Have you heard anything recently about how Journal Technology is getting on?

I don't have an informed opinion on Journal Tech, I'm afraid.

I do like to estimate its imputed market value from time to time, using what I know about the six securities that the Daily Journal owns in its portfolio.

Without getting into the weeds, at the moment, using current market values (and not fair values - which I don't really have a good handle on) I get an after-tax, net asset value of the marketable securities (adding in cash & subtracting the margin debt & taxes discounted to the present) of ~$280 per DJCO common share. .

If I assume a value for the legal newspaper of, say, $25m (basically valuing it at its downtown LA real estate), then the current residual value of Journal Tech is approx. $218 million at this moment. Of course, that residual value swings a lot based on the day-to-day prices of the marketable securities.

Still - the current number equates to an EV multiple on TTM revenues of 3x and an EV multiple on EBIT of 16.5x. That seems reasonable, but perhaps not super-cheap.

FWIW,
Bill