My guest this week is Chris Bloomstran, the president and chief investment officer of Semper Augustus Investments Group. He became famous in investing circles a few years back for his incredibly detailed investigations of Berkshire Hathaway. While we do cover Berkshire towards the end of the conversation, we spend most of our time talking about what makes for a quality business. I loved some of his angles on the current landscape, including our discussion of companies like Richemont and Disney which are actively taking distribution back in house. Please enjoy our conversation. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Show Notes 1:18 - (First Question) – Largest investing error 4:52 – Defining quality investor and their investment strategy 11:48 – Incremental return on capital and other themes that they focus on with investments 15:33 – Importance of unique business models 22:58 – Ownership of the customer relationship 28:06 – Bringing distribution back in house 29:55 – Doing something unique with owned distribution 32:40 – His thoughts on growth and value 32:42 – Chuck Akre podcast episode 37:12 – History of his interest in Berkshire Hathaway and he characterizes the business 53:29 – How is Berkshire protected into the future 59:17 – Most important trends in adjustments 1:08:00 – Which sectors or industries would he focus on 1:10:02 – Most intriguing business he’s unlikely to own 1:11:44 – Kindest thing anyone has done for him Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

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“What did the council decide on item 42?” — answered with the speaker and the moment.