And what are the implications, since Treasury assets underpin the value of every other asset? I think that that will probably continue. 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. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. Munger became Chairman (because he was an attorney). Question: In recent years, Berkshire Hathaway has provided much greater insight into the companys succession thoughts and has made available at the annual meeting the companys leading managers that will steer Berkshires future. Member-Only Podcasts And were gonna play that as hard as we can. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Question: Of the various types of moats and competitive advantages, which types do you think will be most important in the years ahead, and what combinations of competitive advantages can you imagine will create any new types of moats? Wide-Moat Investing Summit Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? -, 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. Charlie Munger: You have to be optimistic about the competency of our technical civilization. Intellectual Property Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. In other words, when we shout our knowledge out, were really pounding it out. There arent that many people like Lee Kuan Yew that have ever lived. Were not enlarging it. That was a big error in judgment. Titan International, Inc. - Investor - Contact How would you advise these institutions to manage their endowments over the coming decades? It wasnt some malevolence of the rich that caused it. Culture is very important. Investors | Seneca Foods If anybody can fix it, he can. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 30, 2022 LOS ANGELES, Dec. 16, 2022 (GLOBE NEWSWIRE) -- During fiscal 2022, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $54,009,000 as compared with $49,925,000 in the prior year. Theres a lot of competition and were a very small company compared to our main competitor. Everything you see is profit. It was totally required. And there arent many people that can do that. Kimberly Stewart - Head of Investor Relations - LinkedIn It was absolutely incredible. Of course, that will still work. So, you can understand why Warren got disenchanted with Wells Fargo. Intelligent Investing in Crisis Mode. And we probably have more of those shortcuts than others. How can you not? In display advertising, for example, we now utilize a very friendly company that worked with us for 25 years and now they are helping us sell advertising. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? 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. Is it Bitcoin, decentralized finance, or something else? If you dont spend the money, you and your heirs get to spend it eventually. Daily Journal Corp closed its position in Posco Adr on 5th January 2023. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. I dont think we have any great gift at making macroeconomic predictions. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! I recommend that other people follow my practice. How would they think about current opportunities with low rates and low inflation? Charlie Munger: Well, these things do happen in a market economy. So I dont worry that the country is being ruined by a few people over getting ahead a little faster than the rest of us. What do you think the long-term consequences will be? 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. So, I dont think Bitcoin is going to end up as the medium of exchange for the world. I dont follow that practice but I dont criticize it either. Charlie Munger: Its quite importantpart of the success of a company like Costco. 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. Gerald Salzman: There are a number of factors that come into play here. Charlie Munger: I think Im alive because of a lucky genetic accident. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. And if its unfixable, learn to live without it. You dont need to worry about them. In other words, to some extent, its a self-correcting system. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. Charlie Munger: I think Ill skip that one. We were trying to save the whole economy under terrible conditions. 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. We got a dividend of two and a half million shortly thereafter. Local Chapters I wouldnt change my life all that well. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. They just copied Adam Smith and left out the free speech and it worked fine for them. Charlie Munger: Yes, I think it must end badly but I dont know when. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . The meeting will come to order. for Q4 2022. Daily Journal: Transformation Yet to Be Fully Understood 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. Best Ideas Omaha Many of our systems are in the cloud. And, of course, he hated costs. Bruker Corporation to Present at Investor Conferences Were going to bust our ass to try and do a good job. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. 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. 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. Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? Latticework New York +2.68%. Sign-up divided by the total MV of the fund. Charlie Munger: Well, that is easy. Question: My question concerns China. In his early education, he was the second-ranked student in the school. Were all pretty forgiving of ourselves too which is probably a good thing. What are his thoughts on modern monetary theory? Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. I dont define that as value investing. Previously, Buntain worked at The Carlyle Group, where he . Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. And thats not a sure thing either. Gerrys lived a long time too and I think we both have been lucky. In 2010, that was down to 165 full-time employees and 15 part-time employees. They dont work that hard at figuring out what works and what doesnt. Youve even said business schools that dont adopt this method are doing their students a disservice. I think when difficulty comes, I expect to have my share. So far the evidence would be that maybe the monetary modern monetary theory is right. They do way more good than harm. Because we have the proxies those directors are now reelected. He really knew everything you had to do to avoid credit losses in a small town in Illinois. I think its just to some extent you either have it or you dont. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. I learned those tendencies well enough to synthesize it with the rest of knowledge. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. I think civilization would do better without it. 1996 - janv . I have a very simple idea on the subject. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. A rich civilization can afford to do it if we absolutely have to. But, I find that the old ways of doing things still work. When completed, an email will be sent to the email address you specify Gerald Salzman: Always upbeat, yes. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. Los Angeles, California 90012 . If you dont have master the rest of the knowledge you cant synthesize it with psychology. Gerry, you have a comment on that? The majority of revenue is generated from Traditional business segment. The total number of shares, represented by proxies at this meeting, are 995,682, which are more than enough to constitute a quorum making the meeting duly held. This Week in Intelligent Investing. Charlie Munger: Well, thats a very good question. But Henry was a genius. What do you think we can do to help those who are currently falling behind as a result of this pandemic? Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? If you were offered a fresh start today, what would you do differently in life and in investing? What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Could you share the secret to living a long, healthy, and happy life? Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. But there again, it's an interesting thing. email address below and choose 'Submit'. Membership Tour Similar Job Titles: 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. The content provided on the Junto Investments (Junto) website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. 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. I find that by working at that, I can actually make some improvements even though Im old. February 26, 2021 / Richard Lewis / 6 Comments. Capitalism is almost as brutal as that.
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