Semper Augustus

Q3 2015 13F · by Christopher Bloomstran, CIO

As of: Sep 30, 2015
Filed: Nov 13, 2015
US stock: $143M · prev $149M
Positions: 31 · prev 31
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves23 since the prior filing

+4.5 pp in · −4.6 pp out

New 0 0.00 pp
Added 1 +4.51 pp
Trimmed 22 −4.55 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.5% a year, about 18.1 years per position

Low
Moderate
High

Top 5 positions55% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.30 pp trimmed−0.3017.6%
XOM Exxon Mobil Corp trimmed−0.97 pp trimmed−0.9713.4%
BRK.A Berkshire Hathaway Inc. held held11.8%
MCY Mercury General Corp. trimmed−0.41 pp trimmed−0.417.0%
unresolved Precision Castparts Corp added+4.51 pp added+4.515.7%

Positions31 in this filing · 0 exited


BRK.BBERKSHIRE HATHAWAY Class B	17.63%	192,791	$25M	trimmed−2%	−0.30 pp	10 q
XOMExxon Mobil Corp	13.37%	256,418	$19M	trimmed−0%	−0.97 pp	10 q
BRK.ABerkshire Hathaway Inc.	11.77%	86	$17M	held	—	10 q
MCYMercury General Corp.	6.97%	196,847	$10M	trimmed−1%	−0.41 pp	10 q
unresolvedPrecision Castparts Corp	5.70%	35,397	$8M	added×4.0	+4.51 pp	2 q
unresolvedLeucadia National	4.37%	307,826	$6M	trimmed−2%	−0.72 pp	10 q
18614USDGoldcorp Inc	4.36%	496,630	$6M	trimmed−0%	−1.05 pp	10 q
WAFDWaFd, Inc.	3.76%	235,439	$5M	trimmed−1%	+0.06 pp	10 q
SNYSanofi	2.77%	83,220	$4M	trimmed−5%	−0.15 pp	10 q
MRKMerck & Co., Inc.	2.73%	78,729	$4M	held	—	10 q
unresolvedGeneral Electric Co	2.58%	145,935	$4M	trimmed−3%	−0.09 pp	10 q
MSFTMicrosoft Corp	2.50%	80,404	$4M	trimmed−6%	−0.04 pp	10 q
INTCIntel Corp	2.46%	116,230	$4M	trimmed−7%	−0.09 pp	10 q
unresolvedAVX Corporation	2.08%	226,869	$3M	trimmed−1%	+0.02 pp	10 q
COSTCostco Wholesale Corp	2.06%	20,302	$3M	trimmed−0%	+0.22 pp	10 q
unresolvedValidus Holdings Ltd	1.77%	56,101	$3M	trimmed−2%	+0.08 pp	10 q
PEPPepsiCo, Inc.	1.42%	21,475	$2M	trimmed−5%	+0.01 pp	10 q
KOCoca-Cola Company	1.41%	50,000	$2M	held	—	10 q
TRVThe Travelers Companies, Inc.	1.40%	20,000	$2M	held	—	10 q
JNJJohnson & Johnson	1.31%	20,089	$2M	trimmed−1%	−0.01 pp	10 q
unresolvedStatoil ASA	1.31%	128,114	$2M	trimmed−1%	−0.23 pp	10 q
AXPAmerican Express Company	1.27%	24,335	$2M	trimmed−1%	0.00 pp	3 q
CNACNA Financial Corporation	0.93%	37,915	$1M	trimmed−0%	−0.04 pp	10 q
NEMNewmont Corporation	0.93%	82,563	$1M	trimmed−2%	−0.38 pp	10 q
unresolvedChicago Bridge & Iron Co N V	0.92%	33,166	$1M	trimmed−1%	−0.20 pp	5 q
unresolvedChubb	0.86%	10,000	$1M	held	—	10 q
KGCKinross Gold Corporation	0.66%	545,078	$938,000	trimmed−1%	−0.20 pp	10 q
MDTMedtronic plc	0.23%	5,000	$335,000	held	—	3 q
unresolvedDst Sys Inc DEL	0.18%	2,450	$258,000	held	—	3 q
RDS.ARoyal Dutch Shell PLC	0.16%	4,868	$231,000	held	—	10 q
unresolvedVical Inc	0.13%	403,146	$185,000	trimmed−1%	−0.06 pp	10 q