2/24/23. Gerry, you have a comment on that? Featured Content His method for doing it was so simple. He was old as I am. to see more advanced email alert options such as selecting any type of Im afraid thats the way we all have to leave our swords. But, no, I dont think Treasury securities are a big problem. Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. Charlie Munger: Well, I dont think I know exactly what the future of banking is and I dont think I know how the payment system will evolve. Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. 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. Latticework London I wouldnt change my life all that well. Question: What is the wisdom behind holding bank stocks compared to other stocks. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. Tilly's, Inc. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Charlie Munger: Well, these things do happen in a market economy. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. They are joining the modern world very rapidly and theyre getting very skillful at operating. Theres a lot of competition and were a very small company compared to our main competitor. Generally speaking, people assume that were a normal software company like Microsoft or something. Member Calendar, MOI Global is a wonderful way to expose yourself to the thoughts of some of the most successful investors and investment methods out there. And we probably have more of those shortcuts than others. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. 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. I learned those tendencies well enough to synthesize it with the rest of knowledge. The stock has gained so much this year and last year. 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. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. When people gave me a good idea and I could see it was a good idea, I quickly mastered it and started using it for the rest of my life. Many, but not all SEC filings are available in the SEC's EDGAR database. I said it wont matter. Im not saying I wanted to live in China. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. They lose their money fast enough. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. 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. Of course, we accomplished quite a bit working together. . Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. I didnt get to where I am by going after mediocre opportunities. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. He was a very smart man. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek. Charlie Munger: I think Ive learned to avoid zoning work. $174 million and $174 million respectively. Im not trying to move mountains. I think management should tell it like it is at all times and not be a big promoter of its own stock. Questions: Now that we are cash flow positiveassuming the software business is investing organically as much as it canwhat is the philosophical thinking with respect to capital allocation at the Daily Journal. I was good at having low expectations and that helped me. Many of our systems are in the cloud. The majority of the companies in the funds portfolio are large-cap stocks. And, I think that could happen, but, of course, thats not a sure thing. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. We love it anyway. Because we have the proxies those directors are now reelected. The company operates in two segments: Traditional business and Journal Technologies. Im just learning as I go along. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? And then the previous 100 years, that got another big chunk of modernity. Los . Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. So, Im kind of pleased that Im still functioning at all. Investor Relations & Corporate Communications 650-260-7120 ext. Everything you see is profit. MOI Global en Espaol. Throughout the transcript below, I have included clickable links to my notes and articles . The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. 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. At times in my life, I have put myself to a standard that I think has helped me: I think Im not really equipped to comment on this subject until I can state the arguments against my conclusion better than the people on the other side. 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? 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. He said it was the pursuit of the uneatable by the unspeakable. DAILY JOURNAL CORPORATION. Nothing is particularly obvious for everybody to do the same thing. 1996 - janv . Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? And, we hope to do well in it. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. As for some of our technology, like eFiling for example, the courts are closed. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Daily Journal Corp's portfolio is diversified across 3 sectors. We are subject to the orders and directions of those counties which, before, really didnt impact anything. When I was young, I rezoned some properties very successfully. Daily Journal Corp is based out of Los Angeles. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. The meeting will come to order. Has the quality of the publication suffered as the employment levels have decreased? Can U.S. Treasury bonds be such a case today? Thats entirely due to the practical talent of Lee Kuan Yew. It operates through the Traditional Business and. Daily Commerce. There are these periods in capitalism. Billionaires Group and leadership at Berkshire Hathaway, Munger was . 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. And there was one woman who was a year older than he was who was the first-ranked student in the school. In 2010, that was down to 165 full-time employees and 15 part-time employees. You can hardly think of a decision that matters more to human felicity than who you marry. And that is why Costco presents some danger to Amazon. Its just that some people look for values in strong companies and some look for values in weak companies. It wasnt some malevolence of the rich that caused it. We admire the company and like its position. Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. I dont follow that practice but I dont criticize it either. Thats interestingwho in the hell is voting against the accountants? This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. Download 13F Summary We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. I think all of this activity is regrettable. I think the Chinese were very smart. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? So, no I dont think its the responsibility of management to assure where the stock sells. We would all say that. What do you look for in a leader? And I think the world would be better off without them. Gerald Salzman: Charlie refers to the courts, many times. Are they more stable? And, of course, he hated costs. The wealth management industry has a crisis on its hands. Thats very, very important. But he could play chess blindfolded at just below the Grandmaster level. FOR ANNUAL MEETING OF SHAREHOLDERS. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC . One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. But, of course, its a very difficult field. I call it deworsificationwhich I copied from somebody. Daily Journal Corp is based out of Los Angeles. European Investing Summit regarding their board of directors using the Board Diversity Matrix. Bitcoin reminds me of what Oscar Wilde said about fox hunting. It seems to involve a lot of your standard causes of human misjudgment. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. Charlie Munger: I dont think you can make that a moral responsibility. Create your Watchlist to save your favorite quotes on Nasdaq.com. I think all good investing is value investing. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. Put me down as skeptical. Published since 1917, the Daily Commerce is based in Los Angeles and covers news of general interest, columns of interest to real estate investors and brokers, and information on distressed properties in Los Angeles County. And, I was always aware of that and so Ive accepted these damned annual meetings. Meet-the-Author Summer Forum When the pandemic is over, I dont think were going back to just the way things were. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? What, for example, would you recommend as course materials? A lot of the people who are doing this remote worka lot are going to work three days a week in the office and two days a week at home. That recognized reality and worked way better than what other people were doing. 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. Ill paraphrase here. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. Youve said recently that Sequoia is the greatest investment firm ever. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. It just created the most unholy mess. containing a link to download the .zip file of the CSV file(s) you requested. 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. 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 . We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. Chuck Royce. People really trust Costco will be delivering enormous value. Any tips on how to generate insight in these types of situations? I think were into a lot less travel and a lot more Zooming. They really need the world to stay the way it is. And if its unfixable, learn to live without it. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. Charlie Munger: Its very hard to have a shrinking business. Charlie Munger: Well, that is easy. Its not generally noticed by the public but clearinghouses clear all these trades. If you dont spend the money, you and your heirs get to spend it eventually. We will now proceed to the question period. Quickly find out what the most recently closed or increased positions are. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . Intellectual Property What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. I think theyre a bad investment when interest rates are this low. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. And they dont do that very wellIm talking about the business schools. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. 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 [2]: Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Gerry and I have been together, how many years Gerry? I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. The total cash compensation, which includes bonus, and annual incentives, can vary anywhere from $137,730 to $197,363 with the average total cash compensation of $163,305. Classified advertising is down significantly. -, 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 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. And if there is one thing the world could learn from Singapore, what would that be? 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. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. Now, it sounds like anybody would know that made sense. I dont know the answer. The bad news is its not clear whos gonna win all the business or how much money is going to be made. 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: Well, its natural for people to think their own civilization and their own nation are better than everybody else. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. the total portfolio value. He was very amiable the way he talked about it. No, I dont have any secrets. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. Currently, Daily Journal Corp's portfolio is worth at least $174 million. But I wont be following him. On Constellations trajectory as an HPC, the economics of a VMS, returns on capital, challenges in organic growth, the runway for M&A, the companys incentive system, and prospects for the use of FCF. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor.