How do you recognize a potential downfall in a company you hold/invest in? So, I dont think Bitcoin is going to end up as the medium of exchange for the world. Jamie Dimon's Letter to Shareholders, Annual Report 2021 Capitalism is almost as brutal as that. I dont think we have made a lot of horrible mistakes. I call it deworsificationwhich I copied from somebody. God knows it was difficult but I dont think its a mistake. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. DATAROMA Superinvestors Portfolio Holdings I think the bankers of today could learn a lot from Eugene, but little is known of him. Always on point. Shareholder Letter A lot of things are going to change. Value Investing will never go out of style. 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. And I dont think youll find me engaged in the massive rezonings in the future. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. We have our crotchets and I just dont know enough about it to want to go into that activity. Reddit and its partners use cookies and similar technologies to provide you with a better experience. I was very lucky. And there arent many people that can do that. I dont think Ive got any great insight about hydrogen. A rich civilization can afford to do it if we absolutely have to. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. When these people go, there is none replacing them. At this rate, Copyright FactSet Research Systems Inc. All rights reserved. Culture is very important. When I look at the modern Singapore health system, it costs 20% of what the American system costs. When you pay for order flow, youre probably charging your customers more and pretending to be free. I dont define that as value investing. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Its just that some people look for values in strong companies and some look for values in weak companies. Im not saying I wanted to live in China. 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. Question: You often advocate for learning from other peoples big calamities and stupidities. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | 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. MarketScreener: Created by Investors for Investors! 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 The daily journal stock sells way above the price I would pay if I was buying new stock. Generally speaking, people assume that were a normal software company like Microsoft or something. And, for example, here, we must have 30 or 40 deaths. Everybodys got a different situation. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. 2021 Key Results Total net revenue grew 55% year-over-year (YoY) to $2.765 billion Platform revenue increased 80% YoY to $2.285 billion Gross profit was up 74% YoY to $1.409 billion Active Accounts reached 60.1 million, a net increase of 8.9 million active accounts from Q4 2020 Streaming Hours increased by 14.4 billion hours YoY to They had to because the traditional business newspaper business is shrinking. Well, I dont think the quality of publishing public notice advertising has gone down. I expect less out of bankers than he does. He had a long and wonderful run. But he knew how to learn what he didnt know. %PDF-1.3 So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. She created a business with like 500 depression dollars that became a huge business. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. If you stop to think about it, business success long term is a lot like biology. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. The stock has gained so much this year and last year. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? Latest statistics and disclosures from Daily Journal Corp's latest quarterly 13F-HR filing: Top 5 stock holdings are BAC , WFC , BABA , USB , and represent Thats been greatly curtailed. And there was one woman who was a year older than he was who was the first-ranked student in the school. 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. I gave at the office is an unassailableassertion when made by Question: Mr. Munger recently raised the alarm about the level of money printing taking place. And, pretty soon, he turned that into this gloriously prosperous place. 5. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. I think all of this activity is regrettable. It was absolutely incredible. I said to Rick, were going to make Gerry the head of the Daily Journal. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. So human greed and the aggression of the brokerage community create these bubbles from time to time. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? In Singapore, you get a savings account the day youre born. That happystat has more to do with their happiness and their outcomes in life. So we were like an undertaker who suddenly got prosperous in a plague year. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. And, what about passive investing? Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? Nobody was trying to make the rich richer. So, of course, I admire him. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. Thats entirely due to the practical talent of Lee Kuan Yew. Its such a simple idea. 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: I enjoyed your Caltech interview and wanted you to elaborate and provide more insights on your point of great investors and great chess players. Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. Shareholder Letters Charlie Munger: Thats too hard in general a question for me. You once said to study the life and work of Lee Kuan Yew. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. 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. No, I dont have any secrets. 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. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. 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. Ive been pretty quiet. He had excellent judgment. and our And, of course, its going to create trouble as it did. Charlie Munger: Well, of course, the places downsized. GE released its 2021 Annual Report today. Due to the COVID-19 And I think the world would be better off without them. But I dont think everybody can be a great investor or a great chess player. 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. I think some of these things are very difficult and I think, by and large, its a mistake to hire investment managementto hire armies of people to make conclusions. 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? Exhibit 99.1 February 16, 2022 I think theyre probably right, by the way. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. Question: What have you done to live such a long life? They just copied Adam Smith and left out the free speech and it worked fine for them. Charlie Munger: Well, that is easy. Think of whats died in my lifetime. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. What would be a mistake at the Daily Journal which we can all learn from? Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. It showsed how wise we were to put him there in the first place. Julia La Roche - Amazon Web Services In his closely read annual letter to shareholders, Jamie Dimon says he expects no more than 10% of JPMorgan employees to permanently work from Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. Charlie Munger: Yes, I think that is rising as we sit here. Apartments have come through better. 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. In 2020 and 2021, enormous QE approximately $4.4 trillion, or 18%, of 2021 gross domestic product (GDP) and enormous fiscal stimulus (which We are in fact being a more difficult type of software business than Microsoft. Question: You famously run investments through your mental checklist. And my advice would be if you have a fixable disadvantage, remove it. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Of course, people behave more sensibly when theyre spending their own money. I learned those tendencies well enough to synthesize it with the rest of knowledge. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. Thats our system. 4 0 obj What, for example, would you recommend as course materials? Charlie Munger: I think Ive learned to avoid zoning work. Because if you do that, Im a moral leper. I think most people are born with a happystat. When people gave me a good idea and I could see it was a good idea, I quickly mastered it and started using it for the rest of my life. The meeting was held on February 24, 2021. WebShareholder Letter | Fiscal 2021 | 3 Fiscal 2021 also brought numerous challenges. Thats very, very important. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. If you do that all the time; if youre looking for disconfirming evidence and putting yourself on a grill, thats a good way to help remove ignorance.
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