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Yahoo
5 days ago
- Business
- Yahoo
Charlie Munger Turned $1,000 Into Over $1 Million — And Made His Unemployed Friend Rich Too: 'Trouble With That Story Is It Only Happened Once'
What do you get when you mix $1,000, an unemployed golf buddy, and Charlie Munger's brain? Apparently, a passive income stream that lasted decades. No hedge fund, no Wall Street pitch deck — just Munger, long before his Berkshire Hathaway days, spotting a scrappy oil royalty deal and turning it into one of the most quietly outrageous investments of his life. And the best part? He didn't go it alone — he brought his unemployed friend along for the million-dollar ride. Back in 1962, Munger was still practicing law in Los Angeles when he met Al Marshall, an out-of-work oil industry worker trying to buy mineral rights at auction. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Hasbro, MGM, and Skechers trust this AI marketing firm — Munger, seeing the flaws in Marshall's strategy but liking the bones of the deal, decided to go in with him. Each put up $1,000 and bought into oil royalties through what was then a legal tax shelter known as an AB trust, which was later outlawed. And the returns? Straight-up legendary. "Fifty years later we were getting $100,000 a year on that investment," Munger told the crowd at the 2016 Daily Journal shareholder meeting. "The trouble with that story is that it only happened once." He delivered it with a chuckle, but the message was clear: not every great investment is repeatable — which is exactly why you act when you spot one. Munger touched on the story again during his final Daily Journal meeting in 2023, a full-circle moment near the end of his career, where he once more emphasized the rarity of those life-changing opportunities. Trending: Maximize saving for your retirement and cut down on taxes: . The story is backed by Janet Lowe's 2000 biography "Damn Right!," where Marshall said, "We only put up $1,000 each, and we've each probably made a half a million out of it." He added, "I'm still getting $2,000 to $3,000 a month from that," confirming the checks were still rolling in decades later. That's right — from a $1,000 investment, Munger's family was still cashing royalty checks well into the 21st century. All from a single, overlooked opportunity. Of course, Munger never sugarcoated it. "The trick in life," he told that 2016 crowd, "is when you get the one, or two, or three [big opportunities] that your fair allotment for a life is — that you've got to do something about it." And if you're still grinding toward that first big win? He had advice for that, too: "The first $100,000 is a b*tch, but you gotta do it." Hard work. A sharp eye. A little luck. And when the rare opportunity does show up? Move fast — because even for Charlie Munger, it only happened once. Read Next: Here's what Americans think you need to be considered Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Charlie Munger Turned $1,000 Into Over $1 Million — And Made His Unemployed Friend Rich Too: 'Trouble With That Story Is It Only Happened Once' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
26-05-2025
- Business
- Yahoo
DJCO's 1H25 Earnings Rise Y/Y on Tech Revenue Growth, Stock Up 3%
Shares of Daily Journal Corporation DJCO have gained 2.8% since the company reported its earnings for the six months ended March 31, 2025. This compares to the S&P 500 index's 2.5% decline over the same time frame. Over the past month, the stock has gained 10.5% compared with the S&P 500's 4.9% growth, underscoring the market's positive reception of the company's latest financial results. For the six months ended March 31, 2025, Daily Journal reported net income of $40.34 per share compared to $20.36 per share in the year-ago period. (See the Zacks Earnings Calendar to stay ahead of market-making news.) The company posted consolidated revenues of $35.9 million, marking a 10.2% increase from $32.6 million in the same period a year earlier. The company's consolidated pretax income more than doubled to $76.2 million from $36.4 million, driven largely by investment-related gains. Net income surged to $55.6 million, compared to $28 million in the year-ago period, a 98% year-over-year increase in net earnings. Daily Journal Corporation price-consensus-eps-surprise-chart | Daily Journal Corporation Quote The top-line growth was propelled primarily by Journal Technologies, whose license and maintenance fees rose by $1.6 million, while public service fees increased by $2.5 million. These gains were partially offset by a $1.2 million decline in consulting fees. The Traditional Business segment also contributed to revenue growth with a $0.4 million rise in advertising revenues and a $0.1 million increase in other service fees. Segment-level profitability reflected this dynamic. Journal Technologies posted a pretax income of $0.5 million, up from $0.4 million, with revenue gains of $2.8 million largely neutralized by a $2.7 million rise in operating expenses. These higher costs were attributed to salary increases, expanded contractor engagement, staffing to manage installation projects, and increased third-party hosting fees. Meanwhile, the Traditional Business saw its pretax income grow by $0.3 million to $1.2 million, supported by its more modest revenue increase of $0.5 million. A key contributor to the company's earnings growth was the substantial increase in non-operating income, which reached $74.5 million, up from $35.1 million in the prior-year period. This jump was mainly due to net unrealized gains of $72.8 million on marketable securities, far exceeding the $34.5 million in realized and unrealized gains reported a year earlier. However, dividend and interest income slightly declined by $0.4 million to $2.4 million. As of March 31, 2025, Daily Journal held $431.5 million in marketable securities with net pretax unrealized gains of $292.4 million. The company also recorded a deferred tax liability of $76.9 million associated with these appreciated securities, payable only upon their sale. The company's income tax provision for the period totaled $20.6 million on pretax income of $76.2 million. Of this, $19.2 million stemmed from taxes on unrealized gains in the investment portfolio. Other components included $0.9 million from U.S. operations, $0.04 million from foreign income, and $0.6 million due to a change in state apportionment. These were partially offset by a $0.1 million tax benefit related to dividend deductions and other permanent book-tax differences. The effective tax rate, including unrealized gains, stood at 27%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Daily Journal Corp. (S.C.) (DJCO): Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
14-05-2025
- Business
- Yahoo
Billionaire Charlie Munger Said He Dropped Insurance After Getting Rich — 'All Intelligent People Self-Insure' If They Can Afford It
Most people don't look at their house, imagine it in flames, and think, "Eh, I'll just write a check." But Charlie Munger wasn't most people. In one of his final public appearances—just months before his death at age 99—the longtime vice chairman of Berkshire Hathaway made a comment that raised eyebrows, especially considering the business he helped run. "Once I got rich, I stopped carrying fire insurance on houses," Munger said during the 2023 Daily Journal shareholder meeting. "I just self-insure." Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — It was a surprisingly personal stance from the longtime vice chairman of Berkshire Hathaway, a conglomerate that owns some of the biggest insurance businesses in the country—Geico, General Re, Berkshire Hathaway Specialty Insurance, and more. Still, Munger was unapologetic. "I'd rather tell it the way it is than tell it in a way that helps Berkshire," he said. "Even though it's bad for Berkshire, I want to tell you: if you can afford to self-insure, self-insure." He clarified that he wasn't just talking about fire insurance. "In my own life, I'm a big self-insurer, and so is Warren," he said. "Why would you want to fool around with a claims process and all kinds of things?" His point was simple: if you're wealthy enough to absorb the loss, bypass the middlemen, avoid the red tape, and deal with problems directly. Trending: Here's what Americans think you need to be considered wealthy. That's not to say Munger was advocating recklessness. He emphasized that the decision to self-insure only makes sense if you can comfortably handle the expense. "You should insure against things you can't afford to pay for yourself," he said. "But if you can afford to take the bumps... why would you want to fool around with some insurance company?" And it's not an option for most people. If you have a mortgage, insurance isn't just recommended—it's required by lenders. Even homeowners who own their property outright might still be subject to homeowners association regulations or local ordinances that mandate certain types of coverage. In many cases, self-insurance isn't just risky—it's off the table entirely. Munger knew he had the resources to take on the risk. "If your house burned down, I would just write a check and rebuild it," he said. And while that line might sound cavalier, it's really just an extension of how he viewed efficiency. He saw traditional insurance as a system bogged down by fraud, fees, and friction—and if you didn't need it, why get tangled in it?So, should you self-insure? That's a personal decision, and it's a risk. Munger's approach worked for him because he could afford for something to go wrong—and because he was willing to accept the consequences if it did. But unless you're ready to pay for the full cost of disaster, both financially and emotionally, insurance might still be worth the hassle. It's a philosophy grounded in pure Munger logic: eliminate what's wasteful, do what's rational, and ignore the noise. Just make sure, before you follow in his footsteps, that you can actually afford the walk. Read Next: The team behind $6B+ in licensing deals is now building the next billion-dollar IP empire — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Billionaire Charlie Munger Said He Dropped Insurance After Getting Rich — 'All Intelligent People Self-Insure' If They Can Afford It originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-05-2025
- Business
- Yahoo
Charlie Munger Was Once Asked Why Warren Buffett Was So Much Richer — He Replied, 'He Got An Earlier Start,' Then Added, 'Why Was Albert Einstein Poorer Than I Was?'
At the Daily Journal Annual Meeting in 2019, 95-year-old Charlie Munger, then the vice chairman of Berkshire Hathaway, was asked why his longtime associate, Chairman of Berkshire Hathaway Warren Buffett, was "so much richer" than him. Munger's response, delivered in his characteristic tongue-in-cheek style, is one to remember. What Happened: Towards the end of the two-hour-long meeting, an audience member asked Munger, "In spite of being partners for so long, why is Warren so much richer than you?" With a faint smile, Munger replied: "Well, he got an earlier start," before adding, "he was probably a little smarter," and "worked harder." Munger dismissed the idea of any complex analysis, saying, "There's not a lot of reasons." Don't Miss: Shark Tank's Kevin O'Leary called Missing Ring his biggest mistake — don't repeat history — invest in RYSE at just $1.90/share. Nancy Pelosi Invested $5 Million In An AI Company Last Year — Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000. Taking a pause, Munger joked, "Why was Albert Einstein poorer than I was?" suggesting that raw intellect alone does not always lead to extraordinary financial achievements. Why It Matters: Buffett and Munger first met in the 1950s, introduced by a doctor couple over dinner. Munger started his career as a lawyer, but later made his fortune by investing. For him, wealth was a path to personal freedom: "I had a considerable passion to get rich... I wanted the independence. I desperately wanted it," he said. When they first met, Buffett's approach was buying undervalued stocks regardless of quality. Munger's influence led him to shift his strategy to buying great businesses at fair prices. At the time of his death in 2023, Munger's net worth stood at $2.2 billion according to Forbes. Last month, reports indicated that Buffett's net worth has grown by $11.5 billion since the beginning of this year, reaching $154 billion. Despite the vast difference in their fortunes, Munger and Buffett's partnership is the stuff of legend in the world of business. Together, they molded Berkshire into a mammoth holding company with a market capitalization of $1.11 trillion. Read Next: Invest where it hurts — and help millions heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold. Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.30/share! Image Via SHutterstock Send To MSN: Send to MSN UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Charlie Munger Was Once Asked Why Warren Buffett Was So Much Richer — He Replied, 'He Got An Earlier Start,' Then Added, 'Why Was Albert Einstein Poorer Than I Was?' originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Morocco World
27-04-2025
- Entertainment
- Morocco World
Morocco Pays Tribute to Literature with 55th Morocco Book Prize Awards at SIEL
Rabat – Morocco's Ministry of Youth, Culture, and Communication held the 2024 Morocco Book Prize ceremony this Saturday in Rabat, alongside the 30th International Publishing and Book Fair (SIEL). Marking its 55th edition, the Morocco Book Prize is one of the country's most distinguished honors for intellectual and cultural achievements. Each year, it brings forward the breadth and depth of Morocco's literary and scholarly work, paying tribute to the efforts of writers, researchers, and thinkers who enrich the national cultural landscape. A panel of academics, researchers, and writers carefully reviewed and selected the winning works after thorough deliberations. This year's Poetry Prize was shared between Idriss El Melliani and Mohamed Aziz El Hossini. Said Montasib received the Narrative Prize. Meanwhile, the Human Sciences prize was shared between Hicham Rakik and Samir Ait Oumghar. Hassan Taleb earned the Translation Prize, while Larbi Moumouche received the Award for Amazigh Cultural Studies. The Amazigh Literature Prize went to Fouad Azeroual. No award was given in the categories of Social Sciences, Literary, Artistic and Linguistic Studies, or Children's and Young Adult Literature, with the jury deciding that entries did not meet the set standards. The 23rd Ibn Battouta Prize for Travel Literature was also awarded on Saturday in SIEL. The ceremony gathered figures from the world of media, culture, and literature. Read also: SIEL Opens with Conversations on Culture, Memory, and Literary Legacy Morocco's Minister of Youth, Mohamed Mehdi Bensaid, pointed to the importance of the prize, now in its 23rd year, while also noting its contribution to building a rich body of research and texts. The director of the Arab Center for Geographic Literature, Nouri Al Jarrah, described the Ibn Battouta Prize as a major reference point for Arab cultural life. Seven Moroccan writers featured among the twelve winners this year, dominating several categories, including research, translation, and analysis in travel literature. In the 'Verified Travel' category, Moroccan researchers Abdelhadi Kadioui, Houria Rifi, and Mohamed El Andaloussi were jointly awarded for their studies on historical travel accounts. Other Moroccan winners included Mohamed Mohamed Khattabi in the 'Daily Journal' category and Abdelaziz Jadir, Mohamed Naddam, and Abderrahman Temmara in the 'Studies' category. Meanwhile, the Jordanian Issam Mohammed Al-Shahadat and Lebanese Issa Makhlouf received prizes in the categories of translated travel literature and contemporary travel writing, respectively. Since its creation in 2000, the Ibn Battouta Prize has honored 144 writers from 20 countries and four continents. Gathering writers and cultural workers from across Morocco and beyond, this year's SIEL turned into a haven where literature, culture, human rights, and education met in a spirit of exchange. It has notably solidified Rabat's designation as UNESCO's World Book Capital 2026. Tags: Book fairBook PrizeRabat book fairSIELSIEL 2025
