OLE RISAGER

Investor and Chairman for Core German Residential II. Previously, Professor in Economics and Sr. Economist at the IMF.

E-mail: olerisagerinv@gmail.com.

Ole Risager

Welcome to my website on which I upload investment returns, papers, and 0pinions about the global economy. I am particularly interested in:

 

  • Global macro and the outlook for stocks, bonds, and real estate
  • And related to this, I work on investment opportunities in particular in stocks
  • I am also interested in reforms of the banking sector and the asset management industry. That is why I took part in the money laundering debate in Denmark, which demonstrated massive problems in some banks. I basically share Warren Buffett´s views on these matters.

Book in Danish: Warren Buffett: Investor og Kritiker, Hans Reitzels Forlag, Marts 2019

 

Warren Buffett er hovedarkitekten bag Berkshire Hathaway, der på godt 50 år er vokset fra at være en mindre tekstil virksomhed i New England til at være et af verdens mest værdifulde selskaber. Buffett er ikke kun interessant på grund af virksomhedens enorme succes, men også fordi han er vidende og inspirerende. Buffett har desuden haft modet til at være kritisk især over for Wall Street og den måde den finansielle sektor fungerer på. Bogen beskriver både Buffett som investor, forretningsmand og kritiker af den finansielle sektor. Og desuden analyseres udsigterne for virksomheden og aktien.

Link: https://i-bog.hansreitzel.dk/Warren_Buffett/

Investment returns

I was once advised by a well-meaning person to get into stocks: Financial independence allows you to express your own opinion. I agree. Besides that, investing is also a sport. Below, I report the returns I have had (on my retirement account) over the 19-year period 2004-22: The average annual return equals 13.3%(CAGR) before PAL taxation (the return methodology is outlined in the Buffett book). Over the same period, MSCI World produced 7.9%. The mean annual excess return is therefore 5.4%. However, since I work with a retirement portfolio consisting of stocks (US, German, and Danish stocks), bonds, and cash it is more appropriate to benchmark it against a retirement fund e.g. Maj Invest Pension, available from 2006 and onwards. From 2006 to 2022, the average annual return on Maj Pension, a socalled 5-star fund, amounts to 4.6% compared to my return at 11.5%. From 2018 to 2022, Maj Pension produced 1.9% compared to my return at 13.4%. The average excess return over the last 5 years amounts therefore to 11.5% per year. It is always fun to beat the market.

 

Short list of selected papers 

Copyright © All Rights Reserved