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Wesco (WSC) chairman and Berkshire Hathaway's (BRK.A) other famed investor Charlie Munger never attended classes taught by Benjamin Graham, but he owns a stock that the father of value investing would have LOVED. Munger owns a 9% stake in Daily Journal Corp (DJCO), a California based publisher of newspapers and websites. Their most notable publications include the Los Angeles Daily Journal, The Daily Recorder, the San Jose Post Record, the Orange County Reporter and the California Lawyer. The company also supplies software systems and court rules manuals.

The Daily Journal has a market capitalization of $99 million and a book value of $68 million as of December 31, 2010. Nearly $64 million of the book value is from cash and short term investments. The company's commercial advertising business has suffered because of a weakening economy and a shift away from publications. Some of this recent decline has been offset by the strong sales related to foreclosure notifications, but in 2011, notifications are expected to decline by 11%. The company also benefited substantially from a decision to switch from cash holdings to stocks and bonds of Forbes 200 companies during February 2009.
Here is the company's historical income data:

2010200920082007
Revenues (mlns)$37.58$40.42$40.61$35.11
Net Income (mlns)$7.67$8.03$7.11$5.32
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Source: Charlie Munger's Deep Value, Media Investment