QVMM - Semper Augustus Investments Group 2023 Letter To Clients

2024-02-25 04:15:00 ET

Summary

• Semper Augustus is an SEC registered investment advisor. We are a fundamental, value-driven investor managing concentrated equity portfolios of well-run, well-capitalized businesses with share prices trading below our conservative appraisals of intrinsic value.
• Many asset prices continued downward through fall 2023 until belief spread that Jay Powell and the Federal Reserve would cut interest rates multiple times in 2024. From there, it’s been off to the races.
• As with the letter each year, we update portfolio intrinsic value and contrast valuation and expectations for the future in the first two sections of the letter.
• Instead of book recommendations on things we’ve read this year, don’t miss Worldly Wisdom. I’ve compiled a series of resources that those not already deeply familiar with Charlie Munger should explore.
• Finally, an ongoing analysis of Berkshire Hathaway resumes in its customary back half of the letter.

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