FRI, APR 01, 2022
Munger steps down as Daily Journal chairman
After 45 years, Charlie Munger has decided to "relinquish" his chairman title at Daily Journal.
A filing by the company says Munger, who is 98 years old, will remain on its board of directors, and "as such will continue to pay particular attention to matters with which he has been involved in the past, including the company's securities portfolio."
Munger recently generated some headlines when Daily Journal bought around $45 million of stock in Alibaba, the Chinese online retailer.
Munger is also donating $1 million of his own Daily Journal stock to create a new equity incentive plan at the company.
In a news release, he's quoted as saying the gift reflects "the confidence I have in the existing team" and new Chairman and CEO Steven Myhill-Jones.
Charlie Munger on CNBC's "Squawk Box" - May 8, 2017 | CNBC photo
Munger has been holding Q&A sessions at the company's annual meetings, similar to what he and Warren Buffett do at Berkshire Hathaway's annual meetings.
"It wasn't immediately clear whether those will continue," Reuters reports.
At the meeting in February, Munger said, "it's going to be way harder for the group that's graduated from college now ... to get rich and stay rich," and compared cryptocurrencies to "some venereal disease."
Daily Journal publishes newspapers and web sites covering legal news in California and Arizona, and also provides software to courthouses,
Berkshire thrashes Tesla in Q1, but that's not the surprise
Berkshire is a value stock, it notes, and value stocks did much better than growth stocks like Tesla in the quarter.
But Tesla is the only trillion-dollar company that managed even a small gain in the first three months of the year. Alphabet, Amazon.com, Microsoft, and Apple all fell between 2% and 8%.
Barron's thinks Tesla's January announcement that fourth quarter deliveries were stronger than expected may be responsible for lifting it into positive territory in the first quarter.
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BERKSHIRE'S TOP U.S. STOCK HOLDINGS - Apr. 1, 2022
Berkshire's top holdings of disclosed publicly-traded U.S. stocks by market value, based on today's closing prices.
Holdings are as of December 31, 2021 as reported in Berkshire Hathaway’s 13F filing on February 14, 2022, except for Apple, Bank of America, and U.S. Bancorp, which also include shares held as of December 31, 2021 as disclosed in New England Asset Management’s 13F filing on February 14, 2022, and except for Occidental Petroleum, which is as of March 16, 2022.
In addition to U.S. stocks, shares held as of December 31, 2021 of China's BYD, as listed in Buffett's 2021 letter to shareholders, are included. The price of those shares in U.S. trading is used to approximate the current market value of the position. The value of the stake as a percentage of the company's market value is fixed at what was listed as of December 31, 2021 in the letter.
The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.
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