No. of Recommendations: 8
Is anyone following Munger's old company the Daily Journal, or know of anywhere with good discussions about it?I don't follow it too much, but I've seen three interesting pieces about it in the last year or so, short excerpts below. Also, the Value Investors Club is generally a great place to go for solid writeups. With their lurker's membership, you can see posts at least 45 days old and also usually a few back-and-forth comments between adjudicated members.
Daily Journal Accused of Incorrect Accounting, The Rational Walk, July 2025
https://rationalwalk.com/daily-journal-accused-of-...I think Charlie Munger fully supported the conservative accounting policy regarding the current expensing of software development costs and any knowledgeable shareholder who bothers to read the company’s filings has known about the policy for years. From the materials that Daily Journal released, Mr. Parker’s campaign against the company is full of demands (including seeking to dictate the timing of board meetings and other company deliberations) that hardly seem reasonable. I doubt he will gain any traction with the company’s shareholders if he launches a proxy campaign.Berkshire’s Charlie Munger Long Chaired This Legal Publisher. Its Stock Looks Cheap. Barron's Andrew Bary, November 2025
https://www.msn.com/en-us/money/top-stocks/berkshi...Daily Journal was highlighted Monday on X by Ohio Capital Ideas, which is a private investor, investment analyst, and writer from Ohio, according to a profile on Seeking Alpha....Ohio Capital Ideas posted that Daily Journal is trading for “30% to 40% less than the company’s worth which is worthwhile but not generational or anything like that.” Ohio Capital adjusted the marketable securities for deferred income taxes on the gains and a $25 million margin loan and came up with a value of around $400 million.Roy Swisa on $DJCO, Yet Another Value Podcast, March 2026
https://pocketcasts.com/podcast/yet-another-value-...This is the most in-depth piece of the three.
Roy Swisa talks about Daily Journal (DJCO) and the evolving thesis behind its valuation. Roy shares how independent research into Journal Technologies’ court case management systems led to consulting work with the company. They examine the sum-of-the-parts framework, the sizable equity portfolio, and incentives post-Charlie Munger. The discussion also explores vertical software durability, regulatory moats, primary research methods, expert networks, and AI’s impact on niche SaaS businesses. Roy outlines how compliance, proprietary data, and procurement dynamics shape competitive positioning in local government markets.
