Semper Augustus

[John Hjorth]

On 2/26/2026 at 4:54 PM, wabuffo said:

He does provide a decent explanation of why the General RE acquisition was so valuable despite many today who still believe it was a mistake.

 

I don't think he came up with that thesis.  I think Daniel Pecaut originated it in 1998.  Pecaut has written a book about BRK AGMs, (University of Berkshire Hathaway).

 

FWIW,

Bill

 

Bill [ @wabuffo],

 

Thank you for sharing that, which has been absolutely new information and facts for me, by now.

 

On 2/26/2026 at 4:54 PM, wabuffo said:

... I think Daniel Pecaut originated it in 1998.  Pecaut has written a book about BRK AGMs, (University of Berkshire Hathaway). ...

 

That is true, too.

 

<Off topic>, but for CofB&F members with not-so-high seniority, meant as information as a service, to connect the CofB&F dots :

 

@Daniel Pecaut is actually a CofB&F member,

 

and 

 

We have here on CofB&F a separate topic in the Books forum for Daniels book :

 

University of Berkshire Hathaway - Daniel Pecaut

 

Now,

 

<back to topic>.

Edited April 29 by John Hjorth

[dealraker]

On 2/26/2026 at 10:31 AM, A_Hamilton said:

Semper was up 42.6% last year and Berkshire Hathaway was up 10.9%. 

Check out DG and DLTR...

...and a moment of glory has now passed.

[A_Hamilton]

On 5/12/2026 at 6:39 AM, dealraker said:

Check out DG and DLTR...

...and a moment of glory has now passed.

I mean, I responded to a post about Semper's portfolio being a proxy for Berkshire which it is not. You didn't copy that part of the chain, so don't really appreciate the out of context copy and paste.

 

 

See below:

On 2/26/2026 at 1:34 AM, FTX_Compliance said:

hilarious people will pay you management fees to invest in Berkshire for them. 

Semper was up 42.6% last year and Berkshire Hathaway was up 10.9%. 

 

--

Separately, I wouldn't ever judge someone's portfolio on how a couple of positions are doing year to date, and I think if you look he took a good trim on these in Q1 (likely near multi year highs) anyway. 

[dealraker]

3 hours ago, A_Hamilton said:

I mean, I responded to a post about Semper's portfolio being a proxy for Berkshire which it is not. You didn't copy that part of the chain, so don't really appreciate the out of context copy and paste.

 

 

See below:

On 2/26/2026 at 1:34 AM, FTX_Compliance said:

hilarious people will pay you management fees to invest in Berkshire for them. 

Semper was up 42.6% last year and Berkshire Hathaway was up 10.9%. 

 

--

Separately, I wouldn't ever judge someone's portfolio on how a couple of positions are doing year to date, and I think if you look he took a good trim on these in Q1 (likely near multi year highs) anyway. 

Forums are created for people to take things "out of context" of someone else's ideas and post their views.  That's what I do, what you do, what we all do...on forums.  

Edited May 18 by dealraker