SEMPER AUGUSTUS INVESTMENTS GROUP LLC

Semper Augustus Investments Group LLC provides advisory services. They require client advisers to have a bachelor's degree and adhere to a stated ethical policy. Their standards require individuals in investment research and client interaction to possess high ethical standards and business experience. The firm's officers and employees must prioritize client interests. They maintain records of securities holdings and transactions, reviewed by the Chief Compliance Officer. All personnel must follow Federal and State regulations, with disciplinary action for non-compliance.

Semper Augustus Investments Group LLC employs a fundamental, bottom-up approach, focusing on individual equity opportunities through risk-adjusted investments. This includes a review of economic and market conditions to understand their impact on the stock universe. Strategic asset allocations are made based on client objectives, risk tolerances, and the firm's proprietary view of the financial markets. The firm is generally pleased when the stock of a company they would like to buy drops significantly in price due to short-term events, if the long-term nature of the company is sound, believing these events allow them to build a long-term position at favorable prices. Their fixed income approach encompasses a review of the risk and reward tradeoff, evaluating quality spreads, also called credit spreads. Research is conducted by the firm and may be obtained from various sources, including vendors, broker-generated research, and publications. They obtain and review financial information directly from companies and meet with corporate management, customers, and suppliers.

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