Investing in the Oslo Børs can look attractive from the outside, especially when you see well-known Norwegian companies in energy, shipping, and seafood. But in this episode, our first-ever guest, Daniel Horić, explains why dividend investing in Norway can be trickier than many people expect—particularly if your goal is dividend growth investing and building long-term passive income.

We talk through Daniel’s investing journey, the reality of Norway’s market structure, how he thinks about taxes, and why he’s gradually shifting toward a more global dividend portfolio rather than relying heavily on Norwegian stocks alone.

This episode was recorded in 2020. The principles are evergreen, but market conditions, tax rules, and individual companies can change over time. For current market commentary and recent picks, please check our latest episodes.

Why Dividend Investing Looks Different in Norway

Daniel starts with a simple problem that most investors can relate to: money sitting in a bank account doesn’t go very far. In Norway, like much of Europe, interest rates were low, and saving alone wasn’t building real momentum. That pushed him toward investing and into the classic learning phase many investors go through—reading widely, trying to understand how stocks actually work, and moving from theory into action.

One of the most interesting parts of the episode is how quickly Daniel ran into a structural reality: the Norwegian market is not naturally built for dividend consistency. It’s not that Norway lacks great companies, but the market has a heavy cyclical character and is strongly linked to the energy sector. When conditions turn—like during a major global disruption—dividends are often one of the first things that get cut.

That’s a major problem if your end goal is predictable and growing income.

From Norway-Only to Global Diversification

Daniel explains how his portfolio is evolving toward a more global split, with a larger allocation to US dividend stocks and a meaningful exposure to European dividend names too. His reasoning is straightforward: if the local market doesn’t support reliable dividend income, you need to look elsewhere.

This is one of the most important lessons for European investors in general. Home bias is natural, but relying too heavily on a single market—especially one dominated by cyclical sectors—can make your dividend income less stable than you expect.

Daniel also talks about how difficult it is to find genuinely undervalued companies, even when you know what you’re looking for. That’s a challenge every dividend growth investor runs into sooner or later: the strategy is simple, but the execution requires patience.

Why He Wants Dividend Growth, Not High Yield

A moment that will resonate with a lot of listeners is Daniel’s shift in mindset from high yield to dividend growth.

He explains it plainly: when he started, he assumed a higher yield meant more income and more safety. Then reality hit. A high yield can be a warning sign, and dividend cuts often follow. That experience pushed him toward dividend growth stocks—companies with the ability to increase dividends steadily over time rather than just paying a big number today.

The reason behind it is the real goal: Daniel wants dividends to eventually cover living costs—rent, bills, and everyday expenses. That’s the core logic of dividend growth investing when it’s done properly. It’s not about showing off yields on a spreadsheet. It’s about building an income stream you can actually rely on.

Why Not Just Buy ETFs?

This is one of the strongest parts of the episode because the answer is honest and human.

Daniel admits that most people would probably be better off buying an ETF, but for him, building a portfolio is personal. He enjoys shaping it, allocating it, and learning through ownership. It’s not just an investment strategy—it’s a project.

That’s a point many DIY investors forget: enjoyment matters. If you genuinely like the process, you’re more likely to stay consistent over decades. And consistency is what creates results.

At the same time, he also shares the value investing angle behind his approach: he wants to buy dividend stocks when they’re undervalued. That’s harder to replicate when you buy an index fund at whatever price the market happens to be offering.

Taxes, Brokers, and the “Real World” of Investing

Taxes come up in a practical way. Daniel explains that Norway takes a slice of everything, and while he doesn’t fully unpack every rule on the episode, the key takeaway is that he assumes tax will always be there and builds his expectations around it.

There’s also an interesting point about broker structure—how some setups delay taxation until money is withdrawn from an account. Even without going deep into the details, it’s a reminder that the “best” investing approach often depends on how your country and broker handle taxes and paperwork.

This episode pairs nicely with the ETF discussion from EP 02, because it reinforces a wider point: European investors often have to make decisions based on friction and tax reality, not just ideal theory.

Investing While in the Military: A Savings Rate Reality Check

Daniel also shares what it’s like investing while serving in the military. His income is stable but limited, and the salary growth is slow unless promotions happen. That makes the savings rate harder to improve through earnings growth alone.

What stands out is how he still treats investing as something worth doing consistently, even with small amounts. He buys monthly when he gets paid, and he frames it as progress rather than perfection. That mindset—steady contributions, steady learning—is a big part of long-term success in dividend growth investing.

Key Takeaways From Investing in Norway

Norway is a fascinating market, but Daniel’s experience highlights a few practical realities that European dividend investors should understand.

The first is that the Oslo Børs is more cyclical than many investors realise, and dividend consistency can suffer badly when a downturn hits. The second is that if your local market is dominated by one sector—like energy—it can create hidden concentration risk even if you own multiple companies. The third is that building a stable dividend portfolio often requires looking globally, even if you would prefer to invest closer to home.

And finally, his story is a good reminder that investing doesn’t require a high income to begin. It requires consistency, patience, and a willingness to improve as you learn.

Companies Mentioned in This Episode

A few stocks come up during the conversation as examples of what dividend investors are watching or owning.

Daniel mentions British American Tobacco as a favourite holding, and later discusses the attraction of AT&T (T) as a value-driven dividend stock. We also talk about large dividend names like Johnson & Johnson, and the episode includes a listener question around PepsiCo, including concerns about payout sustainability and balance sheet pressure.

On the Norway side, Daniel mentions Orkla as one of the more defensive, consumer-focused companies that people often associate with dividend safety locally, while noting that Norwegian businesses can still be margin-sensitive in tough periods.

These are mentioned for context from the conversation, not as recommendations.

Chapters From the Episode

0:00–1:45 – Welcome and a quick market update
1:45–4:55 – EU vs US job numbers and what it might signal
4:55–7:55 – Daniel’s investing journey and why Norway is difficult for dividends
7:55–11:05 – Dividend growth goals and why he avoids ETFs personally
11:05–14:35 – Value investing mindset and how tax affects decisions
14:35–19:40 – Investing while in the military and monthly contributions
19:40–23:55 – Partner resistance and the psychology of stock investing
23:55–29:35 – Norway-specific discussion and Norwegian dividend stocks
29:35–34:20 – Listener question: PepsiCo concerns and dividend sustainability
34:20–41:10 – Stock picks: AT&T, Johnson & Johnson, Omnicom
41:10–45:30 – Market outlook, volatility, and closing thoughts

Where to Go Next

If you enjoyed the Norway angle and want to build a stronger framework around stock selection and dividend safety, the best next step is EP 05 – How to Find Dividend Growth Stocks. To understand how we judge quality and sustainability, go next to EP 09 – How We Perform Fundamental Analysis. And if you want the behavioural side—the mistakes investors make when chasing yield or ignoring risk—EP 08 – Our Dividend Investment Mistakes is a useful follow-on read.

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