Welcome to Investor Talk โ where we interview successful investors to uncover their journeys, strategies, and the lessons they've learned. Get inspired by real stories and gain valuable insights to sharpen your own investment approach.
Every interview follows the same set of sharp, insightful questions โ such as โWhat is your investment strategy?โ, โWhat are your highest conviction stocks?โ, and โWhatโs the biggest investment mistake youโve made?โ
In this edition, we have the pleasure of interviewing:
Name: Stefan Thelenius @StefanThelenius
Age: 53
Residence: Stockholm, Sweden
Invests since: Started with swingtrading in 2001 and switched to long term investing in 2014.
๐๐ป๐๐ฟ๐ผ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป
I have a technical background and worked as an R&D engineer in medical technology from 1994 to 2000, and since then, I have held various roles within software development. I switched direction in 2016 and have since been working as a consumer advisor in pension and insurance law.
I began stock swing trading in 2001 when a stock competition enticed me to open a stock account. The results were mixed, and after a few years, I ended up with a 40% loss in Ericsson. I then stayed out of the stock market until 2009. Between 2009 and 2014, I dedicated myself to swing trading in indices. The result was mediocre, and I found it difficult to sleep well at night when holding overnight positions in indices. In 2014, I finally started investing long-term and more seriously. Initially, it was 100% dividend investing, and after the pandemic crash in 2020, I transitioned to growth stock investing.
๐ช๐ต๐ฎ๐ ๐ถ๐ ๐๐ผ๐๐ฟ ๐ถ๐ป๐๐ฒ๐๐๐บ๐ฒ๐ป๐ ๐๐๐ฟ๐ฎ๐๐ฒ๐ด๐?
My current investment goals are as follows:
- Joyfulness: reporting season is fun for me and also exciting.
- Educational: I love to read and learn about new stuff like semiconductor technology, AI, health technology, etc.
- Sleeping well at night: diversification for the win!
- Achieving over 15% CAGR over time. Current result approximately 13% CAGR since 2014.
I primarily invest in global quality companies worldwide, preferably with:
- A good business idea/model.
- Large TAM and good growth prospects going forward.
- Strong innovation capability/corporate culture.
- Competitive advantages.
- A strong balance sheet.
- Good margins/profitability/cash flow.
Over the past year, I have placed extra focus on free cash flow and maintaining a strong balance sheet.
๐๐ผ๐ ๐บ๐ฎ๐ป๐ ๐๐๐ผ๐ฐ๐ธ๐ ๐ฎ๐ฟ๐ฒ ๐ฐ๐๐ฟ๐ฟ๐ฒ๐ป๐๐น๐ ๐ต๐ฒ๐น๐ฑ ๐ถ๐ป ๐๐ผ๐๐ฟ ๐ฝ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ?
What is the meaning of life? 42 of course!
๐ช๐ต๐ถ๐ฐ๐ต ๐๐ฒ๐ฐ๐๐ผ๐ฟ๐ ๐ฑ๐ผ ๐๐ผ๐ ๐บ๐ฎ๐ถ๐ป๐น๐ ๐ณ๐ผ๐ฐ๐๐ ๐ผ๐ป?
I prioritize my investments across the following six themes, listed in order of allocation size, along with the top three holdings within each theme:
- Business Software: $MSFT, $CSU.TO, $ADBE
- Business Services: $V $MA, $ADYEN
- Semiconductors: $TSM, $NVDA, $ASML
- Cybersecurity: $FTNT, $CRWD, $QLYS
- Healthcare: $NVO, $MEDP, $UNH
- Premium products: $MC.PA, $RACE, $AAPL
๐ช๐ต๐ฎ๐ ๐ฎ๐ฟ๐ฒ ๐๐ผ๐๐ฟ ๐ต๐ถ๐ด๐ต๐ฒ๐๐ ๐ฐ๐ผ๐ป๐๐ถ๐ฐ๐๐ถ๐ผ๐ป ๐๐๐ผ๐ฐ๐ธ๐?
$MSFT - Microsoft: Impressive profitability, pricing power, and long-term growth prospects.
$MELI - MercadoLibre : Hypergrowth, margin expansion, and FCF Yield >4% among other first-class stock attributes.
$NVO - Novo Nordisk - A home run in obesity treatment and great capital allocation management in balancing between CapEx, buybacks, and dividends.
๐ช๐ต๐ถ๐ฐ๐ต ๐๐๐ผ๐ฐ๐ธ ๐ต๐ฎ๐ ๐๐ต๐ฒ ๐ต๐ถ๐ด๐ต๐ฒ๐๐ ๐ฟ๐ฒ๐๐๐ฟ๐ป?
$MSFT - Microsoft has grown 12-fold since my initial investment in 2015. Initially, it was considered primarily for its dividend yield, which stood at 3% back then. The rest, as they say, is history.
๐ช๐ต๐ฎ๐ ๐ถ๐ ๐๐ต๐ฒ ๐ฏ๐ถ๐ด๐ด๐ฒ๐๐ ๐ถ๐ป๐๐ฒ๐๐๐บ๐ฒ๐ป๐ ๐บ๐ถ๐๐๐ฎ๐ธ๐ฒ ๐๐ผ๐ ๐ต๐ฎ๐๐ฒ ๐บ๐ฎ๐ฑ๐ฒ?
I invested too heavily in $UPST Upstart starting with a direct allocation of 5% of my portfolio. However, after a few quarters, I lost 90% when I began to doubt their business model and AI technology capability.
Another mistake is my weakness in scalping positions in winners like $MSFT Microsoft and $NVDA Nvidia.
๐ ๐ ๐ณ๐ฎ๐๐ผ๐ฟ๐ถ๐๐ฒ๐
Favorite book: One Up on Wall Street - Peter Lynch
Favorite podcasts: Invest Like the Best by Patrick O'Shaughnessy @InvestLikeBest Aktiesnack by Magnus Skog & Peter Westberg @AktiesnackPodd
Favorite quote: "Show me the incentive and I will show you the outcome" - Charlie Munger
Favorite FinX account: My preferred FinX account is Quartr @Quartr_App, it's an awesome app for earnings reports and earnings calls.
๐ช๐ต๐ฒ๐ฟ๐ฒ ๐ฐ๐ฎ๐ป ๐๐ฒ ๐ณ๐ถ๐ป๐ฑ ๐บ๐ผ๐ฟ๐ฒ ๐ถ๐ป๐ณ๐ผ ๐ฎ๐ฏ๐ผ๐๐ ๐๐ผ๐?
You can find more information about me on my website:
https://z2036.blogspot.com
If u want to see my full portfolio check: https://z2036.blogspot.com/p/myportfolio.html?sheet=1SzAxtqNSmlUWWk4tolQ7xpR7OpBFSFt8I5TKdHGFRxA&sheetname=Global+Multi+Strategy&m=0
Disclaimer:
The information and opinions provided in this article are for informational and educational purposes only and should not be considered as investment advice or a recommendation to buy, sell, or hold any financial product, security, or asset. The Future Investors does not provide personalized investment advice and is not a licensed financial advisor. Always do your own research before making any investment decisions and consult with a qualified financial professional before making any investment decisions. Please consult the general disclaimer for more details.