13F filing recap · Q1 2013

What did Semper Augustus buy in Q1 2013?

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

Stock value

$171.20M

Positions

Estimated turnover

6.2%

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

MCYMercury General Corp$16.17Mreported value+21.1K shares+5.2%NEMNewmont Corporation$9.85Mreported value+50.9K shares+27.7%MSFTMicrosoft Corporation$8.99Mreported value+30.3K shares+10.7%KGCKinross Gold Corp$6.39Mreported value+141.4K shares+21.3%GEGeneral Electric Company$3.63Mreported value+2 shares+0.0%

Reduced positions

BRK.BBerkshire Hathaway Inc$28.67Mreported value-45.3K shares-14.1%XOMExxon Mobil Corp.$25.46Mreported value-1.7K shares-0.6%LUKLeucadia National Corporation$7.89Mreported value-4.0K shares-1.4%INTCIntel Corp$6.33Mreported value-3.6K shares