At the start of last year, ODIN expected a good year for stock markets, with steady improvements the closer 2010 drew. These expectations were fulfilled. We believed the global economy to be facing a recession and not a long-lasting depression as some had feared. So far, this also seems to be proving correct. And not unexpectedly, on this occasion too we have seen the stock markets turning before improvements to the real economy.
Many of the price rises in 2009 were the result of reversals of the most over-exaggerated parts of the the downturns in 2008. This is one of the reasons we find many of our portfolio companies still attractively priced. All our equity funds are priced at good discounts relative to the underlying corporate values. In our opinion, this is a reason to increase savings in ODIN equity funds.
Content
- A good year for the stock market
- Comment from ODIN’s Portfolio Managers
- The portfolio managers’ assessments
- ODIN 20 years old in 2010
- Performance
- Report of the Board of Directors for 2009
