In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Roy Swisa about Daily Journal (DJCO) and the evolving thesis behind its valuation. Roy shares how independent research into Journal Technologies’ court case management systems led to consulting work with the company. They examine the sum-of-the-parts framework, the sizable equity portfolio, and incentives post-Charlie Munger. The discussion also explores vertical software durability, regulatory moats, primary research methods, expert networks, and AI’s impact on niche SaaS businesses. Roy outlines how compliance, proprietary data, and procurement dynamics shape competitive positioning in local government markets. (note: you can find Roy’s substack here and linkedin here)
This podcast is sponsored by my upcoming live AlphaSense Webinar:
The media landscape is moving quickly; join us for a discussion of the fallout of the NFLX / WBD / PSKY bidding war, what’s going on with sports rights, and all things TMT.
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Disclaimer: Nothing on this podcast or on this blog is investing or financial advice; please see our full disclaimer here. The transcript below is from a third party transcription service; it’s entirely possible there are some errors in the transcript.
Transcript for paid subs begins below (Note: in order to get these up quickly, I post an AI generated transcript alongside the podcast. A professionally edited transcript comes a few days later; I replace the AI generated transcript once the professional one is available)