Munger Triples Publisher’s Value With Panic-Era Stock Bet
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Daily Journal Corp., the California publisher that counts Charles Munger as its chairman, more than tripled in value since 2008 after the company jumped into stocks during the financial crisis.
Best known as Warren Buffett’s longtime business partner, Munger began accumulating equities in early 2009 at the Daily Journal. The portfolio was worth $112.3 million as of March 31, or about 65 percent of the Los Angeles-based publisher’s current market value. Investors who attend the company’s annual meetings said he signaled that Wells Fargo & Co. was among the bets.