Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. That was a big error in judgment. Just think of the things that were once prosperous that are now in failure or gone. I learned those tendencies well enough to synthesize it with the rest of knowledge. Munger and Salzman will take shareholder questions from CNBCs Becky Quick.Don't Miss: Valley of Hype: The Culture That Built Elizabeth HolmesWATCH HERE:https://youtu.be/Sb179GLPNYEWatch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube:https://youtu.be/gx-OzwHpM9kSubscribe to Yahoo Finance: https://yhoo.it/2fGu5BbAbout Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. What do you make of these two pricings? 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? Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. A lot of the old moats are going away, and, of course, people are creating new moats all the time. And, pretty soon, he turned that into this gloriously prosperous place. In other words, to some extent, its a self-correcting system. Always on point. I hope that that will continue in the future. He didnt know one damn thing about the Daily Journal when we made him head of it. Theyve got a better reputation for providing value than practically anybody, including Amazon. Charlie Munger: Well, thats a very good question. Thats a really good rule. I dont think that hydrocarbons are going. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? Delayed Nasdaq But we cant. DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. Throughout the transcript below, I have included clickable links to my notes and articles . Questions: Why are some people incapable of learning new ideas and behaviors? The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. And I think both of us have done the same thing; we just suck it in and cope. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as Wa ren Buffetr's "right arm. Ive been around for a long time and my policy has always been to just write them out. Corporate Actions Services. Were not enlarging it. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. In 2010, that was down to 165 full-time employees and 15 part-time employees. I think most people are born with a happystat. I prefer the United States. [2]: You get crazy booms. Los . Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. And, for example, here, we must have 30 or 40 deaths. How do you think about the hydrogen opportunity for transportation and how does it compare to the electric opportunity, specifically thinking about trucks versus cars. You dont need to worry about them. 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. Thats one you can easily arrange. Question: What have you done to live such a long life? And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. If you dont have master the rest of the knowledge you cant synthesize it with psychology. But he was 90 years of age. FOR ANNUAL MEETING OF SHAREHOLDERS. DAILY JOURNAL CORPORATION. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. In 1860, GDP per capita in China was 600. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. The average salary for Investor Relations Director at companies like DAILY JOURNAL CORP in the United States is $173,091 as of November 23, 2022, but the range typically falls between $149,030 and $199,970. He had a long and wonderful run. This Week in Intelligent Investing. Gerry, dont you think were doing pretty well? With that one exception, Ive stayed out of Sequoias business because theyre so much better at it than I would be and I dont know how to do it the way they do it. 13F filing from DAILY JOURNAL CORP, enter your They do way more good than harm. Daily Journal Corporation has 1 stars. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. And were gonna play that as hard as we can. Type a symbol or company name. Question: It seems likely that the current Fed policy of keeping interest rates near zero will only exacerbate the income disparity in this country by benefiting those who own the financial assets. are based in the United States. But I do admire what the Chinese have done. Thank you for all you do to educate us. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. Non-members may peek into the world of MOI Global via limited access. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. That was not a startup, but it was so small and thinly traded that we were buying into a venture capital type investment but in the public market. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. And there arent many people that can do that. 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. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC 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. Or, has the digital revolution caused enormous productivity improvements in those businesses? I think office buildings are now in some trouble and, of course, commercial real estate rented to stores has been in a lot of trouble for a long time. Always tell the truth and never lie to anybody about anything. It closed the year with cash flow reaching $7.1 billion . SEC Form 13F Filing History. And I just think it was academically inconvenient for them. Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. So, you have to be a little closer to the employees needs, desires, babysitting, and all those activities that were kind of taken for granted in the past. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. See our Terms, Privacy Policy, and Disclaimer. SEC form, multiple filers or classes of filers, and much more.***. Its a very dishonorable low-grade way to talk. But its hard for anybody. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. 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. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. Intelligent Investing in Crisis Mode. Take Gerry. I think Im a little more lenient. But he could play chess blindfolded at just below the Grandmaster level. And that institution has two assets in its endowment account. What do you look for in a leader? The votes in favor of that are 995,356 against 120. Thats interestingwho in the hell is voting against the accountants? Thats entirely due to the practical talent of Lee Kuan Yew. 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. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Latticework New York I dont think Im likely to have any new thoughts that are going to work miracles either. You once said to study the life and work of Lee Kuan Yew. Of course, that will still work. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. I said it wont matter. Ideaweek Podcast [The questioner] would like to know what Charlies method of learning is. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. 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 . and leadership at Berkshire Hathaway, Munger was . 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. And theyre all dyingevery damn one of them almost. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. I think the bankers of today could learn a lot from Eugene, but little is known of him. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Charlie Munger: Well, I so rarely hold a company like BYD that goes to a nosebleed price that I dont think Ive got a system yet. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Theres a lot of competition and were a very small company compared to our main competitor. You are going to be flabbergasted. Click the button below to request a report when hardcopies become available. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. Zurich Project Podcast Larry Summers has recently been quoted as being worried that were having too much stimulus. Question: Charlie, you are known as an advocate for learning from ones mistakes. And by the way, I think its hard to teach. 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. I dont think I can teach you how to retroactively get a new accident yourself. Charlie Munger: Well, I think all stocks can fluctuate. We miss Rick terribly. Charlie Munger: Its quite importantpart of the success of a company like Costco. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. I dont know which is worse. We take the situation as it is and try to solve it. On Constellations trajectory as an HPC, the economics of a VMS, returns on capital, challenges in organic growth, the runway for M&A, the companys incentive system, and prospects for the use of FCF. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. Question: How do you control your investments in a world where reasonable companies with a good image like General Electric sink rapidly into the bottomland of the stock market. Question: Can you share some parting thoughts with the viewers who are watching all around the world? LOS ANGELES, CA What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. Gerald Salzman: There are a number of factors that come into play here. Now, it sounds like anybody would know that made sense. Question: What is the wisdom behind holding bank stocks compared to other stocks. And I think the world would be better off without them. Thats what the communists are doing. Corporate Governance. He was just a very old-fashioned sound thinker. This years annual report suggests that the traditional business has 97 full-time employees. I have a bust of Lee Kuan Yew in my house. He was just so damn smart. Culture is very important. This page shows a list of all the recent 13F filings made by Daily Journal Corp. Form 13F is required to be filed within 45 days of the end of a calendar quarter. Is it Bitcoin, decentralized finance, or something else? BYD sells at nearly 200 P/E. 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. Apartments have come through better. I predict that if they do that, a lot of people will leave Washington. I think theyre a bad investment when interest rates are this low. Question: How important is the analysis of company culture in the investment process? The number of people who ever got a chance to do it again is zero. Thats our system. That turned out to be a wonderful idea and thats one of the reasons we made all this money. I dont follow that practice but I dont criticize it either. Local Chapters Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. Thats the reason he rose so fast in life. Do you agree with the premise and if so how would you address inequality? Gerald Salzman: Well, we dont think about mistakes. I regard this as insanity. When completed, an email will be sent to the email address you specify Everybody has shortcuts to screen out certain hazards. A lot of the good rules of life are like that. Daily Commerce. -, 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.