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Daily Journal

Daily Journal Corp publishes newspapers and websites covering California and Arizona and produces several specialized information services. The company operates in two segments: Traditional business and Journal Technologies which includes Journal Technologies, Inc. and Journal Technologies (Canada) Inc. It also serves as a newspaper representative specializing in public notice advertising. The majority of revenue is generated from the Traditional segment.

Daily Journal Corp. (S.C.) - Common Stock

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Shares of broader tech companies are trading higher following President Trump's decision to implement a 90-day pause on reciprocal tariffs for all countries except China.

<a href="https://www.benzinga.com/personal-finance/25/03/44346708/charlie-munger-called-elon-musk-a-certified-genius-who-exaggerates-his-iq-but-warned-never-underestimate-the-man-who-overestimates-himself">Charlie Munger</a> never believed in selling people dreams, and when a 20-year-old from India asked him for investing advice at the Daily Journal (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NYSE">DJCO</a>) annual meeting in 2015, he didn't sugarcoat a thing. <a href="https://www.forbes.com/sites/phildemuth/2015/04/13/charlie-mungers-2015-daily-journal-annual-meeting-part-2/">Forbes transcribed</a> the exchange, capturing Munger's brutally honest response.
The question was simple: "What is your advice to a 20-year-old individual who wants to achieve financial freedom through investing?"
Munger's answer? That used to be doable—but <a href="https://www.benzinga.com/personal-finance/25/03/44065682/charlie-munger-shared-advice-for-the-young-but-it-applies-to-all-if-youve-got-anything-you-really-want-to-do-dont-wait-until-youre-93">for young investors today</a>, the road to riches through investing is a lot rougher.
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"Achieving success through investments has been pretty easy in my lifetime," Munger said. He explained that if an investor was "rational and disciplined," the stock market gave them a built-in tailwind, averaging around 10% per year before taxes. That alone, combined with smart saving and living below your means, "was enough to take care of you."
But then came the reality check.
"Now, if the world is going to get 10% out of indexes in the future, and I don't think it will, in real terms, getting more has proven to be quite difficult," Munger warned. "Some of you who come along later are finding that if you stay in the big stocks, it's damn near impossible for most people."
And then, the gut punch: "When things are damn near impossible, maybe you could stop trying."
That was 2015. Now, in 2025, the market is proving him right.
Trending: This platform is reshaping how you invest in private companies —<a href="https://www.benzinga.com/money/kingscrowd-adv"> and you can be a part of it for $0.18 per share</a>
<h2 class="wp-block-heading">The Market Has Changed—Just Like Munger Predicted</h2>
The S&amp;P 500 pulled off over 20% gains in 2023 and 2024, but things aren't looking so bright this year. The Magnificent Seven—Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), and the rest of the tech giants—have lost nearly 15%, taking much of the broader market down with them. Investors who thought they could ride big-name stocks to easy riches? They're learning the hard way that the game has changed.
Companies like Tencent are throwing billions into artificial intelligence, but AI-driven investing tools are becoming so common that any advantage they once offered is slipping away. Investors looking for a shortcut to wealth are running into the same problem Munger described: it's damn near impossible for most people to outperform the market now.
<h2 class="wp-block-heading">That $10 Million Advice—And Who Actually Said It</h2>
One of the most memorable moments of the 2015 meeting came when Daily Journal CEO Gerry Salzman joked, "Charlie says the way to get rich is to keep $10 million in your checking account in case a good deal comes along."
The room laughed, but Munger was quick to clarify: that wasn't his advice—it was actually real estate mogul Howard Ahmanson's line to a bunch of young and starving college grads . Then he added his own signature commentary, "rich people sometimes get a little pompous."
For most people, keeping $10 million liquid isn't exactly an option, but Munger's real point was about being prepared. If you want to take advantage of real opportunities, you need money on hand.
See Also: Many are using retirement income calculators to check if they&#8217;re on pace — <a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv">here&#8217;s a breakdown on what&#8217;s behind this formula.</a>
<h2 class="wp-block-heading">Munger's Final Take—And Why It Still Matters</h2>
Munger <a href="https://www.benzinga.com/personal-finance/25/02/43759618/charlie-munger-said-the-hardest-part-of-getting-rich-is-the-first-100000-but-from-there-it-snowballs-and-you-can-ease-off-the-gas">never promised an easy path to wealth</a>. In fact, he spent decades trying to steer people away from thinking there was a simple formula. And in 2025, his warning is proving more accurate than ever.
The stock market isn't handing out easy money. AI investing isn't a magic trick. And the best opportunities still go to those who are disciplined, patient, and have the capital to act when the time is right.
As Munger put it, if something's "damn near impossible," stop wasting time chasing it. The real key to wealth is to be smart, be prepared, and most importantly—don't be delusional.
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<li>Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a></li>
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Charlie Munger Told a 20-Year-Old That Getting Rich Through Investing Is 'Damn Near Impossible' — And You Might Need $10 Million in the Bank

Charlie Munger was honest about the growing influence of index fund managers like BlackRock&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) Larry Fink. The late Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>, BRK.B)) vice chairman warned that passive investing has resulted in a massive shift in voting power, one that he believed could have serious consequences.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We have a new bunch of emperors&#8230;maybe we can make Larry Fink and the people at Vanguard pope. That is going to change the world&#8230;it will not be good.&quot; Charlie Munger <a href="https://t.co/2FvbKNex0s">pic.twitter.com/2FvbKNex0s</a>
&mdash; fiatcurrency (@fiatcurrency) <a href="https://twitter.com/fiatcurrency/status/1519417784987439105?ref_src=twsrc%5Etfw">April 27, 2022</a></blockquote>
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<h2 class="wp-block-heading">&#8216;A New Bunch Of Emperors&#8217;</h2>
During <a href="https://youtu.be/22faKkazye4?si=z3pKSQ5SnprGvTeO&amp;t=4965">shareholder Q&amp;A</a> at the Daily Journal Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>) shareholders meeting in 2022, Munger was asked about the impact of passive investing on stock valuations. His response was direct: "Oh, huge." He explained that the rise of index funds had concentrated power in the hands of a few asset managers who control shareholder votes. "We have a new bunch of emperors, and they're the people who vote the shares in the index funds. Maybe we can make Larry Fink and the people at Vanguard Pope," he joked.
But Munger wasn't laughing when he predicted that this shift would "change the world"—and not for the better. "I don't know what the consequences are going to be, but I predict it will not be good."
Trending: ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. <a href="https://www.benzinga.com/money/mode-mobile-2">You can invest today for just $0.26/share with a $1000 minimum.</a>
<h2 class="wp-block-heading">BlackRock's Growing Influence</h2>
BlackRock, along with Vanguard (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) and State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>), has become one of the biggest shareholders in most major public companies. The firm's assets under management have soared to $11.6 trillion, more than doubling since 2016.
Traditionally, index funds have been seen as a way for everyday investors to passively invest in the market. But instead of just holding shares, asset managers have taken an increasingly active role in shaping corporate policies.
Fink, in particular, has been vocal about pushing companies toward environmental, social and governance goals. As The Wall Street Journal <a href="https://www.wsj.com/articles/calling-out-emperor-larry-fink-charlie-munger-financial-markets-berkshire-hathaway-11645136040">reported</a> in 2022, Fink threatened in a letter to CEOs to vote against corporate managers if they didn't comply with ESG disclosures set by the Sustainability Accounting Standards Board.
This kind of pressure has real consequences. For example, Climate-focused activist fund Engine No. 1 held just 0.02% of ExxonMobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) shares but was able to oust three board members in 2021—thanks to the backing of BlackRock and other major index fund managers.
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<h2 class="wp-block-heading">The Debate Over BlackRock's Role</h2>
Munger's concerns highlight a growing debate over whether asset managers should wield this much power. "I think the world of Larry Fink, but I'm not sure I want him to be my emperor," he said.
His words serve as a warning about the unintended consequences of passive investing. When a few firms control voting rights across much of corporate America, decisions that impact millions of investors and workers end up in the hands of a small group of executives.
Munger believed in capitalism, but he also believed in accountability. His criticism of BlackRock's influence wasn't about politics—it was about the risks of too much power being concentrated in too few hands. And as passive investing continues to grow, that debate isn't going away anytime soon.
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News

Charlie Munger Warned About BlackRock's Power—'We Have A New Bunch Of Emperors,' And Larry Fink Shouldn't Rule The World

As we navigate the twists and turns of the <a href="https://www.benzinga.com/markets/24/12/42572520/2025-housing-market-looks-like-a-year-of-struggle-for-states-like-builders-now-hold-record-inventory">2025 housing market</a>—soaring interest rates, stubbornly high home prices, and an economy that feels like it's caught between gears—it's hard not to think of the <a href="https://www.benzinga.com/personal-finance/25/01/43270288/its-almost-been-too-easy-charlie-munger-predicted-tough-times-ahead-for-investors-with-everything-doing-poorly-and-taxes-going-up">late Charlie Munger</a>.&nbsp;
The legendary investor, who passed away at 99 in November 2023, had a front-row seat to nearly every economic cycle you can imagine. And while he's no longer here to give us his sharp, no-nonsense advice, his words still echo, especially in times like these.
At the 2022 Daily Journal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>) shareholders meeting, Munger summed up market cycles in the way only he could: blunt, clear, and unapologetically wise.
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"If you're going to invest in stocks for the long term or real estate, of course there are going to be periods when there's a lot of agony and other periods when there's a boom," he said. "And I think you just have to learn to live through them."
Fast-forward to 2025, and those words couldn't feel more relevant. Right now, we're in the thick of what many are calling a "bumpy recovery" in the housing market. Zillow predicts more buyers will re-enter the game this year, but unpredictable mortgage rates are still casting long shadows. Fannie Mae isn't exactly optimistic either, suggesting the market will remain "frozen" for many, thanks to affordability issues and the notorious "lock-in effect" that's keeping homeowners from trading up or down.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl-y2"> you can become an investor for $0.80 per share today.</a>
But here's the thing: Munger had seen it all before. Booms, busts, recessions, recoveries—different players, same game. His advice wasn't about trying to outsmart the cycle; it was about surviving it.
Quoting Rudyard Kipling, Munger reminded investors, "Treat those two imposters just the same." Whether it's a bull market or a housing slump, the lesson is clear: don't get too high during the booms, and don't fall apart during the busts.
Think about it. We just came out of a massive boom fueled by low interest rates, pandemic-era shifts, and, more recently, the AI-driven economic surge. Now things feel shaky. But as Munger stated:
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"You have to deal with daylight and night. Does that bother you very much? No. Sometimes it's night and sometimes it's daylight. Sometimes it's a boom. Sometimes it's a bust. I believe in doing as well as you can and keep going as long as they let you."
So, what does that mean if you're thinking about buying a house or <a href="https://www.benzinga.com/real-estate/25/01/42845317/homes-are-lingering-redfin-reports-u-s-housing-supply-up-12-as-2024-ends-with-954703-active-listings">holding onto property</a> in 2025? It means staying grounded. Markets recover. Prices adjust. Interest rates don't stay high forever. Just like Munger saw with countless economic cycles before, this too shall pass.
History doesn't repeat itself perfectly, but it sure does rhyme. And Munger's wisdom? That never goes out of style.
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<li>This Jeff Bezos-backed startup will allow you to <a href="https://arrivedhomes.go2cloud.org/aff_c?offer_id=15&amp;aff_id=1006&amp;aff_sub=yahoo&amp;aff_sub2=byerscta100">become a landlord in just 10 minutes, with minimum investments as low as $100</a>.</li>
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Markets

Charlie Munger Said Cycles Of 'Agony' Are Normal In Real Estate But They Don't Last Forever — 'Sometimes It's A Boom, Sometimes It's A Bust'

Charlie Munger, who passed away in 2023 at the age of 99, shared his final reflections on life and career, offering profound insights into his journey to success.
What Happened: Munger, a Harvard Law graduate, initially embarked on his career in a prestigious California firm. Despite his success, he sought&nbsp;more than what a senior&nbsp;law partner could earn, leading him to explore investments in stocks, businesses, and property development, and eventually founding a law firm with colleagues.
Munger&#8217;s&nbsp;three basic rules for career&nbsp;satisfaction included striving to deserve what you want, working under people you admire, and having intense interest in your work. He emphasized the importance of reputation and integrity, and the joy derived from earning deserved trust.
&#8220;I have three basic rules for career satisfaction that have always helped me, and I believe they can help any young person evaluating a career decision. While meeting all three is nearly impossible, you should try anyway,&#8221; Munger <a href="https://www.cnbc.com/2023/11/29/charlie-munger-these-basic-career-rules-made-me-successful-in-life-with-warren-buffett-i-had-all-3.html">wrote</a> for CNBC.
First, he advised never to sell anything one wouldn't buy for oneself. He believed the best approach to achieving what one wants is to focus on deserving it, a notion rooted in the golden rule. 
&#8220;There is no ethos, in my opinion, that is better for any person to have. By and large, the people who have had this ethos win in life, and they don't win just money and honors — they win the respect and the deserved trust of the people they deal with,&#8221; he wrote. 
Also Read: <a href="https://www.benzinga.com/markets/25/01/42935637/heres-how-charlie-mungers-final-investment-move-doubled-his-money-reveals-his-close-friend-li-lu">Here&#8217;s How Charlie Munger&#8217;s Final Investment Move Doubled His Money, Reveals His Close Friend Li Lu</a>
Second, Munger stressed the importance of working only for those one respects and admires. He warned against working under individuals one does not admire, noting the risks posed by authority figures who exert influence, especially through rewards. 
Munger further wrote, &#8220;Generally, your outcome in life will be more satisfactory if you work under people whom you correctly admire.&#8221;
Finally, Munger encouraged working alongside people whose company one genuinely enjoys. He argued that excelling in any field requires a deep interest in the subject and enjoyment of the process. He advocated for aligning one&#8217;s work with personal interests and surrounding oneself with enjoyable colleagues. 
&#8220;I've had marvelous partners, full of assiduity, all my life. I think I got them partly because I tried to deserve them, and partly because I was shrewd enough to select them, and partly because there was some luck,&#8221; he concluded. &nbsp;
Why It Matters: Munger&#8217;s career and life philosophy have been a guiding light for many in the investment world. His emphasis on integrity, reputation, and passion for work, coupled with his successful partnership with Warren Buffett, have left an indelible mark on the industry. 
His passing leaves a void that will be hard to fill, but his teachings and principles will continue to inspire and guide future generations of investors. His legacy is a testament to the power of perseverance, integrity, and passion in achieving success.
Read Next
<a href="https://www.benzinga.com/news/24/06/39347990/this-famous-piece-of-wisdom-from-charlie-munger-can-go-a-long-way-in-investing-and-in-life-say-inves" target="_blank" rel="noreferrer noopener">This Famous Piece Of Wisdom From Charlie Munger Can Go A Long Way In Investing — And In Life, Say Investment Experts</a>

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Charlie Munger's 3 Rules For Success: 'Don't Sell What You Wouldn't Buy, Work For Those You Admire, Partner With People You Enjoy'

Earnings

Reported Earlier, Daily Journal FY24 EPS $56.73 Up From $15.58 YoY, Sales $69.93M Up From $67.71M YoY

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Shares of software companies are trading higher in sympathy with overall market strength after Donald Trump was elected president of the United States.

Daily Journal Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/djco#NASDAQ">DJCO</a>) reported a consolidated net income of $51.4 million, translating to earnings of $37.32 per share for the nine months ended Jun 30, 2024. This marks a significant increase from the previous year&#39;s earnings of $20.29 per share, which totaled $27.9 million in net income.&nbsp;
The company&#39;s consolidated revenues also saw a rise to $50.1 million from $46.2 million, growth of $3.9 million, driven primarily by higher license and maintenance fees and public service fees in its Journal Technologies segment.
Daily Journal Corporation has demonstrated a commendable financial performance with substantial gains in net income and earnings per share, though challenged by rising operational costs. The effective management of marketable securities and strategic financial decisions have notably strengthened the company&#39;s financial position. While operational expenses pose a concern, the overall financial health of DJCO appears robust, supported by strategic asset management and revenue growth in key business areas.
<div class="chart_embed">
<h3>Daily Journal Corporation Price, Consensus and EPS Surprise</h3>
<img alt="Daily Journal Corp. (S.C.) Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/a6/1723811946.png" style="height:265px; width:543px" title="" />
Daily Journal Corporation price-consensus-eps-surprise-chart | Daily Journal Corporation Quote
The fiscal period witnessed robust performance with considerable improvements in both the Traditional Business and Journal Technologies units. However, both segments faced increased operational expenses, impacting their pretax incomes. Operational costs across both business segments rose primarily due to annual salary adjustments, hiring of additional staff and increased third-party hosting fees.
</div>
The Traditional Business&#39; pretax income declined to $1.6 million from $2.3 million, a decrease attributed mainly to heightened accrued personnel costs. Conversely, Journal Technologies saw a pretax income decrease to $0.8 million from $0.9 million, with increased operating expenses offsetting revenue gains.
The company&#39;s financial health was significantly buoyed by its management of marketable securities, which contributed appreciably to non-operating income. Marketable securities held were valued at $325 million, with net pretax unrealized gains of $185.9 million. DJCO recorded a net income increase facilitated by net gains on sales of marketable securities and unrealized gains, enhancing non-operating income, net of expenses, to $65.9 million from $34.4 million.
<h3>Other Developments</h3>
During this period, the company made significant strategic financial movements, including the sale of certain marketable securities for about $40.6 million. This not only realized net gains of $14.3 million but also facilitated a substantial paydown of the margin loan balance, decreasing it to $27.5 million from $75 million. Such actions reflect a strategic approach to leveraging assets to enhance financial stability and reduce liabilities.
<a href="https://www.zacks.com/stock/news/2323128/daily-journal-djco-nine-months-fiscal-2024-earnings-soar-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2323128">To read this article on Zacks.com click here.</a>

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Daily Journal Nine Months Fiscal 2024 Earnings Soar Y/Y

Daily Journal 9-Month Consolidated Revenues $50.058M, Up From $46.16M Last Year

Daily Journal Reports H1 Consolidated Revenues Of $32.56M, Up From $28.45M Last Year

On March 13, 2024, the company received a letter from Nasdaq indicating that the company has a cure period in order to regain compliance as follows:
<ul>
<li>until the earlier of the company&#39;s next annual shareholders&#39; meeting or November 28, 2024; or</li>
<li>if the next annual shareholders&#39; meeting is held before May 27, 2024, then the company must evidence compliance no later than May 27, 2024.</li>
</ul>
The company intends to fill the vacancy on the company&#39;s board of directors and audit committee with a qualified individual who meets the criteria of the Nasdaq listing rules in advance of the compliance deadline.

Reported Earlier, Daily Journal Receives Nasdaq Non-Compliance Notice, Plans To Address Audit Committee Requirement

Daily Journal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>) reported quarterly earnings of $9.16 per share. This is a 29.27 percent decrease over earnings of $12.95 per share from the same period last year. The company reported $15.99 million in sales this quarter. This is a 30.01 percent increase over sales of $12.30 million the same period last year.

Daily Journal Q1 EPS $9.16 Down From $12.95 YoY, Sales $15.99M Up From $12.30M YoY

In the wake of the potential departure of the current CEO,&nbsp;Warren Buffett,&nbsp;Berkshire Hathaway Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) might be at risk from activist investors, alerts a member of the company&#8217;s board.
What Happened: Chris Davis, one of the directors of Berkshire Hathaway, cautioned about the possibility of activist investor pressure on the company once Buffett exits.
Buffet, 93, is nearing the conclusion of his tenure as CEO of Berkshire following the <a href="https://www.benzinga.com/news/23/11/35989969/charlie-munger-buffetts-trusted-partner-dies-at-99">demise</a> of his right-hand man, Charlie Munger.
Davis recognized Buffett and Munger&#8217;s dedication to their shareholders as &#8220;the greatest stewards almost in the history of capitalism," on the <a href="https://www.youtube.com/watch?v=s9Cfd-dEsmA&amp;t=1429s">latest</a> Excess Returns podcast, as <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-activist-investing-chris-davis-munger-culture-2024-1">reported</a> by Business Insider. He envisions an influx of shareholder proposals targeted at short-term value after their departure, potentially undermining the long-term value.
See Also: <a href="https://www.benzinga.com/markets/equities/23/12/36436943/charlie-munger-built-a-300m-stock-portfolio-for-daily-journal-but-small-publisher-worries-it-may">Charlie Munger Built A $300M Stock Portfolio For Daily Journal, But Small Publisher Worries It May Not Perform Well Now: &#8216;It&#8217;s Impossible To Ever Replace&#8217;</a>
Buffett and Munger had designed Berkshire as a cluster of self-governing subsidiaries, allowing them to concentrate on capital allocation and hand over daily management to different CEOs. Critics, however, argue that this structure could be more efficient, thus leading to potential calls for changes.
Davis highlighted the board&#8217;s role in maintaining the company&#8217;s culture, asserting that directors should &#8220;stay focused on the long&nbsp;term.&#8221;
Why It Matters: The demise of&nbsp;<a href="https://www.benzinga.com/news/23/11/35989969/charlie-munger-buffetts-trusted-partner-dies-at-99">Charlie Munger</a>, Buffett&#8217;s long-time confidant and vice-chairman of Berkshire Hathaway, and the anticipated departure of Buffett himself marks a significant transition for the company.
They built Berkshire into a massive holding company with a market capitalization exceeding $791 billion.
In&nbsp;<a href="https://www.benzinga.com/markets/equities/23/12/36436943/charlie-munger-built-a-300m-stock-portfolio-for-daily-journal-but-small-publisher-worries-it-may">response to Munger&#8217;s death</a>, the Daily Journal Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>) expressed concerns about future returns, stating it&#8217;s &#8220;impossible to ever replace&#8221; Buffett&#8217;s investment partner.
The anticipated activist investor pressure could potentially lead to a shift in Berkshire&#8217;s structure and operations. The company&#8217;s ability to navigate these challenges will significantly influence its future.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36621548/kevin-oleary-expresses-doubts-about-bitcoin-etfs-despite-recent-success-they-add-no-value-">Kevin O&#8217;Leary Expresses Doubts About Bitcoin ETFs Despite Recent Success: &#8216;They Add No Value To Me&#8217;</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo by Fortune Live Media on Flickr

Equities

General

Activist Investor Threats Loom Over Berkshire Hathaway In Post-Buffett Era, Warns Board Member

In the aftermath of renowned investor Charlie Munger&#8216;s <a href="https://www.benzinga.com/news/23/11/35989969/charlie-munger-buffetts-trusted-partner-dies-at-99">death</a> in November, the Daily Journal Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>) has cautioned its shareholders about the likelihood of lower future returns, saying it's "impossible to ever replace" Warren Buffett's investment partner.
What Happened: Munger, who was known for being Buffett&#8216;s confidant and the vice-chairman of Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>), led the Daily Journal for around 45 years. He initiated the strategy of investing the publisher&#8217;s surplus cash into the stocks of other enterprises during the height of the financial crisis.
&#8220;Although the Board will work to ensure that the portfolio remains well-managed, it&#8217;s impossible to ever replace Mr. Munger," the journal said.
The Daily Journal spelled out its warning in a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/783412/000143774923035452/djco20230930_10k.htm">filing</a> with the Securities and Exchange Commission, initially <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-stock-portfolio-daily-journal-death-warning-buffett-berkshire-2023-12">reported</a> by Business Insider.
"Given the loss of Mr. Munger, the Company does not expect the future financial performance of its marketable securities portfolio to rival its past performance," it added.
See Also: <a href="https://www.benzinga.com/news/23/12/36381266/openais-sam-altman-is-feeling-good-about-this-prediction-he-made-27-months-ago">OpenAI's Sam Altman Is ‘Feeling Good' About This Prediction He Made 27 Months Ago</a>
Munger kickstarted his investment strategy with a notable risk – he plowed in $20.4 million in stocks while the journal reported $40 million in total revenues and $12 million in operating income that year.
However, the gamble quickly turned profitable, yielding $34 million in unrealized gains by September that year as stocks surged.
During his nearly 13-year term, Munger, a critic of excessive diversification, limited the Daily Journal&#8217;s stock portfolio to eight or fewer companies.
By investing in firms like Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), and Tesla competitor BYD. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDFF#OTC">BYDFF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), the publisher&#8217;s stockholdings rose to $303 million as of Sept. 30 this year, which includes $138 million in unrealized gains.
To put it in perspective, Daily Journal reported approximately $68 million in revenue and $7 million in operating income last fiscal year.
Why It Matters: With the loss of Munger, one of history&#8217;s most successful investors, Daily Journal is adjusting its shareholders&#8217; future expectations. However, the publisher&#8217;s remarks emphasize the substantial influence Munger had on a business that&#8217;s notably less renowned than Berkshire.
Munger&#8217;s death was mourned by many, including Buffett, <a href="https://www.benzinga.com/news/23/11/35991781/warren-buffett-praises-charlie-mungers-inspiration-wisdom-participation-at-berkshire-hathaway-after">who praised Munger&#8217;s</a> &#8220;inspiration, wisdom, and participation&#8221; at Berkshire Hathaway.
The veteran investor, who had no plans of retirement, was introduced to Buffett in 1959 and the duo built Berkshire Hathaway into a holding company giant with over $784 billion in market capitalization.
Read Next: <a href="https://www.benzinga.com/news/23/12/36395612/openai-investor-vinod-khosla-ponders-about-this-key-question-as-billionaires-start-wondering-about-i">OpenAI Investor Vinod Khosla Ponders About This &#8216;Key Question&#8217; As Billionaires Start Wondering About Interest Rate Cuts</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo by Kent Sievers on Shutterstock

BYDDY

BYDFF

Charlie Munger Built A $300M Stock Portfolio For Daily Journal, But Small Publisher Worries It May Not Perform Well Now: 'It's Impossible To Ever Replace'

During fiscal 2023, Daily Journal Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>) had consolidated revenues of&nbsp;$67,709,000&nbsp;as compared to&nbsp;$54,009,000&nbsp;in the prior year.
&nbsp;There was consolidated net income of&nbsp;$21,452,000&nbsp;($15.58&nbsp;per share) for fiscal 2023, as compared to a consolidated net loss of&nbsp;$75,624,000&nbsp;(-$54.81&nbsp;per share) in the prior fiscal year

Daily Journal Corporation Reports FY23 Revenue $67.71M Up From $54.01M YoY; Net Income $21.45M Up From Net Loss $75.62M YoY

&#8220;The whole secret of investment is to find places where it is safe and wise not to diversify,&#8221; were the words of Charlie Munger, who <a href="https://www.benzinga.com/news/23/11/35989969/charlie-munger-buffetts-trusted-partner-dies-at-99">died on Tuesday</a> at the age of 99. This principle stood as one of the central tenets of his approach to investing.
Working on the belief that good investment ideas are few and far between — &#8220;Life is not just bathing you with unlimited opportunities&#8221; — Munger held very few stocks in his personal investment portfolio.
But those he did hold, he was rigidly committed to. At his death, Munger owned stock positions in just three companies:
Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>): Munger was vice-chairman and helped chairman Warren Buffett turn the company from a textiles manufacturer into a large insurance and investment conglomerate.
Buffett began buying shares in Berkshire Hathaway in 1962, believing it to be undervalued, and by 1967 he had majority control and branched into the insurance business.
&#8220;If you&#8217;re Warren, you want to be the house, not the punter,&#8221; Munger said.
At his death, Munger owned a little over 4,000 shares in Berkshire Hathaway, worth more than $2 billion.
Also Read: <a href="https://www.benzinga.com/news/23/11/35989969/charlie-munger-buffetts-trusted-partner-dies-at-99">Charlie Munger, Warren Buffett&#8217;s Trusted Partner, Dies At 99</a>
Costco (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>): Munger was a director since 1997, and Costco was one of his favorite investments.
When Berkshire Hathaway exited its stake in Costco in 2020, Munger held on to his personal stake of around 187,000 shares, worth around $95 million.
Munger said of the company: &#8220;I wish everything else in America was working as well as Costco does.&#8221;
Daily Journal Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>): He was chairman of the publishing and technology company since 1977.
Daily Journal was also another investment vehicle for Munger, and it owns shares in Alibaba (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) — worth $37.5bn, as well as Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOC#NYSE">BOC</a>) — worth nearly $89 million, Wells Fargo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) — $62 million, and US Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>) — $7.7 billion.
<h2 class="wp-block-heading">Value Investing</h2>
At the heart of all of Munger&#8217;s investment ideas, whether for his own portfolio or for that of Berkshire Hathaway, was value investing. Buying stocks that show long-term growth and pay dividends. He claimed the big money was not in buying and selling but in buying and waiting.
And value investing is not just about buying cheap. Munger said: &#8220;Forget what you know about buying fair businesses at wonderful prices. Instead, buy wonderful businesses at fair prices.&#8221;
Thus, buying quality and being patient were the principal facets of Berkshire Hathaway&#8217;s success.
And upon finding stocks that matched the above investment criteria, Munger said investors must seize the moment. Quoting his grandfather — perhaps Munger&#8217;s best-known piece of investment advice was: &#8220;When you get a lollapalooza, for God&#8217;s sake, don&#8217;t hang by like a timid little rabbit.&#8221;
Now Read: <a href="https://www.benzinga.com/general/23/11/35991989/heres-how-much-berkshire-hathaway-stock-charlie-munger-owned-why-it-was-so-much-less-than-warren-buf">Here&#8217;s How Much Berkshire Hathaway Stock Charlie Munger Owned</a>
Image created using artificial intelligence with MidJourney.

BABA

Charlie Munger's 'Buy And Hold' Thesis May Seem Tame, But It Worked For Berkshire Hathaway

Charles Munger, the billionaire businessman and attorney best-known as Warren Buffett&rsquo;s right-hand man at Berkshire Hathaway, died on Tuesday at the age of 99.
With no thought of retirement, the finance sage had worked with Buffett since 1959, when the two were introduced at a dinner. Together, they ran Berkshire Hathaway Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-a#NYSE">BRK-A</a>)(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-b#NYSE">BRK-B</a>), with Buffett at the helm and Munger as vice chairman. Together they build Berkshire into a giant holding company with a market captilization of over $784&nbsp;billion.
Munger also served as chairman of the Daily Journal Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/djco#NASDAQ">DJCO</a>) and as a director at Costco Wholesale Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cost#NASDAQ">COST</a>).
Munger spent some time in real estate law, co-founding Munger, Tolles &amp; Olson in California before shifting permanently to investing. A short-lived partnership proceeded his chairmanship at Wesco Financial Corporation, a subsidiary of Berkshire Hathaway.
While in the U.S. Army he learned a skill that served him well in business: card playing. It was something he was quoted as saying&nbsp;affected his approach to stock trading.
Among the other stock trading approaches Munger was known for was the &ldquo;Lollapalooza effect,&rdquo; the principle of inversion and steering Buffett away from what he called the &ldquo;cigar-butt&rdquo; version of value investing: when an investor buys a dying business worth $1 for $0.75 just &ldquo;to get the 0.25% of free puff&rdquo; that&rsquo;s left in the business, ultimately meaning don&rsquo;t buy a troubled business at a discount because the immediate gain will be eroded by low returns.
He recommended buying a good business: &ldquo;Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices.&rdquo;
Munger was outspoken about the need for maintaining ethical business standards, and credited them to his success.
Munger was vocal in his criticism of cryptocurrencies, referring to Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as a &ldquo;noxious poison&rdquo; and the &ldquo;go-to payment method for criminals.&rdquo;
Charles Thomas Munger was born Jan. 1, 1924, in Omaha, Nebraska. He was the son of Alfred C. Munger, an attorney, and Florence Russell Munger. He had two sisters, Mary Munger and Coral Munger.
Munger worked bagging groceries at Buffett &amp; Son, a grocery store owned by Buffett&rsquo;s grandfather.
He is among the billionaire college dropouts, having cut short his stint at the University of Michigan, where he studied mathematics, to enter the U.S. Army Air Corps. He was trained as an meterologist and became a second lieutenant.
Munger continued studies in meterology at Caltech in Pasadena, California, making the town his permanent home.
Munger applied to Harvard Law School, his father&rsquo;s alma mater, but was rejected because he had not obtained an undergraduate degree. After a phone call from a family friend, Roscoe Pound, who also happened to be the former dean of the school, Munger was accepted and graduated magna cum laude with a J.D.
Munger had been married twice. His first marriage was to Nancy Jean Huggins in 1945 with whom he had three children. It ended in divorce in 1953. His second marriage was to Nancy Berry Borthwick in 1956 and lasted until she died in 2010. He had four children and two step-children with Borthwick.
Munger&rsquo;s philanthropy focused on education, donating to University of Michigan Law School, Stanford University, and Universtiy of California, Santa Barbara.
When Munger was in his 50s, he had a failed cataract surgery, which made him blind in his left eye, eventually removing it. He still had sight in his right eye.
Munger was the author of &ldquo;Poor Charlie&rsquo;s Almanack: The Wit and Wisdom of Charles T. Munger&rdquo; and &ldquo;On Success.&rdquo;
Related Link:<a href="https://www.benzinga.com/news/18/05/11657806/munger-berkshire-has-been-too-restrained-in-buying-apples-stock"> Munger: Berkshire Has Been &#39;Too Restrained&#39; In Buying Apple&#39;s Stock</a>
Taylor Cox contributed to this report.
Photo: Shutterstock

$BTC

BRK-A

BRK-B

Charlie Munger, Warren Buffett's Trusted Partner, Dies At 99

<h3>Gainers</h3>
<ul>
<li>Asset Entities (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASST#NASDAQ">ASST</a>) shares increased by 86.8% to $0.62 during Monday's regular session. The market value of their outstanding shares is at $8.6 million. </li>
<li>MoneyHero (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNY#NASDAQ">MNY</a>) shares moved upwards by 29.62% to $3.15. The market value of their outstanding shares is at $121.2 million. </li>
<li>Direct Digital Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRCT#NASDAQ">DRCT</a>) stock moved upwards by 27.89% to $11.37. The market value of their outstanding shares is at $162.2 million. </li>
<li>Mobiquity Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOBQ#NASDAQ">MOBQ</a>) shares moved upwards by 16.85% to $0.52. The company's market cap stands at $1.4 million. </li>
<li>Telecom Argentina (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEO#NYSE">TEO</a>) stock moved upwards by 11.11% to $8.6. The company's market cap stands at $3.7 billion. </li>
<li>Society Pass (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOPA#NASDAQ">SOPA</a>) shares moved upwards by 10.7% to $0.29. The market value of their outstanding shares is at $8.3 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Starbox Group Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STBX#NASDAQ">STBX</a>) stock declined by 16.9% to $0.29 during Monday's regular session. The market value of their outstanding shares is at $21.1 million. </li>
<li>Anghami (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANGH#NASDAQ">ANGH</a>) shares fell 15.31% to $2.38. The market value of their outstanding shares is at $61.8 million. </li>
<li>Daily Journal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>) shares decreased by 12.18% to $295.89. The company's market cap stands at $407.4 million. </li>
<li>HUYA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUYA#NYSE">HUYA</a>) shares fell 10.01% to $3.46. The market value of their outstanding shares is at $824.4 million. </li>
<li>WiMi Hologram Cloud (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIMI#NASDAQ">WIMI</a>) shares fell 7.9% to $0.64. The market value of their outstanding shares is at $55.1 million. </li>
<li>DouYu Intl Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOYU#NASDAQ">DOYU</a>) stock declined by 7.87% to $0.82. The company's market cap stands at $262.2 million. 
See Also: <a href="http://www.benzinga.com/money/best-communication-services-stocks/" title="www.benzinga.com/money/best-communication-services-stocks/">www.benzinga.com/money/best-communication-services-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Movers

ANGH

ASST

DOYU

DRCT

HUYA

MOBQ

SOPA

STBX

Telecom Argentina Stet - France Telecom S.A.

WIMI

12 Communication Services Stocks Moving In Monday's Intraday Session

Throughout almost a century of life experience, billionaire and Berkshire Hathaway Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-a#NYSE">BRK-A</a>) (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-b#NYSE">BRK-B</a>) vice chairman Charlie Munger has discovered the secret to a happy, healthy, wealthy life is learning to recognize and ignore one basic human emotion that <a href="https://www.benzinga.com/news/23/05/32319092/secret-to-success-get-toxic-people-out-of-your-life-fast-says-billionaire-charlie-munger">weighs people down like an anchor.</a>
Forbes estimates Munger&#39;s wealth at roughly $2.4 billion, and he has spent a large portion of his career in the shadow of partner and Berkshire CEO Warren Buffett, who has an estimated net worth of $113.6 billion. However, instead of comparing himself to Buffett or any other billionaire, Munger says he simply focuses on his own financial success.
&quot;Someone will always be getting richer faster than you. This is not a tragedy,&quot; Munger once <a href="https://www.gurufocus.com/news/857140/charlie-munger-on-envy-and-jealousy">famously said.</a>
Also Read:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/05/32258867/could-warren-buffett-finally-make-a-bet-on-tesla-after-praising-elon-musk-top-analy">Could Warren Buffett Finally Make A Bet On Tesla After Praising Elon Musk? Top Analyst Reacts</a>
Better Motivations: Instead of being envious of the possessions and accomplishments of others, Munger says his motivation throughout his career has been to achieve financial and professional freedom. By choosing not to construct and participate in an arbitrary mental competition&nbsp;among himself, Buffett, and all the other billionaires in the world, Munger can truly enjoy his success and not take on unnecessary financial risk chasing a dragon he will never catch.
&quot;The world is not driven by greed. It&rsquo;s driven by envy,&quot;&nbsp;Munger said at the recent <a href="https://www.youtube.com/watch?v=8RxLj9OVqLo&amp;ab_channel=YahooFinance">annual meeting</a> of the Daily Journal Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/djco#NASDAQ">DJCO</a>).
&quot;I don&rsquo;t give a damn what someone else has. But other people are driven crazy by it.&quot;
Not only is envy a sin, Munger said there&#39;s an argument for it being the worst sin of all.
&quot;Envy is a really stupid sin because it&rsquo;s the only one you could never possibly have any fun at. There&rsquo;s a lot of pain and no fun. Why would you want to get on that trolley?&quot;&nbsp;he once said.
Envy And Mental Health: Munger has also pointed out the irrationality of envy, comparing the conditions he lived through during the Great Depression to the high living standards of modern times. Despite drastic improvements to the average American&#39;s quality of life in the past century, there has been a significant deterioration of <a href="https://mhanational.org/issues/state-mental-health-america">mental health</a>, including&nbsp;a rise in anxiety and&nbsp;depression.&nbsp;
&ldquo;The fact that everybody&rsquo;s five times better off than they used to be, they take that for granted,&rdquo; Munger said. &ldquo;All they think about is somebody else [has] more now, and it&rsquo;s not fair that he should have it, and they don&rsquo;t.&rdquo;
In fact, Munger once mentioned eliminating envy as one of his six &quot;simple rules&quot; for living a long, happy, successful life:
&quot;You don&rsquo;t have a lot of envy. You don&rsquo;t have a lot of resentment. You don&rsquo;t overspend your income. You stay cheerful in spite of your troubles. You deal with reliable people. And you do what you&rsquo;re supposed to do.&quot;
Now Read:&nbsp;<a href="https://www.benzinga.com/news/23/05/32367160/charlie-munger-says-most-money-managers-are-little-more-than-fortune-tellers-and-data-backs-him-up-7">Charlie Munger Says Most Money Managers Are Little More Than Fortune Tellers, and Data Backs Him Up &mdash; 79% of Fund Managers Underperformed</a>
Photo:&nbsp;<a href="https://www.flickr.com/photos/nickwebb/" id="yui_3_16_0_1_1651148520226_126040" target="_blank" title="Go to Nick Webb's photostream">Nick Webb</a>&nbsp;on Flickr.

Billionaire Charlie Munger Reveals Key To Wealth, Health And Happiness: Conquer 1 Basic Human Emotion

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