Avsnitt 562 - Bokslut 2025

0:00Just what is it that you want to do? We want to be free. We want to be free to do what we want to do. And we want to get loaded. And we want to have a good time. And that's what we're going to do. But wait baby, let's go. We're going to have a good time. We're going to have a party. I'll see you next time.

0:48Min sämsta affär var kortningen i index i 2025 som jag stängde index kom ju ner så jag kunde stänga i alla fall men det var nog den sämsta sådana här snegångar har man alltid men jag har inte tagit orskarna på det Nej, jag började i året riktigt sjukt att avslutade året väldigt bra skulle då köra lite lågrisk stoppade in det i doxa som jag trodde var lågrisk And then when we're in Spanien End of time we've been able to break a episode So we've been able to get a contest And I thought that it was gone From the top of Doxa And the course goes down to 30 % The last half of the time So when I looked at it It was my biggest challenge And it was that I took with There from that I was going to To talk about it What did you want to have a value case It was an easier risk Than Doxa but it was a smart thing and all these complicated things you have to get into them instead of the raking play that this company will grow invests in the company you have found it it's easier to find it this is it, they have a balance sheet a lot of time here it's very easy to do it for crongly then another Another thing I learned from it was that I had a group of Agribio, which has been named, but I buy something in a new one.

2:21You don't have to do anything with the most expensive companies. Same thing with Intelligo. Yes, you could handle it over a day, but then I had to buy it in a night and then I had to buy it in a new one. And then another one that was a bad thing. It was that I sold my Warner Brothers on Torsk in August. And then it was a good day. I've been to two years It was actually It was like Someone there up Just sitting and garb at it So it was not fun And then Are we in on the same stuff here? Yeah, you You can draw And then Then it was Indexed in the snow Again In the summer Story of my life From that you've done First half of the year Super It was just It was just It was just It was just It was just It was just It was just It was just It was just It was just 1000 punter och kort typ varje gång.

3:13Så det var ju superbra. Och sen blev man lång i tullkriget. Och så studsade det. Och sen trodde jag att nu är studsen klar. Och så vände jag på klacken. Och så fick man sitta och jobba med det där i några månader. Kortpåsar. Och sen kom börsen ner lite, rekylerade lite och då kände jag, nej men det här, nu är det, nu kan jag stänga här och ta den torsken. Sen annars på... Det var väl liksom enda riktiga... super-crashen. Alltså, jag var ju i Thailand då, så man blir alltid... Den enda riktiga, den var ju inte liten heller. Nej, men jag menar, den var ju supermycket. Men annars så känns det ju som att det har varit AI, det var det ena och det andra.

3:52Men liksom, då var det riktigt stökigt. Jag kommer ihåg att jag satt på något sjukhus där och börsen öppnade ner 7 % en måndag i något väntrum. Och då tittade man bara så här köp-och-sälj-listan. Vad öppnade ner mest? Och så var det Royal Junibro öppnade ner 30 % och så köpte man den aktien som gick ner mest. It was super-stökig I'm glad that I was long I the war It was a dimmer It happened so much And the wall was so high It's very easy to go It's very easy to go Even if you think that everything has happened Every Monday it's been 7 % So it's a little corona It goes very much faster now If it's going to come a weird new or something, then it looks like we should do these in a week instead of three months.

4:45Yes, I think that it was also talking about all the things that all got wrong. All the people were out and stood and stood out and stood out and said that the people were going to go under and blah, blah, blah, blah. And like that he didn't want to infuse the tulles and then he was on the scene and then he did it. And so he did it. And then he said it, just as he didn't think that he would infuse the tulles before, Then they thought they would actually be able to put 40 % and then they would have been on what's in the snitch they would have been on 10-15 % now. And the end that's gone was like him.

5:18His family is inside. Yeah, exactly. It was special. And then after that, it was put on the back of the house. Luring. So, it was tough. You can hold the tongue right in your mouth. Then, Bra affärer. Min bästa är nog Häckla. Som vi har pratat om i podden. Senast det här på andra hälften. Ja och där blir man ju så jävla. Jag körde ju Go Gold som ett av mina nyårs case. Den är upp 166 % i år. Jag har kvar i en portfölj, i en barnportfölj. Men de här trenderna fortsätter ju mycket längre. Silvret har ju liksom gått upp varje dag. Jag är väldigt dålig på. Vi är väldigt bra på att hitta de här trenderna men jag är väldigt dålig på att allokera all mitt kapital till de här trenderna.

6:07Ja, så ska man väl inte allokera allt till sin kapital. Nej, men vi har ju kolat kärnkraft, vi har kolat kvant, vi har kolat silver, vi har kolat mycket. Och liksom ofta sitter jag kvar mina inneav och så kör jag in 10 % i den här och det kanske är egentligen rätt. Men det är väldigt bittert att se de här. 10 % i IonQ blev ju väldigt bra. Ja, precis. 4-5x. Nej, men liksom att de här trenderna pågår ju mycket längre och här är ju känslan att bolagen är fortfarande alldeles for billiga and it's still silver and they're just there so it's a lot to take on I sold half of Häckla when I did 100 % but it went from that I bought it three and a half times it was cool to have the whole but it was still very good so it was cool and then I got in Lumi in Tullkriget and it was a great sector to come in in there in May.

7:07For the has also gone 100%. And it can be a lot of things that are big silver companies, Häckla, Lumi. Man thinks that for to get 100 % then you need to go in to a low miner-bola or something. When it becomes big big trend, people want to have exponering, then Lumi 100%. Or Häckla. Häckla, which is USA's Man behöver inte gå längst ut Största silverproducent och äldsta I 150 år har de funnits Den går liksom 3 ,5 gånger pengarna På 6 månader Så man ska inte underskatta Man måste inte gå så långt ut på Riskskalan I balansräkningar och finansiering Och sånt För att Nu har ju deras underliggande produkt Det priset har ju gått upp 300 % Så att It's like it was It's like it was I was looking at it and it was like, Silver's was in 36 And now it's in 69 Yeah, 70 nästan Yeah, exactly And there it is If you find the right I talked about the last episode, a little macro So you find the right macro trend And then What you buy It will hang with But with Lumia, it's a huge It was a big company then, it's even bigger now.

8:31And so much has not happened there. They come to the whole Visconia district. It's a sector that's super-starked. They are in a right part of the world. America is super-hot just now. I don't know if USA is going to Monroe-doctrine, that it's their sphere so that you can see that Sydamerika will be able to do it too and then it's Lundin-familien so that it will be a premium-faring on that and so you don't have so much and the new noterings on the Stockholms-börsen and if you want to so many fonder and so you can't use the same fonder and if you want to increase your mining so you can do Boliden and Lumi if you want to talk about a good affair my best affair I pengar Millicom Precis innan tullkraschen So bestämde sig Fransmannen för att avnotera Det bästa jag vet när det händer något konstigt Event Alla fonder var tvungna att sälja ut Man kände att han höll på att vända runt det här Sen har ju aktien gått fantastiskt Jag sålde mina mellan 40 och 50 Nu står den väl i 53 Den har väl delat ut nästan 5-8 dollar and this is also the way that when things start to go you absolutely don't have to sell you can't sell here you can thank the whole Millicom with Gilmore and Leonardo and all of them in Spetsen who have done a fantastic job to get to understand this case and show how capital allocation and a active active owner how good it actually is and just this it happened something He had a plan.

10:20He had a plan. It's a short period. It's exactly like we have emissions. It's a press and fictive...

10:37We're sponsored by Robomarkets. Now it's a new year. Now it's time to set up USA-handeln. If it's something that will happen in the USA, it's 2026. They will take a while around the end of the year. I think that you really need to set up a Robomarkets-konto. It feels like it will come new trends. Robomarkets will come with very interesting new things which will increase the potential for active sales. We will also have a lot of fun events. You have been with and been with me. We've met many people. It's one of the most interesting things you can trade. You can see like a single one. Exactly. So you can connect with contact.

11:21It's super fun. Yeah, but to go to a chat. To sit alone on your own. It's not the easiest way to trade. It's perfect with Robomarket. It's a good thing with the other interested trading people. It's a good thing in the USA. Both up and down. And then you can go via Robomarkets get a position both on the short or long side and then you can go via ISK with a value of a bank so that you have to do so much as possible and not to go back to the bank and not to go back to the bank So thank you Robomarkets for that you hang with 2026 but come back to the bank that you don't have to be a risk and it's not sure that you can get back your investment capital

12:07I can take one of my worst things. It was X-Ray. It was one of my best. Hold it to the FDA-served. What do you do? Then you can hold it over. It's a little bit like hold it to plan, your tomte. It's very easy to get a hybrid when it goes well. Börsen is on a level of to be able to keep the money. It's very easy to get them. when you have a hybrid and then it's very difficult to get back them when you're not in flow no, really but another one said that you should wait to wait to wait for things I had Toby in in on 2025 and then I had to go on 2 and then when Lannebo would be able to spy out his akties to 1 ,50 then you were just a little bit long and then you got to go on There could be But you knew that they would sell their own But sometimes you could buy a little bit more You can buy a little more And then when it comes to the end Then it's just a job Then it's good Then it's good for the end of the end But then Can it be the most volatile On the whole Stockholms-barsen 1 ,50 to 7 Now it's a little bit I'm super glad that I'm going to let it On high levels so I have maybe 25 % of the original and the other one is left with the other one is financed by and there is also a that if it goes something very much so you can sit and have a runner and hold it sell when you can, not when you need it is not so job in the less less than the company that you need to sell when something goes down but if you sell when it is then you can't see it on the course but if you press something out when it has started to move down then you're you who are doing your own svans and another one that is I was going to grab a gun and I was going to hang with it after the rest of the day it was not good what was that?

14:12no, it was not good but then I still have it and I still have it and I'm going to tell you so that you're down and you're going to get it there are we in the middle of the with the fictive kurser in my sense Yeah, exactly. So when we have said the worst affair, I think when you have taken a long push, you will have to take the same thing. Yeah, I understand. It's upfattable.

14:43You can't come in with this ladritions. Yeah, but a little so. And one of my best affair also was to buy Flat Capital. That can be talked a little about. The one has collapsed totally. Today they went out and saw that their forsvars-del is better than expected. So here we really talk about sentiment. They did an emission, got all the hedges, it was open AI. I bought the emission and then it was AIHs, where they were the best play. Then they sold my akties, then the forsvars-greies, so I was not with. And then the whole of this baxa in Klana, both Klanas and Noting. And now it's more than the first time.

15:26So, regardless of what people think and think, So, it's quite logical that flat should be dealt with a rabat. And now it does, even though it was clear when it was 20. Now it does not do it anymore. So, it has been very interesting to follow. They have very many interesting things under the head, But now it's a big deal. I think Klarna It's going to be very interesting to see how The game plays out under 2026 The game has not really It's not really bad It's a lot of lockup They feel like they're not Or they're not so bad As you can see it in the svenska Break it But it's a company I'm going to spend it on Will you say something about What you don't have but you're interested in For 2026?

16:17Lululemon I don't own it for the time. Elliot got in there. Just a tight. Exactly. It's one of the biggest losses in the year. Elliot got in there. They're in the way. Yes, it's a very good deal. I'm going to go on with them. When I looked at it in December, it got Elliot in and then flew. I'll see if I can get in there. But I thought it was a little interesting. The deal is low on its historical value. Both of them and Nike have gone super bad. The price is down 44 % in a year. It was up to 400. It was under 200. And now it's up here. The other thing I'm looking at is South America. I think that the trend that USA should be able to do South America is going to continue.

17:06Råvaror I think it will continue to go well in 2026. It's not so good that gold and silverpris will continue to do. Dublas igen! Nej, men jag tror att bolagen och priserna kommer inte packa ihop fullständigt. Jag tror det kommer hända väldigt mycket förvärv och sådana saker inom gull och silver om priserna står kvar här. Det sprutar in pengar i sektorn. De stora behöver göra någonting. Vilka kan lyckas kapitalisera på det? Ja, men det börjar väl bli att man får skilja agnarna from vetet lite och håller mig till stabila balansräkningar och kassaflöden och sådana grejer. Det går in på det här value-temat som jag tror blir jätteviktigt för 2026.

17:54När till och med Muddy Water körde på den här Zoom-konferensen ett guldbolag. Jag tror det var Snowline. Så det ska bli väldigt intressant. Han känns ju superbessad. Det här var ett bolag som satt på en jättefyndighet men som inte producerade och han tyckte att det var alldeles för billigt och att det skulle ske någonting här. Exakt. I think that 2026 will be a volatile year and it can be tough for the big companies all the big companies but hard assets and value I think that most one of the most interesting things is that many people think that they have small companies that have been said for many years and many people still believe on a pretty strong market then it never happens to be so when people think it but it seems like we have had it so hard here in Sweden so kronan goes stark many of them think about a strong svensk economy and that would be a good to do the small small companies in all of a sudden yeah it's not true it's been a bit of fact I've been super-hated to see if it's been a vending there I can mention some of the companies I think I'm going to go to the next year I don't know I think Unibub it's interesting it's the space sector the new glödhet he's still relatively low after a crash emission som de hade förut.

19:11Sen har den handlat bra. De får ju ordra hela tiden inom rymdsektorn. Ett av få rymdbolag här. Sen har vi Bones support. Det tycker jag ska bli superspännande. Där ökar blankningen varje dag. Insiders ökar varje dag. Någonting kommer ju hända här. Kursen har gått från 400 till 180. Jag ägde den lite. Slåg ut den. Vill gärna äga den igen. Man vill gärna se har man sett truecaller med andra. Blir man ju livrädd när blankningen har gått från noll till 8-9 % but the smarts I'm talking about are not really blanks case it's not to do so I think I'm going to be so I'm going to go to and I'm going to go in it's like that blanks press on until the year so we'll see how the handle in January then we have EG7 there they'll slay their alien game we have new styrelsen with Alexander Albayev i spetsen, eller om man nu uttalar det där borde det hända någonting, den handlas ju superlågt och kan de vända förtroendet och man har en supertydlig trigger med det här Alien-spelet som ska komma i Q3 och sen har vi SmartEye där det här lagkravet ska komma in, de ska vända till positivt kassaflöde, nu gjorde de en obligation som jag tycker helt har gått under radarn, så det blir ett väldigt spännande år för It's very many who have said that it's next year it's going to happen And it's going to be 2026 So it's up to be a lot of companies Or should they have to go to one year It's probably not Are you any other companies that you look at That you don't have for the time Or you maybe will have to go under the year If it's going to go down

20:56It's a lot of companies You're going to have to go to a lot of companies I think that the best companies in the USA are really interesting If Trump They can't get in their guy, Fed, and they're completely under the ice. So it can be a little bit interesting. No one could do, without a call, so it goes, you know, all the time it goes, in different central parts, very low transactions. No one could be a winner on them. At the press of people, so it could be no one could find it here. It has been a few years now, and no one is interested in. Then I started to get into it. I think it's a bit a bit and in principle you're going to be away from the svensk and then you'll be able to hang out in the states like Rutger Hult No but we'll never look at the svensk but you'll be able to if it's a Hassett or Fed-gubbe a la Trump so you'll be able to get a strong rent-in-and-gong there and it might be a lot of American fast-it-bolag it's a direct and on many of the rights that's the end of the year.

22:06The end of the year has not been the only interesting when the rent was high. But if they come down, then they are very interesting. Yes, exactly. Have you anything else? Any sector you look at? Rymden. It's like a hotel. I think that the whole thing with SpaceX is really exciting. Yes. I saw you there Pershing Square Bill Ackman, han försökte ju spacka in SpaceX här på Twitter det lät ju väldigt sjukt att man ska dra en tweet om att hej, kom och slå ihop det med mitt bolag. Fick han någon respons? Jag vet inte.

22:47Jag tror att den stora trenden faktiskt blir att det blir stökigt 2026. För att det är mellanårsval. and it can't be a so much and then if you look at Trump so he has many left and he has done very much and it's cool when it happens and then everyone thinks oh this will be super and it's blue skies now and then it will implement and then it will be effects and then it will always get a little bit of a and it will never really so cool som det var när man berättade om det. Som Stargate i januari 2025, projektet. Men jag tror många av sådana saker är att det är inte alla saker som han har sagt att USA ska göra och sånt.

23:43Sen kommer den där långa, tråkiga implementeringen och det är lite stökigt och det är jobbigt. Och sen mellanårsvalet blir väldigt viktigt för att som polls ser ut nu så ser han inte jättebra approval ratings. so it's a risk that Trump is a lame duck after midterms. It's not like his paradgren is going to be for a while. No, then he will play golf in Florida in two years. It's very exciting. But statistically, it's not a super for the world. No, crypto, you've been a little long before. It's like it's a way. It's difficult. If we risk on So Crypto will not go well If we don't do it So will crypto not go well I look at Bitmine Tom Stratt His Ethereum company If it becomes crypto So it's an interesting play Is it something you look at in crypto?

24:45I look at it as a Macro-economical The one has rört sig a little before It will be interesting to see how the dollar will be affected by the asset. As Fed-chef. Then it will be interesting how Bitcoin is going to be able to play. As a hedge towards a slightly lower dollar. And even gold on the same thing. But just now it's crypto. So it will be interesting how the dollar will be able to play. Will you summer the year of the year? Ska I spring a R-e-arv? We did it in the summer. Digimark didn't I ever buy. so that you could hold your eyes on it if they had deals with Walmart and then they never did.

25:24The only one is down to 80%. Yes, exactly. So they never did. The one was called Palantir, the one has gone up 156%. Yes, but the one took us a bit on it also. It went fast. And Abcellra then? Up 22%. Up 22%. But Abcellra is interesting for 2026 because they have two own molecules so we can get a phase 1 result in the year. the other half of the year. Yes, and I had Volvo Cars, which was a powerful back at the half-stift. The is up 26%. The double was from the bottom. Go Gold up 166%. They have not yet got its to be in Mexico. And then the course has gone so like this. The and Vissla Silver were my top picks.

26:11They have gone fantastic. And then I had Bygghemma, which is up 61%. This shows It's a well, half-stong when it's going to go around. E-handlarna will be interesting for next year. I'm looking at Lyco. It's a big home. It's many interesting companies there. It's going to be a little bit of consumption. It's probably Clas Olsson. From the past report, it's a super success. It's not an e-handling. It's more going around in the market. There's people who wrote that they were the biggest win on the value. It's all about H &M and the other. Have you any other spaning infill 2026 or anything you want to reflect back on that you should do better?

26:54What do you want to say is your portfolio has gone up or down? Up we have gone. It was just a heck of a and a pin on. I have actually got 100 % up on the portfolio in the year. So it has been a fantastic year. It feels... It's not that I have done. So it's fantastic You can be able to be able to get out of the next year I'm very happy to be able to get out of my money I'm going to get in with a big post I'm going to get out of the hotel So already there will be it to be able to get out of the next year Or in January It's going to be the most interesting thing I'm going to be home in January, February, March So I'm going to be able to sit with you When it's the biggest base Instead of sitting with a drink on Playa in Thailand It's just about over July and New Year But otherwise so you're always hard to see what it is that you should do.

27:47Is there anything else that could create chaos here? Yes, it's asset and rentemarknader. It's like you talk a lot about the statsguld. You just try new money all the time. Something you should have to and it's something that's something that's wrong when silver goes 100 % and gold goes up every day. You're trying to say some kind of warning. on a way. It's something that doesn't fit. And it's not good. For the stock market increases. Now is still still in the way. But we still see that it's very spread and we have to see in the USA for example. For the people who are good for it. And so it's very over-allocated.

28:32Maybe it's a revolution in the USA. But it's very over-allocated against AI. So we'll see how it will. I think it can be jobbigt. It could be something with OpenAI Maybe they are out with a new round Now If you see something there Oracle will see How do they have problems I saw that Oracle Stänged TikTok deal So it was the 22nd January So it was not so It was not R-tack there It still has not happened It did not happen much there He did another fusion deal So I saw that it was a little on I think Trump was with and did something I think it was the digital company He created a new company And it showed that he had a deal flow It was a fusion Alltså a fusion company With Trump Media Exactly On a billion dollars But no, otherwise Your SPAC-affaires I still sit on R-TAC and TVA.

29:42So we'll see what it's going to happen. It's not all the same. You can see it just like the water away. And then the SPACs were still dead. Yeah, but it's like a cash position. The cash is 10.50. We'll see what's happening with them. But I see it as my part of cash position in the portfolio. But my sparing for 2026 is that the ball will go up. It will be stök. Fram till midterm-valet är det stökigt. När är det då? Det är ju andra halvan av året. Ja. Så vi ska åka Bergdahl-banan fram till andra halvan? Ja, precis. Och sen efter det brukar det bli lite bättre börs. Men det är min profici att det kan bli stökigt.

30:28Jag tycker verkligen man ska ta med sig att när det är ett nytt år, då helt plötsligt börjar grejer på nytt. Jag underskattar alltid det varje år. that things that can be stend a value portfolio

30:51you can find some companies with really fine multiples and so they can go much more than you think look at what happens when you're going to have a unique company and a lot of companies so when when the industry besties for it, now we should allokate it. Fastigheter, maybe also some of the fastighetsbolag where the belowning is in the shack and have fine kassaflöden. It can be done up and then the acties can go quite well. I think it's there you want to say Warren Buffett for the first time. Margin of safety I think it's really important in 2006. Yeah, you always dance to the next So Maybe take on what is the case scenario And see what is the case And so Yes Is there anything else you want to say Innan we stänger ner I mean 2026 blir I hope you're on a stoke And it will be cool when it's a stoke All it's always good When it's a stoke Tullkriget blev ju very good So It's what I hope Pass på.

32:04Ja, och jag vill tacka alla som har lyssnat. Vi har ändå kört, vad är det? 560 avsnitt. Det är inte få från något. Vi har över tio år nu. Ja, att vi håller igen. Stort tack. Och så ser vi fram emot att vara tillbaka på desken i början på nästa år. Bruna och glada och fräscha. Så stort tack alla som har lyssnat. Let's go. Och sen så har vi en ägardisclaimer. Och jag äger GoGold av det. Och Eutell satt av det vi har pratat. I the moment this episode I still got a organise Are you still working on the episode? Are you still working on the episode? Are you still working on the episode? I still got a little bit of an commission Lundin Mining talked about Over and out Just what is it that you want to do?

32:49We want to be free We want to be free to do what we want to do And we want to get loaded And we want to have a good time And that's what we're gonna do But wait baby, let's go We're gonna have a good time We're gonna have a party Thank you.