Value Investing

A Scandinavian’s Path to Value Investing And Long Case For Admiral Group [Slides]

A Scandinavian’s Path to Value Investing And Long Case For Admiral Group by Nielsen Capital Management

A Scandinavian’s Path to Value Investing

  • My history with value investing.
  • “The Security I Like Best”
  • 1986 – Beginnings
  • 1990 – Something called Value Investing
  • 2002 – My own shop
  • 2008- – Concentration

The Security I Like Best: Admiral Group Plc

Operated by Henry Engelhardt since 1993 and created by Henry Engelhardt in a management buyout in 1999, Admiral is a UK direct auto insurer focused on low costs and high customer service generating consistently high ROE with no debt employed.

  • History
  • Business model
  • Employee motivation
  • Insider ownership – owner operated
  • Focus on building shareholder value

Admiral Group

See full slides below.