Author Topic: DJCO - Daily Journal Corporation  (Read 48211 times)

wabuffo

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Re: DJCO - Daily Journal Corporation
« Reply #80 on: June 08, 2017, 10:02:30 AM »
one last post -- I promise  :)

In an earlier post, I used a backed-into number for 1211.HK (BYD Company) in order to discern the market value of the Korean marketable security.  I thought I'd offer some additional circumstantial evidence to back up what I think everyone here probably already knows -- that the Hong Kong listed common stock owned by DJCO is BYD.  There was a period after DJCO started to publish its 13Fs starting with the quarter-ending 12/31/13 and continuing until the quarter before Munger made the Korean-listed stock purchase that we can use publicly reported info to backsolve the fair value of the foreign-listed stock.

I then indexed the change in value to BRK Energy's public disclosures in its 10-Qs, 10-K for the same period of its market holding of BYD.

               

I think that's a pretty good match and using the closing values and stock price, it looks highly likely that DJCO owns approximately 5 million shares of BYD Company shares listed on the Hong Kong exchange. 

Sorry if this is old news but its my working assumption that DJCO's six common stock holdings are WFC, USB, PKX, BAC as well as BYD Company in Hong Kong and Hyundai Motor Co Ltd, Pfd Series 3 in South Korea.  Of course I could be wrong.

Feedback always welcome,

wabuffo
« Last Edit: June 08, 2017, 12:51:20 PM by wabuffo »


DollarKing

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Re: DJCO - Daily Journal Corporation
« Reply #81 on: June 08, 2017, 12:31:27 PM »
Wabuffo -the maths looks spot on. I've got 4.95m BYD too. It's definitely not Ilsung, (I'll save my blushes and not describe the error I'd made.)
Hyundai Motors preference shares do look like the perfect candidate.
Nice work.


DooDiligence

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Re: DJCO - Daily Journal Corporation
« Reply #83 on: August 12, 2017, 07:00:37 AM »
Cool story!

We should start seeing a lot of new newspapers popping up around the country now?

http://dealbreaker.com/2013/08/the-sec-thought-charlie-munger-was-hiding-a-hedge-fund-in-some-newspapers/
AFL // BRK.B // CLB an incredibly stupid move // DIS // EW // GPC // MO an incredibly stupid ex-CEO // NVO // PSX // ULTA // VDE // VLGEA // WFC

Investable cash 16% + 18 months of survival $

redhots

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Re: DJCO - Daily Journal Corporation
« Reply #84 on: December 14, 2017, 10:45:52 AM »

Cevian

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Re: DJCO - Daily Journal Corporation
« Reply #85 on: February 02, 2018, 03:18:03 PM »
Anyone going to the meeting? This will be my first year attending so would be good to get together with a few like minded investors ahead of time. Let me know if you're in town on the evening of the 13th.

alexbossert

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Re: DJCO - Daily Journal Corporation
« Reply #86 on: February 07, 2018, 09:33:20 AM »
I organized a dinner the evening before this year's meeting. It would be great to see all of you there.

Tue, February 13th, 2018
5:30 PM – 8:30 PM PST
$37 per person - please come with cash

Eat.Drink.Americano
923 East 3rd Street
Los Angeles, CA 90012

If you plan to attend the dinner, please RSVP so I can make sure there is enough space for everyone.  The room I rented will have 25 chairs and does not have space for any more. If you show up without having RSVP'd there will not be a chair for you.

RSVP:
https://www.eventbrite.com/e/daily-journal-value-investing-dinner-tickets-42948354685

Alex
« Last Edit: February 07, 2018, 09:37:31 AM by alexbossert »

valueinvesting101

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Re: DJCO - Daily Journal Corporation
« Reply #87 on: May 29, 2018, 03:39:17 PM »
From latest 10-Q:

Quote
As of March 31, 2018, the Company performed an evaluation for an equity security with a fair value below cost to determine if the unrealized loss was other-than-temporary. This evaluation considers a number of factors including, but notlimited to, the length of time and extent to which the fair value has been less than cost, the financial condition and near term prospects of the issuer and the Company’s ability and intent to hold the security until fair value recovers. The assessment of the ability and intent to hold this security to recovery focuses on liquidity needs, asset/liability management objectives and security portfolio objectives. Based on the result of the evaluation, the Company concluded that as of March 31, 2018, the unrealized loss related to an equity security it owns was temporary.

Is it referring to BYD? Does fair value here mean market value?

wabuffo

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Re: DJCO - Daily Journal Corporation
« Reply #88 on: May 29, 2018, 04:08:26 PM »
Nope - its the other foreign security (denominated in South Korean Won).  If fair value (ie market value) is persistently below DJCO's cost basis in the security, it must perform this test in order to decide whether to mark down its cost basis (from a GAAP perspective).   

That foreign security has been trading below cost basis for almost the entire time that its been in DJCO's portfolio.

wabuffo

Mephistopheles

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Re: DJCO - Daily Journal Corporation
« Reply #89 on: May 29, 2018, 04:29:31 PM »
Do we know what the foreign security is? Or is that a secret? Not Posco right?