In the aftermath of renowned investor Charlie Munger‘s death in November, the Daily Journal Corp. (NASDAQ:DJCO) has cautioned its shareholders about the likelihood of lower future returns, saying it's "impossible to ever replace" Warren Buffett's investment partner.
What Happened: Munger, who was known for being Buffett‘s confidant and the vice-chairman of Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK), led the Daily Journal for around 45 years. He initiated the strategy of investing the publisher’s surplus cash into the stocks of other enterprises during the height of the financial crisis.
“Although the Board will work to ensure that the portfolio remains well-managed, it’s impossible to ever replace Mr. Munger," the journal said.
The Daily Journal spelled out its warning in a filing with the Securities and Exchange Commission, initially reported by Business Insider.
"Given the loss of ...