Who am I?
My name is Fjord Alpha. I have been investing for 25 years. Now, as a private investor, I am launching the publication I always wanted to read, focused on Northern European mid-caps with extraordinary outlook.
The Mission: The 20%+ Compounding Machine
The goal here is ambitious: to find and analyze businesses and stocks that have a realistic chance of compounding at 20%+ per year over the next five years or more. It may perhaps not sound much, but it is an extremely tough target, more than doubling typical stock market returns.
This is what we need to strive for to achieve truly life-changing returns.
I know I am kicking in an open door, but the power of long-term compounding is a powerful force. In a very realistic scenario, you start with an initial portfolio of €100,000 and manage to save an additional €1,000 per month (€12,000 per year) to invest. If you can achieve a 20% annual return, the results are transformative:
In 10 years, your portfolio would grow to about €1,000,000.
In 20 years, it would grow to over €6,000,000.
In the above scenario we would be closing in on €250,000,000 at that point of normal retirement. Enough for most people to retire well with, in relative comfort .
I believe this is possible, but not by looking where everyone else is. The most fertile hunting ground is among smaller companies. While my core focus will always be on mid-caps, I will occasionally analyze a compelling company that falls outside this definition.
My Process & What to Expect
I research and write every memo by myself. My ideas, analysis, and conclusions are 100% my own. I will definitely leverage AI. I believe it is a fantastic tool for basic research, structuring initial drafts, and ensuring the text is as clean and easily understood. This frees me up to focus on what truly matters: the analysis, the judgment, and the conviction.
Here’s what you can expect as a subscriber:
Company Deep Dives: To start, I will publish one long-form memo every week, as I have a backlog of research ready to share. This cadence will likely adjust to bi-weekly over time to ensure quality remains high.
But let’s see, for now this remains an ambition, and we’ll see how it goes.
Regular Updates: I will provide follow-up notes on the companies I cover as needed, after quarterly reports or when there is relevant news to analyze.
Intellectual Honesty: My analysis will always lead to a clear verdict. If a company is a compelling opportunity, fairly valued, or a situation to avoid, I will state it plainly.
As you see, I am writing under a pseudonym. My goal with Fjord Alpha is to achieve clarity of thought through research and writing, not seeking recognition (rather the opposite). I believe it ensures that the focus remains entirely on the quality of the analysis.
If this sounds like the kind of rigorous, long-term focused analysis you've been looking for, I hope you’ll subscribe and join me on the journey.
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