Charlie Munger: Well, thats a very good question. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. See our Terms, Privacy Policy, and Disclaimer. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. What are the main sources of ancillary revenue expected once the products have gone live and how meaningful will the products like eFile-it, ePay-it, cloud hosting services, and others become? 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? You are limited to the prior 8 quarters of 13F filings. A lot of the old moats are going away, and, of course, people are creating new moats all the time. It seems to involve a lot of your standard causes of human misjudgment. The average market cap of the portfolio companies is close to $220 billion. Last year it quintupled. He really knew everything you had to do to avoid credit losses in a small town in Illinois. FOR ANNUAL MEETING OF SHAREHOLDERS. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. 1996 - janv . So, I think you can count on the fact that what were doing is going to be a big growing field. Charlie Munger: Well, that is easy. USD. Code of Business Conduct and Ethics; Whistle Blower Policy; Shareholder Rights Agreement Annual Meeting of Stockholders Date: June 13, 2022 Time: 10:00 a.m. EDT Location: Hilton McLean Tysons Corner Published since 1917, the Daily Commerce is based in Los Angeles and covers news of general interest, columns of interest to real estate investors and brokers, and information on distressed properties in Los Angeles County. In addition, the fund holds 1,591,800 shares of Wells Fargo & Co worth $65.7 million, whose value grew 4.2% in the past six months. Questions: Why are some people incapable of learning new ideas and behaviors? Gerald Salzman: Always upbeat, yes. We take the situation as it is and try to solve it. The Zurich Project During his tenure with Diamond, Matthew worked with top-tier investment banks, global payments firms, and international insurance companies to deliver high impact solutions to his clients most challenging business problems. Chuck Royce. 306.00. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. And all I can say is that well do the best we can. Considering their system, that is not what he should have been doing. Investment Ideas Daily Journal Corporation has 1 stars. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. And there arent many people that can do that. DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESU.. Daily Journal Corporation Announces Financial Resultsfor the Three Months ended Decemb.. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Res.. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 3.. Daily Journal Corp : Change in Directors or Principal Officers (form 8-K). Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. On the other hand, we have a fair amount of time to do it. They really need the world to stay the way it is. As for some of our technology, like eFiling for example, the courts are closed. 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. Question: Should there be a tax on buying stock now that Robinhood trades are free? If you were offered a fresh start today, what would you do differently in life and in investing? Absolute insanity. Investor Relations & Corporate Communications 650-260-7120 ext. And I think the world would be better off without them. I prefer the United States. Those are pretty good rules and theyre pretty simple. I think I would have lived a long time if I had lived a different life. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. The majority of revenue is generated from Traditional business segment. Its difficult, but its not impossible investing in bank stocks successfully. These are very difficult questions and most people assume that its simple. He had excellent judgment. Appian: Well-Positioned Platform for Building Enterprise Software, PDF Solutions: Lowly Valued, with Net Cash and Growing SaaS Business, Interactive Brokers: Automated, Low-Cost, High-Margin Business. But I dont think thats going to end up with a mistake. Question: The Federal Reserve appears to be supporting asset prices. For example, Coca-Cola in the past. Charlie Munger: I have seen an episode or two of the Queens Gambit. Im just trying to get a feel for what the long-term capital allocation is. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. 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 . 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. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. All those factors come into play and if you go back a little further, we eliminated California Lawyer magazine and we had one time a newspaper in Seattle and one in Denver. Charlie Munger: Well, I dont know how well the economys doing to work in the future. Question: What is the biggest lie currently being perpetuated by the investment complex? The meeting will come to order. I would imagine that applies to the broad market too. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. Culture is very important. How do I update this listing? 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. Have you met Lee Kuan Yew in person? Charlie Munger: Well, I think all stocks can fluctuate. And I just think it was academically inconvenient for them. No, I dont have any secrets. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. Performance Question: Its been a year since the coronavirus pandemic came to the U.S. What have you all learned about running a business in the past year? I think you should try and make your money in this world by selling other people things that are good for them. 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? Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? Theres a lot of temptation to do dumb things which will make the earnings next quarter go up but are bad for the long term. 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. And they dont do that very wellIm talking about the business schools. I think its much easier to find five than it is to find a hundred. We were trying to save the whole economy under terrible conditions. $174 million and $174 million respectively. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. He loved to kid people. "While Kimberly was head of Investor relations . In his early education, he was the second-ranked student in the school. I think theyd run rings around me. Charlie Munger: Modern monetary theory means that people are less worried about an inflationary disaster like Weimar Germany from government printing of money and spending it. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. LOS ANGELES, CA Webcast. We have offices in all the major cities in California and also in Logan, Utah. Jen Saunders Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. But Henry was a genius. Industry Insights Summit Question: Charlie, you are known as an advocate for learning from ones mistakes. Click the button below to request a report when hardcopies become available. Investor Letter Excerpts Classified advertising is down significantly. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. I think Im a little more lenient. There are certain behavioral rules. 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. 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. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. We have different tax considerations. God knows it was difficult but I dont think its a mistake. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. He said it was the pursuit of the uneatable by the unspeakable. 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. I think the bankers of today could learn a lot from Eugene, but little is known of him. We all live with that problem. So, the people part has changed quite considerably being a small company. Question: In your past speeches, you have mentioned the term functional equivalent of embezzlement to describe situations where bubbles can form because both parties involved in a bubble believe the asset to be worth more than it truly is. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. Ideaweek Podcast We use cookies to ensure that we give you the best experience on our website. When you pay for order flow, youre probably charging your customers more and pretending to be free. Question: Has your opinion on cryptocurrencies remained the same? Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. They had to because the traditional business newspaper business is shrinking. All the good things. Were not enlarging it. Im just learning as I go along. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Information Agent. And they dont just keep everlastingly at it the way he did. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. Of course, that history is useful to know. I cant help you. But he knew how to learn what he didnt know. I think all of this activity is regrettable. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! You can hardly think of anything more important in life than being reliable for the people who trust you. The meeting was held on February 24, 2021. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. 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. He doesnt mind at all not getting credit for his charitable donations. Youre right. He was old as I am. And I think that were crazy to allow it. And that is why Costco presents some danger to Amazon. And what did the Chinese communists do with respect to death taxes? Type a symbol or company name. Its just that the investment banking profession will sell shit as long as shit can be sold. The Hamilton Live 600 14th Street NW It reminds me of the key phrase and Bunyans Pilgrims Progress in which he says: My sword I leave to him who can wear it. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Youd say that everybody does that in their education but I dont think everybody does. The first rule of a happy life is low expectations. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities Apartments have come through better. So, you have to be a little closer to the employees needs, desires, babysitting, and all those activities that were kind of taken for granted in the past. Also, when you get reverses, if you just suck it in cope, that helps if you dont just fretfully stew yourself into a lot of misery. Its just not gonna work. Ideaweek St. Moritz Everybody has shortcuts to screen out certain hazards. I feel the same way about those choices. Daily Journal Corporation : Announces Financial Results for the Three Months ended Decembe.. Daily Journal Corporation Announces Financial Results for the Three Months ended Decemb.. Daily Journal : Management's Discussion and Analysis of Financial Condition and Results of.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year ended September 3.. Daily Journal Corp : Changes in Registrant's Certifying Accountant, Financial Statements a.. Daily Journal : Fiscal 3Q Earnings Snapshot, Daily Journal : Fiscal 2Q Earnings Snapshot. the MV of securities sold, whichever is less, LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. Thats interestingwho in the hell is voting against the accountants? Charlie Munger: Well, heres what I meant. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. I recognized early that Gerry could run anything he wanted to run. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. But, no, I dont think Treasury securities are a big problem. Wide-Moat Investing Summit Of course, we accomplished quite a bit working together. Its one of the most ignorant professions in the world. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. Charlie Munger: Well thats an easy one. You have to be concerned about employees lives. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. Rose Blumpkin had quite an effect on the Berkshire culture. Have you considered amending this quote or lowering your standards? I dont think Ive got any great insight about hydrogen. Thats the nature of capitalism. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. Charlie Munger: Well, I dont think I know exactly what the future of banking is and I dont think I know how the payment system will evolve. Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. What do you look for in a leader? You can argue that I got close to Sequoia when with Li Lu we bought into BYD. If we could make the world richer by just raising the minimum wage to $100,000 a second or something, of course we would do it but. In other words, to some extent, its a self-correcting system. So, its a serious problem. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. , whose value grew 4.2% in the past six months, Us Bancorp worth $6.11 million, with 140,000 shares owned, Town & Country Bank & Trust Co Dba First Bankers Trust Co, Stocks and cryptocurrency portfolio tracker. Larry Summers has recently been quoted as being worried that were having too much stimulus. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. 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. Tom Murphy used to say that his system of management was to delegate just short of total abdication. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? Charlie Munger: Its very hard to have a shrinking business. And I think wise people should just stay out of them.
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