Finance
jpmorgan chase ceo Svein Støles best advice to young people in finance is to copy one of his best investments and look to Warren Buffett for inspiration.
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– The best advice I can give you is to read a part of årsberetningene to Warren Buffett, said jpmorgan chase ceo Svein Støle (53) during a conference under the auspices of the finansnettverket “Young in Finance” on Thursday this week.
Along with the Norwegian minister of finance Siv Jensen (progress party), Finans Norge director Idar Kreutzer and Swedbank analysis supervisor Pål Ringholm, he shared his thoughts on the financial industry with 120 young finanskvinner and men at Aker Brygge in Oslo.
Age: 53
Position: sole owner of Pareto as and managing director of the Pareto group
Background: Originally from Mandurah, where the father was norsklærer and mother ran a broderiforretning. Started by NHH Norwegian school of economics-studies started his career with Trygve Hegnar in the magazine Capital. Jumped not long after jumped over the meglerkarusellen, and went for several years under the title of “crown prince” in the Sundal Collier. Said in 1992, 28 years old, quit my job and was co-owner of Pareto. Has since built up the investment firm to become one of the largest in the country. Moved to New York in 2003 in a period of time to build up Nordic Partners, together with three other nordic investment banks. Owns the whole Pareto group and sits on one of the country’s biggest fortunes, as the Capital has been estimated to 10.5 billion.
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“Young in Finance” is a network organization established in 2016 for people under 35 years of age who work in the financial industry in Norway.
Støles best tip to the young in finance is to read up, and perhaps invest in, the man he believes is the world’s best investor: 86-year-old Warren Buffett.
“One of the best purchases ever”
Buffett is according to the Forbes magazine good for over 70 billion dollars. He is the american investor and chairman of investment company Berkshire Hathaway. His nickname is the “oracle from Omaha”, with a reference to his hometown – the small town of Omaha in the u.s. state of Nebraska.
Støle bought himself a share in the Buffetts company in 1994 to 19.500 dollars. He has been on Buffetts much-publicized annual general meetings, where tens of thousands of top executives with shares in the company show up to hear investorlegenden talk.
Støle owner still shares to this day and is, according to himself, worth 250,000 dollars.
It is one of the best purchases I did some time, he said to the assembly.
Skeptical of the Norwegian cabins
He also came with a call to those who were present about the one thing he worries about in Norway.
The absurdity is that private individuals in Norway have just as much in cabins in the shares. I can almost guarantee that does not exist in any other country in the entire world. It is very regrettable simply, and many miss the return we have in the stock market. That you must be able to do something with, he said, and pointed to a graph prepared by Holbergfondene which shows that the Norwegian private individuals have invested 600 billion in Norwegian cabins – the same amount as in the stock market.
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