Thought Leader Series. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. And if you stop to think about it, that is also true at the Daily Journal. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. And thats the right way to do it. 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. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. All the buses. 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. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. And he was a great kidder. 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. And by the way, I think its hard to teach. 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. CI. I have a very simple idea on the subject. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.To learn more about Yahoo Finance Plus please visit: https://yhoo.it/33jXYBpConnect with Yahoo Finance:Get the latest news: https://yhoo.it/2fGu5BbFind Yahoo Finance on Facebook: http://bit.ly/2A9u5ZqFollow Yahoo Finance on Twitter: http://bit.ly/2LMgloPFollow Yahoo Finance on Instagram: http://bit.ly/2LOpNYzFollow Cashay.comFollow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV And, pretty soon, he turned that into this gloriously prosperous place. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. We have our crotchets and I just dont know enough about it to want to go into that activity. But show me a psychology department that knows how to do that. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. The Daily Journal is a legal publisher in Los Angeles, spun out in 1986 as a public company from a closed-end fund Munger and Guerin owned. Charlie Munger: Yes, I think that is rising as we sit here. Nobody else has ever taken a big country out of poverty so fast and so on. Question: How important is the analysis of company culture in the investment process? Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. I think all of this activity is regrettable. It was a background that helped everybody. I think that shareholders should be more sensible and not crowd into stocks and buy them just because theyre going up and they like to gamble. The fund focuses on investments in the United States as 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. February 26, 2021 / Richard Lewis / 6 Comments. 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. Its very difficult to hire reporters in the San Francisco area with all the demands coming from the internet companies wanting to have an editorial product. 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. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. But he was 90 years of age. Charlie Munger: Yes, I think it must end badly but I dont know when. God knows it was difficult but I dont think its a mistake. He had a long and wonderful run. I find that by working at that, I can actually make some improvements even though Im old. Investors play a major and vital role in the success and growth of a company. 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. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. I think its just to some extent you either have it or you dont. I dont think we have made a lot of horrible mistakes. Member-Only Podcasts Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. These are very difficult questions and most people assume that its simple. That recognized reality and worked way better than what other people were doing. And so, we cant promise were going to succeed. And I dont know whether hes right or not. Its hard to run a bank intelligently. Everybodys got a different situation. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. One thing I can promise is that I wont contribute much to it because I dont understand it. He was very amiable the way he talked about it. Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. , whose value grew 4.2% in the past six months, Us Bancorp worth $6.11 million, with 140,000 shares owned, Town & Country Bank & Trust Co Dba First Bankers Trust Co, Stocks and cryptocurrency portfolio tracker. The disruption from the decline in newspapers has had a significant impact. And if you believe Jeff Bezos is one of the best businessmen you have ever known, would you consider investing early in any of the new projects he will inevitably focus his attention on now that he will not have to be as concerned about the day to day responsibilities of Amazon? Hell be able to do it. He lived in a particular town. Investor's Business Daily (IBD), which . DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. I cant help you. Latticework London Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. That way, whatever happens, he feels smart. 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. 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: Well, we dont really know where its all going. So, no I dont think its the responsibility of management to assure where the stock sells. No, I dont think I have anything to contribute. It says that man is too soon old and too late smart. 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 . Without the method of learning, youre like a one-legged man in an ass-kicking contest. That doesnt happen. And thats not a sure thing either. and a top 10 holdings concentration of 100.0%. That approach will never go out of style. Charlie Munger: Thats too hard in general a question for me. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. But, but by and large, most of the knowledge has been available for a long time. And thats very interesting. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. But I wont be following him. This will schedule a job to export all requested 13f holdings data for this filer. I think that the methods that Ive used including the checklists are the correct methods and Im grateful that I found them as early as I did and that the methods have worked as well as they have. And the next time around the poor will get richer faster than the rich. I dont define that as value investing. Previously, Buntain worked at The Carlyle Group, where he . Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. Under Nasdaq's Board Diversity Proposal, operating companies listed on Nasdaq's U.S. exchange, including Daily Journal Corporation (DJCO), are required to publicly disclose diversity statistics . Discover something new every day from News, Sports, Finance, Entertainment and more! The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. Charlie Munger: I dont have any wonderful new thoughts. You get crazy booms. I think the world is gonna be quite different. regarding their board of directors using the Board Diversity Matrix. Questions: Why are some people incapable of learning new ideas and behaviors? I think most people are born with a happystat. Question: Mr. Munger is a champion of Chinese stocks. Meet-the-Author Summer Forum The majority of revenue is generated from Traditional business segment. Thats a really good rule. And, of course, thats a very dangerous way to invest. Or, has the digital revolution caused enormous productivity improvements in those businesses? 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 theyre all dyingevery damn one of them almost. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. But there again, it's an interesting thing. I think the bankers of today could learn a lot from Eugene, but little is known of him. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? Thats been greatly curtailed. 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? Or, is it impossible to realize a deterioration quickly enough to exit without a loss? Could you give more examples both good and bad ones from your personal observations or through vicarious readings? And we pay huge taxes to a combination of the federal government and the state of California when we sell something. And my advice would be if you have a fixable disadvantage, remove it. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. When it gets difficult, I dont think theres any automatic fix for difficulty. And I dont think youll find me engaged in the massive rezonings in the future. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. N/A: N/A: N/A: . Charlie Munger: I think Ill skip that one. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. 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. Tilly's, Inc. 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. Thats entirely due to the practical talent of Lee Kuan Yew. And his conclusion is that mankind should just step up to it and do it. The Corporation will host a fourth quar. MOI Global en Espaol. Could you share the secret to living a long, healthy, and happy life? 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. How would you advise these institutions to manage their endowments over the coming decades? The Hamilton Live 600 14th Street NW Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Considering their system, that is not what he should have been doing. Question: In your past speeches, you have mentioned the term functional equivalent of embezzlement to describe situations where bubbles can form because both parties involved in a bubble believe the asset to be worth more than it truly is. We admire the company and like its position. I call it deworsificationwhich I copied from somebody.