“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.”
Introduction
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.
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No position in Daily Journal Corporation.