Question: Eugene Abegg seems like he was one of the best bankers of the last century, achieving both extremely low loan loss rates and earning around 2% on assets over a long time period. My guess is we have suffered some editorial quality. 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. How do I update this listing? Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. Question: What is the biggest lie currently being perpetuated by the investment complex? Because we have the proxies those directors are now reelected. You get crazy booms. Tom Murphy used to say that his system of management was to delegate just short of total abdication. Question: Do you believe any psychological personality tests, such as the Myers-Briggs Type Indicator, to be of any good in choosing a compatible partner, given that choosing a spouse is probably the most important decision one can make in life. [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. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities and a top 10 holdings concentration of 100.0%. Question: Do you think value investing is still relevant in a GDP-decreasing world? 1996 - janv . Thats the nature of capitalism. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Charlie Munger: Well, I think all stocks can fluctuate. The Daily Journal is a legal publisher in Los Angeles, spun out in 1986 as a public company from a closed-end fund Munger and Guerin owned. Considering their system, that is not what he should have been doing. Trending Stocks. Investor Relations & Corporate Communications 650-260-7120 ext. 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? Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. One thing I can promise is that I wont contribute much to it because I dont understand it. He cared terribly about not making bad loans or incurring dumb expenses. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? That makes the whole thing very awkward. Im not saying I wanted to live in China. Of course, that made him very leery of dumb loans. 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. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. They lose their money fast enough. Create Email Alert, ***Log In or daily journal corporation investor relations Charlie Munger: Full Transcript of Daily Journal Annual Meeting 2021 God knows it was difficult but I dont think its a mistake. Under Nasdaq's Board Diversity Proposal, operating companies listed on Nasdaq's U.S. exchange, including Daily Journal Corporation (DJCO), are required to publicly disclose diversity statistics . Daily Journal | DJCO Stock Price, Company Overview & News - Forbes Many, but not all SEC filings are available in the SECs EDGAR database. Take Gerry. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. Its difficult, but its not impossible investing in bank stocks successfully. Of course, if he had a chance to do it over again, he would avoid those mistakes. There arent that many people like Lee Kuan Yew that have ever lived. Currently, their heaviest sector is Finance making up 81.3% of $174 million and $174 million respectively. Just time after time he would do something like that. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. Knox Lane hires Buntain to head investor relations | PE Hub Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. We use cookies to ensure that we give you the best experience on our website. Do you agree with the premise and if so how would you address inequality? When people gave me a good idea and I could see it was a good idea, I quickly mastered it and started using it for the rest of my life. Question: What have you done to live such a long life? View the latest DJCO financial statements, income statements and financial ratios. We do, as Charlie indicates, have a lot of travel. But theres no rule that life has to be easy on the mental side. Thats true whether youre Benjamin Franklin or Joe klutz. And I dont know whether hes right or not. About the awards. No, I dont think I have anything to contribute. I was very lucky. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. When completed, an email will be sent to the email address you specify Have you met Lee Kuan Yew in person? 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. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. And thats the way we handled Gerry. The stock has gained so much this year and last year. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. 50.0% of the portfolio companies The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. Latticework London Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as War- ren Buffett's "right arm." Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod- ucts. 2021 Quotemedia. Daily Journal Corporation's ISS governance QualityScore as . 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. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. 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. Bruker Corporation to Present at Investor Conferences The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. As a result of holding those two positions, we have a lower cost than anybody else and we make more money than practically everybody else. Daily Journal Corporation (DJCO) company profile & facts - Yahoo! This information can be used by investors to verify and understand the financial position of the company. And what did the Chinese communists do with respect to death taxes? I think the Chinese were very smart. Every value investor tries to get more value than he pays for. And, what about passive investing? Billionaires Group They really need the world to stay the way it is. djco20191220_def14a.htm - SEC I recognized early that Gerry could run anything he wanted to run. DAILY JOURNAL CORP Investor Relations Director Salary | Salary.com 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. Gerry has done magnificently well. Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. Quickly find out what the most recently closed or increased positions are. Investor Overview | Graham Holdings Company The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? And yet he made a lot of mistakes in the course of living his life. So, no I dont think its the responsibility of management to assure where the stock sells. Buffetts donations to the foundation have obviously helped to save many millions. Subscribe to WhaleWisdom to view all filing data It says that man is too soon old and too late smart. Now, it sounds like anybody would know that made sense. And, I think that could happen, but, of course, thats not a sure thing. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. 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. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. Everyone knows this isnt a small cap Berkshire Hathaway. He knew everybody and everything. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. A lot of the good rules of life are like that. Theyre just very simple. And we cant go to many offices because theyre closed. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. I was good at having low expectations and that helped me. Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. Im just trying to get a feel for what the long-term capital allocation is. Daily Journal Corp 13F annual report (2023) | wallmine On the other hand, the buses in Los Angeles work on natural gas. I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. Delayed Nasdaq This years annual report suggests that the traditional business has 97 full-time employees. 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. What would be a mistake at the Daily Journal which we can all learn from? And were gonna play that as hard as we can. With no analysts or investor relations department, few understand the transformation that has occurred. And thats not a sure thing either. I feel the same way about those choices. What prevents the wide use of helpful psychological insight is the fact that psychology gets really useful when you integrate it with all other knowledge. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. I think theyd run rings around me. Kimberly Stewart - Head of Investor Relations - LinkedIn Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. All except for the legal advertising system which we had to build because nobody else has the volume that we have. Washington State is actually considering a wealth tax at the state level. But, of course, its a very difficult field. I think that shareholders should be more sensible and not crowd into stocks and buy them just because theyre going up and they like to gamble. He was very courageous and generous in helping everybody around him all his life. What else can you do? Its entirely possible that our system is right for us and their system is right for them. You have to be concerned about employees lives. So it gets very dangerous. So he married her. Apartments have come through better.