daily journal shareholder letter 2021

I dont follow that practice but I dont criticize it either. God knows it was difficult but I dont think its a mistake. In other words, when we shout our knowledge out, were really pounding it out. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. 2 0 obj <> He said, figure out what works and do it. 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 Question: What is the biggest competitive threat to U.S. banks like Bank of America and US Bankboth equity holdings of the Daily Journal Corporationover the long term? Can U.S. Treasury bonds be such a case today? GE released its 2021 Annual Report today. Today, the majority of contractual revenue that can be identified is from implementations and licenses. In fiscal 2021, we reached revenues of $50.5 billiona significant milestone that represents 11% growth in local currency and the addition of $6.2 I think you should try and make your money in this world by selling other people things that are good for them. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. 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. x\o6 >j.bY|UI\$nj'-Bdfv~QG#y9>}wU~;|=,a>?&UVDWUr{{&?:B%\DIzRYI'gYY]1$9|4JYf%rUe4.L_.J8h`?8([^RWQ/H?e}^6.bw{s WebDaily Journal. The content provided on the Junto Investments (Junto) website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. I think the Chinese were very smart. A lot of people assume that since England led the Industrial Revolution and had free speech early that free speech is required to have a booming economy as prescribed by Adam Smith. I expect that and I welcome it. I think Im a little more lenient. I would imagine that applies to the broad market too. Daily Journal Corp : Submission of Matters to a Vote of Security Holders (form 8-K) AQ. In other words, to some extent, its a self-correcting system. What do you think of all of the SPACs and the promoters pushing them? We would all say that. Copyright FactSet Research Systems Inc. All rights reserved. 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. 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. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. Question: You identified the opportunity in electrification and invested in BYD. 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? You're watching Yahoo Finance, live for this special exclusive coverage of the So we were like an undertaker who suddenly got prosperous in a plague year. Im pretty easy on myself these days. In Singapore, you get a savings account the day youre born. There are these periods in capitalism. Privacy Policy. It was totally required. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. And we cant go to many offices because theyre closed. How do you think about the hydrogen opportunity for transportation and how does it compare to the electric opportunity, specifically thinking about trucks versus cars. Question: Do you think its best to invest in the common stocks of businesses early or while they are more nascent and the industry is smaller, or wait until they are the clear winner of a more mature industry? Charlie Munger: Well, I dont know how well the economys doing to work in the future. Commission-free trading is not free. That turned out to be a wonderful idea and thats one of the reasons we made all this money. Charlie Munger: Well, I cant top Lee Kuan Yews example. 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. But, but by and large, most of the knowledge has been available for a long time. Written by Andy Jassy, CEO at Amazon. In 2010, that was down to 165 full-time employees and 15 part-time employees. And, of course, when things get extreme you have things like that short squeeze. BYD stock did nothing for the first five years we held it. Thats entirely due to the practical talent of Lee Kuan Yew. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. 2023 Junto Investments, all rights reserved. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. What do you think we can do to help those who are currently falling behind as a result of this pandemic? Creating 360 value. He cared terribly about not making bad loans or incurring dumb expenses. 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. But I wont be following him. Gerald Salzman: None. Question: I enjoyed your Caltech interview and wanted you to elaborate and provide more insights on your point of great investors and great chess players. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. And that institution has two assets in its endowment account. WebDaily Journal Corp. balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. For more information, please see our Question: Can you share some parting thoughts with the viewers who are watching all around the world? When you pay for order flow, youre probably charging your customers more and pretending to be free. Im not going to change. For a quarter in which we made only a handful of portfolio changes and essentially broke even, lot Dear shareholders: Over the past 25 years at Amazon, Ive had the It says that man is too soon old and too late smart. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. My guess is we have suffered some editorial quality. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Always tell the truth and never lie to anybody about anything. Bitcoin reminds me of what Oscar Wilde said about fox hunting. All those factors come into play and if you go back a little further, we eliminated California Lawyer magazine and we had one time a newspaper in Seattle and one in Denver. Were going to bust our ass to try and do a good job. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. Because if you do that, Im a moral leper. WebCharlie Munger: 2022 Daily Journal Annual Meeting Transcript Written by Oliver Sung I usually sit down and transcribe the Daily Journal AGM with the musings and wisdom of And what are the implications, since Treasury assets underpin the value of every other asset? 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. What were the lessons learned? The total number of shares, represented by proxies at this meeting, are 995,682, which are more than enough to constitute a quorum making the meeting duly held. I think all of this activity is regrettable. You have to be concerned about employees lives. Question: What is the wisdom behind holding bank stocks compared to other stocks. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. and our Just time after time he would do something like that. The stock appreciated probably way more than intrinsic value. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. The disruption from the decline in newspapers has had a significant impact. So I think what China has done was probably right for China and that we shouldnt be so pompous as to be telling the Chinese they ought to behave like us because we like ourselves and our system. Its just that some people look for values in strong companies and some look for values in weak companies. Question: You often advocate for learning from other peoples big calamities and stupidities. Has the quality gone down? And so, we cant promise were going to succeed. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. So, I think you can count on the fact that what were doing is going to be a big growing field. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. So he married her. Charlie Munger: Well, of course, its very hard to fix the global warming problem when the poorer countries need to burn coal to stay alive and so on. I was good at having low expectations and that helped me. I have a bust of Lee Kuan Yew in my house. Of course, that made him very leery of dumb loans. It plans to build about 50,000 EVs in North America in the first half of Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. Hell be able to do it. Interpretations of those facts will vary. And, I was not surprised when it blew up. 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. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. Give me a new question. WebThe U.S. economy is strong. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. WebShareholder Letter Q2 2022 AUGUST 9, 2022. 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. It seems to involve a lot of your standard causes of human misjudgment. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. I would hate to compete with Sequoia in their field. 24 Feb 2021 Charlie Munger, Vice Chairman of Berkshire Hathaway, speaks at the Daily Journal Annual Meeting 22 Jan 2021 Warren Buffett's right-hand man flags a Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. When you look at whats happened in California [in terms of] the price of real estate and rentals, weve reduced the number of offices we have both for Journal Technology and for the Daily Journal. And I dont think youll find me engaged in the massive rezonings in the future. I said it wont matter. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. Put me down as skeptical. 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? You are going to be flabbergasted. I prefer the United States. I think that the methods that Ive used including the checklists are the correct methods and Im grateful that I found them as early as I did and that the methods have worked as well as they have. We discuss the company Berkshire Hathaway and the economic context in which it operates. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. He was not a dictator. 02/15. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. And, we have to function as an informal committee in that we have to bring our employees and our clients together to work out what they already know and how we can help them do a better joba more efficient job. Is there any new material? It showsed how wise we were to put him there in the first place. tzJ/wa*''=`R9+eJ}hv&iA+sn\/t`5q2(5l.h% dD2)ls.sz M4Z6X_h+ak,+,D^'a%&2K~SO@z'9f)xC? 6ZERFyGh.Q{BoM$k2YNNV'Vq3yd;6. Im just trying to get a feel for what the long-term capital allocation is. But we cant. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. He had a long and wonderful run. Question: Should there be a tax on buying stock now that Robinhood trades are free? Question: Do you believe global warming is an existential threat to humankind? SHAREHOLDERS ARE URGED TO DATE, FILL IN, SIGN, AND MAIL THE ENCLOSED PROXY IN THE ACCOMPANYING ENVELOPE, WHICH REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES. We are subject to the orders and directions of those counties which, before, really didnt impact anything. All rights reserved. Charlie Munger downplays risk of Taiwan invasion, says They had to because the traditional business newspaper business is shrinking. 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. And what he does is he sells about half of them always. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Florida would have a really serious problem. 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. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. And if you believe Jeff Bezos is one of the best businessmen you have ever known, would you consider investing early in any of the new projects he will inevitably focus his attention on now that he will not have to be as concerned about the day to day responsibilities of Amazon? I never buy any and neither does Daily Journal. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. And thats what we have going in the stock market in a frenzy thats fed by people who are getting commissions and other revenues out of this new bunch of gamblers. But the Chinese have proved that you dont need free speech to have a wonderful economy. That approach will never go out of style. Everybodys got a different situation. What I see in China now just staggers me. He was just so damn smart. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. endobj Practically everybody does that. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. Its not generally noticed by the public but clearinghouses clear all these trades. Just time after time, he would choose the right system. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. I dont know which is worse. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. % If you dont have master the rest of the knowledge you cant synthesize it with psychology. I dont think that hydrocarbons are going. Im not trying to move mountains. Source: FactSet. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. All except for the legal advertising system which we had to build because nobody else has the volume that we have. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? And, I think that could happen, but, of course, thats not a sure thing. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. I tell a story on Rick that he took the Navys IQ test and got one of the highest scores ever recorded and left early. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. And, what about passive investing? We hope theyll continue doing magnificently well. The votes in favor of that are 995,356 against 120. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. What are his thoughts on modern monetary theory? A lot of the good rules of life are like that. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. They are joining the modern world very rapidly and theyre getting very skillful at operating. Question: Which do you think is crazier? 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. Charlie Munger: Well, you know, I had a failed marriage, so I dont think Im in the perfect position to advise the young about marriage. Question: Ben Franklin said: Were it offered to my choice, I should have no objection to a repetition of the same life from its beginning, only asking the advantages authors have in a second edition, to correct some faults of the first. I feel the same way about those choices. 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. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? 4 0 obj One thing I can promise is that I wont contribute much to it because I dont understand it. st marlo golf membership cost, does wawa sell alcohol in maryland,

Golden Retriever Rescue Marietta Ga, 89x Radio Playlist, Zuko And Katara Arranged Marriage Fanfiction Lemon, Articles D