Warren Buffett Disciple Guy Spier’s 10 High Conviction Stock Picks

8. Daily Journal Corporation (NASDAQ:DJCO)

Value of Aquamarine Capital Management’s 13F Position (6/30/2024): $4.54 million

Number of Hedge Fund Shareholders (3/31/2024): 5

The esteem with which Guy Spier holds Warren Buffett and his long-time right hand man, the late Charlie Munger, is evident through his prominent investments in both Buffett’s Berkshire and Munger’s Daily Journal Corporation (NASDAQ:DJCO). The latter company’s stock was owned by just four other hedge funds as of March 31, only one of which had greater than 0% exposure to it (that being Touk Sinantha’s AltraVue Capital). Spier’s fund has 1.72% exposure to DJCO.

Munger, who passed away last year at the age of 99, bought the Daily Journal Corporation (NASDAQ:DJCO) in 1977, which we discussed in our look back at Charlie Munger’s Life History & Stock Portfolio: 4 Biggest Positions. In its first financial report since Munger’s passing, the newspaper publisher and software company pulled in $32.6 million in revenue, a 14% year-over-year increase, driven primarily by increased software licensing and maintenance fees.

Daily Journal Corporation (NASDAQ:DJCO) also boasts a noteworthy portfolio of close to $300 million in marketable securities as of March 31. That portfolio was largely overseen by Mr. Munger and it’s unclear what direction the company will now take with those assets. It sold off just over $40 million worth of securities during the six-month period ended March to pay down more than half its margin loan balance.