WebShareholder Letter Q2 2022 AUGUST 9, 2022. So, its a very interesting competitive field. Thank you for all you do to educate us. And like last year, you will in this note find a full transcript of the entire meeting. 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. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. And, I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were, how stupid their policies were, and so forth. I expect that and I welcome it. We use cookies and browser capability checks to help us deliver our online services, including to learn if you enabled Flash for video or ad blocking. Question: Mr. Munger is a champion of Chinese stocks. He didnt know one damn thing about the Daily Journal when we made him head of it. So we were like an undertaker who suddenly got prosperous in a plague year. These are very difficult questions and most people assume that its simple. I think office buildings are now in some trouble and, of course, commercial real estate rented to stores has been in a lot of trouble for a long time. 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 feel the same way about those choices. Question: In your past speeches, you have mentioned the term functional equivalent of embezzlement to describe situations where bubbles can form because both parties involved in a bubble believe the asset to be worth more than it truly is. Privacy Policy. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. Scan this QR code to download the app now. And I think that were crazy to allow it. Below is the Report's Letter to Shareholders from GE Chairman and CEO Larry Culp: Dear Fellow Shareholder, 2021 was a year of historic change for GE. GM raises its 2023 earnings outlook | Automotive News I dont define that as value investing. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. Our editorial system and our advertising system are all in the cloud. WebDaily Journal. Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? Occasionally, some damned fool will suggest something that violates the laws of physics and I always turn off my mind the minute I realize the poor bastard doesnt know any physics. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. They just copied Adam Smith and left out the free speech and it worked fine for them. Or, has the digital revolution caused enormous productivity improvements in those businesses? Chinas economic record among the big nations is the best that ever existed in the history of the world. I love connecting with other curious nerds so if you have a comment to my article or want to introduce yourself, shoot me an email. We got a dividend of two and a half million shortly thereafter. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. And my advice would be if you have a fixable disadvantage, remove it. But its hard for anybody. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? And we pay huge taxes to a combination of the federal government and the state of California when we sell something. And so, the stock went way up. Ill paraphrase here. I think theyd run rings around me. Beyond restaurants, consumers showed a growing interest in many of the newer categories on our Marketplace in 2021. Everybody is. And I think, by and large, we made the most practical decisions that were available to us. I think were into a lot less travel and a lot more Zooming. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. And, for example, here, we must have 30 or 40 deaths. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. You can hardly think of a decision that matters more to human felicity than who you marry. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. 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. %%`EQ=@jMjkjJn. g5? 5T And, of course, its regrettable. Daily Journal Thats the reason he rose so fast in life. Daily Active Users (DAUs) totaled 53.3 million in June 2022, year versus 3.571 billion hours in May, up 10% over May 2021. Its just that the investment banking profession will sell shit as long as shit can be sold. \h_^cBa\"BfuLj@`}Ze jZ*l!-;LUe=v3+adjh4Sz8h*`iQ5>dZ;c8sgu[9|7$t}HkN5xv.,GqwYp0Y,53Urn i*5"x~z0GYkgPU0gbivl:"[Z@"S5mdY = 14M.6X!8&[R-p;a)}P5Y^wE7>L>39ju oH*crZRYTf 0@N',.>BP%M72HY=eY\ |Lt[kC&15YsATr*z=%4;mSH4%ZJ[WI]da f1u#{z)`|Es5dH^,X"I3V4&F@N]6# 7V}cDCY$P(Xa:FVPfl\V!ZA~jtSBtrleZuV"Nr7cA_ u!LC36Mh]82(M+ RR)mnk d=#:v4P^^xEbt:x85!K-yQK Nu=?vL]'.vq|1b* pS67-K^sqj Its just not gonna work. s=QFO?TT ze(0$ $$JI6[t_j%Suf.`2QW I predict that if they do that, a lot of people will leave Washington. In Singapore, you get a savings account the day youre born. 4. We have different tax considerations. He doesnt mind at all not getting credit for his charitable donations. Put me down as skeptical. But I do think having a whole system to sell hydrogen is difficult. How do you decide to hold on to a stock or sell some? Charlie Munger: Thats too hard in general a question for me. Theron Mohamed Jan 22, 2021, 11:41 AM Charlie Munger. Its entirely possible that our system is right for us and their system is right for them. 5. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. 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 How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. 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. A lot of the old moats are going away, and, of course, people are creating new moats all the time. Inside Daily Journal Corp's 10-K Annual Report: Financial - Expense Highlight. Charlie Munger: Well, of course, the places downsized. All except for the legal advertising system which we had to build because nobody else has the volume that we have. I think they would have come out worse because their position was so dire and the poverty was so extreme, they needed very extreme methods to get out of the fix they were in. They had to because the traditional business newspaper business is shrinking. So, no I dont think its the responsibility of management to assure where the stock sells. 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. Think of whats died in my lifetime. Charlie Munger: 2022 Daily Journal Annual Meeting Transcript So far the evidence would be that maybe the monetary modern monetary theory is right. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. Copyright FactSet Research Systems Inc. All rights reserved. Im afraid thats the way we all have to leave our swords. Remember the Dot Com boom when every little building in Silicon Valley ran into a huge price and a few months later about a third of them were vacant. 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. Question: What is the wisdom behind holding bank stocks compared to other stocks. It was a background that helped everybody. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. Charlie Munger: Real estate has always been a difficult field. Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. WebCharlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. In 2010, that was down to 165 full-time employees and 15 part-time employees. Ive been engaged in recent years in trying to create a better type of student dormitory. Have you seen the television show Queens Gambit on Netflix? I never buy any and neither does Daily Journal. Value Investing will never go out of style. 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. Generally speaking, people assume that were a normal software company like Microsoft or something. Fundamental company data and analyst estimates provided by FactSet. Everybodys got a different situation. Charlie Munger: I would go further. WebCash Flow. Gerald Salzman: Always upbeat, yes. 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. shareholder letters And that is why Costco presents some danger to Amazon. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. The disruption from the decline in newspapers has had a significant impact. 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. Hell be able to do it. % Its difficult, but its not impossible investing in bank stocks successfully. %PDF-1.5 And in biology, what happens is the individuals all die, and eventually, so do all the species. h`DU6,]Z a]T&LPuwIXX>4cGy82 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 2021 Letter to Shareholders | Accenture I do think that Im way less afraid of inequality than most people who are bleeding about it. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. And some types of real estate in recent years has been particularly difficult. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. Is there any new material? Youve said recently that Sequoia is the greatest investment firm ever. But he knew how to learn what he didnt know. 2 0 obj In 1860, GDP per capita in China was 600. Charlie Munger: 2022 Daily Journal Annual Meeting Transcript, Charlie Munger: 2020 Daily Journal Annual Meeting Transcript. The meeting was held on February 24, 2021. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. 2021 Letter to Shareholders - About Amazon It plans to build about 50,000 EVs in North America in the first half of Opportunities to invest in underpriced stocks (banks in 2009, in particular, I believe) Nothing is very He took over a malarial swamp with no army, no nothing. 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. 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. Theyd take you through the building of the canals and the building of the railroads and so on and so on. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. All rights reserved. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. stream 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 Charlie Munger: No, I would say that of course, theres some new material in misjudgment. Charlie Munger: Well, heres what I meant. When the pandemic is over, I dont think were going back to just the way things were. That way, whatever happens, he feels smart. I hope that that will continue in the future. Charlie Munger: Robinhood trades are not free. I prefer the United States. I dont think well change on that. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. 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. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like?
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