RWH032: The Vigilant Investor w/ Chris Bloomstran

<p>In this episode, William Green chats with Chris Bloomstran, President &amp; Chief Investment Officer of Semper Augustus. This conversation is so rich that it’s been divided into two episodes. Here, in Part 1, Chris explains how to achieve long-term success by seeking a “dual margin of safety” that comes from owning high-quality businesses at attractive prices. He also warns about the perennial dangers of irrational exuberance, which he now sees in hot stocks like Tesla &amp; Nvidia.</p><p><br></p><p><strong>IN THIS EPISODE YOU’LL LEARN:</strong></p><p>00:00 - Intro</p><p>04:45 - What Chris Bloomstran learned from his brilliant mentor, Robert Smith.</p><p>08:17 - How Chris &amp; Robert skillfully sidestepped the dotcom bubble &amp; crash.</p><p>10:00 - What lessons Chris drew from an early investment that fell to zero.</p><p>35:17 - Why Chris named his investment firm after a crazily overvalued tulip.</p><p>44:53 - What Sir John Templeton saw as the best antidote to financial insanity.&nbsp;</p><p>55:38 - How to succeed in stocks by seeking a “dual margin of safety.”</p><p>56:51 - How his definition of a quality business has evolved.</p><p>1:07:01 - Why he’s skeptical about Cathie Wood’s ARK portfolio.</p><p>1:09:02 - Why hot tech stocks like Nvidia are likely to disappoint for many years.</p><p>1:11:32 - Why he’s wary of hype &amp; “puffery” about Tesla’s glorious future.</p><p>1:17:49 - Why he’s trimmed great but pricey holdings like Costco &amp; Nike.</p><p><br></p><p><em>Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.</em></p><p><br></p><p><strong>BOOKS AND RESOURCES</strong></p><ul><li>Chris Bloomstran’s firm <a href="https://www.semperaugustus.com/" rel="noopener noreferrer" target="_blank"><strong>Semper Augustus Investments Group</strong></a></li><li>“<a href="https://www.amazon.com/Extraordinary-Popular-Delusions-Madness-Crowds/dp/1539849589?crid=14YX87FAZCW21&amp;keywords=extraordinary+popular+delusions+and+the+madness+of+crowds&amp;qid=169229