Im pretty easy on myself these days. If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. A lot of people assume that since England led the Industrial Revolution and had free speech early that free speech is required to have a booming economy as prescribed by Adam Smith. I call it deworsificationwhich I copied from somebody. So, I dont think Bitcoin is going to end up as the medium of exchange for the world. Its chairman is Steven Myhill-Jones. I hope the newspaper survives too. I kind of admire the way Bill takes on these very hard problems. 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. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. Currently, their heaviest sector is Finance making up 81.3% of It was absolutely incredible. Charlie Munger: Were really old both of us. I recognized early that Gerry could run anything he wanted to run. And he made a very favorable impression. Question: My question concerns China. Do Not Sell My Personal Information (CA Residents Only). The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. 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. Charlie Munger: I cant think of a We paid high prices for some little companies in the course of trying to enter the court software business. The Daily Journal Corp office and employees reside in Los Angeles, California. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. They do way more good than harm. Tilly's, Inc. or to simply have an email sent to you whenever we receive a new Question: Mr. Munger recently raised the alarm about the level of money printing taking place. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. But everybody cant be better than everybody else. I dont think we have made a lot of horrible mistakes. Question: Can you share some parting thoughts with the viewers who are watching all around the world? It says that man is too soon old and too late smart. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. Of course, that history is useful to know. Were going to bust our ass to try and do a good job. Has the quality of the publication suffered as the employment levels have decreased? Always intelligent. On the other hand, it could be handled. Its too volatile to serve well as a medium of exchange. Of course, that made him very leery of dumb loans. Daily Commerce. But, I dont think Ive got a lot to contribute. Im afraid thats the way we all have to leave our swords. Absolute insanity. Question: Last February, you spoke about the wretched excess in the financial system. regarding their board of directors using the Board Diversity Matrix. Is there any new material? Do it right the first time. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. Nasdaq provides companysSEC filings, which arefinancial statements andreports filed electronically with the U.S. Securities and Exchange Commission (SEC) byQuotemedia. But I wont be following him. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. And theyre all dyingevery damn one of them almost. Ratios & Margins Daily Journal Corp. All values updated annually at fiscal year end Valuation P/E Ratio (TTM) - P/E Ratio (including extraordinary items) - Price to Sales Ratio 6.55 Price to Book. What do you look for in a leader? We miss Rick terribly. 50.0% of the portfolio companies Question: I enjoyed your Caltech interview and wanted you to elaborate and provide more insights on your point of great investors and great chess players. Type a symbol or company name. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. Latticework New York Question: Do you think value investing is still relevant in a GDP-decreasing world? The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. #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. Florida would have a really serious problem. While historically a legal newspaper publishing company, today DJCO operates a SaaS business model providing case management software to courts and government agencies around the U.S. and the world. When the pandemic is over, I dont think were going back to just the way things were. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. 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. Los . to see more advanced email alert options such as selecting any type of Theyve got a better reputation for providing value than practically anybody, including Amazon. If you have unrealistic expectations, youre going to be miserable all your life. Costco I do think has one thing that Amazon does not. Bitcoin reminds me of what Oscar Wilde said about fox hunting. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. 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. I think some of these things are very difficult and I think, by and large, its a mistake to hire investment managementto hire armies of people to make conclusions. And, of course, its regrettable. What, for example, would you recommend as course materials? Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. And, of course, its all worked. Gerrys lived a long time too and I think we both have been lucky. I think theyre probably right, by the way. If you stop to think about it, business success long term is a lot like biology. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. Gerald Salzman: None. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. Of course, it really helped to know everybody in town. Ive been pretty quiet. He was just a very old-fashioned sound thinker. 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. He had excellent judgment. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. Ive been engaged in recent years in trying to create a better type of student dormitory. He was death on corruption which was a very good idea. Or, has the digital revolution caused enormous productivity improvements in those businesses? He gasped and said, but hes never had anything to do with newspapers or anything else. Of course, that will still work. Click the button below to request a report when hardcopies become available. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. Daily Journal Corp's portfolio is diversified across 3 sectors. We dont have any other secrets, do we Jerry? And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. That doesnt happen. Culture is very important. He didnt know one damn thing about the Daily Journal when we made him head of it. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. We paid two and a half million for it. Could you share the secret to living a long, healthy, and happy life? LEARN MORE. I think all of this activity is regrettable. We use cookies to ensure that we give you the best experience on our website. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. Charlie Munger: Well, I do have a tip. Charlie Munger: I dont think you can make that a moral responsibility. Question: The Federal Reserve appears to be supporting asset prices. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. Its doing a big public service. We will now proceed to the question period. How do I update this listing? 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. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. Of course, its going to be difficult. We would all say that. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. Im not saying I wanted to live in China. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Kipling once wrote a poem called The Women (The Ladies) and the concluding line was to the effect that you should learn about women from him instead of doing it yourself, because, he says, I know you wont follow my advice. What would be a mistake at the Daily Journal which we can all learn from? 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. And he said; I cant decide the order of presidency between a flee and a louse. As a matter of fact, what happens is to make a nation rich, you need a free market system. Buffetts donations to the foundation have obviously helped to save many millions. 306.00. Value Investing will never go out of style. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. 264 Sara.Pellegrino@iovance.com. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. He was always upbeat. I cant help you. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. 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. Charlie Munger: Well, that is easy. They manage And it was probably wise that we acted exactly as we did. I do think that a properly run bank is a great contributor to civilization and that the central banks of the world like controlling their own banking system and their own money supplies. This will schedule a job to export all requested 13f holdings data for this filer. Theyre just very simple. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. So I think what China has done was probably right for China and that we shouldnt be so pompous as to be telling the Chinese they ought to behave like us because we like ourselves and our system. The total portfolio value may be much higher due to cash Currently, Daily Journal Corp's portfolio is worth at least $174 million. N/A: N/A: N/A: . Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. Sign-up That makes the whole thing very awkward. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. Theres hardly anything he touched he didnt improve. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. And, I was always aware of that and so Ive accepted these damned annual meetings. And some types of real estate in recent years has been particularly difficult. It doesnt happen anymore. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. And he was a great kidder. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. So far the evidence would be that maybe the monetary modern monetary theory is right. 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. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. the MV of securities sold, whichever is less, He was that smart. But, of course, its a very difficult field. for Q4 2022. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. Charlie Munger: Well, I think all stocks can fluctuate. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Youve even said business schools that dont adopt this method are doing their students a disservice. I do think that Im way less afraid of inequality than most people who are bleeding about it. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. 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. What were the lessons learned? 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. The stock appreciated probably way more than intrinsic value. 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.