contractual revenue that can be identified is from implementations and licenses. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. Every value investor tries to get more value than he pays for. I recommend that other people follow my example. And, of course, its regrettable. He said it was the pursuit of the uneatable by the unspeakable. DJCO - Daily Journal Corp Stock Price Quote - Morningstar And the next time around the poor will get richer faster than the rich. The total number of shares, represented by proxies at this meeting, are 995,682, which are more than enough to constitute a quorum making the meeting duly held. Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. Now, it sounds like anybody would know that made sense. Gerald Salzman: None. Question: What is the biggest competitive threat to U.S. banks like Bank of America and US Bankboth equity holdings of the Daily Journal Corporationover the long term? I dont think that hydrocarbons are going. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. Everything you see is profit. Information Agent. Apartments have come through better. And I applaud the result. And I think, by and large, we made the most practical decisions that were available to us. Rick was part of the group which consisted of Warren Buffett, Rick Guerin, and Charlie Munger that bought control of Blue Chip Stamps when it was widely distributed in an anti-trust settlement. All the buses. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. Charlie Munger: Full Transcript of Daily Journal Annual Meeting 2021 So he was just a perfect banker if you wanted never to have any trouble. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. Daily Journal Corporation (DJCO) Company Profile & Facts - Yahoo! They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. What were the lessons learned? You are limited to the prior 8 quarters of 13F filings. +2.68%. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. I dont define that as value investing. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. As for some of our technology, like eFiling for example, the courts are closed. Bitcoin reminds me of what Oscar Wilde said about fox hunting. Charlie Munger speaks at the Daily Journal annual meeting That happened because Gerry and I bought these little newspapers all over the state just as a precaution to make sure we could serve public notice advertising wherever it arose in the state. Daily Journal Corporation has 1 stars. Intelligent Investing in Crisis Mode. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. 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. They lose their money fast enough. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. We will now proceed to the question period. It says that man is too soon old and too late smart. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. Since the annual event first launched in 1996 . The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. These positions were updated on January 5th based on the funds latest 13F filing. We do, as Charlie indicates, have a lot of travel. He was old as I am. If you try and reduce the poverty too much, its counterproductive. I dont think its easy for ordinary people to become great investors. Im afraid thats the way we all have to leave our swords. And there arent many people that can do that. But Henry was a genius. 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. Sign-up Its chairman is Steven Myhill-Jones. I expect that and I welcome it. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. How do I update this listing? Its just that the investment banking profession will sell shit as long as shit can be sold. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. Practically everybody does that. How would they think about current opportunities with low rates and low inflation? The Superinvestors of Daily Journal Corporation - Forbes Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. What I see in China now just staggers me. They do way more good than harm. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as Wa ren Buffetr's "right arm. It wasnt some malevolence of the rich that caused it. Youve reached the limit of my circle of competence. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. And were gonna play that as hard as we can. I think that the methods that Ive used including the checklists are the correct methods and Im grateful that I found them as early as I did and that the methods have worked as well as they have. DJCO | Daily Journal Corp. Annual Income Statement | MarketWatch The meeting will come to order. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. On the other hand, we have a fair amount of time to do it. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. What are the psychological implications of this type of market behavior? What do you think we can do to help those who are currently falling behind as a result of this pandemic? And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.