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Welcome to Nordic Investment Partners

 

More than 33 year investment experience in global equity and financial markets. On the webpage you will find things of interest and learnings from the past to be applied to create better performance, opportunities as well as showing normal pitfalls. Learnings and experience is shared in ways such as;

 

  • investment thinking, learnings and roadmaps for likeminded value oriented investors
  • Investment themes and changes in the investment roadmap for the longer term
  • ideas for how listed companies should tell their story and disclose data for investors

 

  • Family Office, however investment advice is only provided as board member
  • speaker, presenter and moderator on request

 

For a short introduction and background please scroll down a bit

Nordic Investment Partners

I recently got a question by an investment club - 'please introduce yourself'. So here's how in did my introduction;

 

I've been an active equity investor in global equity markets since mid-1980'ies. With a few likeminded friends we made Dansk Aktie Analyse, an independent research boutique that systematically reviewed and evaluated all listed Danish companies. From 1985;

 

15 years as stockbroker, analyst and fund manager with Privatbanken, Carnegie and Alfred Berg - global equities focus

 

12 years doing Investor Relations with TDC and Tryg Insurance - solid learning platform for deep understanding how large corporate organizations work. Also, very valuable learnings in how the stock market price financial assets and often disconnected from realities (in both directions)

 

All along I followed Skagenfunds from the side; either from the brokerage side, as fund unit holder, board member (from 2007) and from 2011 as fund manger and Chief Investment Officer

 

I left Skagenfunds in 2017 to give myself a good thinking break before I take the next move.

 

Looking back I really enjoy investing and in hindsight I had the bulk of my investment success in two categories;

 

1) long term growth companies that compound value year after year

 

2) restructuring and mostly in stable businesses that got too far out to thin ice with too much debt

 

In both categories businesses with high Return on Capital Employeed and invested into when valuation was low were drivers of success

 

Common to both is it takes years for the investment to fully play itself out

 

My 10 baggers or more;

 

a) Novo Nordisk held since 1992 when the company was #3 behind Eli Lilly and Hoechst (Sanofi today)

 

b) SAP since 1994 when ERP was the big thing. The next major move in big data analytics has just started so stay invested

 

c) TeleAtlas - the mapping provider for your GPS in the car in 2002/03. Bought after IT bubble burst and acquired by TomTom a few years later

 

d) Nesa - the Copenhagen electricity provider. It was very cheap on replacement asset values and I was lucky the politcal system wanted to make a national champion (DONG/├śrsted)

 

e) Qualcomm - I met the old Jacobs and his wife several times in mid 1990'ies when it mainly was a truck tracker systems provider. He made me understand CDMA and the success has shown itself. Sold too early

 

f) ASML - it took a while to understand what they do and their unique market position. I had two very good rides from 1997-99 and from 2009-12 (sold too early)

 

g) Samsung Electronics - bought in Asian financial crisis in 1997 and a big contributor in Skagenfunds. Its up 80 times from the initial investment

 

h) Royal Unibrew - Danish beverage group with too much debt. Still holding on and stock is up more than 50x the money since april 2009

 

Obviously I've had loosers as well. In general they where smaller companies or in cyclical businesses. And when they have too much debt it works like rat-poison

 

Next 10-baggers

Work in progress as 10-baggers towards 2025-30; Bang & Olufsen and SodaStream - both are small fish in a very large pond of consumer products. Hexagon Composites - a play on hydrogen fuelled transportation/storage that will gain marketshare towards 2030

 

 

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