The Dutch Investors Serial acquirers & holding companies w/ Michael Gielkens
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Sep 4, 2025 In this discussion, Michael Gielkens, co-founder of Tresor Capital, shares his expertise on holding companies and serial acquirers. He highlights what distinguishes these entities from traditional firms and how to spot quality operators while avoiding red flags. Gielkens elaborates on why Sweden is a fertile ground for acquirers and explains the intricacies of goodwill in business. He also discusses the importance of assessing management quality and incentives, along with his favorite investment picks, showcasing his deep understanding of this niche market.
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Serial Acquirers Are Capital Allocators
- Serial acquirers and holding companies are investment firms whose main role is reinvesting capital into high-return opportunities.
- Returns depend on reinvestment rate and the return on those reinvested funds.
First Stock Buys Shaped His Focus
- Michael's first buys included Berkshire Hathaway and Investor AB in his dad's portfolio, which shaped his focus.
- Early success with those names convinced him to study holding companies further.
Screen Rigorously For Quality Traits
- Screen for insider ownership, consistent earnings, strong balance sheets and ROIC >15% when hunting serial acquirers.
- Expect 80–90% of an initial universe to be discarded by these filters.
