13F filing recap · Q2 2011

What did Semper Augustus buy in Q2 2011?

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

Stock value

$146.45M

Positions

Estimated turnover

12.4%

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.

Increased positions

BRK.BBerkshire Hathaway Inc$22.36Mreported value+47.7K shares+19.8%MSFTMicrosoft Corporation$7.34Mreported value+6.7K shares+2.4%INTCIntel Corp$6.43Mreported value+135.4K shares+87.4%MRKMerck & Co., Inc.$4.86Mreported value+1.1K shares+0.8%KGCKinross Gold Corp$4.30Mreported value+5.0K shares+1.9%JNJJohnson & Johnson$3.59Mreported value+350 shares+0.7%TGTTarget Corporation$931.0Kreported value+300 shares+1.5%RDS-AShell Plc$927.0Kreported value+68 shares+0.5%PFEPfizer Inc.$843.0Kreported value+2.2K shares+5.8%PEPPepsico, Inc.$264.0Kreported value+155 shares+4.3%

Reduced positions

XOMExxon Mobil Corp.$22.88Mreported value-600 shares-0.2%MCYMercury General Corp$16.41Mreported value-1.1K shares-0.3%GEGeneral Electric Company$5.99Mreported value-85.8K shares-21.3%SNYSanofi$3.35Mreported value-975 shares

Exited positions

CEGConstellation Energy Group Inc$7.46Mprior reported value-239.1K shares-100.0%BMYBristol-Myers Squibb Company$987.0Kprior reported value-37.3K shares-100.0%BROBrown & Brown, Inc.$439.0Kprior reported value-17.0K shares-100.0%MJNMead Johnson Nutrition Co$337.0Kprior reported value