#19 The Value Investor
Behind the Balance Sheet
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Is Warren Buffett or Semper Augustus Losing It?
Semper Augustus has always had global investments and small mid-large cap. In 2000, some of the clients were so far ahead that they started to wonder if maybe we were losing it a little bit because everybody else was getting richer faster. The answer is neither Warren Buffett nor Semper Augustus can control stock prices for four years. And frankly, at the end of 2015, the portfolio was really cheap, nearly as cheap as it had been in firm history.
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