Daily Journal Corporation

Published on January 24, 2023

“The Company is not a smaller version of Berkshire Hathaway Inc. Instead, it hopes to be a significant software company while it also operates its Traditional Business.”

— Daily Journal’s 2022 10-K


Daily Journal Corporation provides software and consulting services to courts, prosecutors, and other justice agencies. The company’s software business is characterized by a long sales cycle followed by complex implementations that can take months or years to complete. The challenging nature of the sales cycle and software implementation process has the potential to result in durable customer relationships that generate software and consulting revenue for very long periods of time.

The company also publishes ten long established newspapers with a special focus on the legal and real estate professions. The newspapers have been in decline over the past quarter century but experienced a brief reprieve thanks to foreclosure notice advertising following the financial crisis of 2008.

Charlie Munger served as Daily Journal’s Chairman for decades until stepping down in 2022. He continues to manage the company’s investment portfolio. However, at age 99, Mr. Munger cannot be expected to manage investments in the long run and the end result of the company’s software venture is highly uncertain. This report examines the current state of the company and its future prospects.

Copyright and Disclaimer

Nothing in this report constitutes investment advice and all content is subject to the copyright and disclaimer policy of The Rational Walk LLC. This website is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

No position in Daily Journal Corporation.

Daily Journal Corporation