I think that inequality is absolutely an inevitable consequence of having the policies that make a nation grow richer and richer and elevate the poor. I dont think Ive got any great insight about hydrogen. Question: What is the biggest lie currently being perpetuated by the investment complex? I dont think we have made a lot of horrible mistakes. Are they more stable? 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. Generally speaking, people assume that were a normal software company like Microsoft or something. Podcasts enable members to enjoy content in a convenient format. Trending Stocks. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. He was not a dictator. When autocomplete results are available use up and down arrows to review and enter to select. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. I think when difficulty comes, I expect to have my share. Were not enlarging it. But, no, I dont think Treasury securities are a big problem. Question: Should there be a tax on buying stock now that Robinhood trades are free? In 2010, that was down to 165 full-time employees and 15 part-time employees. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? We dont have any other secrets, do we Jerry? Theres a lot of temptation to do dumb things which will make the earnings next quarter go up but are bad for the long term. Charlie Munger: Well, I cant top Lee Kuan Yews example. In 1860, GDP per capita in China was 600. All rights reserved. But you know, most people dont do that. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. Charlie Munger: Its very hard to have a shrinking business. Costco I do think has one thing that Amazon does not. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? Youre right. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? And some bankers yield to the temptations. The wealth management industry has a crisis on its hands. Copy and paste multiple symbols separated by spaces. What do you make of these two pricings? 2/24/23. And, as Gerry has just said to me just after breakfast, you wouldnt want to invest in a parking lot by a courthouse for the future because an awful lot of the court proceedings are going to go to the internet. Its entirely possible that our system is right for us and their system is right for them. Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. New species are created and old species are dying. Question: What books are you currently reading and what can you reccomend? So, its a very interesting competitive field. I think that would be insanity. Youd say that everybody does that in their education but I dont think everybody does. What, for example, would you recommend as course materials? And if you cant do that, youre not gonna win the great chess championships of the world and youre not gonna do as well in business as Henry Singleton did. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. He was always upbeat. Thats very, very important. 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. So far the evidence would be that maybe the monetary modern monetary theory is right. Its one of the most ignorant professions in the world. How would you advise these institutions to manage their endowments over the coming decades? Buffetts donations to the foundation have obviously helped to save many millions. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. A lot of the old moats are going away, and, of course, people are creating new moats all the time. And the next time around the poor will get richer faster than the rich. Charlie Munger: I think Im alive because of a lucky genetic accident. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. What do you think of all of the SPACs and the promoters pushing them? Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? Gerrys lived a long time too and I think we both have been lucky. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. 2023, Nasdaq, Inc. All Rights Reserved. Thats an interesting example of self-learning. Question: We have a couple of questions about J.P. Rick Guerin. He was a very smart man. I tell a story on Rick that he took the Navys IQ test and got one of the highest scores ever recorded and left early. But, but by and large, most of the knowledge has been available for a long time. I learned those tendencies well enough to synthesize it with the rest of knowledge. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. Is it digital wallets like PayPal, Square, or Apple Pay? It also serves as a newspaper representative specializing in public notice advertising. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. 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. As a matter of fact, what happens is to make a nation rich, you need a free market system. And they dont just keep everlastingly at it the way he did. Titan International, Inc. c/o Investor Relations 1525 Kautz Road, Suite 600 West Chicago, IL 60185 investor.relations@titan-intl.com Board Contact Information Written correspondence for any member of Titan's Board of Directors may be sent to their attention: Titan International, Inc. c/o Corporate Secretary 2701 Spruce Street Quincy, IL 62301 Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. They do way more good than harm. Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. 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. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! Nobody should believe that Robinhoods trades are free. They lose their money fast enough. SEC Form 13F Filing History. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. Performance numbers calculated through 2023-02-14. And if you have a free market system thats trying to get rich in the way recommended by Adam Smith, what happens is that its a very irritating system because the poverty that causes so much misery is also causing the growth that makes everybody get out of poverty. He loved to kid people. What are his thoughts on modern monetary theory? or to simply have an email sent to you whenever we receive a new You can hardly think of anything more important in life than being reliable for the people who trust you. All-Time Favorites Wide-Moat Investing Summit But theres also a large risk of losing it coming from within an organization. He had excellent judgment. Without the method of learning, youre like a one-legged man in an ass-kicking contest. The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. So, the people part has changed quite considerably being a small company. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. Charlie Munger: Its quite importantpart of the success of a company like Costco. Question: Is the oil and gas industry the new newspapers? assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Now 16 years have passed. Look around all this real estate. One thing I can promise is that I wont contribute much to it because I dont understand it. Can you speak to the causes, the trend, and make some predictions? But I do think having a whole system to sell hydrogen is difficult. 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. Thats the good news. Theyve got a better reputation for providing value than practically anybody, including Amazon. If you continue to use this site we will assume that you are happy with it. You know, its just, its incredible whats happened in terms of the destruction. Always on point. 1/9/23. And, I was not surprised when it blew up. Take Gerry. Im not saying I wanted to live in China. I think people have the theory that any intelligent hardworking person can get to be a great investor. Contact. Thats a really good rule. Performance 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. Do Not Sell My Personal Information (CA Residents Only). 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. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. And thats the way we handled Gerry. Charlie Munger: Well, that is easy. A rich civilization can afford to do it if we absolutely have to. And if you stop to think about it, that is also true at the Daily Journal. Industry Insights Summit And, we hope to do well in it. I dont even know how much more difficultor how much more dangerousit would be to deal with hydrogen than it is to deal with gasoline which is also a dangerous substance. There are certain behavioral rules. And like last year, you will in this note find a full transcript of the entire meeting. 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? 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. Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. These symbols will be available throughout the site during your session. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. And we cant go to many offices because theyre closed. Gerry has done magnificently well. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. Florida would have a really serious problem. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Question: Last February, you spoke about the wretched excess in the financial system. 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. Type a symbol or company name. All except for the legal advertising system which we had to build because nobody else has the volume that we have. And thats the way Eugene was in his community. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. They manage And, pretty soon, he turned that into this gloriously prosperous place. And, I was always aware of that and so Ive accepted these damned annual meetings. He didnt know one damn thing about the Daily Journal when we made him head of it. [1]: DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESU.. Daily Journal Corporation Announces Financial Resultsfor the Three Months ended Decemb.. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Res.. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 3.. Daily Journal Corp : Change in Directors or Principal Officers (form 8-K). 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. 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: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. Gerry, dont you think were doing pretty well? I just see more and more of the rich people leaving. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. 2022 Junto Investments, all rights reserved. Gerald Salzman: Charlie refers to the courts, many times. These are very difficult questions and most people assume that its simple. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Well, I dont think the quality of publishing public notice advertising has gone down. 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. Munger and Salzman will take shareholder questions from CNBCs Becky Quick.Don't Miss: Valley of Hype: The Culture That Built Elizabeth HolmesWATCH HERE:https://youtu.be/Sb179GLPNYEWatch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube:https://youtu.be/gx-OzwHpM9kSubscribe to Yahoo Finance: https://yhoo.it/2fGu5BbAbout Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. Everything you see is profit. Chinese stocks are often sensitive to geopolitical events, and news that Biden and Xi will meet later this year could signal a thaw in relations between China and the U.S. Daily Journal Corporation Reports Quarterly Revenue $11.68 Mln Daily Journal Corporation says For Nine Months Ended June 30 Consolidated Revenues Of $35.7 mln Versus $30.6 . Billionaires Group Charlie Munger: Well, of course, its very hard to fix the global warming problem when the poorer countries need to burn coal to stay alive and so on. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? Its a funny way to make money. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. Charlie Munger: I dont think so. I have a very simple idea on the subject. We paid two and a half million for it. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . 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! Daily Journal Corporation has 1 stars. He lived in a particular town. Since the annual event first launched in 1996 . 306.00. And in biology, what happens is the individuals all die, and eventually, so do all the species. Ideaweek Podcast Question: Do you believe global warming is an existential threat to humankind? Charlie Munger: Well, these things do happen in a market economy. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Until his recent step-down as chairman of the board in April, the marketable. And we probably have more of those shortcuts than others. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. Gerry and I have been together, how many years Gerry? Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . The bad news is its not clear whos gonna win all the business or how much money is going to be made. You have to be concerned about employees lives. I was good at having low expectations and that helped me. Delayed Nasdaq 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. The votes in favor of that are 995,356 against 120. and a top 10 holdings concentration of 100.0%. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. 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. We admire the company and like its position. Youve said recently that Sequoia is the greatest investment firm ever. And he was a great kidder. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? Ive been around for a long time and my policy has always been to just write them out. We got a dividend of two and a half million shortly thereafter. And by the way, I think its hard to teach. Ive been pretty quiet. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. Its just that some people look for values in strong companies and some look for values in weak companies. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. I predict that if they do that, a lot of people will leave Washington. February 26, 2021 / Richard Lewis / 6 Comments. Intellectual Property Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. But we cant. Wheaton delivers amongst the highest cash operating . No, I dont think I have anything to contribute. Can U.S. Treasury bonds be such a case today? And, of course, he hated costs. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. 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. $174 million and $174 million respectively. There are companies that Daily Journal Corp is getting rid of from its portfolio. Question: You famously run investments through your mental checklist. But show me a psychology department that knows how to do that. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. 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. [The questioner] would like to know what Charlies method of learning is. Member Feedback We expect many of our employees to always be at client court offices because we work with them very closely to make sure they get what they need. When the pandemic is over, I dont think were going back to just the way things were. And I think that that is inevitable because its difficult to be a good investor. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. 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. . I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. How would they think about current opportunities with low rates and low inflation? 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.
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