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. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? We have offices in all the major cities in California and also in Logan, Utah. February 26, 2021 / Richard Lewis / 6 Comments. Intelligent Investing in Crisis Mode. But Henry was a genius. I learned those tendencies well enough to synthesize it with the rest of knowledge. We do, as Charlie indicates, have a lot of travel. If you dont spend the money, you and your heirs get to spend it eventually. And thats the right way to do it. In other words, I think the system of checks and balances and elections that our founders gave us actually gave us pretty much the right policies during my lifetime. 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 Question: Do you think its best to invest in the common stocks of businesses early or while they are more nascent and the industry is smaller, or wait until they are the clear winner of a more mature industry? In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. Copyright by BeyondProxy. Gerald Salzman: Always upbeat, yes. So we were like an undertaker who suddenly got prosperous in a plague year. It seems to involve a lot of your standard causes of human misjudgment. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Many, but not all SEC filings are available in the SECs EDGAR database. I dont think we have any great gift at making macroeconomic predictions. We expect many of our employees to always be at client court offices because we work with them very closely to make sure they get what they need. Charlie Munger: Gerry, whats the biggest mistake weve made? for Q4 2022. Theyre just very simple. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. I think that would be insanity. 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. I think the result would have been worse if either party had been in control all by itself for the whole period. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. 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. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. Corporate Governance. Has the quality of the publication suffered as the employment levels have decreased? But they dont teach that in the psychology department because the academic system rewards little experiments that develop more insight into psychological tendencies instead of synthesizing whats already been discovered with the rest of knowledge. Its difficult, but its not impossible investing in bank stocks successfully. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. All text and design is copyright 2020 WhaleWisdom.com. But, I hardly think the editorial quality could go way up when employees were going down. Its like evolution in biology. I said it wont matter. I didnt get to where I am by going after mediocre opportunities. The Daily Journal Corp office and employees reside in Los Angeles, California. Create your Watchlist to save your favorite quotes on Nasdaq.com. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. So its very difficult. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. The disruption from the decline in newspapers has had a significant impact. Of course, people behave more sensibly when theyre spending their own money. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. 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). Youre right. Buffetts donations to the foundation have obviously helped to save many millions. Hell be able to do it. 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. Its entirely possible that our system is right for us and their system is right for them. Were all pretty forgiving of ourselves too which is probably a good thing. Local Chapters No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. Governance. I think the bankers of today could learn a lot from Eugene, but little is known of him. Question: Has your opinion on cryptocurrencies remained the same? At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. I think they would have come out worse because their position was so dire and the poverty was so extreme, they needed very extreme methods to get out of the fix they were in. That is true and makes sense. Question: What is the biggest lie currently being perpetuated by the investment complex? How do you recognize a potential downfall in a company you hold/invest in? #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. Charlie Munger: Yes, I think it must end badly but I dont know when. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. 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. On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price. Question: Do you believe global warming is an existential threat to humankind? And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RES.. Daily Journal Corporation Announces Financial Results for the Nine Months ended June 30.. Daily Journal : Fiscal Q2 Earnings Snapshot. But theres also a large risk of losing it coming from within an organization. What were the lessons learned? Throughout the transcript below, I have included clickable links to my notes and articles . BYD sells at nearly 200 P/E. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. A little wisdom in spouse selection is very desirable. Thats a really good rule. When I look at the modern Singapore health system, it costs 20% of what the American system costs. He said, figure out what works and do it. Daily Commerce. But I wont be following him. The average market cap of the portfolio companies is close to $220 billion. They do way more good than harm. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. How can you not? You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. And theyre all dyingevery damn one of them almost. And so, we cant promise were going to succeed. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. Absolute insanity. Create Email Alert, ***Log In or Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. All the buses. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? SEC Form 13F Filing History. Kipling once wrote a poem called The Women (The Ladies) and the concluding line was to the effect that you should learn about women from him instead of doing it yourself, because, he says, I know you wont follow my advice. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. Question: We have a couple of questions about J.P. Rick Guerin. 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. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. 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Schwartz | Josh Shores | Guy Spier | Murray Stahl | Sean Stannard-Stockton | Lauren Templeton | Will Thorndike | Elliot Turner | Michael van Biema | Arnold van den Berg | Marcos Veremis | Ed Wachenheim | Amit Wadhwaney | Adrian Warner | Andrew Wilkinson | Jay Willoughby | Josh Wolfe | Don Yacktman | Tim Yates, MOI Global | The Membership Community of Intelligent Investors. Thats our system. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. Theyve served us well over the years. 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. Gerald Salzman: Charlie refers to the courts, many times. But the accountants are duly elected. , 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. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. I dont know which is worse. In Singapore, you get a savings account the day youre born. And thats not a sure thing either. So I think what China has done was probably right for China and that we shouldnt be so pompous as to be telling the Chinese they ought to behave like us because we like ourselves and our system. European Investing Summit Copyright 2023 Surperformance. However, could you be more specific? And all I can say is that well do the best we can. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Youve even said business schools that dont adopt this method are doing their students a disservice. When you pay for order flow, youre probably charging your customers more and pretending to be free. I regard this as insanity. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. 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. Without the method of learning, youre like a one-legged man in an ass-kicking contest. 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. Los Angeles, California 90012 . So, you can understand why Warren got disenchanted with Wells Fargo. You can hardly think of anything more important in life than being reliable for the people who trust you. Contact. I dont know the answer. Daily Journal : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF.. Daily Journal Corporation Announces Financial Resultsfor the Nine Months ended June 30.. Daily Journal Corporation Announces Financial Resultsfor the Six Months ended March 31.. Daily Journal : Fiscal 1Q Earnings Snapshot. 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, of course, if a person is a chronic drunk, we avoid him. PROXY STATEMENT. [The questioner] would like to know what Charlies method of learning is. [1]: Of course, that history is useful to know. He took over a malarial swamp with no army, no nothing. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. How would you advise these institutions to manage their endowments over the coming decades? If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? I dont follow that practice but I dont criticize it either. Everything you see is profit. We have our crotchets and I just dont know enough about it to want to go into that activity. MOI Global en Espaol. We would all say that. Daily Journal Corporation has 1 stars. 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. It operates through the Traditional Business and. 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. That way, whatever happens, he feels smart. Charlie Munger: Well, I do have a tip. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. Occasionally, some damned fool will suggest something that violates the laws of physics and I always turn off my mind the minute I realize the poor bastard doesnt know any physics. N/A: N/A: N/A: . Charlie Munger: Ben Franklin was one of the wisest men who ever lived. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? It says that man is too soon old and too late smart. You get crazy booms. The bad news is its not clear whos gonna win all the business or how much money is going to be made. Subscribe Columns Labor/Employment Viking River PAGA ruling has no clear destination for employers Mar. Sure, we all love the kind of civilization we have. In 1860, GDP per capita in China was 600. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? Can you provide similar insight regarding the future at the Daily Journal and would you consider implementing policies like those at Berkshire so shareholders can get to know the up-and-coming leaders in the organization? February 12, 2020 . And in biology, what happens is the individuals all die, and eventually, so do all the species. In a recent regulatory filing, The Daily Journal ( DJCO -3.51%) disclosed that it had bought more shares of Chinese giant Alibaba ( BABA 2.46%) with its corporate cash. Member Feedback Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. 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. Questions: Why are some people incapable of learning new ideas and behaviors?