Bernt Berg-Nielsen is an investor and portfolio manager of Stolt Explorer. Stolt operates a fund inspired by lessons from Warren Buffett, with a special focus on the Nordics and Global equities.
Christopher Vonheim is a Norwegian host focused on business, ocean industries, investing, and start-ups. I hope you enjoy this tailor made content, and help us make this channel the best way to consume ideas, models, and stories that can help fuel the next entrepreneurs, leaders and top performers.
00:00 - Why Become An Investor?
03:00 - Lessons From The Financial Crises 2008
08:15 - Interest Rates VS Stock Performance
11:15 - What Makes A Great Investor?
15:35 - Warren Buffett and Omaha Annual Event
18:10 - How To Allocate Capital?
21:30 - Passive Versus Active Investing
23:50 - How To Find Great Stocks With Moats?
30:45 - Kongsberg Gruppen
36:30 - DSV VS Maersk
38:40 - Novo Nordisk
40:40 - The Norwegian Salmon Industry
43:00 - Goals Ahead for Stolt Explorer
48:25 - Books Recommendations
Christopher Vonheim is a Norwegian host focused on business, ocean industries, investing, and start-ups. I hope you enjoy this tailor made content, and help us make this channel the best way to consume ideas, models, and stories that can help fuel the next entrepreneurs, leaders and top performers.
00:00 - Why Become An Investor?
03:00 - Lessons From The Financial Crises 2008
08:15 - Interest Rates VS Stock Performance
11:15 - What Makes A Great Investor?
15:35 - Warren Buffett and Omaha Annual Event
18:10 - How To Allocate Capital?
21:30 - Passive Versus Active Investing
23:50 - How To Find Great Stocks With Moats?
30:45 - Kongsberg Gruppen
36:30 - DSV VS Maersk
38:40 - Novo Nordisk
40:40 - The Norwegian Salmon Industry
43:00 - Goals Ahead for Stolt Explorer
48:25 - Books Recommendations
4/1 2025 17:18 oneofakind 3
123876 Når han nævner Laks, udfordringer i Norge, og Scotland mfl. i vækst... Tænker jeg... Biomar! Det er dér væksten bliver!
4/1 2025 17:40 Helge Larsen/PI-redaktør 4123877 En direkte investering i Biomar kan først ske, hvis selskabet bliver selvstændigt børsnoteret. Det kan eventuelt ske i andet halvår af 2025.
Som investor skal man dog huske, at konkurrencen på foderprodukter til stadighed intensiveres i disse år.
https://finans.dk/erhverv/ECE17632775/schouw-undersoeger-mulighed-for-boernotering-af-fiskefoderselskabet-biomar/
Som investor skal man dog huske, at konkurrencen på foderprodukter til stadighed intensiveres i disse år.
https://finans.dk/erhverv/ECE17632775/schouw-undersoeger-mulighed-for-boernotering-af-fiskefoderselskabet-biomar/
4/1 2025 18:12 oneofakind 4123879 Nemlig! Schouw er ejer, og overvejer børsnotering. Jeg investerede tidl. i Laks-produktion i Norge, men skattereglerne gav mig et break even, inden jeg kom ud. At gå efter supply chain frem for protein produktion er i min optik bedre. Når nu køerne er fy fy...! vil alternative luksus produkter med protein blive eftertragtede. P.S. Jeg har naturligvis Schouw aktier :)
4/1 2025 18:16 Helge Larsen/PI-redaktør 5123880 Jeg opsummerer min holdning til investering i laksesektoren i den ugekommentar:
4/1 2025 18:33 oneofakind 0123882 Jeps, genser den i morgen. Er der iøvrigt en grund til at jeg fortsat ser flere reklamer, end indput?
4/1 2025 18:41 oneofakind 2123883 Genså den lige:) Vi er enige mht den norske regering, men lakseproduktion boomer i andre lande. Tror også på, at vi er enige om, at Schouw er en god inv. det kommende år?
4/1 2025 19:29 Helge Larsen/PI-redaktør 1123884 Hvilke reklamer mener du? Dem på Youtube er jeg ikke herre over. 
5/1 2025 07:29 Helge Larsen/PI-redaktør 6123905 Det er i chatten du kan få reklamefri chat ved et beskedent plus-abonnement.
Alle de andre reklamer skal du være meget glad for. De giver et velkomment tilskud til drift og vedligeholdelse samt videoproduktion her på vort gratis-site, hvor Stroka og jeg hver dag ulønnet knokler mange timer med deling af nyheder og moderation fra tidlig morgen til sen aften syv dage om ugen hele året rundt.
Uden reklamerne ville ProInvestor.com ikke eksistere. Vi får jo ikke mediestøtte som f.eks. BT´s Euroinvestor gør.
Vi er alene et annoncedrevent medie med supplerende indtægter fra IR-partnerskaber. I den forbindelse er vi meget taknemmelige for alt den støtte, vi får fra de trofaste plusabonnementer.
Alle de andre reklamer skal du være meget glad for. De giver et velkomment tilskud til drift og vedligeholdelse samt videoproduktion her på vort gratis-site, hvor Stroka og jeg hver dag ulønnet knokler mange timer med deling af nyheder og moderation fra tidlig morgen til sen aften syv dage om ugen hele året rundt.
Uden reklamerne ville ProInvestor.com ikke eksistere. Vi får jo ikke mediestøtte som f.eks. BT´s Euroinvestor gør.
Vi er alene et annoncedrevent medie med supplerende indtægter fra IR-partnerskaber. I den forbindelse er vi meget taknemmelige for alt den støtte, vi får fra de trofaste plusabonnementer.
23:50 - How To Find Great Stocks With Moats?
Kig på ROE, ROCE, ROIC eller lignende siger han, fordi sådan bliver afkastet også over længere tid, og så er prisen mindre relevant. Det er/var også Mungers mantra.
Kig på ROE, ROCE, ROIC eller lignende siger han, fordi sådan bliver afkastet også over længere tid, og så er prisen mindre relevant. Det er/var også Mungers mantra.
I den sammenhaeng et par interessante citater fra Berkshire Hathaways aarlige breve til aktionaererne:
https://www.berkshirehathaway.com/letters/letters.html
2023:
Nevertheless, Charlie, in 1965, promptly advised me: "Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices. In other words, abandon everything you learned from your hero, Ben Graham. It works but only when practiced at small scale." With much back-sliding I subsequently followed his instructions.
1979:
The primary test of managerial economic performance is the achievement of a high earnings rate on equity capital employed (without undue leverage, accounting gimmickry, etc.) and not the achievement of consistent gains in earnings per share.
1992:
Leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return. The worst business to own is one that must, or will, do the opposite - that
is, consistently employ ever-greater amounts of capital at very low rates of return. Unfortunately, the first type of business is very hard to find: Most high-return businesses need relatively little
capital. Shareholders of such a business usually will benefit if it pays out most of its earnings in dividends or makes significant stock repurchases.
Munger havde Costco i sin private portefoelje. Det er en rigtig god virksomhed. Den koster som regel ogsaa derefter.
https://www.berkshirehathaway.com/letters/letters.html
2023:
Nevertheless, Charlie, in 1965, promptly advised me: "Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices. In other words, abandon everything you learned from your hero, Ben Graham. It works but only when practiced at small scale." With much back-sliding I subsequently followed his instructions.
1979:
The primary test of managerial economic performance is the achievement of a high earnings rate on equity capital employed (without undue leverage, accounting gimmickry, etc.) and not the achievement of consistent gains in earnings per share.
1992:
Leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return. The worst business to own is one that must, or will, do the opposite - that
is, consistently employ ever-greater amounts of capital at very low rates of return. Unfortunately, the first type of business is very hard to find: Most high-return businesses need relatively little
capital. Shareholders of such a business usually will benefit if it pays out most of its earnings in dividends or makes significant stock repurchases.
Munger havde Costco i sin private portefoelje. Det er en rigtig god virksomhed. Den koster som regel ogsaa derefter.
