In this episode, William Green chats with Chris Bloomstran, President & Chief Investment Officer of Semper Augustus. This conversation is so rich that it’s been divided into two episodes. Here, in Part 1, Chris explains how to achieve long-term success by seeking a “dual margin of safety” that comes from owning high-quality businesses at attractive prices. He also warns about the perennial dangers of irrational exuberance, which he now sees in hot stocks like Tesla & Nvidia.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro04:45 - What Chris Bloomstran learned from his brilliant mentor, Robert Smith.08:17 - How Chris & Robert skillfully sidestepped the dotcom bubble & crash.10:00 - What lessons Chris drew from an early investment that fell to zero.35:17 - Why Chris named his investment firm after a crazily overvalued tulip.44:53 - What Sir John Templeton saw as the best antidote to financial insanity.&nbsp;55:38 - How to succeed in stocks by seeking a “dual margin of safety.”56:51 - How his definition of a quality business has evolved.1:07:01 - Why he’s skeptical about Cathie Wood’s ARK portfolio.1:09:02 - Why hot tech stocks like Nvidia are likely to disappoint for many years.1:11:32 - Why he’s wary of hype & “puffery” about Tesla’s glorious future.1:17:49 - Why he’s trimmed great but pricey holdings like Costco & Nike.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES<ul><li>Chris Bloomstran’s firm <a href="https://www.semperaugustus.com/" rel="noopener noreferrer" target="_blank">Semper Augustus Investments Group</a></li><li>“<a href="https://www.amazon.com/Extraordinary-Popular-Delusions-Madness-Crowds/dp/1539849589?crid=14YX87FAZCW21&keywords=extraordinary+popular+delusions+and+the+madness+of+crowds&qid=1692291103&sprefix=extraordinary+p%2Caps%2C226&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=2ea80ca1b30161854efbdc47b47ad526&language=en_US&ref_=as_li_ss_tl" rel="noopener noreferrer" target="_blank">Extraordinary Popular Delusions & The Madness of Crowds</a>” by Charles Mackay</li><li>“<a href="https://www.amazon.com/Rise-Fall-American-Growth-Standard/dp/B01ITPUXEU?keywords=Robert+J.+Gordon&qid=1692050077&s=audible&sr=1-1&linkCode=ll1&tag=tipnetwork-20&linkId=52ddca886ba10d421515b9e19228e43b&language=en_US&ref_=as_li_ss_tl" rel="noopener noreferrer" target="_blank">The Rise & Fall of American Growth</a>” by Robert Gordon</li><li>William Green’s book, “Richer, Wiser, Happier” –&nbsp;<a href="https://www.amazon.com/Richer-Wiser-Happier-Greatest-Investors/dp/1501164856?&linkCode=ll1&tag=tipnetwork-20&linkId=391aa8a3ca097f772357ec9f66901343&language=en_US&ref_=as_li_ss_tl" rel="noopener noreferrer" target="_blank">read the reviews of this book</a></li><li>Listen to <a href="https://link.chtbl.com/WSB548" rel="noopener noreferrer" target="_blank">Stig Brodersen’s April 2023 interview</a> with Chris Bloomstran, or watch the <a href="https://www.theinvestorspodcast.com/episodes/berkshire-hathaway-masterclass-2023-w-chris-bloomstran/" rel="noopener noreferrer" target="_blank">video</a>.</li><li>Follow Chris Bloomstran on X (AKA<a href="https://twitter.com/ChrisBloomstran" rel="noopener noreferrer" target="_blank"> Twitter</a>)</li><li>Follow William Green on X (AKA <a href="https://twitter.com/williamgreen72" rel="noopener noreferrer" target="_blank">Twitter</a>)</li></ul>NEW TO THE SHOW?<ul><li>Check out our&nbsp;<a href="https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/" rel="noopener noreferrer" target="_blank">We Study Billionaires Starter Packs</a>.</li><li>Browse through all our episodes (complete with transcripts)&nbsp;<a href="https://www.theinvestorspodcast.com/richer-wiser-happier/" rel="noopener noreferrer" target="_blank">here</a>.</li><li>Try our tool for picking stock winners and managing our portfolios:&nbsp;<a href="https://www.theinvestorspodcast.com/tip-finance/" rel="noopener noreferrer" target="_blank">TIP Finance Tool</a>.</li><li>Enjoy exclusive perks from our&nbsp;<a href="https://www.theinvestorspodcast.com/affiliates/" rel="noopener noreferrer" target="_blank">favorite Apps and Services</a>.</li><li>Stay up-to-date on financial markets and investing strategies through our daily newsletter,<a href="https://www.theinvestorspodcast.com/newsletters/" rel="noopener noreferrer" target="_blank">&nbsp;We Study Markets.</a></li><li>Learn how to better start, manage, and grow your business with the&nbsp;<a href="https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/" rel="noopener noreferrer" target="_blank">best business podcasts</a>.&nbsp;</li></ul>P.S The Investor’s Podcast Network is excited to launch a&nbsp;<a href="https://clicks.aweber.com/y/ct/?l=7HQTa&m=3hIUiG6T8vBkNOB&b=8NVZC.qh9__ur.qME8mcEQ" rel="noopener noreferrer" target="_blank">subreddit</a>&nbsp;devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit&nbsp;<a href="https://clicks.aweber.com/y/ct/?l=7HQTa&m=3hIUiG6T8vBkNOB&b=8NVZC.qh9__ur.qME8mcEQ" rel="noopener noreferrer" target="_blank">r/TheInvestorsPodcast</a>&nbsp;today!SPONSORS<ul><li>Invest in Bitcoin with confidence on&nbsp;<a href="https://river.com/" rel="noopener noreferrer" target="_blank">River</a>. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.</li><li>Reach the world’s largest audience with&nbsp;<a href="https://linkedin.com/results" rel="noopener noreferrer" target="_blank">Linkedin</a>, the place to B2B. 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