Start Here
Why “The Outsiders’ Corner”?
We chose this name because we aren’t interested in buying “average” businesses when they’re for sale and selling once they get expensive. We are hunting for the outliers — the managers who can create value long-term by:
Invest Counter-Cyclically: They buy when others are fearful and pull back when the market is euphoric.
Focus on Cash Flow over Earnings: They understand that cash, not accounting profit, is what can be redeployed to grow the business.
Maintain Small Headquarters: They believe in radical decentralization, leaving operations to the experts while they focus on the “big bets” at the top.
Think Like Owners: Often, they have significant “skin in the game,” ensuring their interests are perfectly aligned with ours as shareholders.
Examples
Our October 2025 writeup of Eurofins, showcased how it’s managers decided to do a “reverse Private Equity strategy” (opposite to capital light) of buying up it’s real estate as well as prioritize repurchasing shares over doing more M&A, when own shares are cheap. Conversely, they did the opposite some years earlier, by issuing shares when the proceeds could be deployed opportunistically to acquire some hundred companies at lower multiples than their own stock.
Our February 2025 Investor Day update for Shift4, showed a management team fully focused on increasing free cashflow per share, and with their untraditional (and underappreciated) strategy of doing so with high returns on incremental investments. Management’s recent move (Feb 9, 26) of collapsing the share structure as founder Jared Isaacman steps into NASA, but where he retains his ownership (and buy more from time to time), showcase their alignment with other shareholders.
Norbit, shared in our Industrial Writeup, is a textbook ‘Outsider’ business.
With massive insider ownership and a lean, decentralized headquarters, it operates far from the noise of financial media. By anchoring production in rural Norwegian villages, Norbit has maintained a low-cost, high-discipline culture that now wins massive orders from Europe’s defense giants. What was once a highly contrarian move of keeping manufacturing in-house and in Norway, has since become a competetive advantage. Mid twenty-percent EBIT margins and even higher ROCE is not an average Industrial company.
MBB (writeup early 2025 here), looks like a boring German conglomerate without colour-prints. Instead, we have shared our view that this is a superior management team with a proven capital allocation track-record, and a preferred owner status among German family owners looking to retire.
Their Friedrich Vorwerk deal in particular stands out as perhaps the most value creative deal we have ever witnessed. All these 4 companies share the exact traits we’re looking for, and are businesses we look to partner with for a long time.
Thus, our Investment Strategy does not revolve simply around buying great companies at low prices.
Our Investment Strategy
We want to partner with owner-operators who know how to create value, has an extensive track-record of doing so, and with seemingly large whitespace left to tackle. We do this by holding somewhere between 8 and 20 stocks, and invest all our personal savings to do so. Importantly, we usually have somewhere between 5-25% of our assets in cash, which we use opportunistically once these businesses go for sale. We also keep a relatively short watchlist we keep track of.
So far, we’ve had a track-record of 19 of 33 total stock investments having yielded >8% annual returns. Our biggest realized loser was a -2% contribution to Invested Capital, but we currently have a position at a -8% contribution (painful), which we find to be extremely underpriced, and have thus bought many more shares of (slowly catching the falling knife).
The total money-weighted CAGR for us since inception late 2021 lands at 14% currently, as of February 15, 2026. Given the large selloff for many of our stocks, like the one mentioned, we are currently reducing our cash holding to invest more.
Since we prefer our managers to act counter-cyclically (like Eurofins illustrated), we think we should do so to when we have the opportunity to do so.
Cheers, Ole