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#171: Chris Bloomstran - President & CIO at Semper Augustus - Finding Value in the Public Markets

The Fort

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Pension Funds and the Abuses of Retail Investors

In 19 81, the 500 had been negative for 17 years. Pension funds assumed they could only make six % wile stocks were trading at their loas in 19 82. The average corporate pension fund was assuming a nine and a half % rate of return during the bull market. Some of the abuses are just obvious. I like to think it's obviousand to me it is obvious. And so that's where i can eliminate that universe of companies down to a manageable number. There are times when you have to taste a little of your own vomit, because nobody's perfect.

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