Daily Journal Corporation
Thesis
Daily Journal is a misunderstood company with significant off-financial statements value, including deferred revenue and a hidden technology business that is not reflected in its financials. The company has a strong management team and operates in a resilient niche market, making it a compelling long-term investment.
Did it work?
No price performance or elapsed time is available, and the thesis is qualitative — it cites hidden value in deferred revenue, an unrecognized technology business (Journal Technologies), and strong management — without stating a specific catalyst, target price, or horizon. Because there is no way to verify whether the market ever recognized this off-balance-sheet value or whether the thesis was invalidated, no directional judgement can be made.