Investment
Personal investment analysis: per-company models that predict future performance, tracked against quarterly results, feeding capital-allocation decisions for a real portfolio.
Language
Company: The unit of analysis. Every thesis, model, dossier, and report belongs to exactly one company. _Avoid_: stock, ticker (those refer to the listed share, not the analysis unit)
Holding: One continuous ownership story of an instrument for one owner — from the first krone in until the owner's units across all accounts reach zero. Active while units remain, closed once they hit zero; a closed holding keeps its flows in every pool it ever belonged to. Buying the same instrument again later starts a new holding; a share-class conversion continues the old one; holdings merge across the owner's own accounts (an overnight zero during an account migration does split — a known, accepted artifact, Kim 2026-07-26). A company is held when an active holding of its shares exists — this is the sense that separates Holding from Candidate. _Avoid_: position, investment, past/sold/exited holding (the states are exactly two: active and closed)
Candidate: A company on the watchlist being analyzed but not (yet) owned. _Avoid_: prospect, idea
Thesis: The written reason for owning or wanting to own a company. Qualitative, saved per company, revisited each quarter. _Avoid_: theory, story, case, scenario
Foundation: An important fact about the company or the analysis, listed in its thesis; a change to any foundation forces a conscious re-evaluation of the thesis. The decision (sell, hold, revise) is made at re-evaluation time, never pre-committed. _Avoid_: sell trigger, red line, "what has to stay true"
Archetype: A class of companies with similar models, compared on the same metrics and reported with the same template (e.g. commodity producer, growth company). An archetype fixes its comparison metrics and report template; model code is shared only where it genuinely overlaps. Archetypes are defined as companies are onboarded, not fixed upfront — and minted only when the second company of a kind arrives (Kim 2026-07-26): the first of a kind stands alone, uncompared, until a peer makes the comparison design real. _Avoid_: nature, company type, style, category
Lifting: A cargo sale event — the unit of revenue recognition for producers that sell infrequently. Production is steady; liftings are lumpy. Models project as if production were sold in-period (ADR-0005); lifting timing explains reported-revenue noise. _Avoid_: sale (ambiguous), shipment
Earnings on production basis: What a period's production earned, net of every cash-natured cost: entitlement barrels × attributed price, minus operating, administrative, capex-paid and decommissioning costs. Values barrels when produced, not when sold or paid (ADR-0005) — an explicit cash bridge converts it to reported cash. _Avoid_: economic free cash flow, FCF (it is not a cash flow — the bridge exists precisely to reach cash)
Reserve tail: The value fair value credits beyond the model's last explicit year: audited reserves not yet produced by the model years, plus a believed share of contingent-resource conversion (a driver), produced flat until the barrels run out and priced at the final model year's per-barrel economics (ADR-0006). A hard stop at a barrel count — never a formula that assumes production continues forever. _Avoid_: terminal value, perpetuity, exit multiple, continuing value
Onboarding: The mandatory first step for any new company: a grilling session that assigns its archetype when one fits (a first-of-its-kind company stands alone — archetypes are minted at the second, Kim 2026-07-26), captures the thesis, and identifies the drivers — before any modeling. Drivers may be consciously deferred when Kim hasn't formed beliefs yet: facts first, and the model and the report's belief-bearing sections wait for drivers — the belief-free shell (thesis + dossier cards) may publish first (B3, 2026-07-26). _Avoid_: adding, setup
Account: A Nordnet account. Every transaction belongs to exactly one account; every account maps to exactly one owner. _Avoid_: depot, portfolio (a portfolio is an owner's view across accounts)
Owner: The person whose money an account holds: Kim, his children Eline and Magnus, his nephew Alfred, his niece Emma. Portfolio views are per-owner. (Account names at Nordnet may carry the surname first — "Hugsand Eline" is Eline.) _Avoid_: person, user
Pension account: An account whose capital is locked until retirement, decades away — a true/false attribute of the account, not of what it holds. The same fund can sit in a pension account (locked) and an ordinary account (touchable); the account decides. _Avoid_: pension fund (as a kind of instrument — no such kind exists)
Fund: A fund position — equity fund or bond fund — tracked in the portfolio for value and return only. Funds are never onboarded, modeled, or compared — they exist solely in portfolio tracking. _Avoid_: treating funds as companies
Cash: As an asset class: the balance of a savings account — money parked to earn interest (e.g. the high-interest savings account). Its value is its balance; interest arrives as transactions. Never modeled. Determined by the account, like pension. _Avoid_: treating cash accounts as funds; lumping in uninvested cash
Uninvested cash: The balance sitting on a trading account — not parked (savings) and not locked (pension), just money beside the holdings it trades against. Counted with the asset class of its account's holdings (funds when the account holds both kinds, or nothing decides), never with Cash. _Avoid_: cash (that's the savings class), float, saldo
Asset class: One of the four buckets a portfolio view groups by: funds, stock, pension, cash. Pension and savings accounts each map wholly to their class; a trading account's holdings split by instrument kind. _Avoid_: sleeve (retired term), category
Financial report: The monthly snapshot Kim pastes into his Excel bookkeeping: a fixed-sequence two-column table (header in Kim's sheet's own words, value) as of a chosen date — the savings balance, net transfers, and every account's value (holdings priced at the last close on or before the date, plus the account's cash balance). Produced on demand for a date, local only, never published. _Avoid_: confusing with a company report or the portfolio view (per-owner, live-priced)
Net transfer: Cash moved into a group of accounts minus cash moved out — deposit and withdrawal events only — accumulated from the first krone through the chosen date. In-kind arrivals (fund units deposited with no cash leg) are deliberately not transfers (Kim 2026-07-26), so the gap between values and net transfers reads them as gain. _Avoid_: counting in-kind deposits (returns price them in; transfers don't), monthly transfer (the window is always inception-to-date — deltas live in the Excel sheet)
Week allowance: The weekly ritual's table: as each kid's allowance is handed over, Eline's and Magnus's current value beside net transfer for the two accounts each handles themselves — the money they invest on their own. The accounts Kim manages for them stay out on purpose. Produced on demand for a date, local only, never published. _Avoid_: allowance tracking (the ledger holds no weekly deposits — money reaches Nordnet in lumps)
Money-weighted return: The portfolio's comparable return, in two forms built from the same principle — each krone counts only for the time it was actually invested. The total: gain divided by the average capital in play (every flow weighted by how long it was in), so later top-ups don't dilute it. The per-year rate: the yearly rate at which the holding's dated flows and today's value balance — makes holdings of different ages comparable. The owner's timing is deliberately in both numbers: they answer "how has my money done here", not "how did the chart go". History survives selling: the flows of holdings no longer owned stay in the pool, so a realized gain or loss never leaves the measure (Kim 2026-07-26). _Avoid_: XIRR/IRR/CAGR (spreadsheet jargon), raw return on invested (a later top-up dilutes it)
Reconstruction backtest: Feeding a model the known historical inputs (actual prices, production, costs) and checking it reproduces what the company actually reported. Tests the model's arithmetic, not the assumptions — assumptions are tested live by quarterly updates. Fit is quoted as a typical-miss percentage (root-mean-square error: square each year's miss, average, square-root — so misses don't cancel and big ones count extra). _Avoid_: backtest (unqualified — we deliberately do not backtest assumptions)
Revision trigger: A watched condition attached to a driver (e.g. "2027 capex guidance published", "quarterly entitlement ratio off by >5 points"). When news or actuals hit one, the driver must be consciously revisited — Claude proposes, Kim decides. _Avoid_: alert, watch item
Thesis conflict: A news item or reported actual that contradicts a driver assumption or a thesis foundation. Both the weekly scan and the quarterly diff exist to surface these; they are flagged, never silently absorbed. _Avoid_: red flag, warning
Driver: A key input assumption of a company's model (e.g. oil price, production volume, revenue growth, margin). Drivers are what you assume; results are what you measure. An uncertain driver may carry a `{low, base, high}` range; the model reports the resulting spread. _Avoid_: marker, metric, KPI