We recently had the pleasure to sit down for a conversation with Chris Bloomstran, President and Chief Investment Officer of Semper Augustus Investments Group LLC. Chris writes a wide-ranging and informative annual client letter that has become must read material for many value investors. In this conversation, we explore some of the important topics that Chris has written about as well as his investment approach.
Semper Augustus focuses on business quality and fundamental analysis of intrinsic value to build a portfolio of undervalued companies. Underpinning this effort, is a robust and systematic approach to making appropriate adjustments to financial statements. In addition to determining true long-term profitability, this process helps to identify situations where balance sheet items are mistreated, revenue is recognized improperly, where a company may be too exposed to changes in interest rates or when accounting standards are otherwise being misused.
Prior to forming Semper Augustus in 1998, Chris was a Vice President and Portfolio Manager at UMB Investment Advisors. Chris received his Bachelor of Science in Business Administration with an emphasis in Finance from the University of Colorado at Boulder, where he also played football. Chris served for a number of years as a member of the Bretton Woods Committee in Washington DC, an institution championing and raising awareness of the International Monetary Fund, the World Bank and the World Trade Organization. He has also served on various not-for profit boards in St. Louis.
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