Feb. 10 (Bloomberg) -- Daily Journal Corp., the publisher that counts on Chairman Charles Munger for ideas on deploying funds, broadened its portfolio last quarter by investing in a sixth company.
Daily Journal bought common stock in “another Fortune 200 company” in the three months ended Dec. 31, the Los Angeles-based publisher said in a regulatory filing today.
The publisher of California Lawyer magazine bought stock of two Fortune 200 companies in February 2009 and bonds of a third firm, and invested in equity of two foreign manufacturers in 2011 before the latest purchase, the filing shows. Munger, the 88-year-old vice chairman at Warren Buffett’s Berkshire Hathaway Inc., gives investing advice to the Daily Journal.
The Daily Journal has depended on Munger’s “judgment and suggestions, as well as those of J.P. Guerin, the company’s vice chairman, when selecting investments,” according to the filing. “Both of them will continue to play an important role in monitoring existing investments and selecting any future investments.”
The publisher invested about $45.2 million in its portfolio of securities, which were valued at $76.2 million as of Dec. 31. Daily Journal didn’t return a phone message seeking the names of the companies in which it invested.
Munger’s company slipped 1.3 percent to $73.95 at 4:30 p.m. in New York. The stock has advanced about 3.1 percent in the past 12 months.
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