Markus Enge’s Portfolio
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Howdy!
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!
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?
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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