Around the world, investors wait with bated breath for insight as to what stocks Warren Buffett, one of the greatest investors of all time, has been buying. While it may not receive the same amount of media hoopla, the stocks Buffett's No. 2, Charlie Munger, has been scooping up are just as interesting.
Munger is best known for being the vice chairman of Berkshire Hathaway (NYSE:BRK-A) (NYSE:BRK-B) and Buffett's longtime investment partner, but he is also the chairman of Daily Journal Corporation. Being only a $200 million publishing company, Daily Journal is unlikely to catch many investors' attention, but Munger is the main force behind the company's investment decisions.
Earlier this week, for the first time, Daily Journal revealed which stocks the company holds. Much like Berkshire Hathaway's holdings, the portfolio is heavily invested in financial stocks. Daily Journal's biggest position, like Berkshire, is Wells Fargo (NYSE:WFC), at over 60% of the portfolio. Bank of America (NYSE:BAC), U.S. Bancorp (NYSE:USB), and Posco round out the holdings.
In this segment of The Motley Fool's financials-focused show, Where the Money Is, banking analysts Matt Koppenheffer and David Hanson discuss Munger's picks, what it says about value in different pockets of the stock market, and why investors should pay attention to Munger's wisdom.