Daily Journal Corp.

Background

Daily Journal Corp. is a California-based publishing and technology company best known as the personal investment vehicle of the late Charlie Munger, longtime vice-chairman of Berkshire Hathaway. Under Munger's influence, the company became as closely watched for its investment portfolio as for its underlying business. The portfolio reflects the value-oriented, concentrated philosophy Munger championed throughout his career — patient capital, low turnover, and a strong preference for quality over momentum. With just 21 reported holdings, Daily Journal operates nothing like a diversified institutional fund. That concentration, and the Munger intellectual lineage behind it, is the primary reason long-term investors continue to treat its 13F filings as a meaningful signal worth tracking.

Current Portfolio Signal

The portfolio's most striking feature is not its equity picks but its near-total commitment to Vanguard index products. The top 15 holdings are exclusively Vanguard ETFs, spanning domestic equity, international equity, and fixed income. VUG (growth equity) leads at 9.5%, followed closely by BSV (short-term bonds) at 8.9%, VTV (value equity) at 8.3%, and VTI (total market) at 8.0%. International exposure is substantial: VEU, VEA, VGK, VWO, and VXUS collectively account for roughly 22% of the portfolio, a meaningful tilt away from the…