Author Topic: Semper Augustus letter  (Read 44791 times)

gfp

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Re: Semper Augustus letter
« Reply #90 on: December 10, 2019, 05:01:12 PM »
Looks like Bloomstran / Semper Augustus has made it on to the dataroma 13f site, for those that are interested -
https://dataroma.com/m/holdings.php?m=SA


Dynamic

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Re: Semper Augustus letter
« Reply #91 on: December 10, 2019, 05:27:54 PM »
Interesting that 37% of the portfolio was in Berkshire (Class A plus Class B) and the rest has considerably smaller position sizes. Nice quality of names in there, and good for further research.
Having said that, Berkshire itself is internally diverse and Bloomstran understands it extremely well. It might have hurt Semper's market value gain on a Year-to-Date price performance basis as BRK.A/B finished 2018 strongly and has been flattish while the market has risen strongly, but it may well be that the coming year will be a great time to have an excess of Berkshire Hathaway if the intrinsic value and book value growth force the market price to break free of its previous highs eventually. I expect his 2020 letter will again have a lot of Berkshire content because again it's looking seriously mispriced despite greatly increasing its value in ways and extent that don't seem to be widely appreciated yet, and somehow I don't see that being likely to change by January or February when he writes his letter. His investors deserve to feel very positive about the future prospects, downside protection and buying opportunities afforded by the discount to IV and the growth in IV even if their portfolio may have lagged the price performance of the soaring index in 2019.