13F filing recap · Q3 2008

What did Semper Augustus buy in Q3 2008?

Reported stock-position changes between this filing and the previous one.

Stock value

$139.47M

Positions

Estimated turnover

27.7%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

CEGConstellation Energy Group Inc$6.81Mreported value+280.1K shares IRIngersoll-Rand Company Limited$3.10Mreported value+99.6K shares SNYSanofi$2.07Mreported value+63.0K shares

Increased positions

BRK.BBerkshire Hathaway Inc$13.73Mreported value+629 shares+25.2%GEGeneral Electric Company$10.33Mreported value+2 shares+0.0%MSFTMicrosoft Corporation$6.78Mreported value+93.2K shares+58.0%WAGWalgreen Co.$3.98Mreported value+61.4K shares

Reduced positions

MCYMercury General Corp$16.44Mreported value-37.1K shares-11.0%BUDAnheuser-Busch Inbev Sa/nv$4.91Mreported value-20.0K shares-20.9%WAFDWafd, Inc.$3.02Mreported value-62.9K shares-27.8%AVXAVX Corporation$1.53Mreported value-800 shares

Exited positions

LEGLeggett & Platt Inc$4.70Mprior reported value-280.3K shares-100.0%MCOMoody’s Corporation$3.60Mprior reported value-104.5K shares-100.0%CHFCUSDChemical Financial Corp$960.0Kprior reported value-47.1K shares-100.0%LOWLowe’s Companies, Inc.$619.0Kprior reported value-29.8K shares