Author Topic: DJCO - Daily Journal Corporation  (Read 48218 times)

wabuffo

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Re: DJCO - Daily Journal Corporation
« Reply #90 on: May 29, 2018, 07:53:14 PM »
Do we know what the foreign security is? Or is that a secret? Not Posco right?

Well - DJCO does own a tiny bit of Posco ADRs - that's reported on the 13F-HRs that the Company files.  But that's technically an American listing. 

We don't know for sure what the South Korean security is, and the Company hasn't said officially.  It's tricky - but if you use quarter-end closing prices and official USD/KRW quarter-end foreign exchange rates, I think it is a Hyundai Preferred (005389.KS).   Munger's private money is managed by Li Lu who had talked publicly about investing in a basket of Korean Preferreds (technically non-voting common shares) because of their big discounts to the underlying voting common shares.  It might be where Munger got the idea.

But that's a guess on my part and I could be wrong.

wabuffo
« Last Edit: May 29, 2018, 07:56:46 PM by wabuffo »


wabuffo

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Re: DJCO - Daily Journal Corporation
« Reply #91 on: December 13, 2019, 08:57:29 AM »
With another DJCO 10-K just out yesterday, I added the data from its "foreign currency risk" section on the security owned in South Korean won and updated my table to figure out what Charlie Munger owns.  The math continues to work that it's the stock of Hyundai "Preferred" (005389.KS) on the KSE.



It has not worked out great for him so far.  He spent $14.8m for his stake over 5-6 years ago - but its only worth $9.4m (as of end of Q3, 2019 - fair value of $9.2m today).

wabuffo

cubsfan

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Re: DJCO - Daily Journal Corporation
« Reply #92 on: December 13, 2019, 10:10:44 AM »
Thanks for your work Wabuffo - isn't there a large dividend attached with that security?

Does your estimate include the accumulated dividend?

wabuffo

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Re: DJCO - Daily Journal Corporation
« Reply #93 on: December 13, 2019, 12:01:26 PM »
Thanks for your work Wabuffo - isn't there a large dividend attached with that security?

I don't follow Hyundai closely.  I think there is a dividend - maybe ~5% yield (?).   Despite the name "preferred" - this security is more similar to a non-voting class of common shares.

wabuffo

kiwing100

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Re: DJCO - Daily Journal Corporation
« Reply #94 on: February 12, 2020, 10:06:08 PM »

DJCO AGM on 12 Feb 2020

Q&A session

https://youtu.be/HS8neXkNnhw?t=941