This business is not in the publishing side.
DESTRUCTION ALLSTARS TURN OFF VOICE CHAT SOFTWARE
And Steve actually ran a small software company and can Canada for years and years and years, which is quite similar to what Gen technologies does. So we’ve had a drastic change in good fortune and our publishing business. And of course, in the old days, we had information in monopoly on publishing the appellate Court’s decisions baleia newsprint, and the internet came along, it destroyed our, our position, our circulation went way down, and so forth. And that was all made in the foreclosure boom. We made a lot of extra money out of the publishing business in its heyday. And he’s just wondering if the technology business is a natural area to allocate excess capital for the best return on equity for the company? How should we think about or how does the current investment manager think about investing in the equity portfolio in relation to reinvesting in growing areas of the business where share buybacks or share buybacks? Charlie Munger Well, it’s all very simple. He was asking about your little capital, capital allocation. Steven Michael Jones Sounds like Becky, we can hear you over someone’s brought a tablet over over the tablet for the time being. And we’re gonna get into those questions as soon as we can get the audio fixed for this. We have a lot of questions that have come in for Charlie Munger. Again, this is the annual meeting for the daily journal shareholders meeting.
If you guys have any ideas about what’s happening. And Charlie, just let me know, when you do hear this. But I’ll keep talking in the hopes that Charlie can pick up on this. Maybe you guys can play me I don’t if there’s a voice of God, you could play to the floor there. Oh, can you hear me darling? I’ll keep talking here. Is the technology business, a natural area to allocate excess capital for the best return on equity for the company has gone off. Now its fastest growing subsidiary journal technology is accounts for a large part of the company’s earnings. In the past year, you’ve just in the past, you’ve described daily journals unique position of being a newspaper, which generated enough excess cash in the past to invest in an equity portfolio. This is from Paul in Lynwood, Michigan, Paul Pham. The second question comes in and it’s in regards to capital allocation. So I expect more clarity on our long term approach sometime later this year. I like the business and potential for it. And what I can see now is that the parallels between the software company I built and general technologies are are remarkable, and I believe I can add value. And, you know, I found it helped grow a geography software company, with no background in publishing or the legal and court sector. And I thought it was important that I have the optionality to hire someone better suited or promote from within if we just ended that be a better path. And I had incomplete information at the time. Steven Michael Jones You know, I will say that when we were discussions a year ago, I told Charlie that I was committed to ensure the success of the business, but that I wasn’t sure I would be the right long term CEO.
DESTRUCTION ALLSTARS TURN OFF VOICE CHAT UPDATE
He says, Can you give an update on the company’s new CEO Stephen Michael Jones, he was appointed as interim serious CEO nearly one year ago, how’s he performing? And when will the decision be made on selecting a permanent CEO? Charlie Munger Well, yeah, answers is Steve chose his own titles coming in, and will change whenever he wants to change. And his question is related to journal technologies. The first question that we have comes from Ryan Fusaro.
But first of all, Charlie, thank you for taking the time today. We’ll go through as many of these questions as we can during the session. We got a great number of questions that came in and I’ve tried to sort through as many as I could. Daily Journal Corporation Annual Shareholders Meeting 2023 - Transcript Link > Becky Stephen, thank you very much, and welcome, everyone.
0 kommentar(er)
