The Daily Journal Corporation (DJCO) is one of the most interesting companies I have come across throughout my years of investing. Its book value has been marching consistently upward and so is its stock price, during a period when newspapers are being substituted by news sources from the internet which caused the entire newspaper industry to falter. Fortunate companies managed to exit the industry albeit sustaining heavy damage. The more unfortunate ones, however, are mired in bankruptcy proceedings and many other lawsuits.
One interesting aspect about Daily Journal is its ability to maintain its profit margins despite the migration of readers to the internet and the ever decreasing volume and price of printed advertisements. Why this...
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