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Daily Journal (NASDAQ:DJCO) Stock, Option Chain

Daily Journal

Daily Journal Corp publishes newspapers and websites covering California and Arizona and produces several specialized information services. The company operates in two segments: Traditional business and Journal Technologies. It also serves as a newspaper representative specializing in public notice advertising. The majority of revenue is generated from the Journal Technologies segment.

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Daily Journal Corporation (NASDAQ: DJCO) reported a consolidated net income of $51.4 million, translating to earnings of $37.32 per share for the nine months ended Jun 30, 2024.

Daily Journal Nine Months Fiscal 2024 Earnings Soar Y/Y

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With Charlie Munger no longer there, a post-Warren Buffett future for Berkshire Hathaway could be at risk from activist investors.

Activist Investor Threats Loom Over Berkshire Hathaway In Post-Buffett Era, Warns Board Member

Charlie Munger Photo by Kent Sievers on Shutterstock

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Daily Journal has warned investors of potential lower returns after Charlie Munger&#39;s passing, saying it&#39;s &#34;impossible to ever replace&#34; him.

Charlie Munger Built A $300M Stock Portfolio For Daily Journal, But Small Publisher Worries It May Not Perform Well Now: &#39;It&#39;s Impossible To Ever Replace&#39;

Daily Journal Corp. (S.C.) - Common Stock

Daily Journal Corp

Reported Earlier, Daily Journal FY24 EPS $56.73 Up From $15.58 YoY, Sales $69.93M Up From $67.71M YoY

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Shares of software companies are trading higher in sympathy with overall market strength after Donald Trump was elected president of the United States.

Daily Journal Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/djco#NASDAQ">DJCO</a>) reported a consolidated net income of $51.4 million, translating to earnings of $37.32 per share for the nine months ended Jun 30, 2024. This marks a significant increase from the previous year&#39;s earnings of $20.29 per share, which totaled $27.9 million in net income.&nbsp;
The company&#39;s consolidated revenues also saw a rise to $50.1 million from $46.2 million, growth of $3.9 million, driven primarily by higher license and maintenance fees and public service fees in its Journal Technologies segment.
Daily Journal Corporation has demonstrated a commendable financial performance with substantial gains in net income and earnings per share, though challenged by rising operational costs. The effective management of marketable securities and strategic financial decisions have notably strengthened the company&#39;s financial position. While operational expenses pose a concern, the overall financial health of DJCO appears robust, supported by strategic asset management and revenue growth in key business areas.
<div class="chart_embed">
<h3>Daily Journal Corporation Price, Consensus and EPS Surprise</h3>
<img alt="Daily Journal Corp. (S.C.) Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/a6/1723811946.png" style="height:265px; width:543px" title="" />
Daily Journal Corporation price-consensus-eps-surprise-chart | Daily Journal Corporation Quote
The fiscal period witnessed robust performance with considerable improvements in both the Traditional Business and Journal Technologies units. However, both segments faced increased operational expenses, impacting their pretax incomes. Operational costs across both business segments rose primarily due to annual salary adjustments, hiring of additional staff and increased third-party hosting fees.
</div>
The Traditional Business&#39; pretax income declined to $1.6 million from $2.3 million, a decrease attributed mainly to heightened accrued personnel costs. Conversely, Journal Technologies saw a pretax income decrease to $0.8 million from $0.9 million, with increased operating expenses offsetting revenue gains.
The company&#39;s financial health was significantly buoyed by its management of marketable securities, which contributed appreciably to non-operating income. Marketable securities held were valued at $325 million, with net pretax unrealized gains of $185.9 million. DJCO recorded a net income increase facilitated by net gains on sales of marketable securities and unrealized gains, enhancing non-operating income, net of expenses, to $65.9 million from $34.4 million.
<h3>Other Developments</h3>
During this period, the company made significant strategic financial movements, including the sale of certain marketable securities for about $40.6 million. This not only realized net gains of $14.3 million but also facilitated a substantial paydown of the margin loan balance, decreasing it to $27.5 million from $75 million. Such actions reflect a strategic approach to leveraging assets to enhance financial stability and reduce liabilities.
<a href="https://www.zacks.com/stock/news/2323128/daily-journal-djco-nine-months-fiscal-2024-earnings-soar-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2323128">To read this article on Zacks.com click here.</a>

Daily Journal 9-Month Consolidated Revenues $50.058M, Up From $46.16M Last Year

Daily Journal Reports H1 Consolidated Revenues Of $32.56M, Up From $28.45M Last Year

On March 13, 2024, the company received a letter from Nasdaq indicating that the company has a cure period in order to regain compliance as follows:
<ul>
<li>until the earlier of the company&#39;s next annual shareholders&#39; meeting or November 28, 2024; or</li>
<li>if the next annual shareholders&#39; meeting is held before May 27, 2024, then the company must evidence compliance no later than May 27, 2024.</li>
</ul>
The company intends to fill the vacancy on the company&#39;s board of directors and audit committee with a qualified individual who meets the criteria of the Nasdaq listing rules in advance of the compliance deadline.

Reported Earlier, Daily Journal Receives Nasdaq Non-Compliance Notice, Plans To Address Audit Committee Requirement

Daily Journal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>) reported quarterly earnings of $9.16 per share. This is a 29.27 percent decrease over earnings of $12.95 per share from the same period last year. The company reported $15.99 million in sales this quarter. This is a 30.01 percent increase over sales of $12.30 million the same period last year.

Daily Journal Q1 EPS $9.16 Down From $12.95 YoY, Sales $15.99M Up From $12.30M YoY

In the wake of the potential departure of the current CEO,&nbsp;Warren Buffett,&nbsp;Berkshire Hathaway Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) might be at risk from activist investors, alerts a member of the company&#8217;s board.
What Happened: Chris Davis, one of the directors of Berkshire Hathaway, cautioned about the possibility of activist investor pressure on the company once Buffett exits.
Buffet, 93, is nearing the conclusion of his tenure as CEO of Berkshire following the <a href="https://www.benzinga.com/news/23/11/35989969/charlie-munger-buffetts-trusted-partner-dies-at-99">demise</a> of his right-hand man, Charlie Munger.
Davis recognized Buffett and Munger&#8217;s dedication to their shareholders as &#8220;the greatest stewards almost in the history of capitalism," on the <a href="https://www.youtube.com/watch?v=s9Cfd-dEsmA&amp;t=1429s">latest</a> Excess Returns podcast, as <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-activist-investing-chris-davis-munger-culture-2024-1">reported</a> by Business Insider. He envisions an influx of shareholder proposals targeted at short-term value after their departure, potentially undermining the long-term value.
See Also: <a href="https://www.benzinga.com/markets/equities/23/12/36436943/charlie-munger-built-a-300m-stock-portfolio-for-daily-journal-but-small-publisher-worries-it-may">Charlie Munger Built A $300M Stock Portfolio For Daily Journal, But Small Publisher Worries It May Not Perform Well Now: &#8216;It&#8217;s Impossible To Ever Replace&#8217;</a>
Buffett and Munger had designed Berkshire as a cluster of self-governing subsidiaries, allowing them to concentrate on capital allocation and hand over daily management to different CEOs. Critics, however, argue that this structure could be more efficient, thus leading to potential calls for changes.
Davis highlighted the board&#8217;s role in maintaining the company&#8217;s culture, asserting that directors should &#8220;stay focused on the long&nbsp;term.&#8221;
Why It Matters: The demise of&nbsp;<a href="https://www.benzinga.com/news/23/11/35989969/charlie-munger-buffetts-trusted-partner-dies-at-99">Charlie Munger</a>, Buffett&#8217;s long-time confidant and vice-chairman of Berkshire Hathaway, and the anticipated departure of Buffett himself marks a significant transition for the company.
They built Berkshire into a massive holding company with a market capitalization exceeding $791 billion.
In&nbsp;<a href="https://www.benzinga.com/markets/equities/23/12/36436943/charlie-munger-built-a-300m-stock-portfolio-for-daily-journal-but-small-publisher-worries-it-may">response to Munger&#8217;s death</a>, the Daily Journal Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>) expressed concerns about future returns, stating it&#8217;s &#8220;impossible to ever replace&#8221; Buffett&#8217;s investment partner.
The anticipated activist investor pressure could potentially lead to a shift in Berkshire&#8217;s structure and operations. The company&#8217;s ability to navigate these challenges will significantly influence its future.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36621548/kevin-oleary-expresses-doubts-about-bitcoin-etfs-despite-recent-success-they-add-no-value-">Kevin O&#8217;Leary Expresses Doubts About Bitcoin ETFs Despite Recent Success: &#8216;They Add No Value To Me&#8217;</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo by Fortune Live Media on Flickr

In the aftermath of renowned investor Charlie Munger&#8216;s <a href="https://www.benzinga.com/news/23/11/35989969/charlie-munger-buffetts-trusted-partner-dies-at-99">death</a> in November, the Daily Journal Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>) has cautioned its shareholders about the likelihood of lower future returns, saying it's "impossible to ever replace" Warren Buffett's investment partner.
What Happened: Munger, who was known for being Buffett&#8216;s confidant and the vice-chairman of Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>), led the Daily Journal for around 45 years. He initiated the strategy of investing the publisher&#8217;s surplus cash into the stocks of other enterprises during the height of the financial crisis.
&#8220;Although the Board will work to ensure that the portfolio remains well-managed, it&#8217;s impossible to ever replace Mr. Munger," the journal said.
The Daily Journal spelled out its warning in a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/783412/000143774923035452/djco20230930_10k.htm">filing</a> with the Securities and Exchange Commission, initially <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-stock-portfolio-daily-journal-death-warning-buffett-berkshire-2023-12">reported</a> by Business Insider.
"Given the loss of Mr. Munger, the Company does not expect the future financial performance of its marketable securities portfolio to rival its past performance," it added.
See Also: <a href="https://www.benzinga.com/news/23/12/36381266/openais-sam-altman-is-feeling-good-about-this-prediction-he-made-27-months-ago">OpenAI's Sam Altman Is ‘Feeling Good' About This Prediction He Made 27 Months Ago</a>
Munger kickstarted his investment strategy with a notable risk – he plowed in $20.4 million in stocks while the journal reported $40 million in total revenues and $12 million in operating income that year.
However, the gamble quickly turned profitable, yielding $34 million in unrealized gains by September that year as stocks surged.
During his nearly 13-year term, Munger, a critic of excessive diversification, limited the Daily Journal&#8217;s stock portfolio to eight or fewer companies.
By investing in firms like Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), and Tesla competitor BYD. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDFF#OTC">BYDFF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), the publisher&#8217;s stockholdings rose to $303 million as of Sept. 30 this year, which includes $138 million in unrealized gains.
To put it in perspective, Daily Journal reported approximately $68 million in revenue and $7 million in operating income last fiscal year.
Why It Matters: With the loss of Munger, one of history&#8217;s most successful investors, Daily Journal is adjusting its shareholders&#8217; future expectations. However, the publisher&#8217;s remarks emphasize the substantial influence Munger had on a business that&#8217;s notably less renowned than Berkshire.
Munger&#8217;s death was mourned by many, including Buffett, <a href="https://www.benzinga.com/news/23/11/35991781/warren-buffett-praises-charlie-mungers-inspiration-wisdom-participation-at-berkshire-hathaway-after">who praised Munger&#8217;s</a> &#8220;inspiration, wisdom, and participation&#8221; at Berkshire Hathaway.
The veteran investor, who had no plans of retirement, was introduced to Buffett in 1959 and the duo built Berkshire Hathaway into a holding company giant with over $784 billion in market capitalization.
Read Next: <a href="https://www.benzinga.com/news/23/12/36395612/openai-investor-vinod-khosla-ponders-about-this-key-question-as-billionaires-start-wondering-about-i">OpenAI Investor Vinod Khosla Ponders About This &#8216;Key Question&#8217; As Billionaires Start Wondering About Interest Rate Cuts</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo by Kent Sievers on Shutterstock

Charlie Munger Built A $300M Stock Portfolio For Daily Journal, But Small Publisher Worries It May Not Perform Well Now: 'It's Impossible To Ever Replace'

During fiscal 2023, Daily Journal Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>) had consolidated revenues of&nbsp;$67,709,000&nbsp;as compared to&nbsp;$54,009,000&nbsp;in the prior year.
&nbsp;There was consolidated net income of&nbsp;$21,452,000&nbsp;($15.58&nbsp;per share) for fiscal 2023, as compared to a consolidated net loss of&nbsp;$75,624,000&nbsp;(-$54.81&nbsp;per share) in the prior fiscal year

Daily Journal Corporation Reports FY23 Revenue $67.71M Up From $54.01M YoY; Net Income $21.45M Up From Net Loss $75.62M YoY

&#8220;The whole secret of investment is to find places where it is safe and wise not to diversify,&#8221; were the words of Charlie Munger, who <a href="https://www.benzinga.com/news/23/11/35989969/charlie-munger-buffetts-trusted-partner-dies-at-99">died on Tuesday</a> at the age of 99. This principle stood as one of the central tenets of his approach to investing.
Working on the belief that good investment ideas are few and far between — &#8220;Life is not just bathing you with unlimited opportunities&#8221; — Munger held very few stocks in his personal investment portfolio.
But those he did hold, he was rigidly committed to. At his death, Munger owned stock positions in just three companies:
Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>): Munger was vice-chairman and helped chairman Warren Buffett turn the company from a textiles manufacturer into a large insurance and investment conglomerate.
Buffett began buying shares in Berkshire Hathaway in 1962, believing it to be undervalued, and by 1967 he had majority control and branched into the insurance business.
&#8220;If you&#8217;re Warren, you want to be the house, not the punter,&#8221; Munger said.
At his death, Munger owned a little over 4,000 shares in Berkshire Hathaway, worth more than $2 billion.
Also Read: <a href="https://www.benzinga.com/news/23/11/35989969/charlie-munger-buffetts-trusted-partner-dies-at-99">Charlie Munger, Warren Buffett&#8217;s Trusted Partner, Dies At 99</a>
Costco (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>): Munger was a director since 1997, and Costco was one of his favorite investments.
When Berkshire Hathaway exited its stake in Costco in 2020, Munger held on to his personal stake of around 187,000 shares, worth around $95 million.
Munger said of the company: &#8220;I wish everything else in America was working as well as Costco does.&#8221;
Daily Journal Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>): He was chairman of the publishing and technology company since 1977.
Daily Journal was also another investment vehicle for Munger, and it owns shares in Alibaba (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) — worth $37.5bn, as well as Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOC#NYSE">BOC</a>) — worth nearly $89 million, Wells Fargo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) — $62 million, and US Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>) — $7.7 billion.
<h2 class="wp-block-heading">Value Investing</h2>
At the heart of all of Munger&#8217;s investment ideas, whether for his own portfolio or for that of Berkshire Hathaway, was value investing. Buying stocks that show long-term growth and pay dividends. He claimed the big money was not in buying and selling but in buying and waiting.
And value investing is not just about buying cheap. Munger said: &#8220;Forget what you know about buying fair businesses at wonderful prices. Instead, buy wonderful businesses at fair prices.&#8221;
Thus, buying quality and being patient were the principal facets of Berkshire Hathaway&#8217;s success.
And upon finding stocks that matched the above investment criteria, Munger said investors must seize the moment. Quoting his grandfather — perhaps Munger&#8217;s best-known piece of investment advice was: &#8220;When you get a lollapalooza, for God&#8217;s sake, don&#8217;t hang by like a timid little rabbit.&#8221;
Now Read: <a href="https://www.benzinga.com/general/23/11/35991989/heres-how-much-berkshire-hathaway-stock-charlie-munger-owned-why-it-was-so-much-less-than-warren-buf">Here&#8217;s How Much Berkshire Hathaway Stock Charlie Munger Owned</a>
Image created using artificial intelligence with MidJourney.

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Charlie Munger's 'Buy And Hold' Thesis May Seem Tame, But It Worked For Berkshire Hathaway

Charles Munger, the billionaire businessman and attorney best-known as Warren Buffett&rsquo;s right-hand man at Berkshire Hathaway, died on Tuesday at the age of 99.
With no thought of retirement, the finance sage had worked with Buffett since 1959, when the two were introduced at a dinner. Together, they ran Berkshire Hathaway Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-a#NYSE">BRK-A</a>)(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-b#NYSE">BRK-B</a>), with Buffett at the helm and Munger as vice chairman. Together they build Berkshire into a giant holding company with a market captilization of over $784&nbsp;billion.
Munger also served as chairman of the Daily Journal Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/djco#NASDAQ">DJCO</a>) and as a director at Costco Wholesale Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cost#NASDAQ">COST</a>).
Munger spent some time in real estate law, co-founding Munger, Tolles &amp; Olson in California before shifting permanently to investing. A short-lived partnership proceeded his chairmanship at Wesco Financial Corporation, a subsidiary of Berkshire Hathaway.
While in the U.S. Army he learned a skill that served him well in business: card playing. It was something he was quoted as saying&nbsp;affected his approach to stock trading.
Among the other stock trading approaches Munger was known for was the &ldquo;Lollapalooza effect,&rdquo; the principle of inversion and steering Buffett away from what he called the &ldquo;cigar-butt&rdquo; version of value investing: when an investor buys a dying business worth $1 for $0.75 just &ldquo;to get the 0.25% of free puff&rdquo; that&rsquo;s left in the business, ultimately meaning don&rsquo;t buy a troubled business at a discount because the immediate gain will be eroded by low returns.
He recommended buying a good business: &ldquo;Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices.&rdquo;
Munger was outspoken about the need for maintaining ethical business standards, and credited them to his success.
Munger was vocal in his criticism of cryptocurrencies, referring to Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as a &ldquo;noxious poison&rdquo; and the &ldquo;go-to payment method for criminals.&rdquo;
Charles Thomas Munger was born Jan. 1, 1924, in Omaha, Nebraska. He was the son of Alfred C. Munger, an attorney, and Florence Russell Munger. He had two sisters, Mary Munger and Coral Munger.
Munger worked bagging groceries at Buffett &amp; Son, a grocery store owned by Buffett&rsquo;s grandfather.
He is among the billionaire college dropouts, having cut short his stint at the University of Michigan, where he studied mathematics, to enter the U.S. Army Air Corps. He was trained as an meterologist and became a second lieutenant.
Munger continued studies in meterology at Caltech in Pasadena, California, making the town his permanent home.
Munger applied to Harvard Law School, his father&rsquo;s alma mater, but was rejected because he had not obtained an undergraduate degree. After a phone call from a family friend, Roscoe Pound, who also happened to be the former dean of the school, Munger was accepted and graduated magna cum laude with a J.D.
Munger had been married twice. His first marriage was to Nancy Jean Huggins in 1945 with whom he had three children. It ended in divorce in 1953. His second marriage was to Nancy Berry Borthwick in 1956 and lasted until she died in 2010. He had four children and two step-children with Borthwick.
Munger&rsquo;s philanthropy focused on education, donating to University of Michigan Law School, Stanford University, and Universtiy of California, Santa Barbara.
When Munger was in his 50s, he had a failed cataract surgery, which made him blind in his left eye, eventually removing it. He still had sight in his right eye.
Munger was the author of &ldquo;Poor Charlie&rsquo;s Almanack: The Wit and Wisdom of Charles T. Munger&rdquo; and &ldquo;On Success.&rdquo;
Related Link:<a href="https://www.benzinga.com/news/18/05/11657806/munger-berkshire-has-been-too-restrained-in-buying-apples-stock"> Munger: Berkshire Has Been &#39;Too Restrained&#39; In Buying Apple&#39;s Stock</a>
Taylor Cox contributed to this report.
Photo: Shutterstock

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Charlie Munger, Warren Buffett's Trusted Partner, Dies At 99

<h3>Gainers</h3>
<ul>
<li>Asset Entities (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASST#NASDAQ">ASST</a>) shares increased by 86.8% to $0.62 during Monday's regular session. The market value of their outstanding shares is at $8.6 million. </li>
<li>MoneyHero (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNY#NASDAQ">MNY</a>) shares moved upwards by 29.62% to $3.15. The market value of their outstanding shares is at $121.2 million. </li>
<li>Direct Digital Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRCT#NASDAQ">DRCT</a>) stock moved upwards by 27.89% to $11.37. The market value of their outstanding shares is at $162.2 million. </li>
<li>Mobiquity Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOBQ#NASDAQ">MOBQ</a>) shares moved upwards by 16.85% to $0.52. The company's market cap stands at $1.4 million. </li>
<li>Telecom Argentina (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEO#NYSE">TEO</a>) stock moved upwards by 11.11% to $8.6. The company's market cap stands at $3.7 billion. </li>
<li>Society Pass (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOPA#NASDAQ">SOPA</a>) shares moved upwards by 10.7% to $0.29. The market value of their outstanding shares is at $8.3 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Starbox Group Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STBX#NASDAQ">STBX</a>) stock declined by 16.9% to $0.29 during Monday's regular session. The market value of their outstanding shares is at $21.1 million. </li>
<li>Anghami (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANGH#NASDAQ">ANGH</a>) shares fell 15.31% to $2.38. The market value of their outstanding shares is at $61.8 million. </li>
<li>Daily Journal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJCO#NASDAQ">DJCO</a>) shares decreased by 12.18% to $295.89. The company's market cap stands at $407.4 million. </li>
<li>HUYA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUYA#NYSE">HUYA</a>) shares fell 10.01% to $3.46. The market value of their outstanding shares is at $824.4 million. </li>
<li>WiMi Hologram Cloud (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIMI#NASDAQ">WIMI</a>) shares fell 7.9% to $0.64. The market value of their outstanding shares is at $55.1 million. </li>
<li>DouYu Intl Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOYU#NASDAQ">DOYU</a>) stock declined by 7.87% to $0.82. The company's market cap stands at $262.2 million. 
See Also: <a href="http://www.benzinga.com/money/best-communication-services-stocks/" title="www.benzinga.com/money/best-communication-services-stocks/">www.benzinga.com/money/best-communication-services-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Throughout almost a century of life experience, billionaire and Berkshire Hathaway Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-a#NYSE">BRK-A</a>) (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-b#NYSE">BRK-B</a>) vice chairman Charlie Munger has discovered the secret to a happy, healthy, wealthy life is learning to recognize and ignore one basic human emotion that <a href="https://www.benzinga.com/news/23/05/32319092/secret-to-success-get-toxic-people-out-of-your-life-fast-says-billionaire-charlie-munger">weighs people down like an anchor.</a>
Forbes estimates Munger&#39;s wealth at roughly $2.4 billion, and he has spent a large portion of his career in the shadow of partner and Berkshire CEO Warren Buffett, who has an estimated net worth of $113.6 billion. However, instead of comparing himself to Buffett or any other billionaire, Munger says he simply focuses on his own financial success.
&quot;Someone will always be getting richer faster than you. This is not a tragedy,&quot; Munger once <a href="https://www.gurufocus.com/news/857140/charlie-munger-on-envy-and-jealousy">famously said.</a>
Also Read:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/05/32258867/could-warren-buffett-finally-make-a-bet-on-tesla-after-praising-elon-musk-top-analy">Could Warren Buffett Finally Make A Bet On Tesla After Praising Elon Musk? Top Analyst Reacts</a>
Better Motivations: Instead of being envious of the possessions and accomplishments of others, Munger says his motivation throughout his career has been to achieve financial and professional freedom. By choosing not to construct and participate in an arbitrary mental competition&nbsp;among himself, Buffett, and all the other billionaires in the world, Munger can truly enjoy his success and not take on unnecessary financial risk chasing a dragon he will never catch.
&quot;The world is not driven by greed. It&rsquo;s driven by envy,&quot;&nbsp;Munger said at the recent <a href="https://www.youtube.com/watch?v=8RxLj9OVqLo&amp;ab_channel=YahooFinance">annual meeting</a> of the Daily Journal Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/djco#NASDAQ">DJCO</a>).
&quot;I don&rsquo;t give a damn what someone else has. But other people are driven crazy by it.&quot;
Not only is envy a sin, Munger said there&#39;s an argument for it being the worst sin of all.
&quot;Envy is a really stupid sin because it&rsquo;s the only one you could never possibly have any fun at. There&rsquo;s a lot of pain and no fun. Why would you want to get on that trolley?&quot;&nbsp;he once said.
Envy And Mental Health: Munger has also pointed out the irrationality of envy, comparing the conditions he lived through during the Great Depression to the high living standards of modern times. Despite drastic improvements to the average American&#39;s quality of life in the past century, there has been a significant deterioration of <a href="https://mhanational.org/issues/state-mental-health-america">mental health</a>, including&nbsp;a rise in anxiety and&nbsp;depression.&nbsp;
&ldquo;The fact that everybody&rsquo;s five times better off than they used to be, they take that for granted,&rdquo; Munger said. &ldquo;All they think about is somebody else [has] more now, and it&rsquo;s not fair that he should have it, and they don&rsquo;t.&rdquo;
In fact, Munger once mentioned eliminating envy as one of his six &quot;simple rules&quot; for living a long, happy, successful life:
&quot;You don&rsquo;t have a lot of envy. You don&rsquo;t have a lot of resentment. You don&rsquo;t overspend your income. You stay cheerful in spite of your troubles. You deal with reliable people. And you do what you&rsquo;re supposed to do.&quot;
Now Read:&nbsp;<a href="https://www.benzinga.com/news/23/05/32367160/charlie-munger-says-most-money-managers-are-little-more-than-fortune-tellers-and-data-backs-him-up-7">Charlie Munger Says Most Money Managers Are Little More Than Fortune Tellers, and Data Backs Him Up &mdash; 79% of Fund Managers Underperformed</a>
Photo:&nbsp;<a href="https://www.flickr.com/photos/nickwebb/" id="yui_3_16_0_1_1651148520226_126040" target="_blank" title="Go to Nick Webb's photostream">Nick Webb</a>&nbsp;on Flickr.

Personal Finance

Billionaire Charlie Munger Reveals Key To Wealth, Health And Happiness: Conquer 1 Basic Human Emotion

The latest batch of inflation data sent U.S. Treasury rates to the highest level since November and the SPDR S&amp;P 500 ETF Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) lower once again&nbsp;this week.
On Tuesday, the Labor Department said the consumer price index <a href="https://www.benzinga.com/markets/23/02/30904502/tuesdays-market-minute-breaking-down-january-cpi">gained 6.4%</a> in January, down from a 6.5% increase in December but above economist estimates of a 6.2% gain. Core CPI inflation, which excludes volatile food and energy prices, was 5.6% in January, also higher than economist estimates of 5.5%.
Related Link:&nbsp;<a href="https://www.benzinga.com/markets/23/02/30904502/tuesdays-market-minute-breaking-down-january-cpi">Tuesday&#39;s Market Minute: Breaking Down January CPI</a>
On Thursday, the Labor Department reported the producer price index <a href="https://www.benzinga.com/news/earnings/23/02/30956570/market-volatility-rises-sharply-following-ppi-data">rose 0.7%</a> month-over-month in January, exceeding market estimates of a 0.4% gain and marking its largest increase in seven months. Following the PPI reading, the 10-year U.S. Treasury yield climbed as high as 3.929% on Friday morning, the highest level since November.
On Wednesday, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)&nbsp;prices topped $24,000 for the first time since August, but 99-year-old Berkshire Hathaway Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-a#NYSE">BRK-A</a>) (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-b#NYSE">BRK-B</a>) vice chairman <a href="https://www.benzinga.com/markets/cryptocurrency/23/02/30949791/berkshire-hathaways-charlie-munger-calls-cryptocurrency-worthless-antisocial">Charlie Munger</a> didn&#39;t pull any punches when expressing his disdain for cryptocurrencies at the Daily Journal Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/djco#NASDAQ">DJCO</a>) annual shareholder meeting. Munger called crypto investors &quot;idiots&quot; and said the cryptocurrency market is &quot;crazy, stupid gambling.&quot;
Related Link:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/02/30949791/berkshire-hathaways-charlie-munger-calls-cryptocurrency-worthless-antisocial">Berkshire Hathaway&#39;s Charlie Munger Calls Cryptocurrency &#39;Worthless,&#39; &#39;Antisocial&#39;</a>
On Thursday, the National Highway Traffic Safety Administration (NHTSA) announced electric vehicle maker Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) is recalling <a href="https://www.benzinga.com/government/23/02/30948884/tesla-stock-skids-on-recall-notice-for-full-self-driving-collision-potential-what-you-need-to-know">362,758 vehicles</a> equipped with the beta version of its Full Self-Driving software, which the NHTSA said &quot;increases the risk of a crash.&quot; Tesla shares dropped 5.5% on Thursday, but the company said the issues will be addressed via a free, over-the-air software update.
Odds On Favorite: DraftKings Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dkng#NASDAQ">DKNG</a>) shares rallied Friday after the sports gambling company reported record fourth-quarter revenue and raised its 2023 sales guidance.
In the week ahead, investors will get more quarterly reports from Coinbase Global Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coin#NASDAQ">COIN</a>) on Tuesday, NVIDIA Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) on Wednesday and Block Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sq#NYSE">SQ</a>) and Alibaba Group Holding Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) on Thursday.
The communications services sector&#39;s 23.9% earnings drop in the fourth quarter is the largest earnings decline of any S&amp;P 500 sector, according <a href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_021023.pdf">to FactSet.</a>
Economic Numbers: Following the Monday Presidents&#39; Day stock market holiday, Wall Street will get more key economic updates on Wednesday when the Federal Reserve releases its latest meeting minutes and on Friday when the U.S. Bureau of Economic Analysis releases its January core personal consumption expenditures price index reading.

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The world&rsquo;s largest hedge fund, Bridgewater Associates, was founded by Ray Dalio in 1985. Dalio sits as the co-chief investment officer managing roughly $150 billion in<a href="https://www.benzinga.com/news/22/10/29335919/ray-dalio-recalls-jeff-bezos-quote-on-making-mistakes-if-you-dont-have-the-willingness-to-fail"> assets under management</a>.
Meanwhile, Charlie Munger is the chairman of newspaper publisher Daily Journal Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/djco#NASDAQ">DJCO</a>) and sits on the board of retailer Costco Wholesale (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cost#NASDAQ">COST</a>). Munger also holds a vice chairman seat on Berkshire Hathaway (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-b#NYSE">BRK-B</a>), controlled by Warren Buffett &mdash; his closest partner and friend.
Here are two dividend stocks Charlie Munger&rsquo;s Daily Journal and the world&rsquo;s largest hedge fund share in common.
Also Read:&nbsp;<a href="https://www.benzinga.com/money/education">Personal Finance and Professional Advancement Courses and Guides</a>
<ul>
<li>U.S. Bancorp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/usb#NYSE">USB</a>) is offering a dividend yield of 4.68% or $1.92 per share annually, making quarterly payments, with a track record of increasing its dividend payments for 11 consecutive years. U.S. Bancorp has branches in more than 20 states, primarily in the Western and Midwestern U.S. In the second quarter, Munger owned 140,000 common shares, while Dalio owned over 400,000 shares.</li>
<li>Wells Fargo &amp; Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wfc#NYSE">WFC</a>) is offering a dividend yield of 2.66% or $1.20 per share annually, through quarterly payments, with a track record of increasing its dividends once in the past year. Wells Fargo is one of the largest banks in the U.S., with more than 12,000 ATMs and some 4,900 retail banking branches coast-to-coast. During the second quarter, Dalio held north of 1 million shares, while Munger held over 1.5 million <a href="https://www.benzinga.com/trading-ideas/long-ideas/22/10/29309564/recession-is-imminent-this-wells-fargo-exec-says-how-to-navigate-the-bear-market-rally">shares in Wells Fargo</a>.</li>
</ul>
See Also: <a href="https://www.benzinga.com/general/entertainment/22/09/28803527/charlie-munger-says-this-is-the-smartest-person-hes-ever-met-and-its-not-warren-buffett">The Smartest Person Munger Ever Met, And It&#39;s Not Buffett</a>

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2 Bank Stocks Ray Dalio And Charlie Munger Share: How's Their Track Record When It Comes To Dividend Payments?

Warren Buffett&rsquo;s right-hand man and Vice Chairman of Berkshire Hathaway (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-a#NYSE">BRK-A</a>) (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-b#NYSE">BRK-B</a>), Charlie Munger, first worked for Buffett&rsquo;s grandfather before becoming a partner. Munger also serves as the Chairman of the Daily Journal Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/djco#NASDAQ">DJCO</a>).
The Daily Journal publishes newspapers and websites covering California and Arizona, and produces several specialized information services. Buffett and Munger both hold enormous positions in the Bank of America, while Munger solely owns POSCO Holdings.
POSCO Holdings Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pkx#NYSE">PKX</a>) is offering a dividend yield of 7.19% or $2.95 per share annually, making quarterly payments, with an inconsistent track record of increasing its dividend payments. POSCO Holdings is the largest steel producer in South Korea and one of the top steel producers globally, mainly producing flat steel and stainless steel.
Posco controls around 40% of South Korean domestic market share and exports around 45%-50% of its steel products overseas, mainly to Asian countries.
Go To:&nbsp;<a href="https://www.benzinga.com/general/entertainment/22/09/28803527/charlie-munger-says-this-is-the-smartest-person-hes-ever-met-and-its-not-warren-buffett">Charlie Munger Says This Is The &#39;Smartest Person&#39; He&#39;s Ever Met &mdash; And It&#39;s Not Warren Buffett</a>
Bank Of America Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) is offering a dividend yield of 2.64% or 88 cents per share annually, using quarterly payments, with a decent track record of increasing its dividends for two years.<a href="https://www.benzinga.com/news/22/08/28633109/bank-of-america-ramps-up-digital-offerings-to-capitalize-on-expanding-e-commerce-volumes-report"> Bank of America</a> is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets, as of 2021.
In the second quarter, Bank of America returned $2.7 billion to shareholders through common stock dividends and share repurchases.
&ldquo;We believe our earnings generation over the next 18 months will provide ample capital to support growth, pay dividends, buy back shares and continue to invest in our people, platforms and communities as we grow into new regulatory capital level requirements&rdquo;, said Chief Financial Officer, Alastair Borthwick.
Photo: Created with an image from&nbsp;<a href="https://www.flickr.com/photos/nickwebb/" id="yui_3_16_0_1_1651148520226_126040" target="_blank" title="Go to Nick Webb's photostream">Nick Webb</a>&nbsp;and&nbsp;<a href="https://www.flickr.com/photos/fortunelivemedia/" id="yui_3_16_0_1_1651148520226_155402" target="_blank" title="Go to Fortune Live Media's photostream">Fortune Live Media</a>&nbsp;on Flickr

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Charlie Munger Holds These 2 Dividend Stocks And Shares 1 With Warren Buffett

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