Interview in #DN (Norwegian version of The Wall Street Journal) today about how I’m navigating the recent headwinds facing quality stocks.

Fortunately, we can lean on the wisdom of Benjamin Graham, which is just as relevant now as it has always been:

"In the short run, the market is a voting machine influenced by fear and narratives (the short-term outlook determines pricing), but in the long run, it is a weighing machine (fundamentals like earnings per share and cash flow determine the outcome)."

I’m staying calm and believe there is a decoupling between share prices and fundamental values for several quality companies, especially those I’ve invested in:

"It’s important to distinguish between a falling stock and a failing company. In 2025, Constellation Software increased its free cash flow by over 25 percent, even as its share price was halved. When the fundamentals strengthen while the price plummets, the investment case objectively becomes cheaper, not worse," says Ulland.