Tags: Munger | Buffett | Wells Fargo | BofA

Munger's Daily Journal Discloses Stakes in BofA, Wells Fargo

Tuesday, 11 Feb 2014 03:51 PM

Daily Journal Corp., the publisher that counts Charles Munger as chairman, disclosed stakes in Bank of America Corp. and Wells Fargo & Co.

Munger’s company had 1.59 million shares of San Francisco-based Wells Fargo as of Dec. 31, Daily Journal said in a regulatory filing today. That holding is valued at more than $72 million, based on yesterday’s closing price of $45.52. The stake in Bank of America is valued at about $38.5 million.

Munger, best known as the vice chairman at Warren Buffett’s Berkshire Hathaway Inc., helped more than quadruple the Daily Journal’s stock price since 2008 by reallocating investments into equities. The publisher had previously withheld the names of companies in its securities portfolio. Daily Journal said last year that jumping into stocks was the safe move during the financial crisis.

“The board recognized that this decision would be contrary to the conventional (but questionable) notion that the least risky way to preserve corporate capital for the long-term benefit of stockholders is to invest it in government bonds at interest rates approximating zero,” an attorney for Los Angeles-based Daily Journal wrote in a letter to the U.S. Securities and Exchange Commission last year.

The Daily Journal also had investments in U.S. Bancorp and Posco, South Korea’s biggest steelmaker. Omaha, Nebraska-based Berkshire has invested in the three banks in which Daily Journal disclosed stakes and also Posco.

Munger, 90, and Daily Journal Vice Chairman J.P. Guerin select the securities, which “given their experience and knowledge of investing, required very little time,” the company said in the letter to the SEC.

Daily Journal’s publications include California Lawyer magazine and newspapers which cover legal affairs, business and real estate.

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Daily Journal Corp., the publisher that counts Charles Munger as chairman, disclosed stakes in Bank of America Corp. and Wells Fargo & Co.
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2014-51-11
Tuesday, 11 Feb 2014 03:51 PM
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