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The week's question
In March 2025, in the thread "Re: OT, out", Umm asked the members: "Do you think it is because America is made up of magical soil that makes businesses based in America magically profitable?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
Answer this questionContinue to Shrewd'mThis note won't appear again
Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)
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Author: rnam ✭☼  😊 😞
Number: of 22347 
Subject: Re: Non-US shares with management you trust
Date: 09/07/26 11:37 AM
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No. of Recommendations: 3
Being lazy and lacking only natural intelligence I cheated on my assignment and asked Google:

Which companies outside US are similar to BH in ethics and integrity of management, shareholder focused, avoid dilutive share issuance to employees and have a multi decade history of outperformance. They do not have to be insurance based or conglomerates.

Google AI response

Top Ex-US True Shareholder Compounders

Constellation Software (TSX: CSU):
Shareholder Alignment & Dilution: Led by Mark Leonard, a legendarily private and Buffett-like operator, Constellation has a strict zero equity-dilution policy. Their share count has remained completely flat at roughly 21.2 million shares for over 15 years.
Management & Ethics: Executive bonuses are heavily tied to Return on Invested Capital (ROIC). Uniquely, employees are required to use a portion of their cash bonuses to buy shares directly from the open market, aligning them with public shareholders without diluting existing owners.
Track Record: It is one of the greatest compounding machines in global history, delivering a staggeringly high CAGR of over 31% since its 2006 IPO.

Lifco AB (STO: LIFCO B) :

Shareholder Alignment & Dilution: Part of the Swedish "serial acquirer" ecosystem, Lifco focuses strictly on free cash flow generation and maximizing shareholder value. Dilution is virtually non-existent; equity is treated as a highly scarce resource.
Management & Ethics: Governed with extreme decentralization and corporate transparency. They avoid the standard corporate bloat, running a massive multi-subsidiary empire with a minuscule head-office staff.
Track Record: Over its multi-decade history (operating since 1946, listed publicly since 2014), Lifco has consistently beaten the broader European markets by prioritizing predictable, high-margin, defensive niche companies.

Halma plc (LSE: HLMA):

Shareholder Alignment & Dilution: Halma is a UK-based life-saving technology company that aggressively avoids diluting its owners to fund expansion. Growth is entirely self-funded through its own strong cash generation.
Management & Ethics: Deeply mission-driven. They focus exclusively on buying niche, ethical businesses centered on safety, health, and environmental protection. Management teams operate with absolute operational integrity and autonomous accountability.
Track Record: Halma has an incredible record of over 45 consecutive years of growing its dividend by 5% or more annually, providing steady, decade-spanning outperformance through multiple macroeconomic cycles.

I have heard wonderful things about Handlesbanken from the customer’s experience but don’t know about its record of investor returns.


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Members reply directly to rnam here — and replies get answered. Reading is free; so is joining the conversation. Join Shrewd'm »
This community has written 589 posts about Non-US Stocks. The article-length ones it recommended most:
Greggs PLC (GRG.L) · 21 recs · 2025
Topicus: Not Constellation · 16 recs · 2026
Unite Group (UTG), UK, falling knife. · 13 recs · 2025
SKAN · 11 recs · 2025
MELI - Brazilian darling · 10 recs · 2025
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