13F filing recap · Q4 2008

What did Semper Augustus buy in Q4 2008?

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

Stock value

$116.76M

Positions

Estimated turnover

18.7%

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

ETNEaton Corporation Plc$2.77Mreported value+55.8K shares SURGSynergetics USA Inc$101.0Kreported value+112.6K shares

Increased positions

MCYMercury General Corp$14.79Mreported value+21.4K shares+7.1%BRK.BBerkshire Hathaway Inc$13.14Mreported value+964 shares+30.9%MSFTMicrosoft Corporation$7.95Mreported value+155.1K shares+61.1%GEGeneral Electric Company$6.56Mreported value+3 shares

Reduced positions

CEGConstellation Energy Group Inc$6.18Mreported value-33.8K shares-12.1%MYLMylan N.v.$2.99Mreported value-66.4K shares-18.0%BROBrown & Brown, Inc.$2.61Mreported value-25.2K shares-16.8%ETDEthan Allen Interiors Inc.$714.0Kreported value-10.5K shares

Exited positions

BUDAnheuser-Busch Inbev Sa/nv$4.91Mprior reported value-75.7K shares-100.0%IRIngersoll-Rand Company Limited$3.10Mprior reported value-99.6K shares-100.0%COPConocophillips$271.0Kprior reported value-3.7K shares-100.0%PEPPepsico, Inc.$257.0Kprior reported value-3.6K shares