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.
- Ad-free episodes on our Premium Feed.
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