This years annual report suggests that the traditional business has 97 full-time employees. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Knox Lane was founded in 2019. As for some of our technology, like eFiling for example, the courts are closed. 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. Its been amazing that one little company starting up not that many decades ago could become as big as Costco did as fast as Costco did. Sign-up Question: Do you believe global warming is an existential threat to humankind? Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. And, of course, its regrettable. Ive been around for a long time and my policy has always been to just write them out. Always tell the truth and never lie to anybody about anything. So its very difficult. Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. 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. Billionaires Group Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. A rich civilization can afford to do it if we absolutely have to. He was just so damn smart. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . But theres also a large risk of losing it coming from within an organization. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. Download 13F Summary 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. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. I dont follow that practice but I dont criticize it either. The Daily Journal Corp office and employees reside in Los Angeles, California. 915 E. 1st Street. Charlie Munger: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. All the buses. The meeting was held on February 24, 2021. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. I recommend that other people follow my example. Practically everybody does that. You once said to study the life and work of Lee Kuan Yew. Intelligent Investing in Crisis Mode. Daily Commerce. 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 And I just think it was academically inconvenient for them. Nobody should believe that Robinhoods trades are free. It closed the year with cash flow reaching $7.1 billion . Trending Stocks. Tilly's, Inc. Daily Journal Corp. And I think thats what shareholders do. Question: Mr. Munger is a champion of Chinese stocks. Do it right the first time. Its not generally noticed by the public but clearinghouses clear all these trades. Always on point. And, of course, it works way better than our medical system. 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. But I do think having a whole system to sell hydrogen is difficult. I do think banking run intelligently is a very good business. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. 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, 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. Charlie Munger: Well, heres what I meant. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. In Singapore, you get a savings account the day youre born. Chinas economic record among the big nations is the best that ever existed in the history of the world. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. Are they more stable? The stock has gained so much this year and last year. 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. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. Question: Which do you think is crazier? Charlie Munger: I think Im alive because of a lucky genetic accident. But its hard for anybody. A single vial can cost upwards of $300, meaning a monthly cost of $1,000. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Investors play a major and vital role in the success and growth of a company. Type a symbol or company name. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? He took over a malarial swamp with no army, no nothing. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. What happens is that every human being tends to believe way more than he should in what hes worked hard to find out or where hes announced publicly that he already believes. He didnt know one damn thing about the Daily Journal when we made him head of it. Charlie Munger: Robinhood trades are not free. What else can you do? Gerry has done magnificently well. The bad news is its not clear whos gonna win all the business or how much money is going to be made. The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. All rights reserved. I think the result would have been worse if either party had been in control all by itself for the whole period. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. When autocomplete results are available use up and down arrows to review and enter to select. The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. I didnt get to where I am by going after mediocre opportunities. That recognized reality and worked way better than what other people were doing. One thing I can promise is that I wont contribute much to it because I dont understand it. 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. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. In other words, its your money. Investment Ideas And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. Im just trying to get a feel for what the long-term capital allocation is. As a matter of fact, what happens is to make a nation rich, you need a free market system. Charlie Munger: I dont think so. But I dont think everybody can be a great investor or a great chess player. Thought Leader Series. [1]: You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. 2/24/23. If you were offered a fresh start today, what would you do differently in life and in investing? Charlie Munger: Its hard to know what exact macroeconomic policy is correct. The company operates in two segments: Traditional business and Journal Technologies. Annual stock financials by MarketWatch. I knew a man once, Henry Singleton, who was not a chess champion. Take Gerry. When I look at the modern Singapore health system, it costs 20% of what the American system costs. Is there any new material? 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. [2]: Has the quality of the publication suffered as the employment levels have decreased? See our Terms, Privacy Policy, and Disclaimer. But show me a psychology department that knows how to do that. Subscribe Columns Labor/Employment Viking River PAGA ruling has no clear destination for employers Mar. So, you can understand why Warren got disenchanted with Wells Fargo. It was totally required. I said to Rick, were going to make Gerry the head of the Daily Journal. We were trying to save the whole economy under terrible conditions. The first order of business is to reelect the four directors and the votes are as follows: Charles Munger, 679,481, Gerald Salzman, 660,287, Peter Kaufman, 593,336, Mary Conlon, 651,493. The mantra he said over and over again is very simple. A lot of the old moats are going away, and, of course, people are creating new moats all the time. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. 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. Featured Content Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. It operates through the Traditional Business and. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. I think most people are born with a happystat. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. I have a very simple idea on the subject. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.To learn more about Yahoo Finance Plus please visit: https://yhoo.it/33jXYBpConnect with Yahoo Finance:Get the latest news: https://yhoo.it/2fGu5BbFind Yahoo Finance on Facebook: http://bit.ly/2A9u5ZqFollow Yahoo Finance on Twitter: http://bit.ly/2LMgloPFollow Yahoo Finance on Instagram: http://bit.ly/2LOpNYzFollow Cashay.comFollow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. Corporate Actions Services. Its entirely possible that our system is right for us and their system is right for them. He had excellent judgment. 2022 Junto Investments, all rights reserved. This information can be used by investors to verify and understand the financial position of the company. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. Where does it appear most egregious? 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. Charlie Munger: Well, I consider that very unlikely. I think people have the theory that any intelligent hardworking person can get to be a great investor. We are subject to the orders and directions of those counties which, before, really didnt impact anything. The Manual of Ideas I wouldnt change my life all that well. I do think that Im way less afraid of inequality than most people who are bleeding about it. They just copied Adam Smith and left out the free speech and it worked fine for them. Buffetts donations to the foundation have obviously helped to save many millions. Well, I dont think the quality of publishing public notice advertising has gone down. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. Information Agent. 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. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. So, of course, I admire him. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. He was death on corruption which was a very good idea. And, of course, what Im saying is that if I were teaching business I would start the way Harvard Business School did a long time ago. Theyve served us well over the years. And what he does is he sells about half of them always. No, I dont think I have anything to contribute. Charlie Munger: I think everybody is willing to hold stocks at higher price-earnings multiples when interest rates are as low as they are now. 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. But, no, I dont think Treasury securities are a big problem. Tilly's, Inc. Investor Letter Excerpts And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. -, Daily Journal Corp : Submission of Matters to a Vote of Security Holders (form 8-K), Charlie Munger downplays risk of Taiwan invasion, says crypto fans are 'idiots', Transcript : Daily Journal Corporation - Shareholder/Analyst Call, Secretary & Executive Vice President-Publications, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. Theres hardly anything he touched he didnt improve. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. 915 East First Street. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. They lose their money fast enough. We got a dividend of two and a half million shortly thereafter. It just created the most unholy mess. Its hard to run a bank intelligently. But I do think politics is getting more full of hatred and irrationality than it used to be in America and I dont think thats good. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . All the good things. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. I admire him that much. Some people have a natural trend toward good judgment, and with other people, their life is just a series of mistakes over and over again. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Youd say that everybody does that in their education but I dont think everybody does. I dont think well change on that. 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. How do you recognize a potential downfall in a company you hold/invest in? But I do admire what the Chinese have done. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. Considering their system, that is not what he should have been doing. Question: What books are you currently reading and what can you reccomend? In other words, when we shout our knowledge out, were really pounding it out. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. We miss Rick terribly. Nothing contained on junto.investments constitute a solicitation, recommendation, endorsement, or offer by Junto or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. Question: You are one of the oldest and greatest thinkers of our time. Charlie Munger: Real estate has always been a difficult field. Thats what the communists are doing. DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. There are currently 4 companies in Mrs. Tos portfolio. It says that man is too soon old and too late smart. Its just not gonna work. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. But the accountants are duly elected.
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