If you dont spend the money, you and your heirs get to spend it eventually. And when the evidence came in that the system wasnt working very well because some of the employees were cheating some of the customers, they came down hard on the customers instead of changing the system. Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. 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. It was totally required. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. 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. Are they more stable? Question: How do you control your investments in a world where reasonable companies with a good image like General Electric sink rapidly into the bottomland of the stock market. Today, it hovers around 9500. The meeting was held on February 24, 2021. They manage They just copied Adam Smith and left out the free speech and it worked fine for them. Without the method of learning, youre like a one-legged man in an ass-kicking contest. And, I was not surprised when it blew up. And he made a very favorable impression. , 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. Chinas economic record among the big nations is the best that ever existed in the history of the world. Also, when you get reverses, if you just suck it in cope, that helps if you dont just fretfully stew yourself into a lot of misery. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. DAILY JOURNAL CORPORATION. Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. That was a big error in judgment. Question: What books are you currently reading and what can you reccomend? It just created the most unholy mess. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? Were not enlarging it. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). And, of course, it works way better than our medical system. The average market cap of the portfolio companies is close to $220 billion. Question: The Federal Reserve appears to be supporting asset prices. Generally speaking, people assume that were a normal software company like Microsoft or something. Its just not gonna work. 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. So, of course, I admire him. So, I think you can count on the fact that what were doing is going to be a big growing field. Always tell the truth and never lie to anybody about anything. 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). Charlie Munger: Well, I dont think I know exactly what the future of banking is and I dont think I know how the payment system will evolve. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities In 1860, GDP per capita in China was 600. Of course, that made him very leery of dumb loans. Subscribe to WhaleWisdom to view all filing data Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. Daily Journal Corporation (DJCO) - 8-K - Current report SEC FilingsYesterday, 3:57 PM Daily Journal Corporation (DJCO) - 10-Q - Quarterly Report SEC FilingsMon, Feb. 13 Daily. And my advice would be if you have a fixable disadvantage, remove it. I recommend that other people follow my practice. I expect less out of bankers than he does. Charlie Munger: Well, it certainly does and thats the kind of thing that can happen when you get a whole lot of people who are using liquid stock markets to gamble the way they would betting on horses. Information Agent. The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. Charlie Munger: Real estate has always been a difficult field. Always intelligent. I dont think its like the newspaper business. That turned out to be a wonderful idea and thats one of the reasons we made all this money. DAILY JOURNAL CORPORATION was incorporated on 13 Apr 1987 as FOREIGN STOCK company type registered at 915 EAST FIRST STREET LOS ANGELES CA 90012. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. Washington State is actually considering a wealth tax at the state level. Theyd take you through the building of the canals and the building of the railroads and so on and so on. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. They really need the world to stay the way it is. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? I think all of this activity is regrettable. Charlie Munger: Gerry, whats the biggest mistake weve made? Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. But there again, it's an interesting thing. Charlie Munger: Well, he was one of my closest friends for many decades. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq I think the bankers of today could learn a lot from Eugene, but little is known of him. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? What happens is that every human being tends to believe way more than he should in what hes worked hard to find out or where hes announced publicly that he already believes. Everyone knows this isnt a small cap Berkshire Hathaway. But I do think having a whole system to sell hydrogen is difficult. I recommend that other people follow my example. Download 13F Summary You are limited to the prior 8 quarters of 13F filings. But, of course, if we got a chance to do it again, we would do it better. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people. We paid two and a half million for it. I was good at having low expectations and that helped me. Charlie Munger: I would go further. And I think wise people should just stay out of them. Of course, its hard to negotiate in such a field. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? 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 . I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money. 2022. Its just that some people look for values in strong companies and some look for values in weak companies. Well, I dont think the quality of publishing public notice advertising has gone down. I dont follow that practice but I dont criticize it either. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. I dont think well change on that. Copy and paste multiple symbols separated by spaces. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. What, for example, would you recommend as course materials? And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. It doesnt happen anymore. Contact the transfer agent for answers concerning the subjects below: Dividend reinvestment plan Lost or stolen certificates Stock transfer requirements American Stock Transfer & Trust Company, LLC 1-877-864-4750 Email: info@astfinancial.com Web site: www.astfinancial.com And, of course, what Im saying is that if I were teaching business I would start the way Harvard Business School did a long time ago. He was a one party system but he could always be removed by the electorate. Theyve served us well over the years. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. Contact. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. 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. 915 East First Street. Its chairman is Steven Myhill-Jones. Charlie Munger: Well, its not easy to handle accumulated money in the current environment when these stocks are so high and partials of real estate of certain kinds are also very inflated. So, no I dont think its the responsibility of management to assure where the stock sells. Question: What advice would you give to someone who is trying to stay within their circle of competence but finding that the pace of technical technological innovation is rapidly reducing that circle?