Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. In Singapore, you get a savings account the day youre born. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? Until his recent step-down as chairman of the board in April, the marketable. It seems to involve a lot of your standard causes of human misjudgment. Youve reached the limit of my circle of competence. Chuck Akre | Sanjay Bakshi | Brian Bares | David Barr | Chris Bloomstran | John Burbank | Joel Cohen | Larry Cunningham | Aswath Damodaran | Christopher Davis | Charles de Vaulx | Fernando del Pino | Pat Dorsey | Jean-Marie Eveillard | James Ferguson | Frank Fischer | Tom Gayner | Daniel Gladi | Bruce Greenwald | Robert Hagstrom | Connor Haley | Ahron Herring | Michael Huber | Bryan Lawrence | Hendrik Leber | Paul Lountzis | Peter Mantas | David Marcus | Howard Marks | Michael Mauboussin | Chris Mittleman | David Nierenberg | Phil Ordway | Mohnish Pabrai | Francisco Garca Params | Bob Robotti | Franois Rochon | David Rolfe | Jim Roumell | Chuck Royce | Tom Russo | Dave Sather | Florian Schuhbauer | Adam H. 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. No, I dont have any secrets. Charlie Munger: I would go further. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. The daily journal stock sells way above the price I would pay if I was buying new stock. However, could you be more specific? Look around all this real estate. So it gets very dangerous. djco20191220_def14a.htm - SEC Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. Because of that fact, it's of the utmost importance for companies to maintain strong . The fully online conferences hosted by MOI Global bring together great minds from our network of intelligent investors, with a focus on timely ideas and timeless wisdom. I expect that and I welcome it. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. You know, its just, its incredible whats happened in terms of the destruction. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. 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. All rights reserved. And yet he made a lot of mistakes in the course of living his life. Charlie Munger: Well, I think all stocks can fluctuate. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. And if you cant do that, youre not gonna win the great chess championships of the world and youre not gonna do as well in business as Henry Singleton did. That is true and makes sense. Questions: Why are some people incapable of learning new ideas and behaviors? Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter. 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. Company Search - astfinancial.com But you know, most people dont do that. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Commission-free trading is not free. And what are the implications, since Treasury assets underpin the value of every other asset? And, I was not surprised when it blew up. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? No, I dont think I have anything to contribute. What prevents the wide use of helpful psychological insight is the fact that psychology gets really useful when you integrate it with all other knowledge. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. I think Im a little more lenient. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? 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. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. Visit Investor Network Presentation / Fact sheet Get the summary on ISDR today, including a copy of our recent investor presentation View Now US Global HQ One Glenwood Ave, Suite 1001 Raleigh, NC 27603 Tel: +1.919.481.4000 Fax: +1.919.481.6222 info@issuerdirect.com There are these periods in capitalism. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. Rick was part of the group which consisted of Warren Buffett, Rick Guerin, and Charlie Munger that bought control of Blue Chip Stamps when it was widely distributed in an anti-trust settlement. Ive been engaged in recent years in trying to create a better type of student dormitory. That turned out to be a wonderful idea and thats one of the reasons we made all this money. New species are created and old species are dying. And my advice would be if you have a fixable disadvantage, remove it. And I think wise people should just stay out of them. So its a very theoretical discussion. He was that smart. Thats what the communists are doing. Non-members may peek into the world of MOI Global via limited access. The total portfolio value may be much higher due to cash Give me a new question. We would all say that. He was fun to be with because he was always jumping out of airplanes and parachutes and running marathons and so on, doing all kinds of things I would never consider doing. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. Buffetts donations to the foundation have obviously helped to save many millions. Performance numbers calculated through 2023-02-14. It also serves as a newspaper representative specializing in public notice advertising. 2021 Quotemedia. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Im pretty easy on myself these days. 1996 - janv . A passionate, seasoned, internal Investor Relations strategist, executioner, demand-builder and teammate proactively taking a Company's story to Wall Street -- one ticker at a time | Learn more . Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. 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. I think when difficulty comes, I expect to have my share. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. What do you think the long-term consequences will be? Daily Journal Corporation - Wikipedia When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. And I just think it was academically inconvenient for them. Now, it sounds like anybody would know that made sense. Daily Journal Corps portfolio is diversified across 3 sectors. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. 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. And what he does is he sells about half of them always. When these people go, there is none replacing them. Charlie Munger: Well, heres what I meant. Charlie Munger: Well, I do have a tip. Many, but not all SEC filings are available in the SECs EDGAR database. Eli Lilly Slashes Price of Insulin | Nasdaq 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. Of course, his son, who is a bright man, is now Prime Minister of Singapore. I predict that if they do that, a lot of people will leave Washington. For example, Coca-Cola in the past. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. They had to because the traditional business newspaper business is shrinking. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. In 2010, that was down to 165 full-time employees and 15 part-time employees. Think of whats died in my lifetime. I cant help you. 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. When people gave me a good idea and I could see it was a good idea, I quickly mastered it and started using it for the rest of my life. Capitalism is almost as brutal as that. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. Market Holidays Daily Analyst Ratings Daily Insider Trading. The votes in favor of that are 995,356 against 120. We have different tax considerations. USD. He cared terribly about not making bad loans or incurring dumb expenses. Charlie Munger: Well, of course, the places downsized. Charlie Munger: Yes, I think it must end badly but I dont know when. Role of Investor Relations - Corporate Finance Institute Intelligent Investing in Crisis Mode. Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? It was totally required. The hydrocarbons are also needed as chemical feedstocks. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. CORRECTION - Daily Journal Corporation Announces Financial Resultsfor the Three Months.. Daily Journal Corporation Announces Financial Results for fiscal year ended September 3.. Daily Journal Corporation Announces Financial Results for the three months ended Decemb.. Daily Journal Corporation Announces Financial Results for fiscal 2017 ended September 3.. Daily Journal Corporation Announces Financial Results for Fiscal 2016 ended September 3.. Daily Journal Corporation Announces Financial Results for the Three Months Ended Decemb.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year Ended September 3.. Daily Journal Corporation Announces Financial Results for the Nine Months Ended June 30.. Daily Journal Corporation Announces Financial Results for the Six Months Ended March 31.. Daily Journal Corporation Receives Notice Regarding Non-Compliance With NASDAQ Listing .. Daily Journal Corporation : Announces Financial Results for the Three Months Ended Decembe.. Daily Journal Corporation : Announces Financial Results for the Fiscal Year ended Septembe.. Daily Journal Corporation : Announces Financial Results for the Nine Months ended June 30,.. Daily Journal Corporation : Announces Financial Results for the Six Months ended March 31,.. Interim 2023 Earnings Release (Projected), THE NEW YORK TIMES COMPANY : Q1 2023 Earnings Release (Projected), NEWS CORPORATION : Q3 2023 Earnings Release (Projected), REACH PLC : Interim 2023 Earnings Release, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. And that institution has two assets in its endowment account. LEARN MORE. Meet-the-Author Summer Forum And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. A lot of things are going to change. How do you recognize a potential downfall in a company you hold/invest in? Today, the majority of contractual revenue that can be identified is from implementations and licenses. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. 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. Chuck Royce. [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. And the next time around the poor will get richer faster than the rich. However, is there a price too high that the companys future profits simply cannot justify? Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities and a top 10 holdings concentration of 100.0%. So its very difficult. Question: What is the wisdom behind holding bank stocks compared to other stocks. Question: What books are you currently reading and what can you reccomend? Do Not Sell My Personal Information (CA Residents Only). The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. Daily Journal: Transformation Yet to Be Fully Understood
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