The current valuation environment and leverage levels are unfavorable enough that Semper Augustus is willing to pass on many opportunities and maintain significant dry powder (cash and other instruments) because the expected returns from deploying capital at current valuations do not compensate for the risks of further market deterioration.
normativepending
Speaker
Chris SemperEvidence Quote
“so concerned about leverage broadly... don't allow much of it... very debt-light... more conscientious about leverage today.”
Source
We Asked Chris Bloomstran Why He Won’t Own the S&P 500 At These Levels — And What He Does Instead— Excess ReturnsCreated: 8/12/2026, 6:13:17 PM
My Notes
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