My biggest hobby is stock investing and reinvesting dividends for a compounding effect. The snowball started to roll this summer, and I have never been more excited about investing.
My broker, Saxobank, has just announced a new minimum fee for stock buy and sells. The new minimum fee removes the incitement for treading smaller tranches, which have been the absolute bedrock, that my entire strategy was founded on.
I have written my complains to the company, but with no effect. They removed the fee under three years ago, and that is the sole reason I came up with this strategy. Now they have destroyed my investing dreams and dreams for the future. From now on I think I will invest in passive index funds at Nordnet.dk. This saddens me in a way I can’t even describe.
Saxobank favors the rich and plays with the poor. I lost a little bit of faith in humanity – Greed lives in the best wellbeing at Saxobank, and the danish government are terrible in making incitements for the middleclass to invest in stocks. I don’t understand why. In the US people can invest in fractional shares and pay little to none in fees. In Denmark our opportunities as small investors just became even worse with Saxobanks back rolling the minimum fee. They undoubtedly removed it in 2017 just to hijack all the small investors, and now we are inside the business with a portfolio, which can’t be transferred to other brokers without abnormal fees.
I have sold more than 200 positions from my portfolio. Stocks I have purchased over the course of nearly three years generating an average of more than 3 % yield. It feels extremely sad to abandon a strategy, that I truly believed in. The goal was to accumulate over the course of 20-25 years to see how much the compounding effect could make. Now I am a slave to the average return of a few global index funds. That is why I have made the decision to close down this blog, because it no longer makes sense to tell the progress I make through dividends.
Goodbye my dear readers.
/European Dividend Blog.