About
Christopher Bloomstran is an American value investor and president of Semper Augustus Investments Group, known for his rigorous fundamental analysis, detailed investor letters, and patient approach to compounding wealth over decades. Here's who he is:
Christopher Bloomstran founded Semper Augustus Investments Group in 1998 in Colorado, building it into a respected investment firm managing accounts for individuals, families, and institutions. A CFA charterholder and graduate of the University of Denver, Bloomstran developed his investment philosophy studying the work of Warren Buffett, Benjamin Graham, and other value investing legends. His firm focuses on identifying high-quality businesses trading at significant discounts to intrinsic value, with a particular emphasis on companies with durable competitive advantages, strong management teams, and the ability to compound capital over long periods. Unlike many modern investors, Bloomstran is known for his willingness to hold cash when opportunities are scarce rather than compromising his standards.
Bloomstran is known for his exceptionally detailed and analytical approach to valuation, often producing comprehensive research reports that run dozens of pages on individual companies. His investment letters demonstrate an almost obsessive attention to detail in calculating intrinsic value, analyzing capital allocation decisions, and assessing management quality. He's particularly skilled at analyzing Berkshire Hathaway, having written some of the most thorough analyses of the conglomerate's intrinsic value available anywhere. His approach combines quantitative rigor with qualitative assessment, and he's not afraid to challenge conventional wisdom or popular narratives when his analysis suggests the market is wrong.
Beyond portfolio management, Bloomstran has become respected in the value investing community for his willingness to share detailed research and educate other investors. His annual investor letters are eagerly anticipated for their depth, clarity, and educational value, often running 40+ pages of dense financial analysis. He's been a frequent speaker at value investing conferences, where his presentations on topics like intrinsic value calculation, portfolio construction, and the current market environment are known for their intellectual substance. Despite managing a relatively small firm, Bloomstran has earned outsized influence through the quality of his thinking and his commitment to transparency with clients and the broader investment community.
Christopher Bloomstran's Best Quotes
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"Valuation is the foundation of everything we do. If you don't know what something is worth, you can't know if the price is attractive."
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"Patience is not just a virtue in investing—it's a competitive advantage. Most investors can't wait, and that creates opportunities for those who can."
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"The market is not always efficient, but it's usually efficient eventually. Our job is to profit from the gap between price and value while waiting for convergence."
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"Quality matters, but price matters more. A great business at the wrong price is a bad investment."
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"Cash is not trash—it's optionality. When you hold cash waiting for opportunities, you're not missing out, you're being disciplined."
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"We're not trying to predict the future. We're trying to pay so little for the present that the future takes care of itself."
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"Understanding what you own is more important than how many things you own. Concentration with knowledge beats diversification with ignorance."
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"The hardest part of investing is doing nothing when there's nothing to do."
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"Management quality shows up most clearly in capital allocation decisions over time. Words are cheap; actions with shareholders' capital tell the truth."
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"Intrinsic value isn't a single number—it's a range. Our job is to buy when price is well below the bottom of that range."
作品
Semper Augustus Annual Investment Letters
Bloomstran's annual letters to Semper Augustus clients are among the most detailed and analytically rigorous in the investment industry, often exceeding 40 pages of dense financial analysis and market commentary. These letters feature comprehensive discussions of portfolio holdings, detailed intrinsic value calculations, and thoughtful analysis of market conditions and valuation levels. His letters are known for including extensive financial tables, historical data comparisons, and step-by-step explanations of his valuation methodology. Unlike many investment letters that are heavy on narrative and light on numbers, Bloomstran's letters provide the actual calculations and assumptions behind his conclusions, making them valuable educational resources for serious investors.
Berkshire Hathaway Intrinsic Value Analyses
Bloomstran has produced some of the most comprehensive and detailed analyses of Berkshire Hathaway's intrinsic value available anywhere, typically released annually and running 20-30 pages. These reports break down Berkshire's various operating businesses, insurance operations, investment portfolio, and cash holdings with granular precision. He calculates sum-of-the-parts valuations, analyzes management decisions, and tracks how intrinsic value has changed over time. His Berkshire analyses have gained a cult following among Berkshire shareholders and value investors for their thoroughness and transparency in showing all assumptions and calculations. These reports demonstrate his analytical approach and serve as masterclasses in valuing complex businesses.
Quarterly Client Letters and Market Commentaries
Beyond annual letters, Bloomstran writes detailed quarterly updates providing his assessment of market conditions, valuation levels, and portfolio positioning. These shorter letters (typically 10-15 pages) discuss current holdings, recent purchases or sales, and his thinking on market developments. His quarterly commentaries often include warnings about market excess when valuations are stretched, as well as excitement about opportunities when markets sell off. The consistency of his message over decades—focusing on valuation discipline regardless of market sentiment—provides a valuable record of principled long-term investing.
Conference Presentations and Speeches
Bloomstran has delivered numerous presentations at value investing conferences including the Value Investor Conference, Grant's Interest Rate Observer Conference, and various CFA Society events. His presentations often focus on topics like intrinsic value calculation methodology, the current state of market valuations, portfolio construction for long-term wealth building, and case studies of specific investments. His speaking style is direct and data-driven, typically featuring extensive slides with financial data and analysis. Recordings and transcripts of his presentations, particularly his talks on market valuation levels and his Berkshire Hathaway analyses, are widely circulated in the value investing community.
Articles and Op-Eds on Market Valuation
Bloomstran has written articles for various financial publications warning about market overvaluation during periods of excess and explaining his approach to measuring market levels. His pieces often challenge popular narratives and conventional wisdom with data and historical analysis. He's been particularly vocal about the dangers of passive investing when valuations are high, the impact of quantitative easing on asset prices, and the importance of understanding what you're paying for investments. His writing style is precise and evidence-based, letting the numbers speak rather than relying on rhetoric.
Investment Philosophy Papers and Methodology Documents
Bloomstran has produced educational materials explaining Semper Augustus's investment philosophy, research process, and valuation methodology. These documents detail how the firm identifies investment candidates, conducts due diligence, calculates intrinsic value, determines position sizing, and makes sell decisions. Unlike many firms that keep their process proprietary, Bloomstran has been remarkably transparent about his approach, including discussing both successful and unsuccessful investments. These materials serve as a blueprint for fundamental value investing and demonstrate his commitment to intellectual honesty.
Case Studies on Individual Investments
Throughout his letters and presentations, Bloomstran has provided detailed case studies on specific investments, explaining his initial thesis, how the investment played out, and lessons learned. His analyses of companies like Fairfax Financial, various insurance companies, and other value holdings include the detailed financial modeling and qualitative assessment that led to purchase decisions. He's also candid about investments that didn't work out as planned, using them as teaching opportunities about what went wrong and how to improve analysis going forward.
Interviews and Podcast Appearances
Bloomstran has participated in numerous in-depth interviews and podcast appearances where he discusses his investment philosophy, current market views, and approach to wealth management. His conversations on podcasts like "The Investor's Podcast," interviews with publications like Grant's Interest Rate Observer, and appearances on financial media provide insights into his thinking process. These interviews often feature his characteristic blend of quantitative rigor and common-sense explanation, making complex valuation concepts accessible while maintaining analytical depth. His willingness to share detailed thoughts on portfolio positions and market conditions has made these appearances valuable resources for learning about fundamental analysis.