Christopher P. Bloomstran, Semper Augustus Investments Group LLC, released a new
Client Letter on 12
th February 2017 with the title: "Symphaty for the Dog - 2016 Letter to Clients: Challenging Dogma, Death of the Profit Margin, and a (Brief) Berkshire Redux".
[longinvestor linked to it in the recent BRK IV topic on this board - thanks!].
It is - like the 2015 Client Letter discussed earlier in this topic - at least to me, a very good read for BRK investors, and also very entertaining!:
Just an example here as an appetizer: p. 5:
... While we sincerely doubt any preternatural correlation with our writing about Prince and his untimely demise last year, we played it safe regardless by awarding this year’s theme to the Stones, because everyone knows they’re going to live forever, especially Keith Richards, the co-author of Sympathy, the epic lead guitar and occasional lead vocalist. With a dedicated effort, I finally finished Keith’s memoir, Life, last year. It was written with James Fox in 2010, and occupied a place among the stack on the nightstand for four years. It’s an incredibly incoherent but interesting history, especially for a lifelong Stones fan. Keith’s remaining brain cells allow him to recount wandering stories while Fox interprets. I found you could only read a few pages and then had to decompress and set it aside for a few days, or weeks, but couldn’t help but come back at times ...
To me, that actually gave me association as being the best description I have seen for how I have felt while reading the last two books from Mr. Taleb! - Without implying other similarities to any extent! And from what I have read so far of Mr. Talebs next book "Skin in the Game", that does not appear to be much different.
- - - o 0 o - - -
There are a lot of interesting topics covered in the Semper Augustus 2016 Client Letter - BRK-related and general. Perhaps we could continue discussing the Letter in this topic.
- - - o 0 o - - -
My take on this, based on these two Semper Augustus Letters: I will start buying BRK again, after a break of about a half year, based on the prevailing market conditions, and the recent relationship between market price and intrinsic value of BRK.
