Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 7
"Another Chris Bloomstran tome worth reading (168 pages).

If in a hurry, the 53 page discussion of BRK starts on P69."

I found this Semper letter on BRK far more interesting and informative than BRK's AR.
And, it includes Semper's estimate of 4Q2019 performance in his analysis.

1. Some very strong criticism of BRK's both changing of the goal posts, as well
as reducing the amount of fine-detail reported in its results. Much more criticism
here than in last year's Semper report. He does not agree with WEB that BRK's reports should
target average (i.e., unsophisticated investor) , rather than investment analysts.

2. Expects continued 10%/year ROE going forward, based on his view of true sustainable
earnings, which he calculates based on lots of earnings adjustments he makes, and explains.

3. Very aggressive estimates of intrinsic value: over $450k/A-share!

Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.