My colleague Jason Fieber just bought a stock yielding roughly 6%.
Not a speculative turnaround. Not a “story stock.” Not some AI-adjacent darling trading at 30x earnings.
Nope. He bought a fortress business in one of the most stable economies in the world. Paying him 6% to wait.
Before I tell you the name of this stock, I want to tell you what he sold to buy it.
Jason exited two consultancy firms that had been in his real-money FIRE Fund for years: Elixirr International (ELIX) and Reply SpA (REY).
Both are excellent companies that were profitable investments for him… so why sell?
In short, because AI is changing the math.
Consulting firms are built on specialized human expertise and billable hours. AI, on the other hand, operates at scale, at speed, and at near-zero marginal cost.
Could those firms adapt? Possibly.
Will pricing pressure creep in? Probably.
Is the long-term visibility as clear as it once was? Not really.
And that’s important, because Jason doesn’t get rewarded to hope. He’s rewarded when he allocates his capital where durability is highest.
So he stepped aside — not because those businesses are broken, but because the road ahead looks foggier than it used to.
Now, about that 6% yielder…
Jason initiated a position in DNB Bank (DNBBY) — Norway’s largest financial institution.
Here’s what caught his attention:
| Dividend yield | 6% |
| Return on equity | 20% |
| CET1 ratio | 18% |
| Government ownership | 34% |
| Valuation | 10.6x earnings; 1.6x book |
This isn’t speculation. This is a government-backed, capital-rich financial fortress in one of the world’s most stable economies — trading at a modest multiple and paying a 6% dividend.
High-single-digit earnings growth. A recently increased dividend. Thick capital buffers.
Jason calls that a “one-foot hurdle” he can step over.
Importantly, in a market obsessed with excitement, Jason’s choosing visibility.
The bigger picture here isn’t just one bank, though:
Jason reduced exposure to businesses facing potential AI-driven margin compression… and increased exposure to regulated financial infrastructure and other industries with stronger long-term visibility.
That’s not dramatic. It’s disciplined — and disciplined capital allocation is how you build a portfolio that pays you safe, passive, growing income for the rest of your life.
Good investing!
Greg Patrick
P.S. DNB Bank wasn’t Jason’s only addition. He also initiated positions in two global testing and inspection leaders and added to several other holdings — each with its own rationale and valuation framework.
If you want the full breakdown — including every buy and sell alert in real time — along with full visibility into his real-money FIRE Fund portfolio — you can follow along inside his Patreon. Click here to get Jason’s trade alerts and portfolio access.
