The LEGO Group’s owners are not picking up cheap investments during the coronavirus pandemic, due to market volatility.
In an interview, the man responsible for the LEGO founding family’s investments has explained why they will not be buying stocks in companies hit by the impact of the coronvirus pandemic.
“This is not the time to be brave,” Soren Thorup Sorensen, the chief executive of Kirkbi Group told Bloomberg. “Volatility is at historic highs.”
He manages the $18 billion portfolio as CEO of Kirkbi, the company that manages the investments of the Kirk Kristiansen family. In 2019, the profits of the family’s investments doubled.
“At some point, it could be in two months, it could be in four months, we will see opportunities and we will then be ready,” he said. “Right now, it’s important to acknowledge that the uncertainty over the depth and the duration of the current situation is too large.”
While he preaches caution during these uncertain times, the investment expert sees renewable energies as a long-term opportunity.
Last year, the LEGO Group’s founding family worked with two other investors to buy out Merlin Entertainments and bring the LEGOLAND theme parks back under their direct ownership.