- Charlie Munger’s Daily Journal Portfolio has just five positions.
- The portfolio has been largely untouched since their first 13F filing for Q4 2013.
- The portfolio remained steady this quarter as well.
Charlie Munger’s Daily Journal portfolio value remained
steady at ~$197M this quarter. Since their first 13F filing in Q4 2013, there
have only been two changes to the holdings: POSCO was reduced significantly in
Q4 2014 and a large position was initiated in Alibaba Group Holdings in Q4
2020. After accounting for those two changes, the portfolio has remained
remarkably steady over the last seven years. To know more about Charlie Munger,
check out the book Poor Charlie's Almanack: The Wit and
Wisdom of Charles T. Munger.
Regarding the origins of this portfolio in 2009, Charlie
Munger said the following during Daily Journal’s (DJCO) 2018 AGM Q&A: “In
addition to Daily Journal's businesses, we have a great bundle of securities
and want to dispel again that this is not some minor version of Berkshire. We
have a bundle, because we bought them at a time when we preferred to own them
to holding cash and had a lot of extra liquidity on hand that came to us by
accident. The chances of more gains like what we have done in the last four or
five years is zero. Oh, well we will have a big gain next quarter, because of a
deferred tax reduction from the Trump tax code change, so we will look like a
genius for one more quarter, I suppose.” The cost-basis of the positions
acquired at the time was $63.4M.
The spreadsheet below shows Charlie Munger's Daily Journal 13F
stock holdings as of Q1 2021. Please visit our previous updates to get an
idea on how the portfolio has progressed:
To learn more about how to profit from a strategy of cloning
hedge fund picks, check out our book Profiting from Hedge Funds: Winning
Strategies for the Little Guy .
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