Semper Augustus

Q3 2016 13F · by Christopher Bloomstran, CIO

As of: Sep 30, 2016
Filed: Nov 10, 2016
US stock: $138M · prev $138M
Positions: 30 · prev 30
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%

Moves14 since the prior filing

+0.2 pp in · +0.2 pp out

New 0 0.00 pp
Added 2 +0.17 pp
Trimmed 12 +0.16 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.4% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions52% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.06 pp trimmed−0.0619.8%
BRK.A Berkshire Hathaway Inc. held held13.5%
XOM Exxon Mobil Corp trimmed−0.51 pp trimmed−0.516.8%
MCY Mercury General Corp. trimmed+0.20 pp trimmed+0.206.8%
NEM Newmont Corporation held held5.6%

Positions30 in this filing · 0 exited


BRK.BBERKSHIRE HATHAWAY Class B	19.76%	188,605	$27M	trimmed−0%	−0.06 pp	14 q
BRK.ABerkshire Hathaway Inc.	13.49%	86	$19M	held	—	14 q
XOMExxon Mobil Corp	6.76%	106,768	$9M	trimmed−0%	−0.51 pp	14 q
MCYMercury General Corp.	6.76%	169,788	$9M	trimmed−0%	+0.20 pp	14 q
NEMNewmont Corporation	5.64%	197,896	$8M	held	—	14 q
18614USDGoldcorp Inc	4.48%	373,810	$6M	trimmed−0%	−0.72 pp	14 q
WAFDWaFd, Inc.	4.47%	231,068	$6M	trimmed−0%	+0.40 pp	14 q
unresolvedLeucadia National	4.21%	305,027	$6M	trimmed−0%	+0.38 pp	14 q
MRKMerck & Co., Inc.	3.55%	78,477	$5M	trimmed−0%	+0.26 pp	14 q
SNYSanofi	2.93%	105,774	$4M	added+4%	−0.15 pp	14 q
unresolvedGeneral Electric Co	2.78%	129,415	$4M	held	—	14 q
HXLHexcel Corporation	2.66%	82,904	$4M	trimmed−0%	+0.16 pp	2 q
INTCIntel Corp	2.39%	87,125	$3M	trimmed−0%	+0.32 pp	14 q
COSTCostco Wholesale Corp	2.25%	20,302	$3M	held	—	14 q
unresolvedAVX Corporation	2.23%	223,449	$3M	trimmed−0%	+0.03 pp	14 q
unresolvedValidus Holdings Ltd	2.02%	56,001	$3M	held	—	14 q
JNJJohnson & Johnson	1.70%	19,870	$2M	held	—	14 q
AXPAmerican Express Company	1.69%	36,267	$2M	held	—	7 q
TRVThe Travelers Companies, Inc.	1.66%	20,000	$2M	held	—	14 q
KGCKinross Gold Corporation	1.62%	529,940	$2M	trimmed−0%	−0.26 pp	14 q
unresolvedStatoil ASA	1.55%	126,974	$2M	held	—	14 q
KOCoca-Cola Company	1.53%	50,000	$2M	held	—	14 q
unresolvedChicago Bridge & Iron Co N V	1.14%	56,018	$2M	added+71%	+0.32 pp	9 q
CNACNA Financial Corporation	0.94%	37,580	$1M	held	—	14 q
CBChubb Limited	0.55%	6,018	$756,000	held	—	3 q
unresolvedDst Sys Inc DEL	0.47%	5,514	$650,000	held	—	7 q
MDTMedtronic plc	0.31%	5,000	$432,000	held	—	7 q
SYFSynchrony Financial	0.19%	9,532	$267,000	held	—	4 q
RDS.ARoyal Dutch Shell PLC	0.18%	4,868	$244,000	held	—	14 q
unresolvedVical Inc.	0.08%	36,848	$112,000	trimmed−1%	−0.04 pp	2 q