CHRISTOPHER BLOOMSTRAN
President of Semper Augustus Investments who writes 100+ page annual letters dissecting Berkshire Hathaway with surgical precision
Christopher Bloomstran runs a small value fund in St. Louis and writes annual letters that make Warren Buffett's look like tweet threads. His Semper Augustus letters routinely exceed 100 pages and contain the most detailed publicly available analysis of Berkshire Hathaway in existence. He has beaten the S&P 500 since inception in 1998 while running a concentrated portfolio. He is not famous. He does not tweet often. He just reads annual reports and thinks clearly. In an era of hot takes and meme stocks, Bloomstran is proof that the boring approach still works.
Net Worth
$300 million
Nationality
American
Time Horizon
Long-Term
Risk Appetite
5 / 10
CAREER & BACKGROUND
Founded Semper Augustus Investments Group in 1998 in St. Louis, Missouri.
Manages approximately $1 billion in assets. Has outperformed the S&P 500 since inception.
Writes extraordinarily detailed annual letters — some exceeding 150 pages — that are considered essential reading in value investing circles. His Berkshire Hathaway analysis is the most comprehensive public breakdown of the company, tracking every subsidiary, insurance float dollar, and decision about where money goes.
He runs a concentrated portfolio of 15-25 positions. Known for deep dives on oil and gas companies, financial services, and compounders.
Active on Twitter where he shares investment analysis.
COMPANIES & ROLES
Semper Augustus Investments Group (President/CIO)
INVESTING STYLE & PHILOSOPHY
Deep-value compounder. Bloomstran buys high-quality businesses at reasonable prices and holds them for years.
He is heavily influenced by Warren Buffett and Charlie Munger but is not a blind follower — he does his own rigorous analysis. He focuses on understanding the intrinsic value of a business through exhaustive financial analysis and prefers companies with durable competitive advantages, strong returns on capital, and honest management teams.
THE PLAYBOOK
Risk Approach
Moderate. Bloomstran runs concentrated portfolios but focuses on high-quality businesses with strong balance sheets.
He is not buying speculative stocks or turnarounds. The concentration creates volatility but the quality of holdings limits permanent capital loss.
He is comfortable underperforming for extended periods when his style is out of favor.
Money Habits
Based in St. Louis.
Low-profile lifestyle. Spends most of his time reading annual reports, 10-Ks, and industry reports.
The sheer volume of his annual letters (100+ pages) suggests he spends more time analyzing businesses than almost anyone in the industry.
BIGGEST WIN
His long-term track record and the quality of his analysis. Beating the S&P 500 over 25+ years while running a concentrated value portfolio is rare.
His annual letters have built a loyal following and positioned him as one of the most respected independent voices in value investing. His Berkshire Hathaway analysis alone has made him an authority figure in the community.
BIGGEST MISTAKE
Being too concentrated in energy stocks at times when oil prices declined significantly. Bloomstran has been candid about periods of underperformance and positions that did not work out.
But no single mistake has been catastrophic — his emphasis on quality has prevented permanent capital destruction.
FINANCIAL PHILOSOPHY
Bloomstran believes in buying wonderful businesses at fair prices rather than fair businesses at wonderful prices. He is obsessive about return on invested capital, free cash flow generation, and management quality.
He thinks most investors trade too much and think too little. His philosophy: do the work, understand the business, and let compounding do the rest.
FAMILY & PERSONAL LIFE
Private about personal life. Based in the St.
Louis area.
EDUCATION
MBA from the University of Missouri. CFA charterholder.
Previously worked at George Washington University endowment and several investment firms before founding Semper Augustus.
BOOKS & RESOURCES
Poor Charlie's Almanack by Charlie Munger, Security Analysis by Benjamin Graham, Bloomstran's own annual letters (freely available on the Semper Augustus website) are essential value investing reading
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QUOTES (6)
A 100-page letter is not long if every page teaches you something. A one-page letter is too long if it teaches you nothing.
I write long letters because investing deserves more than a tweet. Complexity cannot be compressed into 280 characters.
Berkshire Hathaway is the most misunderstood company in the world. Most analysts do not even try to value it properly.
Return on invested capital is the single most important metric in investing. Everything else is noise.
I read every 10-K of every company I own. If that sounds boring to you then investing is not your game.
NETFIGO SCORE
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