Markus Enge’s Portfolio

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    Markus Enge



    To summarize my investment ideal in one sentence it would something like:

    My goal is to own the businesses that have the highest measurable discount to its risk adjusted earnings potential I can find, with limited debt and run by at least decent management.

    However, I have ended up a hoarder of what I like to think is cheap business. Ideally, I would like to take big chunks but can’t find enough good opportunities in the last couple of years.

    Suggestions are welcomed!



    Tommy Kristiansen


    Could you elaborate on the structure of your accounts? I know you have a lot of accounts, both with different brokers as well as on Nordnet. Quite interested to hear the rationale.

    Additionally, when do you take a bigger chunk? I mean, what needs to be in place for you to do so?


    Markus Enge


    So I invest through two different limited liability companies for historic reasons, consultancy income, etc that it was more efficient to invest inside the “tax box” regime in Norway. I have separate Nordnet & Pareto accounts for them and also private accounts there to invest my privately held funds. Pareto makes it much easier to shop OTC shares in Norway, Nordnet is atm a bit better on useability and access to markets. In addition, I have an account at interactive brokers, here I trade options and OTC shares in the US and more exotic stocks.

    The last time I have invested above 15% of my capital it has been in companies like Aker, Bonheur, Saga when they have been trading with a laaarge discount to NAV, so it’s easy to see that there’s a quite limited downside in the long term. The other alternative would be excellent companies to excellent prices.

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