Thats true whether youre Benjamin Franklin or Joe klutz. DJCO | Daily Journal Corp. Financial Statements - WSJ When you pay for order flow, youre probably charging your customers more and pretending to be free. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Charlie Munger: Well, I think all stocks can fluctuate. Larry Summers has recently been quoted as being worried that were having too much stimulus. We miss Rick terribly. Question: Is the oil and gas industry the new newspapers? We admire the company and like its position. I find that by working at that, I can actually make some improvements even though Im old. And so, we cant promise were going to succeed. Letter You dont need to worry about them. So its a very theoretical discussion. Join 4,000+ investment professionals and curious generalists by getting my latest articles, research, and insights directly to your inbox. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. BYD sells at nearly 200 P/E. But you know, most people dont do that. There are factories in China that are just absolutely full of robots and are working beautifully. If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. Thats what weve been doing throughout my whole lifetime. WebDaily Journal Meeting Transcript 2021 fs.blog Page 1 of 32 Julia La Roche: Hello and welcome. 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. 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 were gonna play that as hard as we can. Has the quality gone down? Creating 360 value. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. And there arent many people that can do that. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. 2021 So, I dont think Bitcoin is going to end up as the medium of exchange for the world. We paid two and a half million for it. For a quarter in which we made only a handful of portfolio changes and essentially broke even, lot Shareholder Letter I think people have the theory that any intelligent hardworking person can get to be a great investor. The death tax in China is zero. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. As for some of our technology, like eFiling for example, the courts are closed. They lose their money fast enough. They do way more good than harm. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. Shareholders And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? Question: How important is the analysis of company culture in the investment process? And I think that were crazy to allow it. I think theyre a bad investment when interest rates are this low. 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 You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. Ive been pretty quiet. But show me a psychology department that knows how to do that. 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. Daily Journal 13F filings and top holdings and stakes - stockzoa Nothing is particularly obvious for everybody to do the same thing. And I dont know whether hes right or not. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. We will now proceed to the question period. 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. Nobody was trying to make the rich richer. 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. Charlie Munger: I think Im alive because of a lucky genetic accident. But theres no rule that life has to be easy on the mental side. I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. They had to because the traditional business newspaper business is shrinking. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. He had excellent judgment. Thats one you can easily arrange. WebIn 2021, we continued adding new restaurants to our Marketplace and third-party data suggests we remain the selection leader in the U.S. Charlie Munger: I cant think of a We paid high prices for some little companies in the course of trying to enter the court software business. 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 So, to some extent, everybody buying medical services in Singapore is paying for it themselves. Nobody else has ever taken a big country out of poverty so fast and so on. So we were like an undertaker who suddenly got prosperous in a plague year. It was an accident. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? What do you make of these two pricings? I dont know which is worse. In his closely read annual letter to shareholders, Jamie Dimon says he expects no more than 10% of JPMorgan employees to permanently work from 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. Charlie Munger: I dont think so. 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.
Most Promiscuous Female Celebrities,
Jason Fucci Jacksonville Fl,
Houses For Sale In La Verkin Utah,
Boomerjack's Menu Calories,
Mega Church Pastors In Chicago,
Articles D