Wide-Moat Investing Summit DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. But theres also a large risk of losing it coming from within an organization. I wouldnt change my life all that well. Throughout the transcript below, I have included clickable links to my notes and articles . On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. The majority of the companies in the funds portfolio are large-cap stocks. When these people go, there is none replacing them. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. 264 Sara.Pellegrino@iovance.com. Theres hardly anything he touched he didnt improve. Can you provide similar insight regarding the future at the Daily Journal and would you consider implementing policies like those at Berkshire so shareholders can get to know the up-and-coming leaders in the organization? The number of people who ever got a chance to do it again is zero. I kind of admire the way Bill takes on these very hard problems. Questions: Why are some people incapable of learning new ideas and behaviors? And he was a great kidder. Corporate Actions Services. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. Daily Journal Corps portfolio is diversified across 3 sectors. 2/13/23. Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. You must have a subscription to view WhaleScore histories. Theyve got a better reputation for providing value than practically anybody, including Amazon. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. What, for example, would you recommend as course materials? I expect less out of bankers than he does. Until his recent step-down as chairman of the board in April, the marketable. In a recent regulatory filing, The Daily Journal ( DJCO -3.51%) disclosed that it had bought more shares of Chinese giant Alibaba ( BABA 2.46%) with its corporate cash. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. In 2010, that was down to 165 full-time employees and 15 part-time employees. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. Youve said recently that Sequoia is the greatest investment firm ever. That was not a startup, but it was so small and thinly traded that we were buying into a venture capital type investment but in the public market. We have our crotchets and I just dont know enough about it to want to go into that activity. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. Knox Lane was founded in 2019. Charlie Munger: I have seen an episode or two of the Queens Gambit. Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. Theyre just very simple. And I think thats what shareholders do. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. And, of course, what Im saying is that if I were teaching business I would start the way Harvard Business School did a long time ago. 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. The votes in favor of that are 995,356 against 120. What would be a mistake at the Daily Journal which we can all learn from? He knew everybody and everything. He was old as I am. Buffetts donations to the foundation have obviously helped to save many millions. It also serves as a newspaper representative specializing in public notice advertising. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . He cared terribly about not making bad loans or incurring dumb expenses. When I look at the modern Singapore health system, it costs 20% of what the American system costs. I think when difficulty comes, I expect to have my share. And his conclusion is that mankind should just step up to it and do it. This is a highly desirable thing. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. 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. They are joining the modern world very rapidly and theyre getting very skillful at operating. All the buses. Industry Insights Summit Licensed software for many ten-year contracts is currently in the multi-year implementation stage. Question: What is the wisdom behind holding bank stocks compared to other stocks. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. Chuck Royce. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. I expect that and I welcome it. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. And thats the way Eugene was in his community. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. Were all pretty forgiving of ourselves too which is probably a good thing. It was an accident. Investor Relations & Corporate Communications 650-260-7120 ext. 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. Apartments have come through better. Charlie Munger: Yes, I think that is rising as we sit here. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. He said it was the pursuit of the uneatable by the unspeakable. FOR ANNUAL MEETING OF SHAREHOLDERS. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. Charlie Munger: Early 70s. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. Of course, its hard to negotiate in such a field. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. Charlie Munger: I dont think so. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. I knew a man once, Henry Singleton, who was not a chess champion. 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. Just time after time, he would choose the right system. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. Question: You often advocate for learning from other peoples big calamities and stupidities. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. Contact. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. A lot of the old moats are going away, and, of course, people are creating new moats all the time. Charlie Munger: I think Ill skip that one. The average salary for Investor Relations Director at companies like DAILY JOURNAL CORP in the United States is $173,091 as of November 23, 2022, but the range typically falls between $149,030 and $199,970. The death tax in China is zero. Of course, that made him very leery of dumb loans. 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 People really trust Costco will be delivering enormous value. Of course, that history is useful to know. Costco I do think has one thing that Amazon does not. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. But they dont teach that in the psychology department because the academic system rewards little experiments that develop more insight into psychological tendencies instead of synthesizing whats already been discovered with the rest of knowledge. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. I recommend that other people follow my practice. I learned those tendencies well enough to synthesize it with the rest of knowledge. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. 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. That approach will never go out of style. I was good at having low expectations and that helped me. Good Earnings: Salesforce's revenue was up 18% year-over-year, totaling $31.4 billion, and it's expected to grow to $34.5 billion next year. Always on point. And, of course, thats a very dangerous way to invest. Charlie Munger: Well, you know, I had a failed marriage, so I dont think Im in the perfect position to advise the young about marriage. In his early education, he was the second-ranked student in the school. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. +2.68%. I never buy any and neither does Daily Journal. Charlie Munger: Well, it certainly does and thats the kind of thing that can happen when you get a whole lot of people who are using liquid stock markets to gamble the way they would betting on horses. Currently, their heaviest sector is Finance making up 81.3% of Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? And you mentioned technologythats very, very important. I think the bankers of today could learn a lot from Eugene, but little is known of him. 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. Questions: Many major businesses and high net worth individuals have been leaving California. There are factories in China that are just absolutely full of robots and are working beautifully. Question: Of the various types of moats and competitive advantages, which types do you think will be most important in the years ahead, and what combinations of competitive advantages can you imagine will create any new types of moats? This information can be used by investors to verify and understand the financial position of the company. That is true and makes sense. And there was one woman who was a year older than he was who was the first-ranked student in the school. And I think, by and large, we made the most practical decisions that were available to us. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. So we were like an undertaker who suddenly got prosperous in a plague year. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Question: You identified the opportunity in electrification and invested in BYD. The Zurich Project And in biology, what happens is the individuals all die, and eventually, so do all the species. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . Daily Journal Corporation offers legal software and services to US courts and other justice agencies, including browser-based case processing systems (eCourt, eProsecutor, eDefender, and eProbation) and electronic filing and payment tools (eFile, ePayIt). And like last year, you will in this note find a full transcript of the entire meeting. Create your Watchlist to save your favorite quotes on Nasdaq.com. Investors play a major and vital role in the success and growth of a company. The meeting was held on February 24, 2021. Every value investor tries to get more value than he pays for. I think that would be insanity. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? Practically everybody does that. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. And, for example, here, we must have 30 or 40 deaths. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. Gerald Salzman: Well, we dont think about mistakes. I think were into a lot less travel and a lot more Zooming. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. I find that by working at that, I can actually make some improvements even though Im old. You have to be concerned about employees lives. So you now know what I do in charitable institutions. 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. Question: Do you think value investing is still relevant in a GDP-decreasing world? Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. Performance numbers calculated through 2023-02-14. PROXY STATEMENT. 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 For example, Coca-Cola in the past. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. So, its a serious problem. 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. LEARN MORE. 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. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. I do think the present CEO is an extraordinarily able man and the directors made a very wise choice when they put him in charge. Los . Today, it hovers around 9500. Daily Journal Corporation has 1 stars. Featured Content Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people. Astronics Corporation Announces Preliminary Sales for Fourth Quarter 2022 of $155 Million to $160 Million; Completes $205 Million Debt Refinancing Nov 15, 2022 4:05 pm EST Astronics Corporation Reports Third Quarter 2022 Financial Results Latest Presentation December 6, 2022 Truist Securities Industrials & Services Summit 2022
