Im afraid thats the way we all have to leave our swords. What are the psychological implications of this type of market behavior? And if its unfixable, learn to live without it. I know Berkshire is a long-term owner and rarely sells securities of high-quality companies it owns in its portfolio simply because its overvalued. Best Ideas Omaha But, no, I dont think Treasury securities are a big problem. 2023 Annual Meeting. 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 . I think most people are born with a happystat. 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. Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. I wouldnt change my life all that well. They do way more good than harm. I think the world is gonna be quite different. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. Previously, Buntain worked at The Carlyle Group, where he . All the buses. What do you think we can do to help those who are currently falling behind as a result of this pandemic? John Lambert, First class in every way. For example, Coca-Cola in the past. I dont know the answer. Value Investing will never go out of style. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. are based in the United States. We hope theyll continue doing magnificently well. And it was probably wise that we acted exactly as we did. Always intelligent. We have offices in all the major cities in California and also in Logan, Utah. 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. Are traditional dividends and share repurchases the likely end-stateassuming our software business grows into a bonafide companyor will buying and holding securities from time to time be what the board is comfortable with? However, could you be more specific? February 12, 2020 . +2.68%. Question: Do you believe global warming is an existential threat to humankind? Its been amazing that one little company starting up not that many decades ago could become as big as Costco did as fast as Costco did. Charlie Munger: Well, of course, the places downsized. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? And, of course, its all worked. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. Code of Business Conduct and Ethics; Whistle Blower Policy; Shareholder Rights Agreement Annual Meeting of Stockholders Date: June 13, 2022 Time: 10:00 a.m. EDT Location: Hilton McLean Tysons Corner Tilly's, Inc. The third-largest holding is Alibaba Ltd worth $26.4 million and the next is Us Bancorp worth $6.11 million, with 140,000 shares owned. Question: In recent years, Berkshire Hathaway has provided much greater insight into the companys succession thoughts and has made available at the annual meeting the companys leading managers that will steer Berkshires future. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. There arent that many people like Lee Kuan Yew that have ever lived. Of course, that history is useful to know. Capitalism is almost as brutal as that. And if there is one thing the world could learn from Singapore, what would that be? What are the main sources of ancillary revenue expected once the products have gone live and how meaningful will the products like eFile-it, ePay-it, cloud hosting services, and others become? Latticework London Daily Journal Corp is based out of Los Angeles. In 2010, that was down to 165 full-time employees and 15 part-time employees. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. Market Holidays Daily Analyst Ratings Daily Insider Trading. Do it right the first time. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. All rights reserved. The Manual of Ideas He was old as I am. I think were into a lot less travel and a lot more Zooming. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. Throughout the transcript below, I have included clickable links to my notes and articles . Im not going to change. Latticework New York If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? How would you advise these institutions to manage their endowments over the coming decades? 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: Thats too hard in general a question for me. Munger became Chairman (because he was an attorney). Ill paraphrase here. He was just so damn smart. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. And I dont know whether hes right or not. Look around all this real estate. I think that would be insanity. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. Bitcoin reminds me of what Oscar Wilde said about fox hunting. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. "While Kimberly was head of Investor relations . But the accountants are duly elected. But show me a psychology department that knows how to do that. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . A lot of the good rules of life are like that. But theres also a large risk of losing it coming from within an organization. His method for doing it was so simple. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. The first rule of a happy life is low expectations. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. The disruption from the decline in newspapers has had a significant impact. But its hard for anybody. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. I think theyre probably right, by the way. and leadership at Berkshire Hathaway, Munger was . Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. You must have a subscription to view WhaleScore histories. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. 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. Because of that fact, it's of the utmost importance for companies to maintain strong . Im not trying to move mountains. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. Its one of the most ignorant professions in the world. Those are pretty good rules and theyre pretty simple. He had a long and wonderful run. If you dont have master the rest of the knowledge you cant synthesize it with psychology. I dont even know how much more difficultor how much more dangerousit would be to deal with hydrogen than it is to deal with gasoline which is also a dangerous substance. of stocks: 4 Portfolio value: $174,434,000 Holdings Activity Buys Sells History * Reported Price is the price of the security as of the portfolio date. And what did the Chinese communists do with respect to death taxes? Charlie Munger: I think everybody is willing to hold stocks at higher price-earnings multiples when interest rates are as low as they are now. You know what her mottoes were? I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. Ideaweek Podcast Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. This information can be used by investors to verify and understand the financial position of the company. 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. Put me down as skeptical. 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. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. And there was one woman who was a year older than he was who was the first-ranked student in the school. When autocomplete results are available use up and down arrows to review and enter to select. So you now know what I do in charitable institutions. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. This years annual report suggests that the traditional business has 97 full-time employees. I admire him that much. Gerry, can you ever remember Rick down? Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. Commission-free trading is not free. 915 E. 1st Street. Have you seen the television show Queens Gambit on Netflix? I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. When completed, an email will be sent to the email address you specify Furthermore, hed gone through the Great Depression. Currently, Daily Journal Corp's portfolio is worth at least $174 million. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. It closed the year with cash flow reaching $7.1 billion . Charlie Munger: I dont think so. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more. New species are created and old species are dying. That was a big error in judgment. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. I dont follow that practice but I dont criticize it either. I regard this as insanity. Is there any new material?