TIP582: Quality & Defensive Investing w/ Christian Billinger

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Business, Education, Investing

4.6 • 3.6K Ratings

🗓️ 13 October 2023

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

Clay Finck is joined by Christian Billinger to discuss his quality investing philosophy. Christian is chairman of Billinger Förvaltnings AB, which invests in publicly listed equities. The firm seeks to generate attractive long-term total returns in real terms without employing financial leverage. Christian previously covered European equities for Cheyne Capital, Gartmore, and GAM in London. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:39 - What quality investing is and why it works. 04:20 - How Christian assesses the reinvestment rate for a business and a company’s runway. 10:27 - Why soul in the game is more important than skin in the game. 12:58 - Qualities to look for to find operating managers with soul in the game. 19:16 - Why Christian prefers investing in family-owned public equities. 21:59 - Why he highly prioritizes removing the risk of losing money. 25:48 - What differentiates Christian’s current holdings from companies on his watchlist. 31:44 - What Christian learned from working with institutional investors. 41:36 - What stands out to Christian about Markel. 46:37 - Why Tom Gayner is an investor and business manager worth studying. 47:46 - How the investment outlook between Berkshire and Markel differ. 49:42 - Why Christian’s fund is heavily invested in the spirits industry, and what has led to the recent underperformance in 2023. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Christian’s investment firm. Related Episode: WSB566: The Passionate Pursuit of Lifelong Learning w/ Gautam Baid or watch the video here. SPONSORS Support our free podcast by supporting our sponsors: River Toyota CI Financial Sun Life AFR The Bitcoin Way Industrious Briggs & Riley Meyka Public Vacasa American Express iFlex Stretch Studios Range Rover Fundrise USPS Shopify Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:03.2	On today's episode, I'm joined by Christian Billinger.
0:06.3	Christian is the chairman of Billinger for Wallstein's AB, which is a privately held
0:10.5	company based out of Sweden that invests in publicly listed equities.
0:14.3	The firm seeks to generate attractive long-term total returns and real terms without employing
0:18.8	financial leverage.
0:20.4	During this chat, Christian and I cover what quality investing is and why it works, why
0:24.4	soul in the game is more important than skin in the game, why Christian prefers investing
0:28.9	in family owned public equities, why removing the risk of losing money is essential for
0:34.0	him.
0:35.0	Christian's biggest lessons from working with institutional investors, why Tom Gainer
0:39.0	is an investor in business manager worth studying.
0:42.3	Christian's thoughts on Marquell as well as the spirits industry and much more.
0:46.2	Recently, I've personally embraced the quality investing approach when investing in public
0:50.3	companies, and it was such a delight to have Christian on the show to chat about how he
0:54.2	thinks about this approach and how it applies to his investments.
0:57.6	With that, I hope you enjoyed today's discussion with Christian Billinger.
1:05.4	You are listening to the Investors podcast where we study the financial markets and read
1:10.4	the books that influence self-made billionaires the most.
1:13.6	We keep you informed and prepared for the unexpected.
1:26.2	Welcome to the Investors podcast, I'm your host, Clay Fink, and today I'm joined
1:29.7	by Christian Billinger.
	...

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