quixote1

Ecuador.

DJCO,Negocio terminal y una buena acción.


Escrito 10 Feb 15

Hoy tenemos en la mesa de disección una empresa que en los últimos 10 años ha ganado cada año lo mismo o menos...negocio sin crecimiento,sin sex-appeal.

El cash flow libre a subido como un 8% a pesar de lo anterior (un poco de recompra de acciones ayuda).

Que estaríamos dispuestos a pagar por un negocio que gana neto como 4-6 millones de usd ,sin crecimiento......pero que su equity (valor de libros,valor neto contable) subió un 31%!! anual los últimos 10 años.

Que pagaríamos por ese negocio que tiene una cartera concentrada (4 o 5 valores) de blue chips,sin rotación y resistente a la recesión.Esa cartera está valorada en unos 200 millones de dólares.

Sin deuda ,sin pensiones que provisionar ...su CEO tiene 91 años (no cobra casi nada y es raro,raro)...negocio estable ,pero muy aburrido,gana unos 4 millones al año y su book value es de 200 millones y crece al 30% anual (si el 30)

Cuanto pagaríamos?...1 vez libros.....2.....3 veces.

 


Comentarios

#10
11 Feb 15

 


http://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chfdeh=0&chdet=1423654436681&chddm=489532&chls=IntervalBasedLine&q=NASDAQ:DJCO&ntsp=0&ei=Hz7bVKnOJ4T5wwPrtIHoBw


Este es el gráfico a 10 años

15,7% de rentabilidad compuesta a 10 años....vi cosas peores...

#11

arturop https://foro.masdividendos.com/

11 Feb 15

Si no le digo que no, los crecimientos son muy atractivos, pero se
basan en un axioma que es la valoración de los activos. Vd., que se la
ha mirado más ¿sabe cuál es su composición y cómo están valorados?


#12
11 Feb 15

Charlie Munger's Portfolio



  • Portfolio

  • Valuations

  • Undervalued

  • Low pe

  • Top Yield

  • Top Growth

  • High Quality

  • 52w Lows

  • Insider Buys

  • ETF

  • Preferred

  • International

  • High Convicton



This page shows the Portfolio Holdings of  Charlie
Munger
 at Daily Journal. It tells us what  Charlie
Munger
 holds in different sectors/industries and the
percentage of each holdings in his portfolio. Also please click on
the industry to see the details of weightings in different sectors
and industries.


Portfolio Statistics


















Portfolio Date: 2014-12-31
Number of Stocks: 4
Total value: 135 Mil
Number of New Buys: 0






















Sectors Sector Weightings (%) Sell Impact (%)     Buy Impact (%)
Financial Services  99.6%    
Basic Materials  0.5% href="http://www.gurufocus.com/holdings.php?GuruName=Charlie+Munger&ind=101">-3.1%   
ETF, options, preferred  0.4%   nowrap="nowrap"> 
 

Current Holdings |  Past Portfolios:   
Premium


View: 
  type="radio" value="/holdings.php?GuruName=Charlie+Munger&view=chart" />


href="http://www.gurufocus.com/download_holdings.php?guru_id=117&portname=0">Download this portfolio to ExcelDownload

Total Records:  4
















align="center">

nowrap="nowrap"> href="http://www.gurufocus.com/stock/BAC"
title="Bank of America Corporation">Bank of America
Corporation
align="center">

nowrap="nowrap"> href="http://www.gurufocus.com/stock/WFC"
title="Wells Fargo & Co">Wells Fargo &
Co
align="center">


href="http://www.gurufocus.com/modules/holdings/holdings_ajax.php?GuruName=Charlie+Munger&sort=ticker"
title="Click to sort by Ticker">Ticker
Company
href="http://www.gurufocus.com/modules/holdings/holdings_ajax.php?GuruName=Charlie+Munger&sort=ind"
title="Click to sort by Industry">Industry

href="http://www.gurufocus.com/modules/holdings/holdings_ajax.php?GuruName=Charlie+Munger&sort=share"
title="Click to sort by Shares">Shares
Value ($1000)
href="http://www.gurufocus.com/modules/holdings/holdings_ajax.php?GuruName=Charlie+Munger&sort=position"
title="Click to sort by % Weighting as of<br>2014-12-31 ">%
Weighting as of
2014-12-31 

href="http://www.gurufocus.com/modules/holdings/holdings_ajax.php?GuruName=Charlie+Munger&sort=change"
title="Click to sort by Share # Change<br>from Last Period">Share
# Change
from Last Period

href="http://www.gurufocus.com/modules/holdings/holdings_ajax.php?GuruName=Charlie+Munger&order=asc&order=asc&sort=impact"
title="Click to sort by Trade Impact (%)">Trade Impact (%)

href="http://www.gurufocus.com/modules/holdings/holdings_ajax.php?GuruName=Charlie+Munger&sort=pct"
title="Click to sort by % of Shares Outstanding">% of
Shares Outstanding
 
title="U.S. Bancorp">USB href="http://www.gurufocus.com/stock/USB"
title="U.S. Bancorp">U.S. Bancorp
href="http://www.gurufocus.com/holdings.php?GuruName=Charlie+Munger&ind=10320"
title="click for all companies in this industry">Banks
140,0006,2934.7%000.01
title="Bank of America Corporation">BAC href="http://www.gurufocus.com/holdings.php?GuruName=Charlie+Munger&ind=10320"
title="click for all companies in this industry">Banks
2,300,00041,14730.4%000.02
title="Wells Fargo & Co">WFC href="http://www.gurufocus.com/holdings.php?GuruName=Charlie+Munger&ind=10320"
title="click for all companies in this industry">Banks
1,591,80087,26264.5%000.03
title="POSCO">PKX href="http://www.gurufocus.com/stock/PKX"
title="POSCO">POSCO
href="http://www.gurufocus.com/holdings.php?GuruName=Charlie+Munger&ind=10107"
title="click for all companies in this industry">Steel
9,7456220.46%-84.91%-3.14%0.0

 

mas unos 5 millones que faltan de Posco. 


#13
11 Feb 15



colspan="5">Quarterly

title="Sep05">Sep05 title="Sep07">Sep07 title="Sep09">Sep09 title="Sep11">Sep11 title="Sep13">Sep13 title="Latest Q.">Latest Q. title="Sep13">Sep13 title="Mar14">Mar14







title="11.78">
11.78
title="9.57">
9.57
title="16.47">
16.47
title="21.72">
21.72
title="62.13">
62.13
title="67.20">
67.20
title="72.27">
72.27
title="103.94">
103.94
title="148.33">
148.33
title="189.09">
189.09




































title="0.00">
--


















title="6.88">
6.88
title="6.49">
6.49
title="6.22">
6.22
title="5.85">
5.85
title="17.45">
17.45
title="15.48">
15.48
title="14.39">
14.39
title="24.60">
24.60
title="49.41">
49.41
title="65.81">
65.81














title="0.00">
--












title="0.00">
--




title="0.00">
--




title="0.00">
--




Balance Sheet name="bs">Annuals (USD $)
View: 

 
Fiscal Period
Sep06Sep08Sep10Sep12Sep14Dec13Jun14Sep14
   
href="http://www.gurufocus.com/term/CashAndCashEquivalents/DJCO/nbsp%25253Bnbsp%25253BCash%252BAnd%252BCash%252BEquivalents/Daily%2BJournal%2BCorp">  Cash
And Cash Equivalents
title="0.47">0.47 title="0.62">0.62 title="1.07">1.07 title="0.99">0.99 title="1.43">1.43 title="3.62">3.62 title="3.06">3.06 title="0.99">0.99 title="11.34">11.34 title="15.41">15.41 title="15.41">15.41 title="11.34">11.34 title="10.12">10.12 title="11.27">11.27 title="14.75">14.75
15.41
href="http://www.gurufocus.com/term/MarketableSecurities/DJCO/nbsp%25253Bnbsp%25253BMarketable%252BSecurities/Daily%2BJournal%2BCorp">  Marketable
Securities
title="11.31">11.31 title="8.95">8.95 title="15.40">15.40 title="20.73">20.73 title="60.70">60.70 title="63.58">63.58 title="69.22">69.22 title="102.96">102.96 title="136.99">136.99 title="173.68">173.68 title="173.68">173.68 title="136.99">136.99 title="150.75">150.75 title="168.03">168.03 title="166.82">166.82
173.68
href="http://www.gurufocus.com/term/Cash%20and%20Equiv/DJCO/Cash%25252C%252BCash%252BEquivalents%25252C%252BMarketable%252BSecurities/Daily%2BJournal%2BCorp">Cash,
Cash Equivalents, Marketable Securities
title="189.09">189.09 title="148.33">148.33 title="160.86">160.86 title="179.30">179.30 title="181.57">181.57
189.09
href="http://www.gurufocus.com/term/Accts%20Rec./DJCO/Accounts%252BReceivable/Daily%2BJournal%2BCorp">Accounts
Receivable
title="4.36">4.36 title="4.49">4.49 title="5.54">5.54 title="9.43">9.43 title="10.22">10.22 title="9.21">9.21 title="6.60">6.60 title="5.71">5.71 title="6.31">6.31 title="8.57">8.57 title="8.57">8.57 title="6.31">6.31 title="6.26">6.26 title="6.34">6.34 title="6.85">6.85
8.57
href="http://www.gurufocus.com/term/RawMaterials/DJCO/nbsp%25253Bnbsp%25253BInventories%25252C%252BRaw%252BMaterials%252B%252BComponents/Daily%2BJournal%2BCorp">  Inventories,
Raw Materials & Components
title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">---- title="0">-- title="0">-- title="0">-- title="0">--
--
href="http://www.gurufocus.com/term/WorkInProcess/DJCO/nbsp%25253Bnbsp%25253BInventories%25252C%252BWork%252BIn%252BProcess/Daily%2BJournal%2BCorp">  Inventories,
Work In Process
title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">---- title="0">-- title="0">-- title="0">-- title="0">--
--
href="http://www.gurufocus.com/term/InventoriesAdjustmentsAllowances/DJCO/nbsp%25253Bnbsp%25253BInventories%25252C%252BInventories%252BAdjustments/Daily%2BJournal%2BCorp">  Inventories,
Inventories Adjustments
title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">---- title="0">-- title="0">-- title="0">-- title="0">--
--
href="http://www.gurufocus.com/term/FinishedGoods/DJCO/nbsp%25253Bnbsp%25253BInventories%25252C%252BFinished%252BGoods/Daily%2BJournal%2BCorp">  Inventories,
Finished Goods
title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">---- title="0">-- title="0">-- title="0">-- title="0">--
--
href="http://www.gurufocus.com/term/OtherInventories/DJCO/nbsp%25253Bnbsp%25253BInventories%25252C%252BOther/Daily%2BJournal%2BCorp">  Inventories,
Other
title="0.05">0.05 title="0.05">0.05 title="0.02">0.02 title="0.03">0.03 title="0.02">0.02 title="0.03">0.03 title="0.04">0.04 title="0.04">0.04 title="0.06">0.06 title="0.05">0.05 title="0.05">0.05 title="0.06">0.06 title="0.03">0.03 title="0.04">0.04 title="0.05">0.05
0.05
href="http://www.gurufocus.com/term/Inventory/DJCO/Total%252BInventories/Daily%2BJournal%2BCorp">Total
Inventories
title="0.05">0.05 title="0.05">0.05 title="0.02">0.02 title="0.03">0.03 title="0.02">0.02 title="0.03">0.03 title="0.04">0.04 title="0.04">0.04 title="0.06">0.06 title="0.05">0.05 title="0.05">0.05 title="0.06">0.06 title="0.03">0.03 title="0.04">0.04 title="0.05">0.05
0.05
href="http://www.gurufocus.com/term/Other%20Current%20Assets/DJCO/Other%252BCurrent%252BAssets/Daily%2BJournal%2BCorp">Other
Current Assets
title="1.83">1.83 title="1.84">1.84 title="0.77">0.77 title="0.97">0.97 title="0.24">0.24 title="0.23">0.23 title="0.23">0.23 title="0.44">0.44 title="2.26">2.26 title="3.03">3.03 title="3.03">3.03 title="2.26">2.26 title="1.70">1.70 title="1.55">1.55 title="2.75">2.75
3.03
href="http://www.gurufocus.com/term/Total%20Current%20Assets/DJCO/Total%252BCurrent%252BAssets/Daily%2BJournal%2BCorp">Total
Current Assets
title="18.02">18.02 title="15.95">15.95 title="22.79">22.79 title="32.15">32.15 title="72.61">72.61 title="76.66">76.66 title="79.15">79.15 title="110.13">110.13 title="156.97">156.97 title="200.74">200.74 title="200.74">200.74 title="156.97">156.97 title="168.85">168.85 title="187.23">187.23 title="191.23">191.23
200.74
   
href="http://www.gurufocus.com/term/LandAndImprovements/DJCO/nbsp%25253Bnbsp%25253BLand%252BAnd%252BImprovements/Daily%2BJournal%2BCorp">  Land
And Improvements
title="12.88">12.88 title="12.92">12.92 title="12.95">12.95 title="12.94">12.94 title="12.86">12.86 title="12.84">12.84 title="12.85">12.85 title="12.82">12.82 title="12.85">12.85 title="12.81">12.81 title="12.81">12.81 title="12.85">12.85 title="12.85">12.85 title="12.85">12.85 title="12.86">12.86
12.81
href="http://www.gurufocus.com/term/BuildingsAndImprovements/DJCO/nbsp%25253Bnbsp%25253BBuildings%252BAnd%252BImprovements/Daily%2BJournal%2BCorp">  Buildings
And Improvements
title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">---- title="0">-- title="0">-- title="0">-- title="0">--
--
href="http://www.gurufocus.com/term/MachineryFurnitureEquipment/DJCO/nbsp%25253Bnbsp%25253BMachinery%25252C%252BFurniture%25252C%252BEquipment/Daily%2BJournal%2BCorp">  Machinery,
Furniture, Equipment
title="4.92">4.92 title="5.78">5.78 title="5.58">5.58 title="5.76">5.76 title="5.38">5.38 title="5.02">5.02 title="4.90">4.90 title="4.34">4.34 title="4.73">4.73 title="4.75">4.75 title="4.75">4.75 title="4.73">4.73 title="4.70">4.70 title="4.82">4.82 title="5.00">5.00
4.75
href="http://www.gurufocus.com/term/ConstructionInProgress/DJCO/nbsp%25253Bnbsp%25253BConstruction%252BIn%252BProgress/Daily%2BJournal%2BCorp">  Construction
In Progress
title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">---- title="0">-- title="0">-- title="0">-- title="0">--
--
href="http://www.gurufocus.com/term/GrossPPE/DJCO/Gross%252BProperty%25252C%252BPlant%252Band%252BEquipment/Daily%2BJournal%2BCorp">Gross
Property, Plant and Equipment
title="17.80">17.80 title="18.70">18.70 title="18.53">18.53 title="18.70">18.70 title="18.24">18.24 title="17.87">17.87 title="17.75">17.75 title="17.15">17.15 title="17.57">17.57 title="17.57">17.57 title="17.57">17.57 title="17.57">17.57 title="17.55">17.55 title="17.67">17.67 title="17.86">17.86
17.57
href="http://www.gurufocus.com/term/AccumulatedDepreciation/DJCO/nbsp%25253Bnbsp%25253BAccumulated%252BDepreciation/Daily%2BJournal%2BCorp">  Accumulated
Depreciation

-5.92

-6.78

-7.21

-7.99

-8.09

-8.08

-8.38

-7.91

-8.34

-8.55

-8.55

-8.34

-8.40

-8.56

-8.72
-8.55
href="http://www.gurufocus.com/term/Net%20PPE/DJCO/Property%25252C%252BPlant%252Band%252BEquipment/Daily%2BJournal%2BCorp">Property,
Plant and Equipment
title="11.87">11.87 title="11.92">11.92 title="11.32">11.32 title="10.71">10.71 title="10.15">10.15 title="9.78">9.78 title="9.37">9.37 title="9.24">9.24 title="9.23">9.23 title="9.02">9.02 title="9.02">9.02 title="9.23">9.23 title="9.15">9.15 title="9.11">9.11 title="9.14">9.14
9.02
href="http://www.gurufocus.com/term/Intangibles/DJCO/Intangible%252BAssets/Daily%2BJournal%2BCorp">Intangible
Assets
--
title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="36.01">36.01 title="31.14">31.14 title="31.14">31.14 title="36.01">36.01 title="34.82">34.82 title="33.59">33.59 title="32.37">32.37
31.14
href="http://www.gurufocus.com/term/Other%20Long-Term%20Assets/DJCO/Other%252BLong%252BTerm%252BAssets/Daily%2BJournal%2BCorp">Other
Long Term Assets
title="3.94">3.94 title="7.84">7.84 title="5.81">5.81 title="3.24">3.24 title="1.99">1.99 title="2.48">2.48 title="2.30">2.30 title="1.59">1.59 title="0.86">0.86 title="2.98">2.98 title="2.98">2.98 title="0.86">0.86 title="1.10">1.10 title="1.25">1.25 title="2.95">2.95
2.98
href="http://www.gurufocus.com/term/Total%20Assets/DJCO/Total%252BAssets/Daily%2BJournal%2BCorp">Total
Assets
title="33.84">33.84 title="35.70">35.70 title="39.92">39.92 title="46.10">46.10 title="84.75">84.75 title="88.92">88.92 title="90.82">90.82 title="120.96">120.96 title="203.06">203.06 title="243.88">243.88 title="243.88">243.88 title="203.06">203.06 title="213.92">213.92 title="231.17">231.17 title="235.68">235.68
243.88
   
href="http://www.gurufocus.com/term/AccountsPayable/DJCO/nbsp%25253Bnbsp%25253BAccounts%252BPayable/Daily%2BJournal%2BCorp">  Accounts
Payable
title="3.91">3.91 title="4.16">4.16 title="1.63">1.63 title="2.83">2.83 title="3.21">3.21 title="2.88">2.88 title="2.44">2.44 title="2.20">2.20 title="4.26">4.26 title="4.34">4.34 title="4.34">4.34 title="4.26">4.26 title="3.72">3.72 title="4.19">4.19 title="4.41">4.41
4.34
href="http://www.gurufocus.com/term/TotalTaxPayable/DJCO/nbsp%25253Bnbsp%25253BTotal%252BTax%252BPayable/Daily%2BJournal%2BCorp">  Total
Tax Payable
title="0">-- title="0">-- title="0">-- title="1.05">1.05 title="0.86">0.86 title="0.85">0.85 title="0.76">0.76 title="0">-- title="0">-- title="0">---- title="0">-- title="0">-- title="0.08">0.08 title="0">--
--
href="http://www.gurufocus.com/term/OtherAccruedExpenses/DJCO/nbsp%25253Bnbsp%25253BOther%252BAccrued%252BExpense/Daily%2BJournal%2BCorp">  Other
Accrued Expense
title="2.53">2.53 title="2.46">2.46 title="3.12">3.12 title="3.67">3.67 title="3.55">3.55 title="3.38">3.38 title="3.18">3.18 title="2.74">2.74 title="4.42">4.42 title="3.12">3.12 title="3.12">3.12 title="4.42">4.42 title="3.10">3.10 title="3.04">3.04 title="3.07">3.07
3.12
href="http://www.gurufocus.com/term/Accts%20Payable/DJCO/Accounts%252BPayable%252B%252BAccrued%252BExpense/Daily%2BJournal%2BCorp">Accounts
Payable & Accrued Expense
title="6.44">6.44 title="6.62">6.62 title="4.75">4.75 title="7.55">7.55 title="7.62">7.62 title="7.11">7.11 title="6.38">6.38 title="4.94">4.94 title="8.68">8.68 title="7.46">7.46 title="7.46">7.46 title="8.68">8.68 title="6.82">6.82 title="7.31">7.31 title="7.47">7.47
7.46
href="http://www.gurufocus.com/term/Short-Term%20Debt/DJCO/Current%252BPortion%252Bof%252BLong-Term%252BDebt/Daily%2BJournal%2BCorp">Current
Portion of Long-Term Debt
title="0.18">0.18 title="0.20">0.20 title="0.21">0.21 title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">---- title="0">-- title="0">-- title="0">-- title="0">--
--
href="http://www.gurufocus.com/term/BS_CurrentDeferredLiabilities/DJCO/DeferredTaxAndRevenue/Daily%2BJournal%2BCorp">DeferredTaxAndRevenue title="65.81">65.81 title="49.41">49.41 title="54.67">54.67 title="61.13">61.13 title="62.80">62.80
65.81
href="http://www.gurufocus.com/term/Other%20Current%20Liab./DJCO/Other%252BCurrent%252BLiabilities/Daily%2BJournal%2BCorp">Other
Current Liabilities
title="0.77">0.77 title="0.38">0.38 title="0.66">0.66 title="0">--

-0.00
title="0.00">0.00 title="0">-- title="0">-- title="0.00">0.00 title="0">---- title="0.00">0.00 title="-0.00"> -0.00 title="0">-- title="0">--
--
href="http://www.gurufocus.com/term/Total%20Current%20Liabilities/DJCO/Total%252BCurrent%252BLiabilities/Daily%2BJournal%2BCorp">Total
Current Liabilities
title="14.27">14.27 title="13.69">13.69 title="11.83">11.83 title="13.39">13.39 title="25.07">25.07 title="22.59">22.59 title="20.77">20.77 title="29.54">29.54 title="58.08">58.08 title="73.27">73.27 title="73.27">73.27 title="58.08">58.08 title="61.49">61.49 title="68.45">68.45 title="70.27">70.27
73.27
   
href="http://www.gurufocus.com/term/Long-Term%20Debt/DJCO/Long-Term%252BDebt/Daily%2BJournal%2BCorp">Long-Term
Debt
title="4.19">4.19 title="4.01">4.01 title="3.80">3.80 title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="29.49">29.49 title="29.49">29.49 title="29.49">29.49 title="29.49">29.49 title="29.49">29.49 title="29.49">29.49 title="29.49">29.49
29.49
href="http://www.gurufocus.com/term/deb2equity/DJCO/Debt%252Bto%252BEquity/Daily%2BJournal%2BCorp">Debt
to Equity
title="0.30">0.30 title="0.25">0.25 title="0.18">0.18 title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0.26">0.26 title="0.22">0.22 title="0.22">0.22 title="0.26">0.26 title="0.24">0.24 title="0.22">0.22 title="0.23">0.23
0.22
href="http://www.gurufocus.com/term/LongTermCapitalLeaseObligation/DJCO/nbsp%25253Bnbsp%25253BCapital%252BLease%252BObligation/Daily%2BJournal%2BCorp">  Capital
Lease Obligation
title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">---- title="0">-- title="0">-- title="0">-- title="0">--
--
href="http://www.gurufocus.com/term/PensionAndRetirementBenefit/DJCO/nbsp%25253Bnbsp%25253BPensionAndRetirementBenefit/Daily%2BJournal%2BCorp">  PensionAndRetirementBenefit title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">---- title="0">-- title="0">-- title="0">-- title="0">--
--
href="http://www.gurufocus.com/term/NonCurrentDeferredLiabilities/DJCO/nbsp%25253Bnbsp%25253BNonCurrent%252BDeferred%252BLiabilities/Daily%2BJournal%2BCorp">  NonCurrent
Deferred Liabilities
title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0.27">0.27 title="0.18">0.18 title="0.18">0.18 title="0.27">0.27 title="0.25">0.25 title="0.24">0.24 title="0.21">0.21
0.18
href="http://www.gurufocus.com/term/Other%20Long-Term%20Liab./DJCO/Other%252BLong-Term%252BLiabilities/Daily%2BJournal%2BCorp">Other
Long-Term Liabilities
title="0.83">0.83 title="1.03">1.03 title="2.00">2.00 title="3.20">3.20 title="4.36">4.36 title="5.67">5.67 title="5.17">5.17 title="4.20">4.20 title="1.87">1.87 title="4.56">4.56 title="4.56">4.56 title="1.87">1.87 title="1.79">1.79 title="1.37">1.37 title="4.74">4.74
4.56
href="http://www.gurufocus.com/term/Total%20Liabilities/DJCO/Total%252BLiabilities/Daily%2BJournal%2BCorp">Total
Liabilities
title="19.30">19.30 title="18.73">18.73 title="17.64">17.64 title="16.59">16.59 title="29.43">29.43 title="28.26">28.26 title="25.94">25.94 title="33.74">33.74 title="89.72">89.72 title="107.51">107.51 title="107.51">107.51 title="89.72">89.72 title="93.02">93.02 title="99.55">99.55 title="104.71">104.71
107.51
   
href="http://www.gurufocus.com/term/CommonStock/DJCO/Common%252BStock/Daily%2BJournal%2BCorp">Common
Stock
title="0.02">0.02 title="0.02">0.02 title="0.02">0.02 title="0.02">0.02 title="0.01">0.01 title="0.01">0.01 title="0.01">0.01 title="0.01">0.01 title="0.01">0.01 title="0.01">0.01 title="0.01">0.01 title="0.01">0.01 title="0.01">0.01 title="0.01">0.01 title="0.01">0.01
0.01
href="http://www.gurufocus.com/term/Preferred%20Stock/DJCO/Preferred%252BStock/Daily%2BJournal%2BCorp">Preferred
Stock
--
title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">-- title="0">---- title="0">-- title="0">-- title="0">-- title="0">--
--
href="http://www.gurufocus.com/term/Retained%20Earnings/DJCO/Retained%252BEarnings/Daily%2BJournal%2BCorp">Retained
Earnings
title="13.52">13.52 title="15.96">15.96 title="21.27">21.27 title="28.38">28.38 title="34.51">34.51 title="40.51">40.51 title="48.35">48.35 title="53.89">53.89 title="57.67">57.67 title="58.30">58.30 title="58.30">58.30 title="57.67">57.67 title="57.03">57.03 title="57.08">57.08 title="57.12">57.12
58.30
href="http://www.gurufocus.com/term/accumulated_other_comprehensive_income/DJCO/Accumulated%252Bother%252Bcomprehensive%252Bincome%252B%252528loss%252529/Daily%2BJournal%2BCorp">Accumulated
other comprehensive income (loss)
title="0">-- title="0">-- title="0.11">0.11 title="20.71">20.71 title="18.39">18.39 title="14.76">14.76 title="31.57">31.57 title="53.91">53.91 title="76.30">76.30 title="76.30">76.30 title="53.91">53.91 title="62.11">62.11 title="72.77">72.77 title="72.09">72.09
76.30
href="http://www.gurufocus.com/term/AdditionalPaidInCapital/DJCO/Additional%252BPaid-In%252BCapital/Daily%2BJournal%2BCorp">Additional
Paid-In Capital
title="1.91">1.91 title="1.91">1.91 title="1.91">1.91 title="1.91">1.91 title="1.84">1.84 title="1.76">1.76 title="1.76">1.76 title="1.76">1.76 title="1.76">1.76 title="1.76">1.76 title="1.76">1.76 title="1.76">1.76 title="1.76">1.76 title="1.76">1.76 title="1.76">1.76
1.76
href="http://www.gurufocus.com/term/Treasury%20Stock/DJCO/Treasury%252BStock/Daily%2BJournal%2BCorp">Treasury
Stock

-0.91

-0.91

-0.91

-0.91

-1.75
--
title="0">-- title="0">-- title="0">---- title="0">-- title="0">-- title="0">-- title="0">--
--
href="http://www.gurufocus.com/term/Total%20Equity/DJCO/Total%252BEquity/Daily%2BJournal%2BCorp">Total
Equity
title="14.54">14.54 title="16.98">16.98 title="22.29">22.29 title="29.50">29.50 title="55.32">55.32 title="60.67">60.67 title="64.88">64.88 title="87.23">87.23 title="113.35">113.35 title="136.37">136.37 title="136.37">136.37 title="113.35">113.35 title="120.91">120.91 title="131.63">131.63 title="130.98">130.98
136.37
href="http://www.gurufocus.com/term/equity2asset/DJCO/Total%252BEquity%252Bto%252BTotal%252BAsset/Daily%2BJournal%2BCorp">Total
Equity to Total Asset
title="0.43">0.43 title="0.48">0.48 title="0.56">0.56 title="0.64">0.64 title="0.65">0.65 title="0.68">0.68 title="0.71">0.71 title="0.72">0.72 title="0.56">0.56 title="0.56">0.56 title="0.56">0.56 title="0.56">0.56 title="0.57">0.57 title="0.57">0.57 title="0.56">0.56
0.56

 


#14
11 Feb 15

Como vemos en el balance.. a fin de sep del 14...hay unos 190
millones de activos negociados....que en estos 4 meses y pico bien
pudieran pasar de los 200 millones en esos 4 valores (por
revalorización)...poca deuda...poca liabilities y casi todo equity
(capital)..aunque este año parece que beneficios operativos van a ser
de 150 mil dólares.


Y si ,todo esta valorado a precio mercado...esto no es como Texas
Pacific Land (que debe de tener valorada la tierra desde los tiempos
de Jerónimo y Caballo Loco,jjj)


#15
11 Feb 15

Además ,al valor de libros tenemos que añadirle unos 65 millones de
Deferred tax liabilities...osea provision para pagar impuesto de
sociedades (si se venden esas acciones).....pero viendo como se las
gasta el aludido...esto provisión va a seguir anotándose año a año
hasta que Munger deje la jefatura (como mínimo).


#16

Lenze87 Stockpicker junior

11 Feb 15

Si la premisa del crecimiento de esta empresa es la cartera de
acciones que posee y no su actividad, no sería más lógico comprar una
cesta similar a dichas acciones? De todos modos, no se puede esperar
que la revalorización de la empresa mantenga esos ritmos si no se
confía en que la cartera de acciones mantendrá esos mismos ritmos.


Por otra parte, realizan una gestión activa de la cartera? o
compraron acciones de empresas grandes y las mantienen desde entonces?


#17

arturop https://foro.masdividendos.com/

11 Feb 15

Bueno con Munger detrás casi es hablar por no callar, pero el plasmar
el balance lo único que hace es desglosarlo un poco más pero no
sabemos de la calidad o de la propiedad de la valoración. Siendo
quisquilloso uno se pregunta cómo es que en el área de 2008 - 2009 no
se ve ningún efecto de toda la movida que hubo. Luego depende de cómo
se clasifiquen los activos contablemente, con lo que hasta igual puede
ser una oportunidad en caso de que los tengan a valor en libros en su
propio balance, pero desde luego es algo que merece mayor investigación.


#18
11 Feb 15

En 2008 vendio bonos  y compró acciones...las anotadas...y a partir
de ahí vino la revalorizacion.


#19
13 Apr 15

Si os quereis divertir un poco ....notas sobre la reunión de
accionistas DJCO 2015 con Charlie Munger.


Dice que los de 3Gs se iban a morir de hambre si intentan reducir
gastos y nóminas en el Daily Journal.....y otros temas muy
interesantes para el inversor amateur.


A disfrutar.


http://www.forbes.com/sites/phildemuth/2015/04/13/charlie-mungers-2015-daily-journal-annual-meeting-part-2/?utm_source=followingimmediate&utm_medium=email&utm_campaign=20150413