Titan International, Inc. c/o Investor Relations 1525 Kautz Road, Suite 600 West Chicago, IL 60185 investor.relations@titan-intl.com Board Contact Information Written correspondence for any member of Titan's Board of Directors may be sent to their attention: Titan International, Inc. c/o Corporate Secretary 2701 Spruce Street Quincy, IL 62301 Stocks with a size of more than $10 billion in market cap make up All except for the legal advertising system which we had to build because nobody else has the volume that we have. The fully online conferences hosted by MOI Global bring together great minds from our network of intelligent investors, with a focus on timely ideas and timeless wisdom. 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. Charlie Munger: Well thats an easy one. Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. 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. Zurich Project Podcast And even if you have a natural gift, you cant be good at it unless you start playing at a very young age and get huge experience. And thats the way we handled Gerry. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. Have you considered amending this quote or lowering your standards? Question: Mr. Munger recently raised the alarm about the level of money printing taking place. But I dont think everybody can be a great investor or a great chess player. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. I dont think Ive got any great insight about hydrogen. And he said; I cant decide the order of presidency between a flee and a louse. Charlie Munger: I think everybody is willing to hold stocks at higher price-earnings multiples when interest rates are as low as they are now. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. 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. But, of course, its a very difficult field. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq There are companies that Daily Journal Corp is getting rid of from its portfolio. Just time after time, he would choose the right system. The stock appreciated probably way more than intrinsic value. And then the previous 100 years, that got another big chunk of modernity. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? Ten Charts That Show World Economy's Turbulent Course Over 2022 Market Data Stocks Commodities Rates & Bonds Currencies Futures Sectors View More Markets Economics Economics Indicators Central. I think theyre probably right, by the way. We dont have any other secrets, do we Jerry? How do you decide to hold on to a stock or sell some? DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESU.. Daily Journal Corporation Announces Financial Resultsfor the Three Months ended Decemb.. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Res.. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 3.. Daily Journal Corp : Change in Directors or Principal Officers (form 8-K). Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. These actions have given some shareholders more visibility and comfort on their investment. Featured Content Corporate Actions Services. Charlie Munger: Well, these things do happen in a market economy. are based in the United States. Gerald Salzman: Always upbeat, yes. The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. You once said to study the life and work of Lee Kuan Yew. Its hard to run a bank intelligently. But I wont be following him. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. He was just a very old-fashioned sound thinker. Ellen Ireland will be inspector of elections. MUNCIE, Ind., Jan. 05, 2023 (GLOBE NEWSWIRE) -- First Merchants Corporation (Nasdaq:FRME) will report fourth quarter 2022 financial results on January 26, 2023. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. Question: In recent years, Berkshire Hathaway has provided much greater insight into the companys succession thoughts and has made available at the annual meeting the companys leading managers that will steer Berkshires future. Theres no question about the fact that Wells Fargo has disappointed long-term investors like Berkshire because the old managementwhich is now removedwere not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to sell stuff that customers didnt really need. He knew everybody and everything. Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. Daily Journal Corporation's ISS governance QualityScore as . Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. I was very lucky. Its chairman is Steven Myhill-Jones. But theres also a large risk of losing it coming from within an organization. Download 13F Summary 2021 Quotemedia. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. Questions: Why are some people incapable of learning new ideas and behaviors? Astronics Corporation Announces Preliminary Sales for Fourth Quarter 2022 of $155 Million to $160 Million; Completes $205 Million Debt Refinancing Nov 15, 2022 4:05 pm EST Astronics Corporation Reports Third Quarter 2022 Financial Results Latest Presentation December 6, 2022 Truist Securities Industrials & Services Summit 2022 Question: Do you believe any psychological personality tests, such as the Myers-Briggs Type Indicator, to be of any good in choosing a compatible partner, given that choosing a spouse is probably the most important decision one can make in life. Thats one you can easily arrange. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! We were trying to save the whole economy under terrible conditions. 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. I dont think its like the newspaper business. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people. Rich Eisinger, Great content, great people. How do you reconcile the idea of paying 50 or 60 times revenue for a growing but unprofitable business with the more traditional value investing concept of a margin of safety? Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. Question: You famously run investments through your mental checklist. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. He was a very smart man and he had a lot of good ideas. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Member Feedback Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? Charlie Munger: I think Ive learned to avoid zoning work. Costco I do think has one thing that Amazon does not. Accounting is also in the cloud. That way, whatever happens, he feels smart. Charlie Munger: Well, I dont participate at all. So, Im kind of pleased that Im still functioning at all. But we cant. Question: What books are you currently reading and what can you reccomend? Nasdaq provides companysSEC filings, which arefinancial statements andreports filed electronically with the U.S. Securities and Exchange Commission (SEC) byQuotemedia. 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. Theyve got a better reputation for providing value than practically anybody, including Amazon. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as War- ren Buffett's "right arm." Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod- ucts. Its just that the investment banking profession will sell shit as long as shit can be sold. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. And, I was not surprised when it blew up. I think that that will probably continue. Gerry, can you ever remember Rick down? Has the quality gone down? The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. 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. Billionaires Group Jeffrey Stacey, I enjoy it and others will also. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. And some bankers yield to the temptations. When I saw that psychology was necessary and I didnt have it, I didnt just learn the little tendencies well enough to get As in psychology. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. All rights reserved. Question: What is the wisdom behind holding bank stocks compared to other stocks. [The questioner] would like to know what Charlies method of learning is. And I think both of us have done the same thing; we just suck it in and cope. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. And I think that were crazy to allow it. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. Its one of the most ignorant professions in the world. Los . In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Many, but not all SEC filings are available in the SEC's EDGAR database. You must have a subscription to view WhaleScore histories. Question: Is the oil and gas industry the new newspapers? BYD stock did nothing for the first five years we held it. We take the situation as it is and try to solve it. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. These symbols will be available throughout the site during your session. What do you think of all of the SPACs and the promoters pushing them? Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. For example, Coca-Cola in the past. Capitalism is almost as brutal as that. The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . 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. As of 29th December 2022, Daily Journal Corps top holding is 2,300,000 shares of Bank Of America currently worth over $76.2 million and making up 43.7% of the portfolio value. It doesnt happen anymore. And I dont think youll find me engaged in the massive rezonings in the future. Just time after time he would do something like that. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. Youve reached the limit of my circle of competence. It closed the year with cash flow reaching $7.1 billion . Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. Ive been around for a long time and my policy has always been to just write them out. 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. Or, has the digital revolution caused enormous productivity improvements in those businesses? We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. As a matter of fact, what happens is to make a nation rich, you need a free market system. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. Charlie Munger: Robinhood trades are not free. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. Charlie Munger: Early 70s. [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. BYD sells at nearly 200 P/E. Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. So its a very theoretical discussion. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. God knows it was difficult but I dont think its a mistake. And my advice would be if you have a fixable disadvantage, remove it. There are currently 4 companies in Mrs. Tos portfolio. When these people go, there is none replacing them. Daily Journal Corp. - AnnualReports.com Most Recent Annual Report MOST RECENT 2019 Form 10K View Form 10K (HTML) Daily Journal Corp. does not currently have any hardcopy reports on AnnualReports.com. 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. The Frankfurt Conversation, I got more out of Ideaweek than any investing-related event Ive been to since 1986. Peter Leacock, Senior Portfolio Manager, CIBC Wood Gundy. 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. Daily Journal Corporation : Announces Financial Results for the Three Months ended Decembe.. Daily Journal Corporation Announces Financial Results for the Three Months ended Decemb.. Daily Journal : Management's Discussion and Analysis of Financial Condition and Results of.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year ended September 3.. Daily Journal Corp : Changes in Registrant's Certifying Accountant, Financial Statements a.. Daily Journal : Fiscal 3Q Earnings Snapshot, Daily Journal : Fiscal 2Q Earnings Snapshot. Rose Blumpkin had quite an effect on the Berkshire culture. All rights reserved. Charlie Munger: Well, of course, the places downsized. Always intelligent. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. Apartments have come through better. They had to because the traditional business newspaper business is shrinking. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Well, I dont think the quality of publishing public notice advertising has gone down. Any tips on how to generate insight in these types of situations? Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. When autocomplete results are available use up and down arrows to review and enter to select. In other words, to some extent, its a self-correcting system. About the awards. And he made a very favorable impression. And the next time around the poor will get richer faster than the rich. Membership Tour Many of our systems are in the cloud. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . And, I was always aware of that and so Ive accepted these damned annual meetings. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. He gasped and said, but hes never had anything to do with newspapers or anything else. Tilly's, Inc. They are joining the modern world very rapidly and theyre getting very skillful at operating. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. And thats the right way to do it. Of course, that history is useful to know. Rick was always humorous. -, Daily Journal Corp : Submission of Matters to a Vote of Security Holders (form 8-K), Charlie Munger downplays risk of Taiwan invasion, says crypto fans are 'idiots', Transcript : Daily Journal Corporation - Shareholder/Analyst Call. This years annual report suggests that the traditional business has 97 full-time employees. Theres a lot of temptation to do dumb things which will make the earnings next quarter go up but are bad for the long term. What do you think the long-term consequences will be? Question: It is estimated that the Gates Foundation has saved well over 100 million lives. The third-largest holding is Alibaba Ltd worth $26.4 million and the next is Us Bancorp worth $6.11 million, with 140,000 shares owned. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price. He took over a malarial swamp with no army, no nothing. I do think the present CEO is an extraordinarily able man and the directors made a very wise choice when they put him in charge. Can you provide similar insight regarding the future at the Daily Journal and would you consider implementing policies like those at Berkshire so shareholders can get to know the up-and-coming leaders in the organization? There arent that many people like Lee Kuan Yew that have ever lived. And, pretty soon, he turned that into this gloriously prosperous place. He was very courageous and generous in helping everybody around him all his life. I think the Chinese were very smart. Question: How do you control your investments in a world where reasonable companies with a good image like General Electric sink rapidly into the bottomland of the stock market. Podcasts enable members to enjoy content in a convenient format. But, I dont think Ive got a lot to contribute. We are subject to the orders and directions of those counties which, before, really didnt impact anything. It says that man is too soon old and too late smart. So we were like an undertaker who suddenly got prosperous in a plague year. 75% of the total holdings value. We do, as Charlie indicates, have a lot of travel. When it gets difficult, I dont think theres any automatic fix for difficulty. Is there any new material? Member-Only Podcasts Charlie Munger: Yes, I think that is rising as we sit here. The majority of the companies in the funds portfolio are large-cap stocks. And some types of real estate in recent years has been particularly difficult. You know, its just, its incredible whats happened in terms of the destruction. The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. With that one exception, Ive stayed out of Sequoias business because theyre so much better at it than I would be and I dont know how to do it the way they do it. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. We are very excited to look forward to enabling the courts to function as we know that they want to and will in the future. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. There are these periods in capitalism. Charlie Munger: I would go further. I never buy any and neither does Daily Journal. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. Youd say that everybody does that in their education but I dont think everybody does. I think all of this activity is regrettable. Its like evolution in biology. Charlie Munger: I dont think so. Where does it appear most egregious? Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. 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. I regard this as insanity. It also serves as a newspaper representative specializing in public notice advertising. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. We miss Rick terribly. Alt Turnover is calculated by taking either the total MV of new purchases or Of course, if he had a chance to do it over again, he would avoid those mistakes. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. Of course, its going to be difficult. of stocks: 4 Portfolio value: $174,434,000 Holdings Activity Buys Sells History * Reported Price is the price of the security as of the portfolio date. We have our crotchets and I just dont know enough about it to want to go into that activity. [2]: 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. or to simply have an email sent to you whenever we receive a new Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. Youll remember that when the first big bubble came, which was the South Sea bubble in England back in the 1700s, it created such havoc eventually when it blew up that England didnt allow hardly any public trading and securities of any companies for decades thereafter. I think theyre a bad investment when interest rates are this low. $174 million and $174 million respectively. Everybody has shortcuts to screen out certain hazards. Would you share a few stories about him and your fondest memory? Im not saying I wanted to live in China. And I think thats what shareholders do.
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