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
<ul>
 <li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind-2/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Join <a href="https://intrinsicvalueconference.com/">⁠⁠The Intrinsic Value Conference⁠⁠</a> in Omaha this May 1, 2026!</li>
 <li>Stig’s  2025 interview with Chris Bloomstran about <a href="https://www.theinvestorspodcast.com/episodes/berkshire-hathaway-2025-w-chris-bloomstran/">Berkshire Hathaway</a>. </li>
 <li>Stig’s  2024 interview with Chris Bloomstran about <a href="https://www.theinvestorspodcast.com/episodes/berkshire-hathaway-w-chris-bloomstran/">Berkshire Hathaway</a>. </li>
 <li>Stig’s  2023 interview with Chris Bloomstran about <a href="https://www.theinvestorspodcast.com/episodes/berkshire-hathaway-masterclass-2023-w-chris-bloomstran/">Berkshire Hathaway</a>. </li>
 <li>Chris Bloomstran’s <a href="https://www.semperaugustus.com">website</a>. </li>
 <li>Read Chris Bloomstran’s <a href="https://www.semperaugustus.com/clientletter">annual letters</a>.
</li>
 <li>Buffett <a href="https://buffett.cnbc.com/">resource on CNBC</a>. </li>
 <li>Alex Morris’ book, <a href="https://www.amazon.com/Buffett-Munger-Unscripted-Investment-Shareholder/dp/1804091413?&linkCode=ll2&tag=tipnetwork-20&linkId=ec2a3f0643add4b70fcec3b67c989b99&language=en_US&ref_=as_li_ss_tl">Buffett and Munger Unscripted</a>.</li>
 <li>Follow Stig on ⁠⁠<a href="https://x.com/stig_brodersen">X</a>⁠⁠ and <a href="https://www.linkedin.com/in/stigbrodersen/">⁠⁠Linkedin⁠⁠</a>.</li>
 <li>Related <a href="https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> mentioned in the podcast.</li>
 <li>Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠<a href="https://premium.theinvestorspodcast.com/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.</li>
</ul>
NEW TO THE SHOW?
<ul>
 <li>Get smarter about valuing businesses through <a href="https://www.theinvestorspodcast.com/newsletters/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Check out ⁠⁠⁠<a href="https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/">⁠⁠The Investor’s Podcast Starter Packs⁠⁠⁠⁠⁠</a>.</li>
 <li>Follow our official social media accounts: <a href="https://twitter.com/TIP_Network">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> | <a href="https://www.linkedin.com/company/the-investor's-podcast/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> | <a href="https://www.facebook.com/TheInvestorsPodcast">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a><a href="https://www.tiktok.com/@theinvestorspodcast">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Try our tool for picking stock winners and managing our portfolios: <a href="https://www.theinvestorspodcast.com/tip-finance/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance⁠⁠⁠</a>.</li>
 <li>Enjoy exclusive perks from our <a href="https://www.theinvestorspodcast.com/affiliates/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Learn how to better start, manage, and grow your business with the <a href="https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
</ul>
SPONSORS
Support our free podcast by supporting our <a href="https://theinvestorspodcast.com/sponsors">⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠</a>:
<ul>
 <li>
<a href="https://www.hardblock.com.au/join/fundamentals">⁠HardBlock⁠</a>
</li>
 <li>
<a href="https://financialfreedomreport.org">⁠Human Rights Foundation⁠</a>
</li>
 <li>
<a href="https://plus500.com/">⁠Plus500⁠</a>
</li>
 <li>
<a href="https://netsuite.com/study">⁠Netsuite⁠</a>
</li>
 <li>
<a href="https://www.shopify.com/wsb">⁠Shopify⁠</a>
</li>
 <li>
<a href="https://www.vanta.com/BILLIONAIRES">⁠Vanta⁠</a>
</li>
</ul>
References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>Support our show by becoming a premium member! <a href="https://theinvestorspodcastnetwork.supportingcast.fm">https://theinvestorspodcastnetwork.supportingcast.fm</a>

Podurama

Home

Trending

Personal

Your Podcasts

New Episodes

My Files

Favourite Episodes

Tags (Folders)

Recently Played

Bookmarks

Followed Playlists

TIP810: Berkshire Hathaway 2026 Valuation w/ Chris Bloomstran

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

AI Chapters

AI Insights

Reviews