We Study Billionaires - The Investor’s Podcast Network
TIP582: Quality & Defensive Investing w/ Christian Billinger
Oct 13, 2023
Christian Billinger, chairman of Billinger Förvaltnings AB, delves into his quality investing philosophy rooted in long-term returns. He stresses the importance of evaluating management integrity and reinvestment rates, and discusses why having 'soul in the game' is crucial. Christian highlights his preference for family-owned public equities to minimize risk and shares insights from working with institutional investors. Additionally, he explores the investment dynamics of the spirits industry and contrasts the philosophies of Berkshire Hathaway and Markel. Tune in for a wealth of knowledge!
55:19
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Quick takeaways
- Quality investing focuses on generating performance from underlying business performance rather than buying and selling securities.
- Family-owned public equities often have soul in the game, exhibiting a sense of purpose and taking a long-term view.
Deep dives
Quality investing and risk management
Quality investing, according to Christian Billinger, involves generating most of the performance from the underlying performance of invested businesses rather than buying and selling securities. It emphasizes risk management and focuses on businesses that offer fair or better valuations while anticipating most returns to come from operating performance.
