13F filing recap · Q1 2011

What did Semper Augustus buy in Q1 2011?

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

Stock value

$152.59M

Positions

Estimated turnover

15.1%

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

KGCKinross Gold Corp$4.21Mreported value+267.3K shares LUKLeucadia National Corporation$1.60Mreported value+42.7K shares TGTTarget Corporation$978.0Kreported value+19.6K shares CIThe Cigna Group$220.0Kreported value+5.0K shares

Increased positions

BRK.BBerkshire Hathaway Inc$20.17Mreported value+1.2K shares+0.5%MCYMercury General Corp$16.30Mreported value+23.0K shares+5.9%NEMNewmont Corporation$7.58Mreported value+54.3K shares+64.1%CEGConstellation Energy Group Inc$7.46Mreported value+3.0K shares

Reduced positions

GEGeneral Electric Company$8.09Mreported value-194 shares-0.0%BROBrown & Brown, Inc.$439.0Kreported value-137.7K shares-89.0%

Exited positions

DBDDiebold Nixdorf, Incorporated$3.24Mprior reported value-101.0K shares-100.0%EMREmerson Electric Co.$1.51Mprior reported value-26.4K shares-100.0%IAACInternational Assets Holding Corporation$1.25Mprior reported value-42.7K shares-100.0%MSIMotorola, Inc.$163.0Kprior reported value