for Q4 2022. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. And if youre selling them gambling services where you make profits off of the top, like many of these new brokers who specialize in luring the amateurs in, I think its a dirty way to make money. With no analysts or investor relations department, few understand the transformation that has occurred. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. 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. The majority of the companies in the funds portfolio are large-cap stocks. 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 . They dont work that hard at figuring out what works and what doesnt. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. Of course, if he had a chance to do it over again, he would avoid those mistakes. At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. 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? Classified advertising is down significantly. 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. 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. But Henry was a genius. Theres an old German proverb Ive always liked. This will schedule a job to export all requested 13f holdings data for this filer. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. You get crazy booms. Question: What is the biggest competitive threat to U.S. banks like Bank of America and US Bankboth equity holdings of the Daily Journal Corporationover the long term? Theyd take you through the building of the canals and the building of the railroads and so on and so on. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. Local Chapters Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. What I see in China now just staggers me. Los Angeles, California 90012 . Everybody is. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. Were beholden to the guidelines of the county of Los Angeles and other counties. When you look at whats happened in California [in terms of] the price of real estate and rentals, weve reduced the number of offices we have both for Journal Technology and for the Daily Journal. Give me a new question. Rose Blumpkin had quite an effect on the Berkshire culture. BYD stock did nothing for the first five years we held it. Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. Charlie Munger: I dont know anything about Haven. He was very amiable the way he talked about it. He said it was the pursuit of the uneatable by the unspeakable. Of course, that made him very leery of dumb loans. With no analysts or investor relations department, few understand the transformation that has occurred. So he was just a perfect banker if you wanted never to have any trouble. When the pandemic is over, I dont think were going back to just the way things were. . He cared terribly about not making bad loans or incurring dumb expenses. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. However, is there a price too high that the companys future profits simply cannot justify? View the latest DJCO financial statements, income statements and financial ratios. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? Gerald Salzman: There are a number of factors that come into play here. I was very lucky. 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. If you stop to think about it, business success long term is a lot like biology. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. Latticework New York Create your Watchlist to save your favorite quotes on Nasdaq.com. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. Annual stock financials by MarketWatch. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. Charlie Munger: Well, these things do happen in a market economy. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC Type a symbol or company name. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. I dont know which is worse. 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. Because if you do that, Im a moral leper. Delayed Nasdaq Its just that some people look for values in strong companies and some look for values in weak companies. And thats what we have going in the stock market in a frenzy thats fed by people who are getting commissions and other revenues out of this new bunch of gamblers. Until his recent step-down as chairman of the board in April, the marketable. Corporate Actions Services. And all I can say is that well do the best we can. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Governance. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! Question: Mr. Munger is a champion of Chinese stocks. Ive been pretty quiet. 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. I think the result would have been worse if either party had been in control all by itself for the whole period. I dont even know how much more difficultor how much more dangerousit would be to deal with hydrogen than it is to deal with gasoline which is also a dangerous substance. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. Charlie Munger: I dont think you can make that a moral responsibility. 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. are based in the United States. The largest are the Los Angeles Daily Journal and San Francisco Daily Journal, established in 1888 and 1893, respectively, with 6,300 subscribers between them as of September 30, 2020. Best Ideas Omaha Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. I feel the same way about those choices. 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. Performance I tell a story on Rick that he took the Navys IQ test and got one of the highest scores ever recorded and left early. The stock appreciated probably way more than intrinsic value. Has the quality gone down? As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. 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. Its just that the investment banking profession will sell shit as long as shit can be sold. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. And thats the right way to do it. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. And some types of real estate in recent years has been particularly difficult. We have our crotchets and I just dont know enough about it to want to go into that activity. He lived in a particular town. I prefer the United States. He really knew everything you had to do to avoid credit losses in a small town in Illinois. Charlie Munger: I dont think I have a lot of wonderful advice about starting a business but what youve learned in the pandemic is that we can do with a lot less travel and a lot more Zooming. Performance numbers calculated through 2023-02-14. Would you share a few stories about him and your fondest memory? In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. 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. And so, the stock went way up. Question: Last February, you spoke about the wretched excess in the financial system. Question: You famously run investments through your mental checklist. And theyre all dyingevery damn one of them almost. Munger became Chairman (because he was an attorney). Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. Do you think that digital economy has reached a tipping point such that this time is different and that conventional valuation measures for these types of companies are dead, or does this environment remind you of 1999? Podcasts enable members to enjoy content in a convenient format. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. Look around all this real estate. And in biology, what happens is the individuals all die, and eventually, so do all the species. Charlie Munger: Well, its not easy to handle accumulated money in the current environment when these stocks are so high and partials of real estate of certain kinds are also very inflated. 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. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). Hed been a receiver for a bank. But, of course, I think there will be more automation in transportation of all kinds in the future. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. And that institution has two assets in its endowment account. Charlie Munger: Its quite importantpart of the success of a company like Costco. Theyre just very simple. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. Daily Commerce. And, of course, when things get extreme you have things like that short squeeze.