5 Comments
Nov 6, 2023Liked by Carsten Mueller

Really good portfolio! Excellent work, I like the mix and overall defensive approach.

Regarding the changes, I think questionable background is a very good reason for selling a stock (Eurosnack). That’s a good way to handle future risks and if you for whatever reason lose, or question, trust in managment, it makes sense not holding the stock anymore.

About AOJ it's a well run company with strong market share. Perhaps there is a question how affected they will be from a cyclical downturn. Some value investors/traders in Sweden have sold their holdings, but that’s more of a short term issue, if you hold the stock over the cycles I think the result will be fine. One thing to consider anyhow is how they coped with the financial crisis, not very well (found some danish old reports), but they could be a better company today, and the downturn could be milder.

Lastly, I see that Delfi is a common holding! I will look at all your portfolio in more detail, perhaps more companies will be in common in the future!

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Thanks for the appreciation, Gustav. Happy to hear your thoughts on my holdings and catch up on common positions like Delfi.

Yes, I think that AOJ just like THEP have been punished as they may get hurt by the recessionary environment. This presents an opportunity to buy some on the cheap as they think they will do just fine in the longer term. On the other hand, I would not like to have only these positions as they may always fall more.

If you have a Scandi background, do you happen to have any thoughts on Nilorn?

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Nov 11, 2023·edited Nov 11, 2023

Thanks! Unfortunately, I have no input on Nilörn regarding the business. But they have a good local reputation and good owners. I'm not aware of any red flags or anything suspicious that would make me not own the business. You can find some comments here (good if something happens in the future, to follow local discussion). It's in Swedish but you can run translate and the result is at least decent: https://forum.placera.se/bolag/nilorngruppen

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Nov 5, 2023Liked by Carsten Mueller

Any comment on what appears to be your exit from Hostelworld...I was following this one too curious on why you exited?

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Mark, thanks for the comment.

I bought Hostelworld in the Mid 70s and took profits after the rally. Still like mny characteristics of this business and their community activities. Financial results have improved even though the bottom line is still breakeven/slightly negative. The market has priced some of this improvement and, since I am not too sure about the runawy, I decided to sell for higher-conviction ideas.

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