I first became interested in Daily Journal Corporation(DJCO) while reading Janet Lowe’s excellent Chralie Munger biography, Damn Right. I have owned it in the past though not currently. It consists of a declining but still profitable niche
newspaper publisher, and with Berkshire Hathaway’s recent acquisition of Wesco, is the only company managed solely by Charlie Munger. Beginning during the 2008 financial crisis, Munger began deploying the company’s excess cash into a small number of undisclosed stocks, with great success. Munger will tease that he has invested in “three financial stocks” or “two foreign manufacturing companies”, but the identity of the companies is subject to mere speculation. Rational Walk recently posted an excellent comprehensive write up of Daily Journal; as I can’t do a better job, I suggest you go and read it here.
