First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. Tom Gayner, Adds value to my research process. There are currently 4 companies in Mrs. Tos portfolio. Its just not gonna work. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. What could investors do to cope better with periodical frenzy? Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. Thats been greatly curtailed. 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. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. Gerry, can you ever remember Rick down? 1996 - janv . He had excellent judgment. Gerry has done magnificently well. That approach will never go out of style. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. Has the quality of the publication suffered as the employment levels have decreased? For example, Coca-Cola in the past. We were trying to save the whole economy under terrible conditions. -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 . The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. SEC Form 13F Filing History. Investor Relations & Corporate Communications 650-260-7120 ext. Could you give more examples both good and bad ones from your personal observations or through vicarious readings? Youre right. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. What do you look for in a leader? Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . And were gonna play that as hard as we can. The third-largest holding is Alibaba Ltd worth $26.4 million and the next is Us Bancorp worth $6.11 million, with 140,000 shares owned. Just time after time, he would choose the right system. Of course, people behave more sensibly when theyre spending their own money. Intellectual Property Daily Journal Corps portfolio is diversified across 3 sectors. Charlie Munger: Well, its not easy to handle accumulated money in the current environment when these stocks are so high and partials of real estate of certain kinds are also very inflated. As of 29th December 2022, Daily Journal Corps top holding is 2,300,000 shares of Bank Of America currently worth over $76.2 million and making up 43.7% of the portfolio value. I think management should tell it like it is at all times and not be a big promoter of its own stock. They do way more good than harm. Charlie Munger: Modern monetary theory means that people are less worried about an inflationary disaster like Weimar Germany from government printing of money and spending it. Could you share the secret to living a long, healthy, and happy life? It wasnt some malevolence of the rich that caused it. Theyve got a better reputation for providing value than practically anybody, including Amazon. What can you learn from the Barry Duttons bookstore building deal in Brentwood and how would you apply that new knowledge or experience in the future? They just copied Adam Smith and left out the free speech and it worked fine for them. Question: How do you control your investments in a world where reasonable companies with a good image like General Electric sink rapidly into the bottomland of the stock market. At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. And that is why Costco presents some danger to Amazon. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathawayYahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($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. Youd say that everybody does that in their education but I dont think everybody does. It also serves as a newspaper representative specializing in public notice advertising. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. Thats what the communists are doing. Were not enlarging it. Its not generally noticed by the public but clearinghouses clear all these trades. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. So he was just a perfect banker if you wanted never to have any trouble. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. When the pandemic is over, I dont think were going back to just the way things were. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. He cared terribly about not making bad loans or incurring dumb expenses. Im afraid thats the way we all have to leave our swords. And what are the implications, since Treasury assets underpin the value of every other asset? I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. I admire him that much. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. But I do think having a whole system to sell hydrogen is difficult. 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. I was good at having low expectations and that helped me. That turned out to be a wonderful idea and thats one of the reasons we made all this money. What do you make of these two pricings? And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? Meet-the-Author Summer Forum 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? Annual stock financials by MarketWatch. I would hate to compete with Sequoia in their field. It showsed how wise we were to put him there in the first place. Charlie Munger: Well, heres what I meant. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. The first order of business is to reelect the four directors and the votes are as follows: Charles Munger, 679,481, Gerald Salzman, 660,287, Peter Kaufman, 593,336, Mary Conlon, 651,493. 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? The Daily Journal Corp office and employees reside in Los Angeles, California. People really trust Costco will be delivering enormous value. Are they more stable? Always on point. Prior to forming Peterson Capital Management, LLC and launching Peterson Investment Fund I, LP, Matthew split time between Wall Street and London as Capital Markets Manager in the Financial Services Vertical at Diamond Management and Technology Consultants. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. Rose Blumpkin had quite an effect on the Berkshire culture. And thats the way Eugene was in his community. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. I dont think that hydrocarbons are going. Classified advertising is down significantly. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. And I think that were crazy to allow it. Chuck Akre | Sanjay Bakshi | Brian Bares | David Barr | Chris Bloomstran | John Burbank | Joel Cohen | Larry Cunningham | Aswath Damodaran | Christopher Davis | Charles de Vaulx | Fernando del Pino | Pat Dorsey | Jean-Marie Eveillard | James Ferguson | Frank Fischer | Tom Gayner | Daniel Gladi | Bruce Greenwald | Robert Hagstrom | Connor Haley | Ahron Herring | Michael Huber | Bryan Lawrence | Hendrik Leber | Paul Lountzis | Peter Mantas | David Marcus | Howard Marks | Michael Mauboussin | Chris Mittleman | David Nierenberg | Phil Ordway | Mohnish Pabrai | Francisco Garca Params | Bob Robotti | Franois Rochon | David Rolfe | Jim Roumell | Chuck Royce | Tom Russo | Dave Sather | Florian Schuhbauer | Adam H. Schwartz | Josh Shores | Guy Spier | Murray Stahl | Sean Stannard-Stockton | Lauren Templeton | Will Thorndike | Elliot Turner | Michael van Biema | Arnold van den Berg | Marcos Veremis | Ed Wachenheim | Amit Wadhwaney | Adrian Warner | Andrew Wilkinson | Jay Willoughby | Josh Wolfe | Don Yacktman | Tim Yates, MOI Global | The Membership Community of Intelligent Investors. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. Value investors know Warren Buffett's classic retort to efficient market theory, "The . 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. And he was a great kidder. Theyre just very simple. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. I recommend that other people follow my practice. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. And, of course, its all worked. A lot of the old moats are going away, and, of course, people are creating new moats all the time. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. 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. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. On the other hand, as you say, I didnt get rich by buying stocks at high price-earnings multiples in the midst of crazy speculative booms. Webcast. Youve reached the limit of my circle of competence. A lot of things are going to change. And, what about passive investing? And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. But I do admire what the Chinese have done. Questions: Why are some people incapable of learning new ideas and behaviors? Member Feedback Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. How do you recognize a potential downfall in a company you hold/invest in? Today, it hovers around 9500. Thats an interesting example of self-learning. Daily Journal Corp's portfolio is diversified across 3 sectors. 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. And he was just so good. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. And, for example, here, we must have 30 or 40 deaths. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . Accounting is also in the cloud. In 1860, GDP per capita in China was 600. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. Gerald Salzman: There are a number of factors that come into play here. Hed been a receiver for a bank. So, I dont think Bitcoin is going to end up as the medium of exchange for the world. I think the result would have been worse if either party had been in control all by itself for the whole period. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. When I look at the modern Singapore health system, it costs 20% of what the American system costs. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. 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. Nobody should believe that Robinhoods trades are free. 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.