By
Borsgade
Christopher Bloomstran, CIO of Semper Augustus Investment Group, and one of the investors who knows Berkshire Hathaway and Warren Buffett best, has just published his annual letter to shareholders.
Regardless of the title (letter to clients), there is usually more about a book than about a letter. Despite the length, there are many exciting topics, and where Christopher dives nets in:
Several years ago, in an exchange of letters with Warren Buffett, I mentioned having calculated a startling truth that Berkshire Hathaway could lose 99.3% of its market value and still have outperformed the S&P 500 from when he took over in 1964 to that point. Warren responded, “I’m sure Ben (Graham) would be proud and call it a margin of safety, but let’s not put it to the test.” Later in the same year, in a conversation with Charlie Munger at a Wesco meeting, I mentioned the same remarkable statistic. Charlie’s instant reply, following a glare into my soul, and then a harrumph, “Well of course, Chris, that’s just simple compound interest.”
Share the news
The above has been prepared by Børsgade ApS for information purposes and cannot be regarded as a solicitation or recommendation to buy or sell any security. Nor can the information etc. be regarded as recommendations or advice of a legal, accounting or tax nature. Børsgade cannot be held liable for losses caused by customers’/users’ actions – or lack thereof – based on the information in the above. We have made every effort to ensure that the information in the above is complete and accurate, but cannot guarantee this and accept no liability for errors or omissions.
Readers are advised that investing may involve a risk of loss that cannot be determined in advance, and that past performance and price development cannot be used as a reliable indicator of future performance and price development. For further information please contact info@borsgade.dk
In this article, Michael Mauboussin argues that whenever investors value a stake in a cash-generating asset, they are essentially using a discounted cash flow (DCF) model, whether explicitly or implicitly.
In this video, Guy Spier gives a full tour of the Aquamarine office in down town Zürich. Guy walks around the office while discussing the idea and history behind the different office spaces and the library.
In this article, Aswath Damodaran delves into the complex interplay between corporate earnings reports, market expectations, and stock price movements, using Nvidia’s recent earnings announcement as a case study.
In this interview, Guy Spier covers a wide range of topics, blending practical investing advice with broader life lessons and philosophical insights. Guy emphasizes the importance of long-term thinking, personal growth, and maintaining a balanced perspective on success and happiness.
