DJCO

Structural: hybrid of three unrelated businesses - (1) declining legal/public-notice newspapers (The Daily Journal, LA Daily Journal, San Francisco Daily Journal), (2) Journal Technologies, a SaaS-transition court/justice software business with multi-year backlog from US state/county courts, and (3) a Munger-legacy concentrated equity book ~$300M+ that dominates book value and GAAP earnings via mark-to-market accounting.

Bull case: Journal Technologies revenue compounding mid-single-digits with sticky multi-year court contracts and SaaS ARR shift expanding margins; legal-notice print remains a cash cow tied to foreclosure and probate volumes; equity portfolio gives optionality and a tangible book floor; tiny float + Munger-disciple shareholder base = structurally illiquid premium; no dilution, no debt.

Bear case: Journal Technologies operating margins thin and lumpy (implementation services drag); print legal newspapers in secular decline as e-filing kills public-notice mandates; portfolio concentration in financials (BAC/WFC/USB) imports bank-cycle volatility into reported EPS; post-Munger (d.

Nov 2023) capital-allocation question unresolved; sub-$1B market cap = no institutional sponsorship + wide bid/ask.