Newsletter Archive


While other commodities have been beaten down, the price of natural gas in Europe has remained remarkably stable. This is not likely to last.

The value of the Norwegian crude oil exports has collapsed over the past year. However, Norway exports more natural gas than oil and it has thus been a welcome band aid that European gas prices have kept up.

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After six years of rising stock markets, we expect merger and acquisition activity to kick in and drive the stock prices to the ultimate top. Which companies will be acquired?

A bull market may often be divided into three phases. In the first stage the rise is being fueled by falling interest rates and repricing. This is the sharpest part of the rally. Think of 2003 and 2009.

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Many political warning lights are flashing red. The Greek debt crisis has entered an acute phase, but Ukraine and the Middle East could also ruin the holiday mood.

The prelude to the summer has been negative on the Oslo Stock Exchange and the leading European stock exchanges. The Norwegian stock market is down five percent since April’s peak, while Germany’s is down nine.

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While the stock market is controlled by the global economy, the real estate market follows the local economy. Double headwinds for the Norwegian economy raise warning signs for residential and especially commercial real estate.

Most players underestimate the challenges that the Norwegian economy is facing. Let's start with the oil industry. The dominant tone among oilmen is that the industry is cyclical. There are bad times right now, but there is no reason to panic.

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We have witnessed a majestic climb. The stock rally is over six years old making it one of the longest in history. Is the top in sight?

The global equity rally is already the second-longest in history. Only the rise in the 90s lasted longer.

Because Norwegian equities crashed along with oil prices in 1998, all duration records are already beaten on the Oslo Stock Exchange. Congratulations are in order.

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