75% of the total holdings value. What do you look for in a leader? This information can be used by investors to verify and understand the financial position of the company. Do you think that digital economy has reached a tipping point such that this time is different and that conventional valuation measures for these types of companies are dead, or does this environment remind you of 1999? That is true and makes sense. Stocks with a size of more than $10 billion in market cap make up What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. February 26, 2021 / Richard Lewis / 6 Comments. Give me a new question. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Question: What would management [of Daily Journal] do with a sudden windfall of profits? The Manual of Ideas The meeting will come to order. are based in the United States. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. I was very lucky. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. On the other hand, the buses in Los Angeles work on natural gas. and a top 10 holdings concentration of 100.0%. Is there any new material? A single vial can cost upwards of $300, meaning a monthly cost of $1,000. 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. This Week in Intelligent Investing. But, of course, its a very difficult field. And if there is one thing the world could learn from Singapore, what would that be? I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. When autocomplete results are available use up and down arrows to review and enter to select. Im not trying to move mountains. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Of course, its going to be difficult. Theres hardly anything he touched he didnt improve. Investor's Business Daily (IBD), which . I think the result would have been worse if either party had been in control all by itself for the whole period. In 2010, that was down to 165 full-time employees and 15 part-time employees. Florida would have a really serious problem. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. I dont think that hydrocarbons are going. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. Performance numbers calculated through 2023-02-14. I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money. 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: Well, that is easy. Wheaton delivers amongst the highest cash operating . But its hard for anybody. That was a big error in judgment. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? Do you agree with the premise and if so how would you address inequality? He was that smart. Thats one you can easily arrange. We use cookies to ensure that we give you the best experience on our website. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . When these people go, there is none replacing them. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? It was an accident. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. 2022. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. If I had stayed in Omaha, where I was raised, and gotten into the banking business, I would have been a hell of a good banker. Charlie Munger: I have seen an episode or two of the Queens Gambit. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? Would you share a few stories about him and your fondest memory? Question: You famously run investments through your mental checklist. And thats not a sure thing either. So you now know what I do in charitable institutions. That turned out to be a wonderful idea and thats one of the reasons we made all this money. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. Daily Journal Corp. - AnnualReports.com Most Recent Annual Report MOST RECENT 2019 Form 10K View Form 10K (HTML) Daily Journal Corp. does not currently have any hardcopy reports on AnnualReports.com. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. There are currently 4 companies in Mrs. Tos portfolio. Because of that fact, it's of the utmost importance for companies to maintain strong . And I think wise people should just stay out of them. I think management should tell it like it is at all times and not be a big promoter of its own stock. Question: Last February, you spoke about the wretched excess in the financial system. Quickly find out what the most recently closed or increased positions are. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. And theyre all dyingevery damn one of them almost. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? Just time after time, he would choose the right system. If you were offered a fresh start today, what would you do differently in life and in investing? First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. 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. We would all say that. Value investors know Warren Buffett's classic retort to efficient market theory, "The . Are traditional dividends and share repurchases the likely end-stateassuming our software business grows into a bonafide companyor will buying and holding securities from time to time be what the board is comfortable with? Its too volatile to serve well as a medium of exchange. of stocks: 4 Portfolio value: $174,434,000 Holdings Activity Buys Sells History * Reported Price is the price of the security as of the portfolio date. Charlie Munger: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. Webcast. Its very difficult to hire reporters in the San Francisco area with all the demands coming from the internet companies wanting to have an editorial product. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathawayYahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($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. Question: My question concerns China. Of course, we accomplished quite a bit working together. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. And I dont think youll find me engaged in the massive rezonings in the future. And I think both of us have done the same thing; we just suck it in and cope. On the other hand, we have a fair amount of time to do it. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. Ive been around for a long time and my policy has always been to just write them out. CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec. Im just learning as I go along. Investment Ideas Subscribe to WhaleWisdom to view all filing data DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. Hell be able to do it. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? Information Agent. Question: The Federal Reserve appears to be supporting asset prices. Chinas economic record among the big nations is the best that ever existed in the history of the world. If its not good enough for Berkshire, shouldnt we have the same standards? And his conclusion is that mankind should just step up to it and do it. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? I have a very simple idea on the subject. And, of course, its going to create trouble as it did. It closed the year with cash flow reaching $7.1 billion . What do you think we can do to help those who are currently falling behind as a result of this pandemic? Always intelligent. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. And I applaud the result. 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 . Were all pretty forgiving of ourselves too which is probably a good thing. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. 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? Daily Journal Corps portfolio is diversified across 3 sectors. In Singapore, you get a savings account the day youre born. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. BYD sells at nearly 200 P/E. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? We have different tax considerations. With no analysts or investor relations department, few understand the transformation that has occurred. And when the evidence came in that the system wasnt working very well because some of the employees were cheating some of the customers, they came down hard on the customers instead of changing the system. Gerald Salzman: Charlie refers to the courts, many times. Of course, it really helped to know everybody in town. And thats the right way to do it. SEC form, multiple filers or classes of filers, and much more.***. Corporate governance. But he knew how to learn what he didnt know. Charlie Munger: I dont think so. But you know, most people dont do that. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. It doesnt happen anymore. Tom Murphy used to say that his system of management was to delegate just short of total abdication. 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. Do it right the first time. A rich civilization can afford to do it if we absolutely have to. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. We are subject to the orders and directions of those counties which, before, really didnt impact anything. Charlie Munger: Its very hard to have a shrinking business. 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. Thats what weve been doing throughout my whole lifetime. But he could play chess blindfolded at just below the Grandmaster level. VP of Publications & Sec. We have our crotchets and I just dont know enough about it to want to go into that activity. We were trying to save the whole economy under terrible conditions. Charlie Munger: Well thats an easy one. Put me down as skeptical. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. And if you believe Jeff Bezos is one of the best businessmen you have ever known, would you consider investing early in any of the new projects he will inevitably focus his attention on now that he will not have to be as concerned about the day to day responsibilities of Amazon?

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