You are limited to the prior 8 quarters of 13F filings. And if there is one thing the world could learn from Singapore, what would that be? I think all of this activity is regrettable. And thats the way we handled Gerry. And, of course, its going to create trouble as it did. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. And, of course, its regrettable. Thats entirely due to the practical talent of Lee Kuan Yew. That recognized reality and worked way better than what other people were doing. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! Im not going to change. I think were into a lot less travel and a lot more Zooming. There arent that many people like Lee Kuan Yew that have ever lived. If you do that all the time; if youre looking for disconfirming evidence and putting yourself on a grill, thats a good way to help remove ignorance. Who is MOI Global? Until his recent step-down as chairman of the board in April, the marketable. The bad news is its not clear whos gonna win all the business or how much money is going to be made. Theyre just very simple. SEC Form 13F Filing History. We would all say that. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. Because we have the proxies those directors are now reelected. I expect less out of bankers than he does. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. Questions: Many observers see market behavior that reminds them of the Dot Com bubble: wild speculation, endless SPACs, and IPOs soaring on their first day of trading. 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. We miss Rick terribly. Question: What books are you currently reading and what can you reccomend? When autocomplete results are available use up and down arrows to review and enter to select. I call it deworsificationwhich I copied from somebody. 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. What are his thoughts on modern monetary theory? So, no I dont think its the responsibility of management to assure where the stock sells. -144-01 clinical trial in advanced melanoma during SITC in November 2022 and in a subsequent companion publication in the Journal for ImmunoTherapy of Cancer . She created a business with like 500 depression dollars that became a huge business. And if its unfixable, learn to live without it. It closed the year with cash flow reaching $7.1 billion . At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. That is true and makes sense. Gerry and I have been together, how many years Gerry? The wealth management industry has a crisis on its hands. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. We have our crotchets and I just dont know enough about it to want to go into that activity. Featured Content Gerry, you have a comment on that? What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? And there arent many people that can do that. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. Charlie Munger: Well, thats a very good question. February 12, 2020 . You fix what you can fit, and what you cant fix, you endure. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. This will schedule a job to export all requested 13f holdings data for this filer. 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. Now, it sounds like anybody would know that made sense. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . Look around all this real estate. But, of course, I think there will be more automation in transportation of all kinds in the future. A lot of the good rules of life are like that. Is there any new material? Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. He was old as I am. And, he was very good company and a splendid gentleman. Gerald Salzman: Charlie refers to the courts, many times. I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money. Charlie Munger: Well, I dont know how well the economys doing to work in the future. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. Are they more stable? 50.0% of the portfolio companies 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. containing a link to download the .zip file of the CSV file(s) you requested. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. Question: You often advocate for learning from other peoples big calamities and stupidities. 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. DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. The death tax in China is zero. Everything you see is profit. I dont know the answer. Hed been a receiver for a bank. Ideaweek St. Moritz Charlie Munger: Well, he was one of my closest friends for many decades. A little wisdom in spouse selection is very desirable. So, its a very interesting competitive field. 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. Were all pretty forgiving of ourselves too which is probably a good thing. And its really stupid to have a culture that encourages as much gambling in stocks by people who have the mindset of race track betters. He was that smart. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. But the Chinese have proved that you dont need free speech to have a wonderful economy. What can you learn from the Barry Duttons bookstore building deal in Brentwood and how would you apply that new knowledge or experience in the future? The fund focuses on investments in the United States as Furthermore, hed gone through the Great Depression. And even if you have a natural gift, you cant be good at it unless you start playing at a very young age and get huge experience. Copyright by BeyondProxy. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. Throughout the transcript below, I have included clickable links to my notes and articles . I feel the same way about those choices. And, of course, its all worked. He lived in a particular town. But, but by and large, most of the knowledge has been available for a long time. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. Currently, Daily Journal Corp's portfolio is worth at least $174 million. 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. So, the people part has changed quite considerably being a small company. But, I find that the old ways of doing things still work. And, of course, when things get extreme you have things like that short squeeze. 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. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. He was a very smart man. They really need the world to stay the way it is. That makes the whole thing very awkward. And that institution has two assets in its endowment account. Prior to forming Peterson Capital Management, LLC and launching Peterson Investment Fund I, LP, Matthew split time between Wall Street and London as Capital Markets Manager in the Financial Services Vertical at Diamond Management and Technology Consultants. Ive been engaged in recent years in trying to create a better type of student dormitory. Can you speak to the causes, the trend, and make some predictions? or to simply have an email sent to you whenever we receive a new 264 Sara.Pellegrino@iovance.com. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. 2023, Nasdaq, Inc. All Rights Reserved. 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. 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. Everybody is. 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. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Can U.S. Treasury bonds be such a case today? I think they stopped because if you taught that course, youd be stealing the best cases from the individual professors of marketing and so on and so on. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. And I dont think youll find me engaged in the massive rezonings in the future. 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. Ellen Ireland will be inspector of elections. I hope the newspaper survives too. If the seas were to rise 60 feet, which could happen in another 100 years or so, wed have to build enormous barriers to sea entry. 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? Corporate Governance. Question: What advice would you give to someone who is trying to stay within their circle of competence but finding that the pace of technical technological innovation is rapidly reducing that circle? On the other hand, as you say, I didnt get rich by buying stocks at high price-earnings multiples in the midst of crazy speculative booms. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. And like last year, you will in this note find a full transcript of the entire meeting. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. 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?