We had the pleasure of speaking with Christian Billinger, Investor at Billinger Förvaltning, a family-held investment company with no external capital.
In the conversation, Christian discussed the differences of investing through an open-end fund structure as compared to a closed-end investment company, especially in times of market volatility but also more generally.
Christian addressed the following topics:
- Structural, legal, and operational aspects, including the idea of permanent capital, balance sheet management, operating leverage, and incentives
- Process, with emphasis on fundamentals versus market timing, activity levels, and the allocation of time
- Behavioral aspects, including “life expectancy” as an investor, expectations management, etc.
Christian previously discussed his philosophy of investing in compounders for the long term in an MOI Global interview in 2019. He also shared his thoughts on downside protection in an MOI Global article.
Listen to the conversation (recorded on April 13, 2020):
About the interviewee:
Christian Billinger is an Investor at Billinger Förvaltning, a family-held investment company with no external capital. The simplicity of the setup as well as permanent and patient capital provides Christian with the proper environment to pursue his strategy of identifying long term compounders.
Christian focuses first on the qualities of robustness and resilience which limit downside potential before determining the mix of returns on capital and scope for reinvestment opportunity that accounts for the upside. Often, these factors overlap with family-controlled management teams that more conservatively finance their operations.
Prior to Billinger Förvaltning, Christian worked as a European Equity Analyst for various investments funds. Before that, Christian was an associate at PwC. He holds an MS in Accounting and Finance from The London School of Economics as well as Karlstad University. He is also a CFA charterholder. He splits time between London and Sweden.The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.
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