https://proxy.dailyjournal.com/Virtual% ... cement.pdf
The Q-A with Charlie is often quite interesting.
Also of note, in the "Chairmans Letter"
https://proxy.dailyjournal.com/proxy.htm
Charlie makes some interesting comments about the levels of the stock market and of DJCO
Charlie Munger in annual DJCO letter wrote:... a large trove of liquid wealth consisting of $28,963,000 in cash and marketable common stocks with a value of $179,368,000, offset by $29,493,000 in margin debt. This trove of liquid wealth backs up the Company’s operating businesses....
The value of the marketable securities reached $260 million on December 31, 2020, up 45% over their value at September 30, 2020, and shareholders should not expect any significant appreciation above that level anytime soon. ...
The largest mutual fund holders of DJCO seems to be Russell 2000, Total Market, and Extended Market index fundsCharlie Munger in annual DJCO letter wrote:... The market price of one share of the Company’s outstanding common stock at December 31, 2020 was $404. And this price was reached amid (1) much speculative frenzy and (2) much forced buying by index funds. ...