08 Dec 2022 Graham & Doddsville Fall 2022 Newsletter featuring an interview with Christopher Bloomstran of Semper Augustus ( Portfolio )

"You really need the flexibility to go buy things where they make sense. We do get pigeonholed as a value investor. But we love growth as much as anybody but recognize it as only part of the valuation equation. In our world, price is the paramount driver of what we do."

"And my job, essentially a large part of what we do, is to discern how well the managers of the businesses we own invest retained earnings. If most of profits are retained, a long-term owner will see returns gravitate to the underlying return on equity of the business."