Last updated: July 2026
Charles “Charlie” Munger was a legendary investor, the Vice Chairman of Berkshire Hathaway, and Warren Buffett’s most trusted lifelong partner. He died on November 28, 2023, at the age of 99. This article covers the final shape of his financial legacy. It details the highly concentrated corporate investment book he built and managed for the Daily Journal Corporation, as well as the specific personal stock holdings he maintained at the time of his death.
The Daily Journal Portfolio Today
Today, the corporate portfolio of the Daily Journal Corporation serves as a largely static reflection of Munger’s rigorous investment discipline. The highly concentrated “legacy book” holds a total market value of approximately $241 million across just four names, as of the Q1 2026 13F filing (positions as of March 31, 2026).
Wells Fargo anchors the portfolio as the largest position at roughly 46.7% ($112.5 million from 1,413,000 shares), followed closely by Bank of America at 40.5% ($97.5 million from 2,000,000 shares). Alibaba Group stands as the sole non-bank holding at about 10.2% ($24.5 million from 195,000 shares), with U.S. Bancorp rounding out the book as the smallest stake at 2.6% ($6.2 million from 119,500 shares).
While all four of these positions were trimmed over time, the portfolio’s exact share counts have remained completely identical since the end of 2025. The book’s overall value declined from roughly $276.7 million to $240.7 million during the period. This decrease was driven entirely by market price fluctuations rather than active trading. This total lack of turnover firmly reinforces the portfolio’s current status as a preserved, unmoving testament to Munger’s famous buy-and-hold philosophy.
| Rank | Ticker | Company | ~% portfolio | Value | Shares | Note |
|---|---|---|---|---|---|---|
| 1 | WFC | Wells Fargo & Co | ~46.7% | ~$112.5M | 1,413,000 | Largest holding |
| 2 | BAC | Bank of America Corp | ~40.5% | ~$97.5M | 2,000,000 | 2nd |
| 3 | BABA | Alibaba Group ADR | ~10.2% | ~$24.5M | 195,000 | Only non-bank |
| 4 | USB | US Bancorp | ~2.6% | ~$6.2M | 119,500 | Smallest |
Source: Daily Journal Corporation Form 13F-HR for Q1 2026 (as of March 31, 2026), filed with the SEC (EDGAR, CIK 0000783412).
Charlie Munger’s Personal Holdings
Unlike institutional fund managers, Charlie Munger was not required to file personal 13F reports, meaning his private wealth was never public down to the penny. However, records compiled at the time of his death in November 2023 outline an incredibly concentrated personal portfolio.
The figures below represent the approximate holdings in his personal ledger at the time of his passing. Rather than being actively traded or liquidated onto the open market, these legacy assets transitioned directly into his estate and the various charitable trusts and philanthropic causes he spent his later years supporting.
Note on Share Counts: Because Munger routinely gifted massive blocks of shares to universities and foundations throughout his final decades, these figures are historical approximations captured at the time of his death:
- Berkshire Hathaway (BRK.A & BRK.B): Approximately 4,370 Class A shares and 643 Class B shares. This stake represented the vast majority of his multi-billion-dollar net worth and reflected his lifelong partnership with Warren Buffett.
- Costco Wholesale Corporation (COST): Approximately 167,050 shares. Munger was famously one of Costco’s strongest advocates, having served continuously on the company’s board of directors from 1997 until his passing.
- Daily Journal Corporation (DJCO): Approximately 50,000 shares. This personal position sat alongside his decades of service as the company’s chairman and primary investment architect.
Daily Journal Stock Holdings in Detail
Wells Fargo (WFC)
Wells Fargo stands as the undisputed anchor of the Daily Journal’s “legacy book”. Following minor trimmings over the years, the position consists of exactly 1,413,000 shares.
Because the current management team has kept Munger’s portfolio entirely static, this stake serves as a frozen monument to his 2009 thesis. It accounts for roughly 46.7% of the entire portfolio, carrying a market value of approximately $112.5 million.
It remains a pure reflection of Munger’s core philosophy: find a great business during a temporary crisis, back it with massive concentration, and let the investment compound across decades.
Bank of America (BAC)
Bank of America sits as the second-largest holding inside the Daily Journal portfolio. Following moderate trimmings over the subsequent decade, the position remains totally static at exactly 2,000,000 shares.
Accounting for 40.5% of the portfolio, this legacy stake is valued at approximately $97.5 million. Alongside Wells Fargo, this position reflects Munger’s long-term conviction in the U.S. banking sector and remains a core holding in his portfolio.
Alibaba (BABA)
In early 2021, Munger aggressively built a massive position in the Chinese e-commerce giant. As the stock fell amid regulatory and geopolitical pressure from the Chinese government, Munger uncharacteristically increased his position twice later that year.
In early 2022, the Daily Journal abruptly cut the position in half. Munger later admitted at a Daily Journal annual meeting that Alibaba was “one of the worst mistakes I ever made.” He reflected that he had been seduced by the company’s dominant digital footprint and over-estimated its future returns.
Despite the sharp initial drawdowns and subsequent trimming, the remaining stake was preserved and continues to float as a static part of the legacy book. Today, Alibaba consists of exactly 195,000 shares valued at approximately $24.5 million.
US Bancorp (USB)
U.S. Bancorp sits as the smallest and final holding inside the Daily Journal’s highly concentrated four-stock portfolio. True to the company’s commitment to preserving Munger’s legacy selections, the position remains locked at exactly 119,500 shares.
Accounting for a minor 2.6% of the total ledger, this unmoving position carries a market value of roughly $6.2 million.
Charlie Munger’s Investment Strategy & Philosophy
At its core, Charlie Munger’s investment philosophy was rooted in a deeply disciplined value-investing approach. He focused on buying assets below their intrinsic value, relying heavily on rigorous fundamental analysis. A staunch practitioner of buy-and-hold strategies, Munger believed that truly spectacular investment opportunities were rare. When they did appear, he maintained that an investor had to act decisively. As he famously noted on several occasions, the big money was not made in the buying or the selling, but in the waiting.
Because high-quality options were so scarce, Munger advocated for extreme portfolio concentration, often suggesting a limit of no more than ten holdings. His rationale was simple: it is nearly impossible to deeply track the moving parts and fundamentals of dozens of companies at once. For Munger, investing required a granular, comprehensive understanding of a business and the capacity to closely monitor its ongoing performance.
While he shared a foundational framework with Warren Buffett, Munger introduced a crucial evolution to their strategy. Unlike traditional value investors who hunted for mediocre companies at rock-bottom prices, Munger pivoted toward quality. He championed the idea of paying a fair price for an exceptionally good business.
This insight defined his core contribution to investing: finding fundamentally excellent companies, mastering the facts, and possessing the psychological fortitude to sit tight while the investment bore fruit.
Throughout his long and prolific career, Munger analyzed businesses through a multidisciplinary lens, drawing on insights from psychology, biology, and history. This unique framework helped him synthesize complex business landscapes while successfully avoiding the common emotional biases that trap regular investors.
Charlie Munger’s Views on Cryptocurrencies
Charlie Munger frequently expressed deep distrust and disapproval of cryptocurrencies. He characterized Bitcoin trading as “disgusting” and consistently advised investors to avoid the entire digital asset space. In his view, cryptocurrencies were little more than speculative, get-rich-quick schemes that lacked any sound underlying logic.
A primary source of Munger’s concern was the systemic lack of transparency and regulation. He found the untraceable nature of crypto transactions deeply troubling, warning that it created a fertile ground for illicit activities, including terrorist financing, drug trafficking, extortion, and kidnapping.
Beyond the societal risks, Munger maintained a strict financial critique: crypto possessed absolutely no intrinsic value, operated completely outside the law, and suffered from a crippling volatility that rendered it useless as a stable financial instrument.
Take A Look At Charlie Munger On Crypto: It’s Ridiculous Anybody Would Buy This ‘massively Stupid’ Stuff:
What Happened to the Portfolio After Munger’s Death
Following Munger’s death in late 2023, the “legacy book” he managed at the Daily Journal Corporation became a final testament to his intense investment discipline. Even as corporate leadership transitioned to current Chairman and CEO Steven Myhill-Jones, the company’s highly concentrated stock portfolio was kept completely untouched.
The Daily Journal executed no recent trades after his passing, choosing instead to hold his exact final stakes in Bank of America, Wells Fargo, U.S. Bancorp, and Alibaba firmly in place. Beyond the corporate ledger, Munger’s massive personal stock holdings were never handed off to a new manager to be actively traded.
Instead, his personal stake was systematically transitioned into his estate and various charitable trusts. This final allocation ensured that his life’s work would continue to quietly compound, funding his meticulously planned philanthropic ambitions long after his final trade.
Frequently Asked Questions
What stocks did Charlie Munger own?
At the time of his death, Munger’s personal stock portfolio was highly concentrated in just three massive positions: Berkshire Hathaway (Class A and B shares), Costco Wholesale, and the Daily Journal Corporation. In addition to his personal holdings, he also served as the sole architect and manager of the Daily Journal’s corporate investment portfolio, making all allocation decisions for the company’s capital.
What is in the Daily Journal portfolio?
Munger left the Daily Journal with a highly concentrated, four-stock portfolio. As of its most recent 13F filings, the portfolio has a total value of approximately $241 million, distributed as follows:
• Wells Fargo (WFC): ~46.7%
• Bank of America (BAC): ~40.5%
• Alibaba (BABA): ~10.2%
• U.S. Bancorp (USB): ~2.6%
When did Charlie Munger die?
Charlie Munger passed away on November 28, 2023. He was 99 years old.
What was Charlie Munger’s investment strategy?
Munger’s approach to investing was rooted in profound discipline and common sense. His core strategy rested on four main pillars:
• Concentration: He believed great investments were rare, so when he found one, he heavily concentrated his capital into it rather than diluting his returns with wide diversification.
• Buy-and-Hold: He stated that the “big money is not in the buying and the selling, but in the waiting,” advocating for extreme patience to let compound interest work.
• Great Business at a Fair Price: Unlike traditional value investors looking for cheap, average companies, Munger convinced Warren Buffett to pivot toward buying fundamentally excellent businesses at fair, reasonable prices.
• Mental Models: He utilized a latticework of “mental models”—drawing heavily from psychology, history, mathematics, and biology—to rationally analyze business ecosystems and avoid emotional bias.
What Was Charlie Munger’s Famous Quote?
Charlie Munger had many famous quotes. These are just a couple that stand out the most:
- Being rational is a moral imperative. You should never be stupider than you need to be.
- It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
- Knowing what you don’t know is more useful than being brilliant.
- You don’t have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time.
- There’s no way that you can live an adequate life without making many mistakes.
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