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" Daily Journal Accused of Incorrect Accounting
Published on July 29, 2025
Daily Journal Corporation announced that an activist investor has accused the company of incorrectly accounting for software development costs at its Journal Technologies subsidiary. Longtime readers may recall my detailed report on Daily Journal published two years ago as well as more recent articles about potential uncertainty at the company following Charlie Munger’s death.
Mr. Munger’s long history with the company sparked the interest of many Berkshire Hathaway shareholders and other investors. Although I have never owned shares of Daily Journal, I have followed the company for more than fifteen years. Unsurprisingly, the company was run in a highly unconventional manner with Mr. Munger serving as Chairman for decades alongside longtime CEO Gerald Salzman who recently passed away at the age of 86, only a few years after retiring from the company. Given Mr. Munger’s insistence on the highest levels of integrity, accusations of accounting irregularities should be viewed with skepticism.
Steven Myhill-Jones, the current CEO who was selected by Mr. Munger, presented his thoughts on the controversy in a note submitted with the announcement. The activist investor, Alexander E. Parker, has accused the company of improperly accounting for software development costs. In a series of letters initiated on July 14, Mr. Parker became increasingly insistent that his firm should be engaged on a consulting basis to rectify the problems. In addition, he demanded two board seats."
https://rationalwalk.com/daily-journal-accused-of-... 