1/ What business is this?
"On June 30, 2021, the Company held marketable securities valued at $349,593,000, including net pretax unrealized gains of $269,347,000"
"On June 30, 2021, the Company held marketable securities valued at $349,593,000, including net pretax unrealized gains of $269,347,000"
2/ "As of June 30, 2021, the investments were concentrated in just nine companies. 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." 
3/ What portfolio managers would have a portfolio of just nine stocks?
"Daily Journal's robust portfolio gains were a product of positions in Bank of America, Wells Fargo, US Bancorp, and Posco." google.com/amp/s/www.busi…
"Daily Journal's robust portfolio gains were a product of positions in Bank of America, Wells Fargo, US Bancorp, and Posco." google.com/amp/s/www.busi…
4/ The DJCO 13F-HR is available for anyone to see.
Wait!
DJCO owns more shares of some stocks than others! whalewisdom.com/filer/daily-jo…
Wait!
DJCO owns more shares of some stocks than others! whalewisdom.com/filer/daily-jo…
5/ "We tend to be less diversified than other people. Diversification emphasizes feeling good about not having your investment results depart much from average investment results. Why would you get on the bandwagon like that if somebody didn’t make you with a whip and a gun?" CM
6/ The key thing to remember about the previous Munger quote is that you are not Charlie. Are you a "know something " investor in the top few percent in the markets?
"Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund.”
"Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund.”
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