Where does it appear most egregious? Latticework New York Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. In display advertising, for example, we now utilize a very friendly company that worked with us for 25 years and now they are helping us sell advertising. So, you can understand why Warren got disenchanted with Wells Fargo. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. And I think the world would be better off without them. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . Im not trying to move mountains. And I think both of us have done the same thing; we just suck it in and cope. It sold the previously owned 9,745 shares for $357 thousand. These positions were updated on January 5th based on the funds latest 13F filing. Questions: Why are some people incapable of learning new ideas and behaviors? That happened because Gerry and I bought these little newspapers all over the state just as a precaution to make sure we could serve public notice advertising wherever it arose in the state. Everyone knows this isnt a small cap Berkshire Hathaway. We bought all these buildings cheaply. What do you make of these two pricings? Daily Journal Corporation offers legal software and services to US courts and other justice agencies, including browser-based case processing systems (eCourt, eProsecutor, eDefender, and eProbation) and electronic filing and payment tools (eFile, ePayIt). And, of course, its going to create trouble as it did. And thats the way we handled Gerry. The disruption from the decline in newspapers has had a significant impact. Charlie Munger: Well, I consider that very unlikely. It showsed how wise we were to put him there in the first place. A lot of the people who are doing this remote worka lot are going to work three days a week in the office and two days a week at home. Daily Journal Corporation Company Profile | Los Angeles, CA Our editorial system and our advertising system are all in the cloud. I never buy any and neither does Daily Journal. And, pretty soon, he turned that into this gloriously prosperous place. All text and design is copyright 2020 WhaleWisdom.com. How would they think about current opportunities with low rates and low inflation? the total portfolio value. -, 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. Investors play a major and vital role in the success and growth of a company. Gerald Salzman: There are a number of factors that come into play here. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. Latticework London and leadership at Berkshire Hathaway, Munger was . Charlie Munger: I dont have any wonderful new thoughts. Wheaton Precious Metals Corp. - Investors Daily Journal Corp - Portfolio Holdings, AUM (13F, 13G At KB Home, social responsibility means investing in the relationships we have with our employees and within our communities. Any tips on how to generate insight in these types of situations? Question: The Federal Reserve appears to be supporting asset prices. All-Time Favorites Question: Do you believe the market is going through a long-term value slump similar to 1999, or do you believe technology has caused a permanent change in how companies should be valued? News Corp Announces Acquisition of Investor's Business Daily Member Calendar, MOI Global is a wonderful way to expose yourself to the thoughts of some of the most successful investors and investment methods out there. 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. Commission-free trading is not free. Corporate governance. In addition, the fund holds 1,591,800 shares of Wells Fargo & Co worth $65.7 million, whose value grew 4.2% in the past six months. Stocks with a size of more than $10 billion in market cap make up The only opinion I have there is that I dont think anybody knows whats going to happen for sure. 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. Question: Do you believe global warming is an existential threat to humankind? Today, the majority of contractual revenue that can be identified is from implementations and licenses. And that institution has two assets in its endowment account. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Or, is it impossible to realize a deterioration quickly enough to exit without a loss? Generally, what people do is they have financial reserves so they have some options if trouble comes, and they adapt the way Gerry has to require downsizings or require upsizings. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek. Question: How important is the analysis of company culture in the investment process? Theres an old German proverb Ive always liked. Iovance Biotherapeutics Reports Fourth Quarter and Full Year 2022 The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. The first rule of a happy life is low expectations. 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 Charlie Munger: Well, I cant top Lee Kuan Yews example. The death tax in China is zero. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. We hope theyll continue doing magnificently well. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? He was a very smart man and he had a lot of good ideas. Ratios & Margins Daily Journal Corp. All values updated annually at fiscal year end Valuation P/E Ratio (TTM) - P/E Ratio (including extraordinary items) - Price to Sales Ratio 6.55 Price to Book. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. 50.0% of the portfolio companies Information Agent. When the pandemic is over, I dont think were going back to just the way things were. Of course, that made him very leery of dumb loans. But you know, most people dont do that. Charlie Munger: Yes, I think that is rising as we sit here. It just created the most unholy mess. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. Have you seen the television show Queens Gambit on Netflix? When these people go, there is none replacing them. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. 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. Florida would have a really serious problem. Gerry, you have a comment on that? I think you can count on the fact that if we really like the company and we like the managementand that is the way we feel about BYDwere likely to be a little too loyal. This is a highly desirable thing. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. 2/13/23. 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. And yet he made a lot of mistakes in the course of living his life. Its like evolution in biology. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. Question: Do you believe any psychological personality tests, such as the Myers-Briggs Type Indicator, to be of any good in choosing a compatible partner, given that choosing a spouse is probably the most important decision one can make in life. What do you think of all of the SPACs and the promoters pushing them? 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. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. 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 Of course, thats a useful thing. Charlie Munger: Well, we dont really know where its all going. 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 I dont know whether hes right or not. In 1860, GDP per capita in China was 600. Youve said recently that Sequoia is the greatest investment firm ever. And I think wise people should just stay out of them. Everybody has shortcuts to screen out certain hazards. The Superinvestors of Daily Journal Corporation - Forbes Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Charlie Munger: I dont think so. It wasnt some malevolence of the rich that caused it. What are his thoughts on modern monetary theory? Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. And there was one woman who was a year older than he was who was the first-ranked student in the school. email address below and choose 'Submit'. We take the situation as it is and try to solve it. I think the bankers of today could learn a lot from Eugene, but little is known of him. Theres hardly anything he touched he didnt improve. The Hamilton Live 600 14th Street NW 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. 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. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. 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. So, Im kind of pleased that Im still functioning at all. Jeffrey Stacey, I enjoy it and others will also. I think I would have lived a long time if I had lived a different life. The bad news is its not clear whos gonna win all the business or how much money is going to be made. Charlie Munger: Thats too hard in general a question for me. Charlie Munger: Well, I do have a tip. Thought Leader Series. Charlie Munger: Were really old both of us. And, I think that could happen, but, of course, thats not a sure thing. Charlie Munger: Well, that is easy. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. Published since 1917, the Daily Commerce is based in Los Angeles and covers news of general interest, columns of interest to real estate investors and brokers, and information on distressed properties in Los Angeles County. It reminds me of the key phrase and Bunyans Pilgrims Progress in which he says: My sword I leave to him who can wear it. or to simply have an email sent to you whenever we receive a new February 12, 2020 . Is it Bitcoin, decentralized finance, or something else? Because if you do that, Im a moral leper. But everybody cant be better than everybody else. He was not a dictator. The first order of business is to reelect the four directors and the votes are as follows: Charles Munger, 679,481, Gerald Salzman, 660,287, Peter Kaufman, 593,336, Mary Conlon, 651,493. 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. The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. Tu To, Daily Journal Corp: Profile and Biography What do you look for in a leader? Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. First Merchants Corporation (FRME) Stock Price, Quote & News - Stock MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023.