#171: Chris Bloomstran - President & CIO at Semper Augustus - Finding Value in the Public Markets

Christopher P. Bloomstran, CFA, is the President and Chief Investment Officer of Semper Augustus Investments Group LLC. Chris has three decades of professional investment experience with a disciplined, value-driven approach to fundamental equity and industry research. Semper Augustus manages concentrated global equity portfolios of well-run, well-capitalized businesses with share prices trading below conservative appraisals of intrinsic value. 

On this episode, Chris dives deep into his journey of founding Semper Augustus and his vast knowledge of Berkshire Hathaway. They also discuss his 2020 investor letter, what he thinks about the current market, value investing, and much more. Enjoy!

Follow Chris on Twitter: https://www.Twitter.com/FortWorthChris
Follow Chris on LinkedIn: https://www.linkedin.com/in/chrispowersjr/
Learn more about Chris Powers & Fort Capital: https://www.FortCapitalLP.com
Follow Fort Capital on LinkedIn: https://www.linkedin.com/company/fort-capital/

Listen & Subscribe on Spotify: https://open.spotify.com/show/7oIeNSaSJ4zkTQOXiedyOr?si=dEM48cSPQ9OIQ1HiD8sjrg

Listen & Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-fort-with-chris-powers/id1410549811

(03:10) - Chris’ Background & Career at Semper Augustus

(08:07) - Was it a no-brainer to take over this family capital or did you have reservations about it?

(14:06) - Has your investment strategy been set by the initial family capital at Semper Augustus?

(21:19) - What does ‘fundamental, value-driven investor’ mean to you?

(27:55) - What did you mean in your 2020 letter when you said it’s the point of no return?

2020 SAI Investor letter - The Point of no Return: https://static.fmgsuite.com/media/documents/2bde00e4-7037-4c39-beb8-9946b2b2dce3.pdf

(40:48) - If you were elected to be the Fed Chairman, what would you do?

(49:26) - How do you get inspiration for new ideas and how much time do you spend about adding new things to your portfolio vs. thinking about what you already own?

(54:39) - How do you help your analysts ‘clean up the universe’?

(1:00:42) - Does China’s direction worry you?

(1:05:41) - How do you determine whether an org is practicing accounting integrity?

(1:16:30) - Is there anything that more people should understand about Berkshire that is often overlooked?

(1:24:53) - Is there something you think Warren should be doing with the cash on his balance sheet?

(1:33:39) - Are you pleased with how Berkshire handled their covid situation?

(1:41:36) - How do you think about a Berkshire without Warren Buffet?

(1:51:31) - What is one business that you wouldn’t invest in, but that you also wouldn’t short?

(1:56:47) - How can people follow you and find your business?

(1:58:48) - Wrap Up

The FORT is produced by Johnny Peterson & Straight Up Podcasts