Episode notes
Stig has invited legendary investor Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show. Semper Augustus has an outstanding track record with a compounded annual growth rate of 12.4% on equities since its fund's inception on 2/28/1999, compared to 8.5% for the S&P 500.
IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:04:25 - What the intrinsic value of Berkshire Hathaway is, and what type of return you can get going forward
00:21:39 - Chris’s opinion on Greg Abel’s first letter to shareholders
00:38:39 - How should Berkshire management be compensated?
01:05:36 - How to think about valuing OpenAI
01:12:42 - Why S&P 500 share buybacks don’t benefit investors
01:22:53 - Thinking about investing risk from sudden loss vs. the slow decline of an asset manager
01:29:03 - Why Buffett reads Chris’s annual letter
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community.
- Join The Intrinsic Value Conference in Omaha this May 1, 2026!
- Stig’s 2025 interview with Chris Bloomstran about Berkshire Hathaway.
- Stig’s 2024 interview with Chris Bloomstran about Berkshire Hathaway.
- Stig’s 2023 interview with Chris Bloomstran about Berkshire Hathaway.
- Chris Bloomstran’s website.
- Read Chris Bloomstran’s annual letters.
- Buffett resource on CNBC.
- Alex Morris’ book, Buffett and Munger Unscripted.
- Follow Stig on X and Linkedin.
- Related books mentioned in the podcast.
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