Client Letters

Current Client Letter:

2019 SAI Letter: Money for Nothing: Dire Straits in Valuations; Stocks for Free; The Imperative of No; And - The Berkshire Fumblerooskie, Plus More!



Previous Client Letters:

Please check back as we will be periodically posting archived letters to this section of the website.

2018 SAI Letter: Addicted to Loans: A Bubble In Debt, The Trouble With Earnings, The Second Great Pivot At Berkshire Plus: The ROE You Will Not See!

2017 SAI Letter: Double, Double Toil and Trouble - Wicked Valuations, Bubbles in Monetary Policy and Passive Investing; Plus - Berkshire - Charmed by the Tax Deed

2016 SAI Letter: Sympathy for the Dog; Challenging Dogma Death of the Profit Margin and a (Brief) Berkshire Redux

2015 SAI Letter: Party Like It's Nineteen Ninety-Nine- Bad Breadth, Intrinsic Value, and a Deep Dive into Berkshire Hathaway

2014 SAI Letter: Twelve Predictions from 2000 Revisited + New Predictions for the Next Fifteen Years

2004 SAI Letter: Headwinds and Advantages vs the S&P 500

2003 SAI Letter: Agnosticism, Laffing Gas and Glacial Improvement in Accounting Quality

2002 SAI Letter: Mr Smith Goes to Washington - Fair Value Update and Accounting Adjustments

2001 SAI Letter: The Interaction Between Profits and PE Multiples

November 2000: Price Matters

January 2000: Predictions for the Next Fifteen Years and the Future Economics of Microsoft

August 1999: The Semper Augustus Approach to Stock Picking - Mercury General

July 1999: Large Cap Stocks Still Overvalued Some Bargains in Small Caps and Mid Caps

March 1999: Energy Stocks Today What Led Semper Augustus to the Energy Sector