I think people have the theory that any intelligent hardworking person can get to be a great investor. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. The meeting was held on February 24, 2021. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. We paid two and a half million for it. What would be a mistake at the Daily Journal which we can all learn from? His method for doing it was so simple.
Bruker Corporation to Present at Investor Conferences Its entirely possible that our system is right for us and their system is right for them. 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? Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services.
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Daily Journal Corporation [1]: Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? And, of course, he hated costs. Where does it appear most egregious? One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. LEARN MORE. Of course, it really helped to know everybody in town. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. And it was probably wise that we acted exactly as we did. 2/13/23. 2021 Quotemedia. BYD stock did nothing for the first five years we held it. They had to because the traditional business newspaper business is shrinking. A lot of the old moats are going away, and, of course, people are creating new moats all the time. Value investors know Warren Buffett's classic retort to efficient market theory, "The . Daily Journal Corporation has 1 stars. 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? Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. We do, as Charlie indicates, have a lot of travel. And I think both of us have done the same thing; we just suck it in and cope. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. 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. Click the button below to request a report when hardcopies become available. I think the result would have been worse if either party had been in control all by itself for the whole period. 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. Rick was part of the group which consisted of Warren Buffett, Rick Guerin, and Charlie Munger that bought control of Blue Chip Stamps when it was widely distributed in an anti-trust settlement. 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. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. He gasped and said, but hes never had anything to do with newspapers or anything else. But we cant. And, I was always aware of that and so Ive accepted these damned annual meetings. Question: Do you think value investing is still relevant in a GDP-decreasing world? Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. And there was one woman who was a year older than he was who was the first-ranked student in the school. Corporate Governance. I think you can count on the fact that if we really like the company and we like the managementand that is the way we feel about BYDwere likely to be a little too loyal. It closed the year with cash flow reaching $7.1 billion . The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. 2023, Nasdaq, Inc. All Rights Reserved. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? 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. You are limited to the prior 8 quarters of 13F filings. However, could you be more specific? The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York.
Charlie Munger: Full Transcript of the 2021 Daily Journal Meeting - Junto Mitch Gellman - Investor Relations & Strategic Adviser - LinkedIn And, of course, thats a very dangerous way to invest. She created a business with like 500 depression dollars that became a huge business. If its not good enough for Berkshire, shouldnt we have the same standards? I recognized early that Gerry could run anything he wanted to run. He was a very smart man. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. Featured Content Member Calendar, MOI Global is a wonderful way to expose yourself to the thoughts of some of the most successful investors and investment methods out there. February 26, 2021 / Richard Lewis / 6 Comments. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. When you pay for order flow, youre probably charging your customers more and pretending to be free. The bad news is its not clear whos gonna win all the business or how much money is going to be made. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. Rich Eisinger, Great content, great people. Just time after time he would do something like that. 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. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq But theres also a large risk of losing it coming from within an organization. And he made a very favorable impression. $174 million and $174 million respectively. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? Charlie Munger: Well, thats a very good question. In other words, when we shout our knowledge out, were really pounding it out. We have offices in all the major cities in California and also in Logan, Utah. In other words, to some extent, its a self-correcting system. Seneca Foods' (NASDAQ:SENE.A) investors will be pleased with their notable 70% return over the last three years 10/18/2022 3:57 PM. Latticework New York 2022. Everybodys got a different situation. And thats what we have going in the stock market in a frenzy thats fed by people who are getting commissions and other revenues out of this new bunch of gamblers. Copy and paste multiple symbols separated by spaces. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. Question: What is the biggest competitive threat to U.S. banks like Bank of America and US Bankboth equity holdings of the Daily Journal Corporationover the long term? Gerald Salzman: Well, we dont think about mistakes. How do I update this listing? As for some of our technology, like eFiling for example, the courts are closed. 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. The fund focuses on investments in the United States as Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. -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 . And, of course, it works way better than our medical system. All except for the legal advertising system which we had to build because nobody else has the volume that we have. When these people go, there is none replacing them. Its such a simple idea. If you stop to think about it, business success long term is a lot like biology. Question: We have a couple of questions about J.P. Rick Guerin. Charlie Munger: Real estate has always been a difficult field. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. Thats been greatly curtailed. The votes in favor of that are 995,356 against 120. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. 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. 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. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. He said it was the pursuit of the uneatable by the unspeakable. Investors play a major and vital role in the success and growth of a company. And they dont just keep everlastingly at it the way he did. Daily Journal Corporation (DJCO) - 8-K - Current report SEC FilingsYesterday, 3:57 PM Daily Journal Corporation (DJCO) - 10-Q - Quarterly Report SEC FilingsMon, Feb. 13 Daily. [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. 13F filing from DAILY JOURNAL CORP, enter your
DJCO | Daily Journal Corp. Financial Statements - WSJ Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry.