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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!

Carl
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