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

Qualivian Investment Partners Up 30% YTD; Long ORLY Thesis

Qualivian Investment PartnersQualivian Investment Partners commentary for the second quarter ended July 30, 2020. Q2 2020 hedge fund letters, conferences and more “Short-term investors will accept a 20% gain because they didn’t spend the time to develop the conviction and foresight to see the next 500%.” - Ian Cassell Executive Summary Readers of investment letters fall into Read More


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