Stig has invited legend 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 11.4% on equities since its fund's inception on 2/28/1999, compared to 8.2% for the S&P 500. 

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:45 - The importance of being trusted for Warren Buffett and Chris Bloomstran
18:20 - Why you may want to own a 10-year treasury over the S&P 500 over the next decade 
20:28 - How to estimate whether you’re in a secular peak
27:43 - How active Berkshire should be on the boards of portfolio companies
36:03 - How to take a deep dive into Berkshire Hathaway’s culture and business model
43:53 - What the intrinsic value of Berkshire Hathaway is, and what type of return you can get moving forward

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
<ul>
 <li>Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more <a href="https://www.theinvestorspodcast.com/summit/">here</a>.
</li>
 <li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind-2/">TIP Mastermind Community</a> to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.</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>Stig’s 2022 masterclass with Chris Bloomstran on <a href="https://www.theinvestorspodcast.com/episodes/berkshire-hathaway-masterclass-w-chris-bloomstran/">valuing 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, Buffett and Munger Unscripted – <a href="https://www.amazon.com/Buffett-Munger-Unscripted-Investment-Shareholder/dp/1804090670?crid=2SOOPI70EBEPS&dib=eyJ2IjoiMSJ9.C9pe8fWSk6a2U56MiAo4lw.B5Zzzj8g06VJCGddKjWEh-rwdW2VZyG4A5-C4GPKDZ8&dib_tag=se&keywords=Alex+Morris%E2%80%99+book%2C+Buffett+and+Munger+Unscripted&qid=1745579476&sprefix=alex+morris+book%2C+buffett+and+munger+unscripted%2Caps%2C261&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=c31c12033bc8f1a8757f3f2834cee882&language=en_US&ref_=as_li_ss_tl">read reviews of the book</a>.</li>
 <li>Check out all the books mentioned and discussed in our podcast episodes <a href="https://prodcast.io/wsb">here</a>.</li>
 <li>Enjoy ad-free episodes when you subscribe to our <a href="https://premium.theinvestorspodcast.com/">Premium Feed</a>.</li>
</ul>
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 <li>Browse through all our episodes (complete with transcripts) <a href="https://www.theinvestorspodcast.com/we-study-billionaires/">here</a>.</li>
 <li>Try our tool for picking stock winners and managing our portfolios: <a href="https://www.theinvestorspodcast.com/tip-finance/">TIP Finance Tool</a>.</li>
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 <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>
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SPONSORS
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