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on Richer Wiser Happier pod-

some hear only want to hear Buffett but I like all points of view. I have met Chris and he is the real deal. Many here many know him from his extensive letters on Berkshire each year.

https://www.youtube.com/watch?v=kM8Z7cWtKV4

Agree, Chris is terrific. His wisdom, work ethic and rational approach to valuation and portfolio construction shine through. Would have honestly appreciated a more granular BRK discussion but his letters certainly are very thorough in this respect, and it was good to get more insight into his background and successful character traits.

Interesting, he said he would give Apple a $50-60B haircut here and felt that he would trim the position at this valuation. He has suspicion of ARK names, Tesla and Nvidia at these valuations. He also said he has rebuilt his DG position to 'very big' over the last few weeks based on attractive valuation. He still seems confident DG will turn things around and knows the board and upper mgt.He mentioned VLO, DINO, OLN, NKE.

He suggested possibly 5-6% ROE of S&P over the next decade vs. 10-12% for BRK based on current valuations. He emphasized importance of opportunity cost, trimming quality names upon overvaluation and he certainly considers tax consequences of the particular account. His turnover is typically 15%/ year and he may only add one position/ year.

"He suggested possibly 5-6% ROE of S&P over the next decade vs. 10-12% for BRK based on current valuations"

I personally think this is way too optimistic. I would be happy with a 2% outperformance.

Did anyone mark in the two and a half hour podcast where he opines on DG, thank you?

Again, an unpopular view of Bloomstan, but one followers might at least want to consider. David Rolfe and Wedgewood were marketing using the same theme that the S and P was over-valued Berk far undervalued, and he did this for quite a few years up until 2018-2019 or so.

Wolfe's assets under management had been falling the entire time he was marketing using Berkshire. He got the message and dumped Berkshire and he went 180 degrees and condemned Buffett personally to living hell. From sugar to chit in one quarter or so, mad as you-know-what because assets under management had gone from 7 bil to 1 bil.

Watch closely people! Watch Bloomstan's assets under management. While many of you will quote him and praise him and think he's a Berkshire man all the way, I'll simply say he's marketing himself using Berkshire.

Will he Tilson it? Will he Rolfe it? Will he bail if the marketing fails?

The theme of Berkshire outperforming the S and P is a couple decades stale now. So does that mean dealraker isn't a Berkshire man? Heck no, I too think Berkshire should outperform the S and P. But by Chris' huge amount?

People...the man is marketing himself using Berkshire. The prolific writing? Good writers are not necessarily good investors and Bloomstran is certainly in the category.

I get a little queezy when people are ramped up on Berkshire because of these superb marketers. Again whether Bloomstran continues his chant depends on his asset growth or demise. That is the game played here.

I'm a long time Berkshire forum poster and I do not oppose Manlobbi or Jim! Quite the opposite. Happy to see Manlobbi step back up with the steadfast! Hope Jim goes places other than just KMX and DG!

Thanks for posting, a great interview.

William Green is the best interviewer IMO, asks all the right questions, puts people at ease and gets people to open up and be themselves. We've interacted on LinkedIn, I also greatly recommend his book.

"" Watch closely people! Watch Bloomstan's assets under management. While many of you will quote him and praise him and think he's a Berkshire man all the way, I'll simply say he's marketing himself using Berkshire.

Will he Tilson it? Will he Rolfe it? Will he bail if the marketing fails?"" Excellent post but you left out Berkowitz etc. NO one has mentioned a huge risk factor, going forward, but, I'm not going to post something against my own book for now. Good luck all.

"Watch closely people! Watch Bloomstan's assets under management. While many of you will quote him and praise him and think he's a Berkshire man all the way, I'll simply say he's marketing himself using Berkshire.
"

I agree with this. However, he puts a ton of work into a granular dissection and valuation of Berkshire. I think he is too optimistic in his valuation and I have already commented that his statement during the pod that Berkshire would have an annual return that is double that of the S&P is wildly optimistic.

I take the good from people and leave the rest.

We are all a mixed bag of brain chemistry.

Did anyone mark in the two and a half hour podcast where he opines on DG, thank you?

About 1:18.

Craig

Looking at his 13F after the initial stake it looks like he added significantly to DG both in Q1/2 2022 and Q1/2 2023

https://www.dataroma.com/m/m_activity.php?m=SA&typ...

Wonderful interview, thanks for posting!

I was pleased to learn about Chris's mentor Robert Smith, what an example of a life well lived!

"I don't know that my telling this portion of the story of Robert Brookings Smith, 'Mr. Smith' to me, can do justice to what a giant of a man he was, a bellwether.
Shunning the spotlight in the extreme. A model of living not within, but under one's means. Humble, brilliant, hilarious, and charitable, but kind to a fault.
Beneficiaries of his generosity and philanthropy only knew their benefactor as, 'Anonymous.' When the foundation he established became the vehicle for distributing
his family's wealth, grants come from a generic name, nothing eponymous about it. Semper never would have launched without his support, encouragement, and confidence.
What a privilege to work closely with him for the last years of his life. He was in the office daily nearly to the end, at just shy of 100, generous with memories, haunts, and wisdom.
I'd trade nothing for the time spent with him, the education, the laughs and great memories, and the bond to history." ~Chris Bloomstran

https://static.fmgsuite.com/media/documents/db64b9...

" About 1:18. DG,

Craig" About the 1:24 minute mark the brk discussion begins. Thanks.

Loaded the boat in Mid July DG

He has been buried

His commentary on management was noteworthy.

How are his long term performance #'s?

Talks a big ivory tower game about capital allocation and Mr Buffett but suddenly silent on DG?

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