Why does a publisher own a share portfolio?

Charlie Munger, its chairman, invested the company's spare cash in shares during the 2009 crisis instead of leaving it in the bank. The holdings have stayed on the balance sheet since.

Is Charlie Munger still managing it?

No. He died in November 2023. The positions have changed very little since, so this is a portfolio he built rather than one anyone is actively running.

Why are there so few positions?

Munger bought a handful of companies he judged cheap in 2009 and did not add to the list. The whole portfolio has never held more than a few names.

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Corporate portfolio

The Daily Journal portfolio

Charlie Munger invested a small publisher's spare cash in shares. He died in 2023 and the positions have barely moved since.

Size$257MPositions4Turnover0%Current weights, 12 m+0.5%

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The Daily Journal portfolio

Size$257M

Current weights, 12 m+0.5%

Create an account and we will tell you when this investor reports a trade.

CompanyPortfolio weightDisclosed sincePrice24h30dValue

Wells Fargo & CompanyWFC45.5%since 2013$82.19+0.3%—$117M

Bank of America CorporationBAC44.4%since 2016$56.03+0.1%—$114M

45.5%

Wells Fargo & CompanyWFC · $82.19+0.3%

44.4%

Bank of America CorporationBAC · $56.03+0.1%

Alibaba Group Holding LimitedBABA7.3%since 2021$110.64−0.1%—$19M

U.S. BancorpUSB2.8%since 2013$58.40−0.1%—$7M

7.3%

Alibaba Group Holding LimitedBABA · $110.64−0.1%

2.8%

U.S. BancorpUSB · $58.40−0.1%

SourceSEC Form 13F filings (US)Holdings as of 30 Jun 2026

The +0.5% above is the 12-month change these weights would have produced. It is not Daily Journal's return.

Why people follow this portfolio

Daily Journal Corporation is a small American publisher whose share portfolio Charlie Munger built. These are its US-listed positions from the latest filing.

Daily Journal publishes legal newspapers and sells software to courts. It is a small company, and it would not be on this page at all except for what its chairman did with its cash. In 2009 Charlie Munger, Warren Buffett's partner at Berkshire Hathaway, put the company's reserves into shares during the financial crisis.

What he bought was a handful of banks and one foreign company, and he held them. The portfolio is worth several times what the company paid for it and has never held more than a few names. For years the company's annual meeting was followed less for its publishing business than for Munger's answers to shareholders.

Munger died in November 2023, aged 99. The positions have barely changed since. Nobody is actively managing this portfolio today.

Where this data comes from

Positions come from the 13F form Daily Journal Corporation files with the SEC each quarter. The form covers long positions in US-listed shares only, and this company's portfolio is small enough that the form is close to all of it.

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