The fund focuses on investments in the United States as The meeting will come to order. #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. Intellectual Property To the extent that my thoughts have helped my life, I think Ive pretty well run the course. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. Question: My question concerns China. And some types of real estate in recent years has been particularly difficult. For example, Coca-Cola in the past. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. But he could play chess blindfolded at just below the Grandmaster level. You can hardly think of a decision that matters more to human felicity than who you marry. It says that man is too soon old and too late smart. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. 2023, Nasdaq, Inc. All Rights Reserved. But Im flabbergasted at how well theyre doing. The average market cap of the portfolio companies is close to $220 billion. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. These symbols will be available throughout the site during your session. With that one exception, Ive stayed out of Sequoias business because theyre so much better at it than I would be and I dont know how to do it the way they do it. Everybodys got a different situation. The total portfolio value may be much higher due to cash BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. It sold the previously owned 9,745 shares for $357 thousand. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. I just see more and more of the rich people leaving. What can you learn from the Barry Duttons bookstore building deal in Brentwood and how would you apply that new knowledge or experience in the future? Charlie Munger: I dont think you can make that a moral responsibility. Charlie Munger Just Doubled Down on Alibaba: Should Investors Follow How would you advise these institutions to manage their endowments over the coming decades? 2/24/23. Youve reached the limit of my circle of competence. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Gerry and I have been together, how many years Gerry? 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? A lot of the good rules of life are like that. And I think both of us have done the same thing; we just suck it in and cope. I think most people are born with a happystat. This very special event honors excellence in the investor relations profession across the US and we are excited to welcome everyone for an evening of fine food, dancing and lots of celebrating! I think the result would have been worse if either party had been in control all by itself for the whole period. I think were into a lot less travel and a lot more Zooming. 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? He was always upbeat. What do you think the long-term consequences will be? Daily Journal Corporation (DJCO) Stock Price, News, Quote - Yahoo! God knows it was difficult but I dont think its a mistake. 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. 2023 Annual Meeting. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. In addition, the fund holds 1,591,800 shares of Wells Fargo & Co worth $65.7 million, whose value grew 4.2% in the past six months. Role of Investor Relations - Corporate Finance Institute 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 . I dont think well change on that. Were beholden to the guidelines of the county of Los Angeles and other counties. Gerald Salzman: Charlie refers to the courts, many times. Theres no question about the fact that Wells Fargo has disappointed long-term investors like Berkshire because the old managementwhich is now removedwere not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to sell stuff that customers didnt really need. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. Where does it appear most egregious? Membership Tour 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? And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. 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: Robinhood trades are not free. Ideaweek Podcast 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. But, I dont think Ive got a lot to contribute. Question: What is the biggest lie currently being perpetuated by the investment complex? Theyre in a place thats gotten more valuable. On the other hand, it could be handled. Copyright 2023 Surperformance. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. LOS ANGELES, CA He took over a malarial swamp with no army, no nothing. But, of course, I think there will be more automation in transportation of all kinds in the future. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. I think the Chinese were very smart. How do I update this listing? Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. FOR ANNUAL MEETING OF SHAREHOLDERS. DJCO Stock Price & Charts | Daily Journal Titan International, Inc. - Investor - Contact 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. Now, it sounds like anybody would know that made sense. are based in the United States. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? Knox Lane hires Buntain to head investor relations | PE Hub I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities His method for doing it was so simple. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. Charlie Munger: I dont know anything about Haven. 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. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. It wasnt some malevolence of the rich that caused it. You know, its just, its incredible whats happened in terms of the destruction. And that is why Costco presents some danger to Amazon. Bruker Corporation to Present at Investor Conferences 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. Question: It seems likely that the current Fed policy of keeping interest rates near zero will only exacerbate the income disparity in this country by benefiting those who own the financial assets. We are subject to the orders and directions of those counties which, before, really didnt impact anything. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. He said, figure out what works and do it. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Announces 2022 Holiday Period Net Sales, Updates Fourth Quarter Outlook. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . daily journal corporation investor relations I think all of this activity is regrettable. He was death on corruption which was a very good idea. What is Investor Relations? Issuer Direct I admire him that much. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. In 1860, GDP per capita in China was 600. New species are created and old species are dying. 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. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. 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. Governance. Charlie Munger: I think Im alive because of a lucky genetic accident. And if you stop to think about it, that is also true at the Daily Journal. DJCO | Daily Journal Corp. Financial Statements - WSJ Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. The content provided on the Junto Investments (Junto) website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. If anybody can fix it, he can. 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. And, pretty soon, he turned that into this gloriously prosperous place. 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. But the accountants are duly elected. Always intelligent. Sure, we all love the kind of civilization we have. Kimberly Stewart - Head of Investor Relations - LinkedIn He lived in a particular town. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? And, of course, its all worked. 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Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. 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. There are certain behavioral rules. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? Solved Auditor Changes at Daily Journal Corporation Charlie | Chegg.com What prevents the wide use of helpful psychological insight is the fact that psychology gets really useful when you integrate it with all other knowledge. 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 . I expect less out of bankers than he does. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). You have to be concerned about employees lives. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. 50.0% of the portfolio companies As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. I knew a man once, Henry Singleton, who was not a chess champion. Gerry, dont you think were doing pretty well? By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. 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. We are very excited to look forward to enabling the courts to function as we know that they want to and will in the future. Tom Gayner, Adds value to my research process. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. Its just that the investment banking profession will sell shit as long as shit can be sold. 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. Question: What have you done to live such a long life? Part of the reason for that was cultural. By the way, thats not the normal outcome in America. That turned out to be a wonderful idea and thats one of the reasons we made all this money. I dont think I can teach you how to retroactively get a new accident yourself. Corporate Governance. What else can you do? The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. That approach will never go out of style. Capitalism is almost as brutal as that. I dont think Im likely to have any new thoughts that are going to work miracles either. 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. When completed, an email will be sent to the email address you specify Of course, his son, who is a bright man, is now Prime Minister of Singapore. I recommend that other people follow my example. $174 million and $174 million respectively. Because of that fact, it's of the utmost importance for companies to maintain strong . 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. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. What could investors do to cope better with periodical frenzy? Occasionally, some damned fool will suggest something that violates the laws of physics and I always turn off my mind the minute I realize the poor bastard doesnt know any physics. Ideaweek St. Moritz I think Im a little more lenient. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? Get the latest articles and insights directly to your email inbox. Could you give more examples both good and bad ones from your personal observations or through vicarious readings? Charlie Munger: Well, I dont think its required that we be exactly the same on everything. Tom Murphy used to say that his system of management was to delegate just short of total abdication. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. Daily Journal Corp. - AnnualReports.com So, no I dont think its the responsibility of management to assure where the stock sells. That recognized reality and worked way better than what other people were doing. 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. 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 I dont define that as value investing. 2/13/23. There are factories in China that are just absolutely full of robots and are working beautifully. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. 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. And, of course, he hated costs. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. Gerry, you have a comment on that? I expect that and I welcome it. And I think the world would be better off without them. The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. Solved Auditor Changes at Daily Journal Corporation Charlie - Chegg And if youre selling them gambling services where you make profits off of the top, like many of these new brokers who specialize in luring the amateurs in, I think its a dirty way to make money. Well, I dont think the quality of publishing public notice advertising has gone down. Billionaires Group Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. Sign-up How are they similar or different? And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Without the method of learning, youre like a one-legged man in an ass-kicking contest. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. What do you look for in a leader? The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. Questions: Many major businesses and high net worth individuals have been leaving California. Investors play a major and vital role in the success and growth of a company. Thats a really good rule. MOI Global en Espaol. That was a big error in judgment. The wealth management industry has a crisis on its hands. 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. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. They dont work that hard at figuring out what works and what doesnt. About the awards. And I think thats what shareholders do. Its entirely possible that our system is right for us and their system is right for them. No, I dont think I have anything to contribute. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. I dont think Ive got any great insight about hydrogen. Daily Journal Corp is based out of Los Angeles. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. If you have unrealistic expectations, youre going to be miserable all your life. Is it Bitcoin, decentralized finance, or something else? Do it right the first time. Now 16 years have passed. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Theyre just very simple. It was an accident. What were the lessons learned? Question: How important is the analysis of company culture in the investment process? The votes in favor of that are 995,356 against 120. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. Were all pretty forgiving of ourselves too which is probably a good thing. I was good at having low expectations and that helped me. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. 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. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. European Investing Summit Those are pretty good rules and theyre pretty simple. We have offices in all the major cities in California and also in Logan, Utah. All except for the legal advertising system which we had to build because nobody else has the volume that we have. Daily Journal Corporation (DJCO) - Yahoo! Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities and a top 10 holdings concentration of 100.0%. He really knew everything you had to do to avoid credit losses in a small town in Illinois. And, I was always aware of that and so Ive accepted these damned annual meetings. So, Im kind of pleased that Im still functioning at all. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. Buffetts donations to the foundation have obviously helped to save many millions. So its very difficult. Accounting is also in the cloud. Daily Journal Corporation Announces Financial Results for the Six Months ended March 31.. Daily Journal : Announces New Chairman and CEO - Form 8-K. Daily Journal Corp : Change in Directors or Principal Officers, Financial Statements and E.. Daily Journal Corporation Announces New Chairman and CEO, Daily Journal : Fiscal Q1 Earnings Snapshot. 2022. Charlie Munger: Its very hard to have a shrinking business. The death tax in China is zero. Daily Journal Corp - Filing History - Charlie Munger - Fintel Theres hardly anything he touched he didnt improve. 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. That happystat has more to do with their happiness and their outcomes in life. 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. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Charlie Munger: Well, I dont participate at all. Youve said recently that Sequoia is the greatest investment firm ever. And what he does is he sells about half of them always. 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. I would imagine that applies to the broad market too. I think theyd run rings around me. Is there anything that you wish you had added to your checklist sooner? Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. I think people have the theory that any intelligent hardworking person can get to be a great investor. They had to because the traditional business newspaper business is shrinking. CORRECTION - Daily Journal Corporation Announces Financial Resultsfor the Three Months.. Daily Journal Corporation Announces Financial Results for fiscal year ended September 3.. Daily Journal Corporation Announces Financial Results for the three months ended Decemb.. Daily Journal Corporation Announces Financial Results for fiscal 2017 ended September 3.. Daily Journal Corporation Announces Financial Results for Fiscal 2016 ended September 3.. Daily Journal Corporation Announces Financial Results for the Three Months Ended Decemb.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year Ended September 3.. Daily Journal Corporation Announces Financial Results for the Nine Months Ended June 30.. Daily Journal Corporation Announces Financial Results for the Six Months Ended March 31.. Daily Journal Corporation Receives Notice Regarding Non-Compliance With NASDAQ Listing .. Daily Journal Corporation : Announces Financial Results for the Three Months Ended Decembe.. Daily Journal Corporation : Announces Financial Results for the Fiscal Year ended Septembe.. Daily Journal Corporation : Announces Financial Results for the Nine Months ended June 30,.. Daily Journal Corporation : Announces Financial Results for the Six Months ended March 31,.. Interim 2023 Earnings Release (Projected), THE NEW YORK TIMES COMPANY : Q1 2023 Earnings Release (Projected), NEWS CORPORATION : Q3 2023 Earnings Release (Projected), REACH PLC : Interim 2023 Earnings Release, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. Daily Commerce
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