One thing I can promise is that I wont contribute much to it because I dont understand it. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. Thats the nature of capitalism. Mr. Buffett gives a quick update on his investing lieutenants, Todd Combs and Ted Weschler, noting that they each now manage more than $10 billion of Berkshire's money. This helped drive average monthly order frequency higher in Q4 on both a Q/Q and Y/Y basis. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. Also, fortunately before the pandemic, we got out of the conference-type events and we were not subjected to the problems of no conferences nobody to attend. In other words, to some extent, its a self-correcting system. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. It showsed how wise we were to put him there in the first place. WebThe Annual Meeting of Shareholders of Daily Journal Corporation (the Company) will be held virtually on February 16, 2022 at 10:00 a.m. Pacific Time. If you try and reduce the poverty too much, its counterproductive. Question: Has your opinion on cryptocurrencies remained the same? Gerry, you have a comment on that? So, of course, I admire him. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. 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. And he was just so good. Of course, that made him very leery of dumb loans. FOURTH QUARTER 2021 FINANCIAL RESULTS AND SHAREHOLDER LETTER We generated $97 million of free cash flow in the quarter and $477 million for the year, inclusive of a $191 million increase in inventory of which approximately $60 million is due to increased transit times and the balance targeted to alleviate our unshipped Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. And thats the way we handled Gerry. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. Now 16 years have passed. Charlie Munger: I would go further. Written by Andy Jassy, CEO at Amazon. Youve said recently that Sequoia is the greatest investment firm ever. I think all of this activity is regrettable. And thats very interesting. He was just so damn smart. I just see more and more of the rich people leaving. They do way more good than harm. DATAROMA Superinvestors Portfolio Holdings Always on point. So, no I dont think its the responsibility of management to assure where the stock sells. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. Youre right. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. Nobody else has ever taken a big country out of poverty so fast and so on. The former majority owners of Bank of Blue Valley and Morill & Janes Bank, Bob Regnier and Kurt Saylor respectively, both signed the shareholder letter. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. No, I dont have any secrets. When the pandemic is over, I dont think were going back to just the way things were. 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. Practically everybody does that. %PDF-1.5 Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright Refinitiv. Question: What is the biggest lie currently being perpetuated by the investment complex? Question: What books are you currently reading and what can you reccomend? WebIn 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion.Additionally, Berkshire pays substantial state and foreign taxes. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. Charlie Munger: Well, these things do happen in a market economy. The bad news is its not clear whos gonna win all the business or how much money is going to be made. Were going to bust our ass to try and do a good job. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. 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? The mantra he said over and over again is very simple. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. See our Terms, Privacy Policy, and Disclaimer. Costco I do think has one thing that Amazon does not. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. Gerald Salzman: None. His method for doing it was so simple. Shareholders But, I hardly think the editorial quality could go way up when employees were going down. I have a bust of Lee Kuan Yew in my house. If you have unrealistic expectations, youre going to be miserable all your life. 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 my advice would be if you have a fixable disadvantage, remove it. I was good at having low expectations and that helped me. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. I think theyre probably right, by the way. Thats one you can easily arrange. Question: Of the various types of moats and competitive advantages, which types do you think will be most important in the years ahead, and what combinations of competitive advantages can you imagine will create any new types of moats? Everything you see is profit. He was always upbeat. Cookie Notice So we were like an undertaker who suddenly got prosperous in a plague year. And I applaud the result. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. And he was a great kidder. Fundamental company data and analyst estimates provided by FactSet. Im pretty easy on myself these days. Nobody should believe that Robinhoods trades are free. 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? And some types of real estate in recent years has been particularly difficult. If you were offered a fresh start today, what would you do differently in life and in investing? Generally speaking, people assume that were a normal software company like Microsoft or something. Charlie Munger: Well, we dont really know where its all going. I dont follow that practice but I dont criticize it either. Source: Kantar Media. Daily Journal Corp : Submission of Matters to a Vote of Security Holders (form 8-K) AQ. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. Always intelligent. Amazon's 1997 Shareholder Letter Part of the reason for that was cultural. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. What do you make of these two pricings? But he could play chess blindfolded at just below the Grandmaster level. We were trying to save the whole economy under terrible conditions. Question: What have you done to live such a long life? So, its a very interesting competitive field. In 2020 and 2021, enormous QE approximately $4.4 trillion, or 18%, of 2021 gross domestic product (GDP) and enormous fiscal stimulus (which Value Investing will never go out of style. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? Charlie Munger spreads wisdom at the annual meeting for the Daily Journal. Charlie Munger: Early 70s. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. For shareholders and others who are interested, a book that compiles the full unedited versions of each of Warren Buffetts letters to shareholders between 1965 and 2014 is available for sale at this link. Heres that transcript, starting at 37:37, from the full interview here: https://ca.finance.yahoo.com/ video/charlie-munger-speaks- daily-journals-185409394.html We will now proceed to the question period. Web2021. Now, it sounds like anybody would know that made sense. Charlie Munger: Robinhood trades are not free. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. Shareholder Thats our system. 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. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. In other words, its your money. And if there is one thing the world could learn from Singapore, what would that be? D07"Kn If you dont spend the money, you and your heirs get to spend it eventually. WebDaily Journal Corp. balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. In 1860, GDP per capita in China was 600. Its a funny way to make money. He took over a malarial swamp with no army, no nothing. 4. She created a business with like 500 depression dollars that became a huge business. And I just think it was academically inconvenient for them. In his early education, he was the second-ranked student in the school. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Im not going to change. You dont need to worry about them. Key Points. I think most people are born with a happystat. I cant help you. 2021 Shareholder Letter I dont define that as value investing. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. So he married her. If the seas were to rise 60 feet, which could happen in another 100 years or so, wed have to build enormous barriers to sea entry. But he knew how to learn what he didnt know. I think all good investing is value investing. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. All except for the legal advertising system which we had to build because nobody else has the volume that we have. That was not a startup, but it was so small and thinly traded that we were buying into a venture capital type investment but in the public market. All rights reserved. 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. Question: Its been a year since the coronavirus pandemic came to the U.S. What have you all learned about running a business in the past year? We would all say that. 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. The hydrocarbons are also needed as chemical feedstocks. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. Also, subscribe to the newsletter to receive new research, articles, and other interesting stuff directly to your inbox. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. Its a very dishonorable low-grade way to talk. Theres hardly anything he touched he didnt improve. 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. And, what about passive investing? I find that by working at that, I can actually make some improvements even though Im old. 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. Nothing is particularly obvious for everybody to do the same thing. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. It wasnt some malevolence of the rich that caused it. Its just that the investment banking profession will sell shit as long as shit can be sold. I recommend that other people follow my example. While there were only 410 shareholders of record of Daily Journal's common stock as of Dec. 15, according to its annual report, Munger attracts a sizable He doesnt mind at all not getting credit for his charitable donations. Question: Eugene Abegg seems like he was one of the best bankers of the last century, achieving both extremely low loan loss rates and earning around 2% on assets over a long time period. You once said to study the life and work of Lee Kuan Yew. Im not saying I wanted to live in China. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. DAILY JOURNAL CORPORATION 915 E. 1st Street Los Angeles, California 90012 PROXY STATEMENT FOR ANNUAL I would imagine that applies to the broad market too. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. But the accountants are duly elected. And what did the Chinese communists do with respect to death taxes? So far the evidence would be that maybe the monetary modern monetary theory is right. Our editorial system and our advertising system are all in the cloud. Will we have fewer gas stations or truck stops in the future? Question: Mr. Munger is a champion of Chinese stocks. Ive seen the whole bus system shift from gasoline or diesel to gas and so it obviously isnt impossible, but youd have to create a whole new system of supply for it. In 2010, that was down to 165 full-time employees and 15 part-time employees. But Henry was a genius. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? 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 no, I dont think we have a bubble in Treasury securities. Thats been greatly curtailed. Today, the majority of contractual revenue that can be identified is from implementations and licenses. Theyve got a better reputation for providing value than practically anybody, including Amazon. Theyre just very simple. So, I think you can count on the fact that what were doing is going to be a big growing field. I think I would have lived a long time if I had lived a different life. Delayed Nasdaq By the way, thats not the normal outcome in America. Of course, his son, who is a bright man, is now Prime Minister of Singapore. 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. And if you cant do that, youre not gonna win the great chess championships of the world and youre not gonna do as well in business as Henry Singleton did. You know what her mottoes were? DAILY JOURNAL CORPORATION
8 Forms Of Contact Dinocave, Dayz Rearmed Key Locations Deer Isle, What Is The Fear Of Celebrities Called, Overhead Power Line Clearance Nec, Articles D