13F filing recap · Q3 2011

What did Semper Augustus buy in Q3 2011?

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

Stock value

$147.25M

Positions

Estimated turnover

8.7%

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

PAYXPaychex, Inc.$1.31Mreported value+49.6K shares MMM3m Company$1.09Mreported value+15.2K shares

Increased positions

BRK.BBerkshire Hathaway Inc$24.49Mreported value+55.8K shares+19.3%MCYMercury General Corp$16.16Mreported value+5.8K shares+1.4%INTCIntel Corp$6.21Mreported value+700 shares+0.2%KGCKinross Gold Corp$4.87Mreported value+56.8K shares

Reduced positions

GEGeneral Electric Company$4.75Mreported value-5.0K shares-1.6%PMPhilip Morris International Inc.$2.11Mreported value-150 shares-0.4%