And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. In his early education, he was the second-ranked student in the school. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). So, the people part has changed quite considerably being a small company. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. Announces 2022 Holiday Period Net Sales, Updates Fourth Quarter Outlook. Culture is very important. I dont think I can teach you how to retroactively get a new accident yourself. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. Member-Only Podcasts Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. During his tenure with Diamond, Matthew worked with top-tier investment banks, global payments firms, and international insurance companies to deliver high impact solutions to his clients most challenging business problems. [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 if you stop to think about it, that is also true at the Daily Journal. As for some of our technology, like eFiling for example, the courts are closed. I wouldnt change my life all that well. So we were like an undertaker who suddenly got prosperous in a plague year. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. But the accountants are duly elected. But he was 90 years of age. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. 1996 - janv . But, no, I dont think Treasury securities are a big problem. The first rule of a happy life is low expectations. Daily Journal Corps portfolio is diversified across 3 sectors. So its very difficult. What could investors do to cope better with periodical frenzy? What else can you do? In 1860, GDP per capita in China was 600. Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. And there arent many people that can do that. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? And, for example, here, we must have 30 or 40 deaths. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. Industry Insights Summit Chinese stocks are often sensitive to geopolitical events, and news that Biden and Xi will meet later this year could signal a thaw in relations between China and the U.S. Daily Journal Corporation Reports Quarterly Revenue $11.68 Mln Daily Journal Corporation says For Nine Months Ended June 30 Consolidated Revenues Of $35.7 mln Versus $30.6 . Can U.S. Treasury bonds be such a case today? 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. And if there is one thing the world could learn from Singapore, what would that be? On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. 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. I kind of admire the way Bill takes on these very hard problems. I think people have the theory that any intelligent hardworking person can get to be a great investor. I think all good investing is value investing. I do think that a properly run bank is a great contributor to civilization and that the central banks of the world like controlling their own banking system and their own money supplies. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. Im not saying I wanted to live in China. Company Search - astfinancial.com 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. They are joining the modern world very rapidly and theyre getting very skillful at operating. Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. He was a very smart man and he had a lot of good ideas. They do way more good than harm. Youve reached the limit of my circle of competence. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. You can hardly think of a decision that matters more to human felicity than who you marry. I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. Daily Journal Corporation - Wikipedia Charlie Munger: I think I had the right temperament. I think that inequality is absolutely an inevitable consequence of having the policies that make a nation grow richer and richer and elevate the poor. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. And it was probably wise that we acted exactly as we did. The Hamilton Live 600 14th Street NW I recommend that other people follow my example. 2021 Quotemedia. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. Copyright 2023 Surperformance. I admire him that much. The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. They dont work that hard at figuring out what works and what doesnt. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. Just think of the things that were once prosperous that are now in failure or gone. DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. But theres no rule that life has to be easy on the mental side. And, what about passive investing? Transfer Agent | Shareholder Services | Investor Relations | Norfolk But I do think having a whole system to sell hydrogen is difficult. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. I find that by working at that, I can actually make some improvements even though Im old. You are limited to the prior 8 quarters of 13F filings. Charlie Munger: I cant think of a We paid high prices for some little companies in the course of trying to enter the court software business. 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. Charlie Munger: Well, of course, the places downsized. Nobody was trying to make the rich richer. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. All text and design is copyright 2020 WhaleWisdom.com. PROXY STATEMENT. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Thats a really good rule. 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. Investors play a major and vital role in the success and growth of a company. How do you reconcile the idea of paying 50 or 60 times revenue for a growing but unprofitable business with the more traditional value investing concept of a margin of safety? Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. By the way, thats not the normal outcome in America. Kimberly Stewart - Head of Investor Relations - LinkedIn The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price. Costco I do think has one thing that Amazon does not. Of course, that will still work. Question: Do you believe global warming is an existential threat to humankind? But they dont teach that in the psychology department because the academic system rewards little experiments that develop more insight into psychological tendencies instead of synthesizing whats already been discovered with the rest of knowledge. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Thats the good news. He loved to kid people. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? DAILY JOURNAL CORPORATION : Shareholders Board Members Managers and You are going to be flabbergasted. 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. 2022. 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 . And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? In other words, to some extent, its a self-correcting system. This Week in Intelligent Investing. 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. and leadership at Berkshire Hathaway, Munger was . I do think that Im way less afraid of inequality than most people who are bleeding about it. Titan International, Inc. c/o Investor Relations 1525 Kautz Road, Suite 600 West Chicago, IL 60185 investor.relations@titan-intl.com Board Contact Information Written correspondence for any member of Titan's Board of Directors may be sent to their attention: Titan International, Inc. c/o Corporate Secretary 2701 Spruce Street Quincy, IL 62301