Subject: Re: Bloomstran: “The stock was overvalued”
The most recent publicly-available Semper Augustus client letter is from February 21, 2025. (It is extremely strange that he publishes a detailed assessment of Berkshire literally the day before the annual report is published - it becomes immediately outdated. But who am I to judge.)

I figure he wants the publicity right before the AM, only he didn't get it out in time this year, IIRC, yet still used old data. <shrug>

But I think it's also reasonable to believe that Bloomstran lowered his estimate of fair value after the annual report and annual meeting (and before this most recent interview), such that he did view it as materially overvalued in real time.

Must be. I wouldn't think he'd describe it as "overvalued" if it was only 4% over his IV estimate.