The Semper Augustus portfolio has historically traded between 10-13x earnings (equivalent to 8-10% earnings yield) with very low net leverage, 18% of profits paid as dividends vs. 33% for the S&P 500, and companies that reinvest retained earnings at high-teens returns on capital, yielding superior long-term compounding vs. index investors despite lower starting yields because reinvestment creates a 'control premium'.

factualpending

Speaker

Chris Semper

Evidence Quote

portfolio generally has very little net leverage... traded between 10 and 12 or 13 times earnings... 8% to 10% earnings yield... 18% of our company's profits coming to us as dividends versus a third... majority of my earnings are being invested... at a mid-teens return.

Source

We Asked Chris Bloomstran Why He Won’t Own the S&P 500 At These Levels — And What He Does InsteadExcess Returns
Created: 8/12/2026, 6:13:17 PM

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