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.
- Business model
- Employee motivation
- Insider ownership – owner operated
- Focus on building shareholder value
Qualivian Investment Partners Up 30% YTD; Long ORLY Thesis
Qualivian 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
See full slides below.