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Charlie Still Gots It


claphands22
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Charlie Munger's Daily Journal Corporation loaded up on equities a few months ago....and he did well.

 

"Company purchased marketable securities of $20,424,000 and had an unrealized gain on its investments of $25,898,000. All the marketable securities are common stocks and bonds, and almost all of the unrealized appreciation was in the common stocks."

 

http://www.ad-hoc-news.de/journal-daily-journal-corporation-announces-financial--/de/Unternehmensnachrichten/20429045

 

10Q http://www.sec.gov/Archives/edgar/data/783412/000114036109018729/form10q.htm

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What's interesting is that unlike Berkshire, Munger put all of the money to work between December 31, 2008 and March 31, 2009.  Couldn't have picked a more opportune time to pick and choose what he wanted, and things obviously had become cheap enough for him.  Cheers!

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Actually it looks like he bought WFC during the early March lows (Buffett was also quoted on CNBC that if he could have put 100% of his money on one stock it would have been WFC at that point in time).

 

Cost basis.........$15,501 m  (intra-quarter)

Mar 31 mark......$24,713 m (+59% gain from cost)

Jun 30 mark.......$41,126 m (+66% gain from end of Q1)

 

WFC at $ 9.00  in early March bank stock panic

WFC at $14.24 at the end of Q1  (+58% from $9)

WFC at $24.26 at the end of Q2  (+70% from end of Q1)

 

I've run screens and can't find any stocks that would match both the Q1 intra-quarter gain from the low for each stock in Q1 PLUS the Q1 to Q2 gain.

 

No way of knowing for sure until DJCO discloses what it owns, but it sure looks like it could be that Munger loaded the boat on WFC at the March lows.  If true, then there's a further 12% gain in this Q so far at current prices for WFC.

 

wabuffo

 

 

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