Maj Invest; Danish Value Firm: December Shareholder Letter


This is a letter from my friends’ who run a top value firm in Denmark.  They

were kind enough to give me permission to repost. Apparently not everyone in Dernmark dislikes me, even after the Danske bank incident.

It is interesting to get the Euro perspective from top money managers who live there.

Pros And Cons Of Tail Risk Funds

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To Our Clients,

Since we wrote our last letter to you, several things have happened on the marketplace:

A) Greece has imploded

B) Italian contagion has begun

C) Belgium has been downgraded

D) French yields have moved up significantly

E) The EU is split in two

F) The survivability of the Euro is openly discussed


G) Stocks are up

The fact that stocks have been so resilient during such a hostile environment is a testimony to their histoically low valuations. As I wrote last time, me and my colleague Ulrik do not try to “time the market” or in any way to predict i.e. what direction the market will take – but we will spend a great deal of time describing the market and the value we find in the market-place. And as we wrote last time, there is much more interesting value investment cases today than compared to e.g. 10 years ago.

Read whole letter below:

2011 December