Transfer Agent | Shareholder Services | Investor Relations | Norfolk And, of course, its regrettable. And its rather interesting. Investor Letter Excerpts Munger became Chairman (because he was an attorney). The Superinvestors of Daily Journal Corporation - Forbes 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. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. 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. Thats what the communists are doing. Buffetts donations to the foundation have obviously helped to save many millions. Youve even said business schools that dont adopt this method are doing their students a disservice. Charlie Munger speaks at the Daily Journal annual meeting Question: Mr. Munger recently raised the alarm about the level of money printing taking place. Theyre in a place thats gotten more valuable. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. 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. This Week in Intelligent Investing. It was a background that helped everybody. Delayed Nasdaq We have our crotchets and I just dont know enough about it to want to go into that activity. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. CI. 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. I wouldnt change my life all that well. Im afraid thats the way we all have to leave our swords. All the good things. Charlie Munger: I dont think so. Of course, his son, who is a bright man, is now Prime Minister of Singapore. Some people have a natural trend toward good judgment, and with other people, their life is just a series of mistakes over and over again. And if its unfixable, learn to live without it. I think the world is gonna be quite different. Daily Journal Corp. The Daily Journal's 'Slow and Awful' Path to LegalTech Success I think office buildings are now in some trouble and, of course, commercial real estate rented to stores has been in a lot of trouble for a long time. Now 16 years have passed. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. It just created the most unholy mess. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. DAILY JOURNAL CORPORATION : Press releases | DJCO | US2339121046 Do Not Sell My Personal Information (CA Residents Only). Question: Do you think its best to invest in the common stocks of businesses early or while they are more nascent and the industry is smaller, or wait until they are the clear winner of a more mature industry? The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. Youve said recently that Sequoia is the greatest investment firm ever. Is it Bitcoin, decentralized finance, or something else? Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. DAILY JOURNAL CORP Investor Relations Director Salary | Salary.com Charlie Munger: Well, of course, the places downsized. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? If we could make the world richer by just raising the minimum wage to $100,000 a second or something, of course we would do it but. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. So its very difficult. Theres hardly anything he touched he didnt improve. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. Daily Journal Corp's portfolio is diversified across 3 sectors. Thought Leader Series. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? Larry Summers has recently been quoted as being worried that were having too much stimulus. You have to be concerned about employees lives. Gerry, dont you think were doing pretty well? But its hard for anybody. He was death on corruption which was a very good idea. But Henry was a genius. Gerald Salzman: Always upbeat, yes. Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? He was very amiable the way he talked about it. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. My guess is we have suffered some editorial quality. If you do that all the time; if youre looking for disconfirming evidence and putting yourself on a grill, thats a good way to help remove ignorance. I expect that and I welcome it. And thats the right way to do it. Thats true whether youre Benjamin Franklin or Joe klutz. Similar Job Titles: I prefer the United States. Astronics Corporation (ATRO) And we cant go to many offices because theyre closed. 1996 - janv . Its just not gonna work. I dont think I can teach you how to retroactively get a new accident yourself. So, the people part has changed quite considerably being a small company. Its not generally noticed by the public but clearinghouses clear all these trades. They lose their money fast enough. A lot of things are going to change. Annual stock financials by MarketWatch. All rights reserved. Theyd take you through the building of the canals and the building of the railroads and so on and so on. Sign-up One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. Give me a new question. Those are pretty good rules and theyre pretty simple. Chairmans Letter Because if you do that, Im a moral leper. PDF Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Daily Journal Corp is based out of Los Angeles. Download 13F Summary As a matter of fact, what happens is to make a nation rich, you need a free market system. What, for example, would you recommend as course materials? And I think wise people should just stay out of them. Knox Lane was founded in 2019. Investment Ideas Well, I dont think the quality of publishing public notice advertising has gone down. Investor's Business Daily (IBD), which . You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. These positions were updated on January 5th based on the funds latest 13F filing. 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. Charlie Munger: I think Ill skip that one. Charlie Munger: Well, I dont know how well the economys doing to work in the future. Under Nasdaq's Board Diversity Proposal, operating companies listed on Nasdaq's U.S. exchange, including Daily Journal Corporation (DJCO), are required to publicly disclose diversity statistics . Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? 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. Value investors know Warren Buffett's classic retort to efficient market theory, "The . You dont need to worry about them. Is there any new material? Rose Blumpkin had quite an effect on the Berkshire culture. Nothing is particularly obvious for everybody to do the same thing. As a result of holding those two positions, we have a lower cost than anybody else and we make more money than practically everybody else. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as War- ren Buffett's "right arm." Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod- ucts. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. Intellectual Property 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 Daily Journal Corp. (S.C.) Common Stock (DJCO) - Nasdaq Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. All-Time Favorites Bruker Corporation to Present at Investor Conferences 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. Rich Eisinger, Great content, great people. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. 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. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. That recognized reality and worked way better than what other people were doing. I said it wont matter. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. Charlie Munger: Its very hard to have a shrinking business. When these people go, there is none replacing them. I just see more and more of the rich people leaving. The meeting will come to order. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. Charlie Munger: Well, I think all stocks can fluctuate. He didnt know one damn thing about the Daily Journal when we made him head of it. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. email address below and choose 'Submit'. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. Its entirely possible that our system is right for us and their system is right for them. Daily Journal: Transformation Yet to Be Fully Understood Solved Auditor Changes at Daily Journal Corporation Charlie - Chegg Question: Its been a year since the coronavirus pandemic came to the U.S. What have you all learned about running a business in the past year? Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. I recommend that other people follow my example. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Daily Journal Corporation has 1 stars. And what he does is he sells about half of them always. During his tenure with Diamond, Matthew worked with top-tier investment banks, global payments firms, and international insurance companies to deliver high impact solutions to his clients most challenging business problems. I think people have the theory that any intelligent hardworking person can get to be a great investor. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.To learn more about Yahoo Finance Plus please visit: https://yhoo.it/33jXYBpConnect with Yahoo Finance:Get the latest news: https://yhoo.it/2fGu5BbFind Yahoo Finance on Facebook: http://bit.ly/2A9u5ZqFollow Yahoo Finance on Twitter: http://bit.ly/2LMgloPFollow Yahoo Finance on Instagram: http://bit.ly/2LOpNYzFollow Cashay.comFollow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV Daily Journal Corporation - Wikipedia This page shows a list of all the recent 13F filings made by Daily Journal Corp. Form 13F is required to be filed within 45 days of the end of a calendar quarter. Charlie Munger: You have to be optimistic about the competency of our technical civilization. Culture is very important. Subscribe to WhaleWisdom to view all filing data We are in fact being a more difficult type of software business than Microsoft. I think the oil and gas industry will be here for a long, long time. USD. 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. Look around all this real estate. Tom Gayner, Adds value to my research process. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. 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. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. Daily Journal Corporation 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. Stocks with a size of more than $10 billion in market cap make up -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 . Or, is it impossible to realize a deterioration quickly enough to exit without a loss? However, is there a price too high that the companys future profits simply cannot justify? I think most people are born with a happystat. And it was probably wise that we acted exactly as we did. 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. God knows it was difficult but I dont think its a mistake. 306.00. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. Practically everybody does that. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. I have a bust of Lee Kuan Yew in my house. Question: Do you believe the market is going through a long-term value slump similar to 1999, or do you believe technology has caused a permanent change in how companies should be valued? The average market cap of the portfolio companies is close to $220 billion. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. And its really stupid to have a culture that encourages as much gambling in stocks by people who have the mindset of race track betters. Create Email Alert, ***Log In or 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. Its very difficult to hire reporters in the San Francisco area with all the demands coming from the internet companies wanting to have an editorial product. If the seas were to rise 60 feet, which could happen in another 100 years or so, wed have to build enormous barriers to sea entry. And I just think it was academically inconvenient for them. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. Charlie Munger: Robinhood trades are not free. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. There are factories in China that are just absolutely full of robots and are working beautifully. I think the result would have been worse if either party had been in control all by itself for the whole period. SEC Form 13F Filing History. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . In other words, when we shout our knowledge out, were really pounding it out. Everything you see is profit. I feel the same way about those choices. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. DAILY JOURNAL CORPORATION. So, its a serious problem. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. And in biology, what happens is the individuals all die, and eventually, so do all the species. The base salary for Investor Relations Manager in companies like DAILY JOURNAL CORP range from $117,251 to $165,504 with the average base salary of $145,822. I would hate to compete with Sequoia in their field. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. I dont follow that practice but I dont criticize it either. Charlie Munger: I think Ive learned to avoid zoning work. The Daily Journal Corp office and employees reside in Los Angeles, California. He had a long and wonderful run. Thats interestingwho in the hell is voting against the accountants? I dont think that hydrocarbons are going. Without the method of learning, youre like a one-legged man in an ass-kicking contest. You must have a subscription to view WhaleScore histories. Its chairman is Steven Myhill-Jones. And you mentioned technologythats very, very important. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . Solved Auditor Changes at Daily Journal Corporation Charlie | Chegg.com Question: It is estimated that the Gates Foundation has saved well over 100 million lives. 2023 Annual Meeting. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. 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? Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. We are subject to the orders and directions of those counties which, before, really didnt impact anything. It seems to involve a lot of your standard causes of human misjudgment. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. He was a very smart man. Ellen Ireland will be inspector of elections. Charlie Munger: Well thats an easy one. Costco I do think has one thing that Amazon does not. We got a dividend of two and a half million shortly thereafter. They are joining the modern world very rapidly and theyre getting very skillful at operating. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. Were not enlarging it. We were trying to save the whole economy under terrible conditions. Also, fortunately before the pandemic, we got out of the conference-type events and we were not subjected to the problems of no conferences nobody to attend. A single vial can cost upwards of $300, meaning a monthly cost of $1,000. 2/13/23. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. Daily Journal Corp. - AnnualReports.com PROXY STATEMENT. I find that by working at that, I can actually make some improvements even though Im old. The wealth management industry has a crisis on its hands. 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. daily journal corporation investor relations Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. 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. I cant help you. What do you think of all of the SPACs and the promoters pushing them? Request Information of stocks: 4 Portfolio value: $174,434,000 Holdings Activity Buys Sells History * Reported Price is the price of the security as of the portfolio date. Gerry and I have been together, how many years Gerry? It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. So human greed and the aggression of the brokerage community create these bubbles from time to time. 2/24/23. LOS ANGELES, CA 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. 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. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts.
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