I dont think I can teach you how to retroactively get a new accident yourself. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Question: You are one of the oldest and greatest thinkers of our time. Is it Bitcoin, decentralized finance, or something else? And they dont just keep everlastingly at it the way he did. These positions were updated on January 5th based on the funds latest 13F filing. It just created the most unholy mess. Asian Investing Summit When I was young, I rezoned some properties very successfully. Nasdaq provides companysSEC filings, which arefinancial statements andreports filed electronically with the U.S. Securities and Exchange Commission (SEC) byQuotemedia. It sold the previously owned 9,745 shares for $357 thousand. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? Charlie Munger: I think Ive learned to avoid zoning work. Theyve served us well over the years. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. Copyright 2023 Surperformance. 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. Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. I do think the present CEO is an extraordinarily able man and the directors made a very wise choice when they put him in charge. 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. Do it right the first time. It wasnt some malevolence of the rich that caused it. Touch device users, explore by touch or with swipe gestures. What would be a mistake at the Daily Journal which we can all learn from? Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. Are they more stable? Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. Ideaweek St. Moritz Question: What are Mr. Mungers thoughts on the recent GameStop short squeeze by social media and the resulting implications on short selling in the future? Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Astronics Corporation Announces Preliminary Sales for Fourth Quarter 2022 of $155 Million to $160 Million; Completes $205 Million Debt Refinancing Nov 15, 2022 4:05 pm EST Astronics Corporation Reports Third Quarter 2022 Financial Results Latest Presentation December 6, 2022 Truist Securities Industrials & Services Summit 2022 I dont follow that practice but I dont criticize it either. And I think thats what shareholders do. Nobody was trying to make the rich richer. What do you look for in a leader? Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. Webcast. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. Well, I dont think the quality of publishing public notice advertising has gone down. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. Can you speak to the causes, the trend, and make some predictions? So it gets very dangerous. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. Charlie Munger: Gerry, whats the biggest mistake weve made? There arent that many people like Lee Kuan Yew that have ever lived. Thats what the communists are doing. How would they think about current opportunities with low rates and low inflation? Could you share the secret to living a long, healthy, and happy life? So human greed and the aggression of the brokerage community create these bubbles from time to time. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. Have you seen the television show Queens Gambit on Netflix? But, of course, I think there will be more automation in transportation of all kinds in the future. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as War- ren Buffett's "right arm." Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod- ucts. Question: Which do you think is crazier? I knew a man once, Henry Singleton, who was not a chess champion. Commission-free trading is not free. However, could you be more specific? In Singapore, you get a savings account the day youre born. Have you met Lee Kuan Yew in person? to see more advanced email alert options such as selecting any type of Of course, thats a useful thing. February 26, 2021 / Richard Lewis / 6 Comments. European Investing Summit Its not generally noticed by the public but clearinghouses clear all these trades. Best Ideas Conference Im not going to change. But I do think having a whole system to sell hydrogen is difficult. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. He doesnt mind at all not getting credit for his charitable donations. 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. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. He was old as I am. This is a highly desirable thing. Ive been pretty quiet. They lose their money fast enough. So, Im kind of pleased that Im still functioning at all. I dont think its easy for ordinary people to become great investors. 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. Nothing is particularly obvious for everybody to do the same thing. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. Its chairman is Steven Myhill-Jones. What are his thoughts on modern monetary theory? Member Feedback Classified advertising is down significantly. I think most people are born with a happystat. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. Always on point. LEARN MORE. Jen Saunders 2022. Also, fortunately before the pandemic, we got out of the conference-type events and we were not subjected to the problems of no conferences nobody to attend. Tilly's, Inc. Question: What is the biggest lie currently being perpetuated by the investment complex? Hed been a receiver for a bank. What is interesting is that in wealth management, a lot of people think that if they have a hundred stocks theyre investing more professionally than they are if they have four or five. You are limited to the prior 8 quarters of 13F filings. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. Quickly find out what the most recently closed or increased positions are. [The questioner] would like to know what Charlies method of learning is. But the accountants are duly elected. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Of course, that history is useful to know. I just see more and more of the rich people leaving. Sign-up Get the latest articles and insights directly to your email inbox. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. But theres no rule that life has to be easy on the mental side. February 12, 2020 . Investment Ideas Similar Job Titles: On the other hand, it could be handled. We have different tax considerations. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. It doesnt happen anymore. I think theyd run rings around me. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. This will schedule a job to export all requested 13f holdings data for this filer. And, we have to function as an informal committee in that we have to bring our employees and our clients together to work out what they already know and how we can help them do a better joba more efficient job. You get crazy booms. Request Information Los . Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. On Tuesday, March 7, 2023 at 11:00 a.m. Eastern Time, Michael West, President of Moody's Investors Service, and Shivani Kak, Head of Investor Relations, will speak at the Raymond James . It says that man is too soon old and too late smart. 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. Charlie Munger: Well, he was one of my closest friends for many decades. Chuck Royce. Charlie Munger: Its very hard to have a shrinking business. I dont think we have any great gift at making macroeconomic predictions. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. And there was one woman who was a year older than he was who was the first-ranked student in the school. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. Charlie Munger: Robinhood trades are not free. Daily Journal Corp's portfolio is diversified across 3 sectors. So, you can understand why Warren got disenchanted with Wells Fargo. Now 16 years have passed. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. Question: Eugene Abegg seems like he was one of the best bankers of the last century, achieving both extremely low loan loss rates and earning around 2% on assets over a long time period. Currently, their heaviest sector is Finance making up 81.3% of Questions: Why are some people incapable of learning new ideas and behaviors? All rights reserved. I think people have the theory that any intelligent hardworking person can get to be a great investor. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. That recognized reality and worked way better than what other people were doing. Daily Journal Corporation has 1 stars. And I dont think youll find me engaged in the massive rezonings in the future. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. I think were into a lot less travel and a lot more Zooming. Have you considered amending this quote or lowering your standards? DAILY JOURNAL CORPORATION - Print Media - 915 E 1st St, Los Angeles, CA - Phone Number - Yelp Daily Journal Corporation 5 reviews Unclaimed Print Media Frequently Asked Questions about Daily Journal Corporation How is Daily Journal Corporation rated? One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. We use cookies to ensure that we give you the best experience on our website. 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. 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. No, I dont have any secrets. If you have unrealistic expectations, youre going to be miserable all your life. Featured Content Charlie Munger: Well, it certainly does and thats the kind of thing that can happen when you get a whole lot of people who are using liquid stock markets to gamble the way they would betting on horses. Im not saying I wanted to live in China. The hydrocarbons are also needed as chemical feedstocks. I predict that if they do that, a lot of people will leave Washington. As a result of holding those two positions, we have a lower cost than anybody else and we make more money than practically everybody else. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. Its just that the investment banking profession will sell shit as long as shit can be sold. I hope the newspaper survives too. Charlie Munger: Well, the one charitable institution where I have had some influence for a very long time has a whole bunch of hotshot financiers in every branch of wealth management there is on the board. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. Question: Do you believe the market is going through a long-term value slump similar to 1999, or do you believe technology has caused a permanent change in how companies should be valued? Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. And there arent many people that can do that. Charlie Munger: Well, we dont really know where its all going. The majority of the companies in the funds portfolio are large-cap stocks. Charlie Munger: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. But I wont be following him. I think all of this activity is regrettable. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq That happystat has more to do with their happiness and their outcomes in life. 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. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Gerald Salzman: None. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Washington State is actually considering a wealth tax at the state level. That turned out to be a wonderful idea and thats one of the reasons we made all this money. And by the way, I think its hard to teach. He had excellent judgment. And, we hope to do well in it. And yet he made a lot of mistakes in the course of living his life. While historically a legal newspaper publishing company, today DJCO operates a SaaS business model providing case management software to courts and government agencies around the U.S. and the world. Of course, that will still work. 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. Ive been around for a long time and my policy has always been to just write them out. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. Of course, his son, who is a bright man, is now Prime Minister of Singapore. The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. Of course, people behave more sensibly when theyre spending their own money. Charlie Munger: I think I had the right temperament. $174 million and $174 million respectively. 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. And, of course, its regrettable. We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. And that is why Costco presents some danger to Amazon. All rights reserved. For example, Coca-Cola in the past. 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. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion.

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