Daily Journal
Look-through NAV vs. the share price — the "basket" (sum of its stakes + private assets − net debt) against what the market pays for the holdco. The gap is the discount/premium; watch it widen and narrow. S&P 500 · DJCO.
| Wells Fargo WFC | $118M | 28% | |
| Bank of America BAC | $115M | 27% | |
| Alibaba (ADR) BABA | $19M | 4% | |
| U.S. Bancorp USB | $8M | 2% | |
| Other / private / cash (static, 2026-03) | $260M | net debt $93M | |
Charlie Munger's former company (d. 2023). Tiny — 1.378M shares. Trades at a large PREMIUM to this model NAV (computed discount prints POSITIVE) because book value carries Journal Technologies — the wholly-owned, growing court/justice software business — at COST, not a software multiple. Marketable securities ~$430M at Mar-2026; the 13F US/ADR slice (~$241M) is the 4 stakes below (WFC/BAC/BABA/USB by share count), so ~$189M of non-13F holdings is folded into otherNAV. otherNAV ~$260M = that residual + a rough Journal Technologies mark (~$60-80M, SOFT — could be worth far more on a software multiple) + real estate. netDebt $92.5M = $20M margin loan + $72.5M deferred-tax on unrealized gains (CEF-style embedded-gains haircut). The 4 securities stakes are HIGH confidence; otherNAV is the soft leg, so the premium magnitude is overstated.
Stake prices + FX live; net debt / private NAV / share counts are estimates — verify against the holdco's NAV statement. Not investment advice.