We Asked Chris Bloomstran Why He Won’t Own the S&P 500 At These Levels — And What He Does Instead

About this episode

Chris Bloomstran discusses market concentration, AI capital spending, and the risks facing equity investors.

I joined Justin Carbonneau for one more special episode of Excess Returns . We spoke with Chris Bloomstran soon after his famous annual letter release, and right before the Berkshire meeting in Omaha. Available now on Excess Returns Podcast and Talking Billions. 🎧 I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Justin and Jack. Don’t miss it! And follow their work, links below. This episode features Chris Bloomstran of Semper Augustus discussing market concentration, AI capital spending, Berkshire Hathaway, and the risks facing today’s equity investors. The conversation explores whether we are at a secular valuation plateau, how AI investment may reshape returns, and why passive investors may face more risk than they realize. Semper Augustus Investments https://www.semperaugustus.com Topics covered: Why extreme market concentration in the Mag 7 may create long-term risks The concept of a “secular plateau” vs a market peak How AI capex could become a classic capital cycle with poor returns Why hyperscaler spending may not translate into shareholder profits The hidden risks of leverage both on and off balance sheets Why…

People in this episode

Host: Bogumil Baranowski

Guest: Chris Bloomstran

Topics covered

• market concentration
• AI capital spending
• Berkshire Hathaway
• equity investor risks
• valuation discipline
• capital allocation

Keywords

• S&P 500
• market risks
• secular valuation plateau
• AI investment
• passive investing
• Berkshire meeting
• capital allocation

Mentioned in this episode

Organizations: Semper Augustus, Berkshire Hathaway

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