Peter Garnry, CFA
@petergarnry.gesdacapital.com
CEO & Co-founder at Gesda Capital. I’m passionated about equity investing and equity valuation. My vision is to show that active equity investing can work if set up properly. I was previously the Chief Investment Strategist at Saxo Bank.
Putting the relative pricing aside the fact that gold and silver have a non-linear price move on log-scale says that the price behaviour is bubble like and unsustainable. We have seen it three times in Bitcoin. It always ends the same way…
‘Gold has only been as expensive relative to other assets once in its modern history, at its 1980 peak.’ blinks.bloomberg.com/news/stories...
January 26, 2026 at 9:22 PM
Putting the relative pricing aside the fact that gold and silver have a non-linear price move on log-scale says that the price behaviour is bubble like and unsustainable. We have seen it three times in Bitcoin. It always ends the same way…
My latest Substack article. Essentially a book review of "The Compounders" with my perspectives.
petergarnry.substack.com/p/is-there-a...
petergarnry.substack.com/p/is-there-a...
Is there a formula for compounders?
Evolution suggests temporarily
petergarnry.substack.com
January 26, 2026 at 7:54 PM
My latest Substack article. Essentially a book review of "The Compounders" with my perspectives.
petergarnry.substack.com/p/is-there-a...
petergarnry.substack.com/p/is-there-a...
Listening to the Odd Lots podcast with the CEO of PNC Financial Services.
I really don’t understand, and I don’t think Tracy and Joe are pressing on this, but why is a national bank so focused on growing branches.
In 2026, surely the mission should be solving the SME problems digitally.
I really don’t understand, and I don’t think Tracy and Joe are pressing on this, but why is a national bank so focused on growing branches.
In 2026, surely the mission should be solving the SME problems digitally.
January 26, 2026 at 6:32 PM
Listening to the Odd Lots podcast with the CEO of PNC Financial Services.
I really don’t understand, and I don’t think Tracy and Joe are pressing on this, but why is a national bank so focused on growing branches.
In 2026, surely the mission should be solving the SME problems digitally.
I really don’t understand, and I don’t think Tracy and Joe are pressing on this, but why is a national bank so focused on growing branches.
In 2026, surely the mission should be solving the SME problems digitally.
I’m tired of listening to Danish/European tech entrepreneurs complaining about different rules and laws across European countries as a big problem for scaling.
US business people also complain about different rules across US states for wages, permits etc. Scaling in the US is also tough.
US business people also complain about different rules across US states for wages, permits etc. Scaling in the US is also tough.
January 25, 2026 at 3:22 PM
I’m tired of listening to Danish/European tech entrepreneurs complaining about different rules and laws across European countries as a big problem for scaling.
US business people also complain about different rules across US states for wages, permits etc. Scaling in the US is also tough.
US business people also complain about different rules across US states for wages, permits etc. Scaling in the US is also tough.
This is such a bad sign for the US. When science and the scientific method is questioned against obvious statistical significance bad things will happen over time…
* MODERNA IS CURBING INVESTMENT VACCINE TRIALS DUE TO US BACKLASH -- BLOOMBERG NEWS
* MODERNA IS CURBING INVESTMENT IN VACCINE TRIALS DUE TO OPPOSITION TO IMMUNIZATIONS FROM US OFFICIALS -- BLOOMBERG NEWS
@reuters.com #$MRNA
* MODERNA IS CURBING INVESTMENT IN VACCINE TRIALS DUE TO OPPOSITION TO IMMUNIZATIONS FROM US OFFICIALS -- BLOOMBERG NEWS
@reuters.com #$MRNA
January 22, 2026 at 4:04 PM
This is such a bad sign for the US. When science and the scientific method is questioned against obvious statistical significance bad things will happen over time…
The junk rally
“It’s already been an . . . eventful year, but under the hood something odd and interesting is happening in the US stock market: the trashiest, most hated shares are soaring.‘ www.ft.com/content/a5fa...
January 21, 2026 at 4:07 PM
The junk rally
Trump’s unpredictability makes long-term deal-making and relationships impossible.
The EU–Mercosur and Canada-China are signs of this.
The EU–Mercosur and Canada-China are signs of this.
January 17, 2026 at 7:20 PM
Trump’s unpredictability makes long-term deal-making and relationships impossible.
The EU–Mercosur and Canada-China are signs of this.
The EU–Mercosur and Canada-China are signs of this.
I expect the Netherlands to follow. Shipping routes across the North Pole during warmer weather mostly end in Rotterdam so protecting Europe’s trade fleet and ensure security of volume into Rotterdam is of national interest to the Netherlands.
And the advance teams are on their way to 🇬🇱Greenland to prepare deployment of 🇩🇰Danish and allied troops from 🇸🇪Sweden, 🇳🇴Norway, 🇩🇪Germany & 🇫🇷 France. More countries will join Operation Arctic Endurance. Stay tuned.
January 14, 2026 at 9:32 PM
I expect the Netherlands to follow. Shipping routes across the North Pole during warmer weather mostly end in Rotterdam so protecting Europe’s trade fleet and ensure security of volume into Rotterdam is of national interest to the Netherlands.
The bigger point is that HSBC and McKinsey have zero skin in the game when making these forecasts. As a result they are useless. Only serves an entertainment purpose.
Let’s check out what hsbc has said in the past!
January 14, 2026 at 9:30 PM
The bigger point is that HSBC and McKinsey have zero skin in the game when making these forecasts. As a result they are useless. Only serves an entertainment purpose.
Weird session
Wow just seeing the carnage in $ADBE, $CRM, $DOCU, $INTU, $WDAY, $TEAM, etc.
January 13, 2026 at 9:59 PM
Weird session
The future. More and more production will in the future be closer to end consumer markets.
Robot manufacturing of goods cost more or less the same in China as in Europe.
This is just the beginning
Robot manufacturing of goods cost more or less the same in China as in Europe.
This is just the beginning
Game On: the Swiss sports brand using hi-tech and chutzpah to challenge Nike and Adidas
Zurich-based firm taps into latest robot tech to ‘fibre-spray’ high-end sports shoes worn by the likes of Roger Federer
www.theguardian.com/business/202...
Zurich-based firm taps into latest robot tech to ‘fibre-spray’ high-end sports shoes worn by the likes of Roger Federer
www.theguardian.com/business/202...
Game On: the Swiss sports brand using hi-tech and chutzpah to challenge Nike and Adidas
Zurich-based firm taps into latest robot tech to ‘fibre-spray’ high-end sports shoes worn by the likes of Roger Federer
www.theguardian.com
January 11, 2026 at 8:04 PM
The future. More and more production will in the future be closer to end consumer markets.
Robot manufacturing of goods cost more or less the same in China as in Europe.
This is just the beginning
Robot manufacturing of goods cost more or less the same in China as in Europe.
This is just the beginning
Finally.
Propose an Arctic Defense Alliance.
Greenland, US, Canada, Denmark, Norway, Sweden, Finland, UK, France, the Netherlands and Germany.
Propose an Arctic Defense Alliance.
Greenland, US, Canada, Denmark, Norway, Sweden, Finland, UK, France, the Netherlands and Germany.
“Germany will propose setting up a joint NATO mission to protect the Arctic region, the Bloomberg report added, citing people familiar with the plans.”
UK, Germany discuss NATO forces in Greenland to calm US threat, Bloomberg News reports
A group of European countries, led by Britain and Germany, is discussing plans to boost their military presence in Greenland to show U.S. President Donald Trump that the continent is serious about Arc...
www.reuters.com
January 11, 2026 at 7:56 PM
Finally.
Propose an Arctic Defense Alliance.
Greenland, US, Canada, Denmark, Norway, Sweden, Finland, UK, France, the Netherlands and Germany.
Propose an Arctic Defense Alliance.
Greenland, US, Canada, Denmark, Norway, Sweden, Finland, UK, France, the Netherlands and Germany.
My eldest son (11 years old) wanted new shin pads for his football practice. Size was 10x6cm.
I said: “that’s joke right? They are for small 4-year olds”
He wants them because more and more professionel football players are using mini-pads. Everyone is obsessed about aesthetics over safety.
I said: “that’s joke right? They are for small 4-year olds”
He wants them because more and more professionel football players are using mini-pads. Everyone is obsessed about aesthetics over safety.
January 11, 2026 at 7:53 PM
My eldest son (11 years old) wanted new shin pads for his football practice. Size was 10x6cm.
I said: “that’s joke right? They are for small 4-year olds”
He wants them because more and more professionel football players are using mini-pads. Everyone is obsessed about aesthetics over safety.
I said: “that’s joke right? They are for small 4-year olds”
He wants them because more and more professionel football players are using mini-pads. Everyone is obsessed about aesthetics over safety.
I have had the same feeling lately and also much more activity in Danish.
I also sense small incremental improvements in the feed algorithm.
I also sense small incremental improvements in the feed algorithm.
January 10, 2026 at 9:16 PM
I have had the same feeling lately and also much more activity in Danish.
I also sense small incremental improvements in the feed algorithm.
I also sense small incremental improvements in the feed algorithm.
Visa and Mastercard run credit card networks but are not the issuing institution. Banks like JPM does the credit scoring and run credit card receivables portfolio on their balance sheet. Many things get mixed up in this debate.
And capping interest rates will not stop the flow of credit…
And capping interest rates will not stop the flow of credit…
Interesting, this piece doesn’t mention how many consumers might lose access to credit entirely.
@apnews.com $V $MA $JPM $COF
apnews.com/article/cred...
@apnews.com $V $MA $JPM $COF
apnews.com/article/cred...
January 10, 2026 at 5:13 PM
Visa and Mastercard run credit card networks but are not the issuing institution. Banks like JPM does the credit scoring and run credit card receivables portfolio on their balance sheet. Many things get mixed up in this debate.
And capping interest rates will not stop the flow of credit…
And capping interest rates will not stop the flow of credit…
One of our companies paid dividends yesterday. Am I happy?
No.
Dividends are a tax inefficient way to return capital. It also reflects poor imagination by management.
For a company with ROIC > 20% it makes little sense to pay dividends.
Give me profitable growth.
Otherwise I buy bonds…
No.
Dividends are a tax inefficient way to return capital. It also reflects poor imagination by management.
For a company with ROIC > 20% it makes little sense to pay dividends.
Give me profitable growth.
Otherwise I buy bonds…
January 10, 2026 at 2:23 PM
One of our companies paid dividends yesterday. Am I happy?
No.
Dividends are a tax inefficient way to return capital. It also reflects poor imagination by management.
For a company with ROIC > 20% it makes little sense to pay dividends.
Give me profitable growth.
Otherwise I buy bonds…
No.
Dividends are a tax inefficient way to return capital. It also reflects poor imagination by management.
For a company with ROIC > 20% it makes little sense to pay dividends.
Give me profitable growth.
Otherwise I buy bonds…
Reposted by Peter Garnry, CFA
“🇩🇰Denmark has reduced its defence of 🇬🇱Greenland and isn’t doing enough” - left hand side 🇺🇸US bases & radar stations on Greenland during the #ColdWar and to the right today. Denmark has increased its defence capacity on Greenland during the last years, while US has done nothing
January 10, 2026 at 9:11 AM
“🇩🇰Denmark has reduced its defence of 🇬🇱Greenland and isn’t doing enough” - left hand side 🇺🇸US bases & radar stations on Greenland during the #ColdWar and to the right today. Denmark has increased its defence capacity on Greenland during the last years, while US has done nothing
You were at the pinnacle of your growth trajectory. Rest well and get back to show how great a player you are…
Josko Gvardiol will be out of action for four to five months.
[24sata]
[24sata]
January 5, 2026 at 9:31 PM
You were at the pinnacle of your growth trajectory. Rest well and get back to show how great a player you are…
Yesterday they celebrated.
In the weeks, months and years to come, it will reveal itself what they missed.
“Doubt is an uncomfortable condition, but certainty is a ridiculous one.” Voltaire
In the weeks, months and years to come, it will reveal itself what they missed.
“Doubt is an uncomfortable condition, but certainty is a ridiculous one.” Voltaire
January 4, 2026 at 7:02 AM
Yesterday they celebrated.
In the weeks, months and years to come, it will reveal itself what they missed.
“Doubt is an uncomfortable condition, but certainty is a ridiculous one.” Voltaire
In the weeks, months and years to come, it will reveal itself what they missed.
“Doubt is an uncomfortable condition, but certainty is a ridiculous one.” Voltaire
UN is de facto dead.
Great Power competition era shows its face three days into the new year.
Great Power competition era shows its face three days into the new year.
January 3, 2026 at 1:05 PM
UN is de facto dead.
Great Power competition era shows its face three days into the new year.
Great Power competition era shows its face three days into the new year.
And with EURUSD up almost 13% it was a horrible year for European investors in US equities.
On a relative basis European investors gained much more wealth than US investors in 2025.
Happy New Year.
On a relative basis European investors gained much more wealth than US investors in 2025.
Happy New Year.
As noted by The Wall Street Journal, "Stocks are ending 2025 near a record high, with the S&P 500’s 17% gain vaulting the index toward its seventh-best three-year run on record."
(Check out the Bloomberg chart below to visualize just how impressive this 3-year run has been.)
#investing #investors
(Check out the Bloomberg chart below to visualize just how impressive this 3-year run has been.)
#investing #investors
December 31, 2025 at 7:21 AM
And with EURUSD up almost 13% it was a horrible year for European investors in US equities.
On a relative basis European investors gained much more wealth than US investors in 2025.
Happy New Year.
On a relative basis European investors gained much more wealth than US investors in 2025.
Happy New Year.
I wrote about the new era of geopolitics and what it means for equity investing.
It is a guide to avoid pitfalls, but also which vectors to focus on in the decade to come.
Happy New Year everyone!
open.substack.com/pub/petergar...
It is a guide to avoid pitfalls, but also which vectors to focus on in the decade to come.
Happy New Year everyone!
open.substack.com/pub/petergar...
Investing in the new geopolitical era
A geostrategic framework for equity markets
open.substack.com
December 31, 2025 at 7:18 AM
I wrote about the new era of geopolitics and what it means for equity investing.
It is a guide to avoid pitfalls, but also which vectors to focus on in the decade to come.
Happy New Year everyone!
open.substack.com/pub/petergar...
It is a guide to avoid pitfalls, but also which vectors to focus on in the decade to come.
Happy New Year everyone!
open.substack.com/pub/petergar...
Bliver spændende om forspringet betyder noget for Novo. Personligt mener jeg at man skal få det bedste ud af USA, men fokusere hårdere på non-US markeder.
BREAKING: Novo-aktien stiger: Ny godkendelse kommer på et »meget vigtigt« tidspunkt #breaking #dkbiz
Novo-aktien stiger: Ny godkendelse kommer på et »meget vigtigt« tidspunkt
Novo Nordisk har fået en tidlig julegave og grønt lys fra den amerikanske fødevare- og lægemiddelstyrelse (FDA) til at sælge Wegovy som pilleform i USA. Det kan mærkes på aktiekursen, som ved bø...
finans.dk
December 23, 2025 at 8:34 AM
Bliver spændende om forspringet betyder noget for Novo. Personligt mener jeg at man skal få det bedste ud af USA, men fokusere hårdere på non-US markeder.
There are two companies that I would love were publicly traded. LEGO and Ferrero Group.
Absolute gems of Europe…
Absolute gems of Europe…
December 22, 2025 at 5:16 PM
There are two companies that I would love were publicly traded. LEGO and Ferrero Group.
Absolute gems of Europe…
Absolute gems of Europe…
I just tried Copilot in PowerPoint for fun. I needed help on a graphical element. Shit it is so bad.
Probably the worst software integration I have ever encountered.
Probably the worst software integration I have ever encountered.
December 20, 2025 at 11:07 AM
I just tried Copilot in PowerPoint for fun. I needed help on a graphical element. Shit it is so bad.
Probably the worst software integration I have ever encountered.
Probably the worst software integration I have ever encountered.