About

Frankly; I never saw myself writing a blog, yet here I am, with «The Harpoon Report».  What gives?  Time constraints.  «Tidsklemma», as we say in Norwegian.  In particular after travels and seminars or important events in high conviction themes or positions, when the need to spend time on my own research is the largest, the need to communicate with other market participants is also the highest.  I hope this report will help alleviate some of that in bringing out my own thoughts faster and to a broader group of people, as well as being of help in my own thought process and hopefully also in initiating discussions with some of you that hold different views or have things to add.  In essence, this blog is about making some of my notes from meetings with company managements, industry experts, analysts, seminars, research travels etc available on a one-to-many platform rather than the less time efficient 1-2-1 conversations being made today.   

I consider myself a student of the worlds financial markets, and thoroughly appreciate the chance to learn something new every day.  So, please do not hesitate to get in touch!

Investment style

While my current longest held position is now in its 12th year, I define myself as a «position trader», actively seeking capital gain within a timeframe of 2-3 years.  In my 30 years in the financial markets, I have found that I need to look this far out to find truly exciting pricing anomalies, while still having enough visibility to make at least a decent attempt at forecasting an industry or a company`s development.  Any shorter time frame and you often get lost in short term market noise, any longer than this risk being based on hope rather than sound forecasting and anticipation of how the market`s view on a company will change.  The tools I use to pick investments can be summed up as follows:  fundamental research with a keen eye on potential inflection points in the industries I follow.  The 4 most important elements of my investing:  research, research, timing, and research.   Furthermore, I try to shy away from «black box» situations, ie where the business model is hard to analyze in detail from the outside and/or companies where you are hostage to managements integrity, views and opinions.  I prefer investing in situations where I can do my own research, enabling me to take an alternative view to that of management.  Furthermore, I take positions on the short side as easily as going long, always seeking to maintain a balanced approach to net exposure, not getting too carried away with the prevailing market mood. My own training as an analyst centered around cyclical/commodity related industries such as oil, shipping, metals and industrial companies and I still maintain a bias towards these industries.  Being based in Oslo certainly adds to it. Also, I have done some angel investing (more with my heart than my mind, so far) and I maintain some exposure to real estate.  I invest globally with an emphasis on the Nordics and North America.

Biography

I was born and grew up in the beautiful Lofoten Islands, which I still consider home.  Reading Brealey and Myers «Principles of Corporate Finance» in my 2nd semester in business school, I knew what I wanted to do for a living, starting right away investing my student loan in stocks.   Please see below for the balance of my biography.

2012 -  Running private investments out of Oslo, Norway

2007 - 2011 -  Founder and CIO Harpoon Capital Management as, a global equity hedge fund.  The Fund outperformed it´s MSCI Europe benchmark by 4300 bps (gross) over the lifetime of the Fund

2002 - 2007 -  Partner , ABG Sundal Collier, Oslo – Institutional equity broker

Head of Sales, Oslo

Member of the Executive Committee; Chairman of the ABGSC Morning Meeting

2000 - 2002 -  Running private investments out of Oslo, Norway

Chairman of the Board of Conseptor ASA

1999  Head of European Research, ABN AMRO Ltd, London – responsible for all equity research in Europe

1998 -  Managing Director, ABN AMRO Inc, New York – European institutional equity broker

1994 - 1998 -  Institutional equity broker with responsibility for Nordic equity sales to US institutional investors for Alfred Berg Inc, in New York.  Helped build the no 1 team on Europe (Greenwich Associates, 1996)   

1992 - 1994 -  Head of Research, Alfred Berg, Oslo

1989 - 1994 -  Equity  research analyst with Alfred Berg Norge with Group responsibility for oil and oil services.  Ranked  no 1 in Dagens Næringsliv 1993/94

1985 - 1989 -  MBA in Finance (Siviløkonom) Norwegian School of Management  (Handelshøyskolen BI, Sandvika) 

         

This blog is for market professionals that I maintain dialogue with also through other channels.  It is not to be relied upon as a source of investment advice.  The opinions here are my own and may change without further notice.  See DISCLAIMER.

Contact information

  +47 484 00 593
staale@harpooncapital.no
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@StaaleRodahl
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Staale Rodahl

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