Investing by the Books

Our guest for this episode is Thomas “Tom” Russo, a respected global value investor and the managing member of Gardner, Russo & Quinn in the US. Tom has over 40 years of track record as a professional investor and is known for his focus on consumer goods and companies with the capacity to reinvest and the capacity to suffer. In the conversation, Tom brings up two classic books: “Common Stocks and Uncommon Profits” by Phil Fisher, and “Richer, Wiser, Happier” by William Green. ————————————— Our interview with Tom Russo was recorded on 8 May 2026. Leading the conversation is Christian Billinger, investment manager of Billinger Förvaltning. Christian heads his family office Billinger Förvaltning and has done a number of interviews on this podcast, including episode 8 with Lawrence Cunningham and episode 55 with Edward Chancellor. ————————————— For more info about the podcast, make sure to follow us on X: https://x.com/IB_Redeye. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (01:09) Christian welcomes Tom (01:36) Introducing the books for this episode (02:29) Common Stocks and Uncommon Profits (04:07) Richer, Wiser, Happier (and Money Masters) (07:37) Takeaways from Omaha 2026 (13:27) Consumer goods investing (20:27) Consumer goods concerns today vs late 1990s (23:49) Underinvestments or fundamental behavior shifts? (25:57) Kit Kat brand example, and good flow in AB InBev (28:41) Consumers talk lean but eat fat – misperceptions? (30:56) Coping as an investor in a tough market (Heineken example) (35:36) When to give up as an investor (41:32) Focus and brand equity (Campari, Diageo) (43:31) International growth and competition (Brown-Forman, Unilever) (47:59) Expanding the investable universe (Alphabet, Eurofins Scientific, Sunbelt Rentals) (51:59) Netflix case (55:19) Selling a great business? (57:46) Bad stewards of capital (Adelphia Communications) (01:00:06) Good stewards of capital (Richemont) (01:04:06) Tom’s investment research process (01:08:02) Most important questions to ask management (01:10:40) Capital cycle (01:12:57) Supply vs. demand (01:14:54) Capital cycle of the spirits industry (01:17:16) Investment philosophy – Phil Fisher vs. Ben Graham (01:20:06) Highlights from 40+ years of investing (01:23:03) How to give back (01:27:31) Thank you ————————————— Books Mentioned Common Stocks and Uncommon Profits – Phil Fisher Richer, Wiser, Happier – William Green Money Masters – John Train ————————————— Companies Mentioned Amazon Berkshire Hathaway Gen Re Nestlé Estée Lauder Diageo Weetabix Harley Davidson Brown-Forman Guinness Grand Metropolitan Heineken AB InBev Kirin Snow Beer Baidu Pernod Ricard Sazerac Company Campari Group Unilever Martin Marietta Materials Alphabet Eurofins Scientific Sunbelt Rentals Visa Netflix The E.W. Scripps Company Comcast Adelphia Communications Richemont Uber DoorDash Oracle Anthropic Jim Beam (Suntory Global Spirits) Freddie Mac Fannie Mae ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Jeff Totten, founder and CEO of the US-based holding company Evergreen Services Group, is a thoughtful and driven entrepreneur with an investor mindset. We discuss 'Built from Scratch', written by the founders of Home Depot, which offers numerous lessons on decentralization, funding, and capital allocation. ————————————— Our conversation with Jeff Totten was recorded on 10 April 2026. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (00:57) Welcoming Jeff (01:17) Entrepreneurial and investing background (03:58) The founding of Evergreen Services Group (05:50) Growing families, scaling Evergreen (06:47) Intro to Built from Scratch (07:58) When Jeff came across the book (09:03) Role models for Evergreen (10:14) Evergreen’s verticals (12:02) Pivotal moments (14:35) Funding a young company (17:17) Corporate culture – rolling snowballs (21:15) Decentralization (24:52) Evaluating performance (26:39) Customer service, always worth it? (28:21) Jeff’s time allocation (30:15) Acquisitions: Inspiration and criteria (38:20) Redeploy vs. distribute capital (40:35) Staying private or going public? (42:01) Leverage of the business (43:55) Home Depot after the book (45:37) Legacy and succession planning (48:58) Jeff’s favorite books (51:45) Writing habits and ambitions (52:30) Concluding remarks ————————————— Books Mentioned Built from Scratch – Bernard Marcus, Arthur Blank The Snowball – Alice Schroeder The Outsiders – William Thorndike Made in America - Sam Walton The Compounders – Oddbjørn Dybvad, Kjetil Nyland, Adnan Hadziefendic 100 Baggers – Chris Mayer The Money Masters – John Train ————————————— Companies Mentioned Evergreen Services Group Home Depot Berkshire Hathaway Constellation Software Swedish serial acquirers Transdigm ————————————— More on Jeff Totten Evergreen Services Group: https://www.evergreensg.com/ Jeff’s LinkedIn: https://www.linkedin.com/in/jeffhtotten/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

This episode features Ehsan Ehsani, an investor at Crescendo Partners in New York and an adjunct professor at Columbia Business School. We discuss his book 'Finding Value in Numbers’, in which Ehsan emphasizes the importance of building a personalized investment framework. ————————————— Our conversation with Ehsan Ehsani was recorded on 9 March 2026. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (00:46) Welcoming Ehsan (02:52) Introducing Ehsan’s book ‘Finding Value in Numbers’ (05:23) Foreword by Mario Gabelli (06:30) Part 1: Is the opportunity investable? (08:44) Part 2: Is the valuation attractive? (16:23) Part 3: Is there a path to profits? (18:21) Soft vs. hard catalysts (24:42) Part 4: Do we have a winning game plan? (26:07) System dynamics (31:21) Intangible value (33:40) Building your framework (35:06) Qualitative aspects – people (37:38) Ehsan’s role at Crescendo Partners (40:45) Ehsan’s work at Columbia Business School (42:16) Personal investing (44:50) Having a process vs. following it – RPF (49:52) Ehsan’s reading suggestions (51:42) Writing ambitions (52:19) Concluding remarks ————————————— Books Mentioned Finding Value in Numbers – Ehsan Ehsani Expectations Investing – Alfred Rappaport & Michael Mauboussin The Power Broker – Robert Caro Endurance – Alfred Lansing The Essays of Warren Buffett – Lawrence Cunningham ————————————— Companies Mentioned GE Google (Alphabet) Meta Accenture McKinsey Einride ————————————— More on Ehsan Ehsani LinkedIn Newsletter ‘Value Hedgehog’: https://www.linkedin.com/newsletters/7099112971280203776/ Columbia Business School: https://business.columbia.edu/faculty/people/ehsan-ehsani ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

The UK-based portfolio manager Andrew Hollingworth, founder of HollAnd Advisors, joins Eddie to discuss the book '1929' by Andrew Ross Sorkin. The conversation covers parallels to the 2008 financial crisis, how Andrew deals with market distress, and a couple of strong reading recommendations. ————————————— Our conversation with Andrew Hollingworth was recorded on 13 January 2026. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (00:47) Welcoming Andrew (01:09) Andrew’s path to professional investing (02:04) Introducing the book ‘1929’ (03:42) The author – who is Andrew Ross Sorkin? (04:44) What differentiates this book from others about the crash (05:51) Surprises in the book (07:14) Why the extreme greed, why then (09:58) Character 1: The big banker – Charles “Sunshine Charlie” Mitchell (11:44) Character 2: Stock astrologist Evangeline Adams (12:53) The lack of financial institutions (14:04) Churchill’s optimism (15:32) Parallels to 2008 and banking regulations (16:31) Trust (17:58) Anything that could’ve made the book better? (18:29) Andrew’s firm HollAnd Advisors (19:18) Andrew’s investment philosophy (20:45) Evaluating businesses and people (22:22) Portfolio concentration (23:29) Ideal holding period (25:02) Trimming (26:02) Dealing with market distress (27:52) Managing cash (28:53) The risk of withdrawals (30:18) Ambitions for the next 5-10 years (31:44) Andrew’s reading suggestions (34:10) Writing ambitions (35:54) Concluding remarks ————————————— Books Mentioned 1929 - Andrew Ross Sorkin Too Big Too Fail - Andrew Ross Sorkin 7 Powers – Hamilton Helmer Zero to One - Peter Thiel The Outsiders - William Thorndike Titan: The Life of John D. Rockefeller, Sr. – Ron Chernow Still Life – Sarah Winman ————————————— Companies Mentioned Wise Meta ————————————— More on Andrew Hollingworth LinkedIn: https://uk.linkedin.com/in/andrew-hollingworth-035781129 HollAnd Advisors: https://hollandadvisors.co.uk/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Eddie has the pleasure of speaking to Rupal Bhansali, author of ‘Non-Consensus Investing’ and a seasoned investor with over 30 years of experience. We discuss her journey from growing up in a stockbroker's family in India to becoming a CIO managing billions of dollars in New York. The conversation covers several themes from her book, including risk management, crowded trades, and the importance of independent thinking. ————————————— Our conversation with Rupal Bhansali was recorded on 15 December 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (01:03) Rupal’s path to investing (08:43) Introducing the book: Non-Consensus Investing (09:53) Contrarian vs. Non-Consensus Investing (10:56) How the book came about (14:34) Rupal’s view on risk (19:42) Crowded trades (27:47) Why a competitive advantage is not enough (30:57) The myth of pricing power. (32:53) Rupal’s research process (35:20) Most common behavioral bias (36:47) Patience (37:51) Would Rupal like to change anything in the book? (38:22) Rupal as an investor and her firm (40:28) How to manage your days and measure success (42:12) 100 Women in Finance (45:24) Rupal’s reading suggestions (46:00) Another book by Rupal? (46:13) Concluding remarks ————————————— Books Mentioned Non-Consensus Investing – Rupal Bhansali ————————————— More on Rupal Bhansali Book Website: https://nonconsensusinvesting.com/ Double Duty Money Management: https://doubledutymm.com/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

This episode features the US-based portfolio manager Ryan Bunn. We discuss Philip Carret's classic investment book 'The Art of Speculation', which influenced later legends like Warren Buffett and Philip Fisher. We conclude that Carret’s nearly 100-year-old insights – including his ‘Twelve Commandments for Speculation’ – remain remarkably relevant today. ————————————— Our conversation with Ryan Bunn was recorded on 11 November 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (00:49) Welcoming Ryan Bunn (01:02) Ryan’s path to investing (02:57) Collecting books (03:54) Introducing ‘The Art of Speculation’ (04:51) Why is it worth reading? (05:53) The author – who was Philip Carret? (07:04) Carret’s books (08:21) Which investors did Carret inspire? (09:29) Carret – the OG compounder king (11:40) When speculation becomes investing (14:47) Ryan’s top 3 of the ‘Twelve Commandments for Speculation’ (20:44) Thoughts on valuation and leverage (22:41) Market cycles (24:02) Carret’s ideas about technical analysis haven’t aged as well (25:30) How the market and investing have changed (26:14) What Ryan would like to speak to Carret about (28:15) Ryan as an investor and his firm Reference Equity (32:06) Investing in small caps globally (35:24) Concentration, position sizing, and turnover (37:48) Patience in real-life investing (39:18) Forced selling (42:18) Ryan’s daily life as an investor (43:12) Reading decisions and habits (46:50) Ryan’s reading suggestions (48:25) Writing ambitions (50:13) Concluding remarks ————————————— Books Mentioned The Art of Speculation – Philip Carret Buying a Bond – Philip Carret A Money Mind at Ninety – Philip Carret Books by Leo Tolstoy Creating Shareholder Value – Alfred Rappaport What I Learned About Investing from Darwin - Pulak Prasad ————————————— More on Ryan Bunn LinkedIn: https://www.linkedin.com/in/ryanbunn/ Reference Equity Website: https://www.referenceequity.com/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Our guest Ethan Everett is an investment analyst in the US and author of 'The Investment Philosophers'. We discuss the book, in which he connects philosophical ideas from thirteen thinkers, including Spinoza, Hume, and Kierkegaard, to modern investing practices. The conversation also touches on his grandfather's influence as a former student of Benjamin Graham and Ethan's future book projects, connecting law and martial arts to investing. ————————————— Our conversation with Ethan Everett was recorded on 22 October 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (00:53) Welcoming Ethan Everett (02:23) Ethan’s way to investing (06:48) Discovering philosophy (08:37) How “The Investment Philosophers” came about (10:45) Criteria for selecting the 13 philosophers in the book (12:42) Lessons from Baruch Spinoza (22:42) David Hume (28:28) Søren Kierkegaard (35:28) Ethan’s evolution as an investor (39:31) Company example: Mattel (43:26) Ethan’s role as an Investment Analyst at Galvin, Gaustad & Stein (46:10) Lessons from Ethan’s grandfather, a student of Benjamin Graham (48:46) Ethan’s AI start-up Collexity (53:05) Reading suggestions (57:23) Writing ideas (01:00:43) Concluding remarks ————————————— Books Mentioned The Investment Philosophers – Ethan Everett The Intelligent Investor - Benjamin Graham The Money Game - Adam Smith (George Goodman) Essays – Michel de Montaigne The Gay Science – Friedrich Nietzsche Ethics – Baruch Spinoza ————————————— Companies Mentioned Mattel ————————————— More on Ethan Everett: LinkedIn: https://www.linkedin.com/in/ethan-everett-cfa-esq-404362156/ Collexity: https://collexity.ai/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

We are joined by the US investor Ryan Floyd from Barca Capital to discuss ‘A Time of Gifts' by Patrick Leigh Fermor. The book chronicles Fermer's journey as an 18-year-old Englishman walking through Europe in 1933-1934. While it’s not a typical investing book, we uncover numerous lessons for investors, including the value of observation and action. ————————————— Our conversation with Ryan Floyd was recorded on 21 October 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— (00:00) Intro by Eddie (01:29) Welcoming Ryan Floyd (01:51) Ryan’s path to investing (04:54) What “A Time of Gifts” is about (06:24) What the book’s title means (08:13) Structure of the book (11:01) About the author (13:08) Inspiration for investors (15:31) Ryan in the real world (18:56) Optimism vs. pessimism (24:17) Activity vs inactivity (26:50) Dealing with losses (32:54) Entrepreneurial spirit (36:15) Creating Barca Capital (39:37) Geographies of interest (42:17) Portfolio concentration (45:54) Ryan’s investor traveling (50:31) Ambitions for Barca Capital (52:12) Favorite books (56:53) Writing ideas (58:15) Concluding remarks ————————————— Books Mentioned A Time of Gifts – Patrick Leigh Fermor Deep Survival – Laurence Gonzales The House of Rothschild 1 & 2 – Niall Ferguson Books by Nassim Taleb Malcolm Gladwell Daniel Kahneman Histories – Herodotus Political Order in Changing Societies – Samuel P. Huntington Democracy in America – Alexis de Tocqueville The Old Regime and the Revolution – Alexis de Tocqueville Albion's Seed – David Hackett Fischer Books by Robert Caro ————————————— Movies Mentioned Top Gun Rushmore ————————————— More on Ryan Floyd: Substack: https://detachednotes.substack.com/ Barca Capital Website: https://www.barcacapital.com/ LinkedIn: https://www.linkedin.com/in/ryanf2 ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Lars Stenlund co-founded the Swedish firm Vitec Software in 1985. For 35 years, he served as its CEO, and since 2021, he is the Chairman. In this interview, Lars shares his lessons and personal reflections from the journey with Vitec. The basis for our conversation is the book “Driven by Curiosity: Vitec – The First 40 Years”, published in 2025. ————————————— Our conversation with Lars Stenlund was recorded on 10 September 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (01:18) Welcoming Lars Stenlund (01:41) Growing up and role models (04:05) Study decisions (04:46) About the book “Driven by Curiosity” (08:05) The early days of Vitec (14:29) Organic growth journey (16:16) IPO, failing in Germany, and starting with M&A (17:58) Competitive situation for acquisitions (19:03) SaaS in 1995 (21:15) Earnings stability vs. volatility (22:25) How to measure success (24:09) People and decentralization (26:48) Acquisitions in practice (27:32) Funding (29:59) Geographic expansion (30:53) Mistake 1: don’t kill a working software (33:42) Mistake 2: avoid creating a monopoly (35:34) The worst advice Lars ever got (36:07) Transition from CEO to Chairman (37:19) Selecting his successor (38:19) Avoiding group thinking in the board (40:13) Current commitments besides Vitec (41:48) Umeå’s importance for Vitec and vice versa (44:25) Golfing and the relation with Olov, co-founder of Vitec (46:05) Spending habits (47:25) Lessons from decades of technology shifts (51:22) Time horizon on product development (53:12) Curiosity today (54:13) Reading recommendations and one title to avoid (57:52) Concluding remarks ————————————— Books Mentioned Driven by Curiosity – Patrick Syrén The Wisdom of Crowds – James Surowiecki Good to Great – Jim Collins Marionetterna [in Swedish] – Ingrid Carlberg Lord of the Flies – William Golding ————————————— Companies Mentioned Boliden Vitec Software Knowit Constellation Software IBM Microsoft ————————————— More on Lars Stenlund & Vitec Software: Company Website: https://www.vitecsoftware.com/en/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Fund managers Adnan & Oddbjørn from REQ Capital discuss their brand new book, The Compounders. The book highlights the journeys of nine companies from Sweden, North America, and the UK that have been exceptional compounding machines. ————————————— Our conversation with Adnan Hadžiefendić & Oddbjørn Dybvad was recorded on 3 September 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (00:53) Catching up with Oddbjørn (01:42) Adnan’s journey into investing (05:10) Overview of The Compounders (06:43) The writing process of the book (08:24) Core principles of compounding (10:10) Serial acquirers vs Compounders (12:18) Metaphor of the African Tree (13:35) Selection of the nine companies in the book (18:39) Surprises during the writing process (21:36) What to avoid (25:17) Long-term survival (27:29) Organic growth (30:41) Investment Philosophy of REQ (32:18) Corporate Governance’s role (34:05) How much should you pay for exceptional companies? (36:00) Building conviction (38:44) Humility as investors (40:51) Avoiding overconfident operators (41:59) Frugality and motivation (44:15) REQ to start a compounder? (45:21) Book recommendations (46:59) Daily life as fund managers (49:27) New book projects? (50:13) Concluding remarks ————————————— Books Mentioned The Compounders – Oddbjørn Dybvad, Kjetil Nyland, Adnan Hadžiefendić Investing in Value Creators – Oddbjørn Dybvad The Outsiders – William Thorndike Creating Shareholder Value – Alfred Rappaport Berkshire Hathaway’s Shareholder Letters – Warren Buffett Poor Charlie's Almanack – Charlie Munger, Peter Kaufman ————————————— Companies Mentioned Addtech Ametek Bergman & Beving Berkshire Hathaway Constellation Software Heico Indutrade ITW Judges Scientific Lagercrantz Lifco ————————————— More on Adnan & Oddbjørn REQ's website: https://req.no/ Adnan’s LinkedIn: https://www.linkedin.com/in/adnanhadziefendic/ Oddbjørn’s LinkedIn: https://www.linkedin.com/in/oddbj%C3%B8rn-dybvad-01575883/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In this episode, we have the pleasure of welcoming back Stephen Penman, professor emeritus of accounting and security analysis at Columbia Business School. Stephen has been elected into the Accounting Hall of Fame and is also a distinguished author. We discuss his latest book, in which he shows how accounting helps you, how it doesn't help you, and how to use it when evaluating investments. Stephen also shares his insights on hurdle rates, the development of accounting, and the possible impact of AI. ————————————— Our conversation with Stephen Penman was recorded on 18 August 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie & Martin (01:24) Welcoming Stephen (01:56) Keynote at climate change conference (02:58) Intro to Stephen’s latest book (04:39) Co-author Peter Pope (07:02) Investing by the book (10:03) Cash flow valuation (11:43) Ignore information at your peril (14:49) The required return – a personal matter (19:46) Fantasy thinking (20:18) The hurdle rate of fund managers (22:57) M&A accounting (27:37) Good vs. Bad thinking (30:04) Reverse engineering (33:48) Stephen’s current engagements (36:54) Development of accounting (43:20) Impact of AI on accounting (45:21) Stephen’s own investments (48:30) Book recommendations (52:01) New writing projects (55:32) Concluding remarks ————————————— Books & Articles Mentioned Fundamental Statement Analysis for Value Investing – Stephen Penman & Peter Pope Accounting for Value – Stephen Penman A Proposal for Goodwill Accounting – Stephen Penman Expectations Investing - Michael Mauboussin & Alfred Rappaport Books about the enlightenment – Smith, Hume, Baker Books by Anthony Trollope ————————————— More on Stephen Penman Book website: https://www.penmanpope4value.com/ Papers at SSRN: https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=15046 Columbia Business School: https://business.columbia.edu/faculty/people/stephen-penman LinkedIn: https://www.linkedin.com/in/stephen-h-penman-80004628b/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Klaus Kleinfeld has been the global CEO of two Fortune 500 companies – Siemens and Alcoa. In this episode, we have the pleasure of discussing his book 'Leading to Thrive', where Klaus shares his lessons from heading big organizations, but also on how to live a good life. Our conversation with Klaus Kleinfeld was recorded on 24 July 2025. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro to Klaus Kleinfeld (01:06) Welcoming Klaus (01:32) Growing up in Germany (03:50) First job and the perception of money (08:47) How “Leading to Thrive” came about (11:26) Part 1: Mastering the inner game (17:46) Managing energy as a leader (22:30) The misconception of work-life balance (25:10) Part 2: Mastering the outer game (27:21) How Klaus became CEO of two Fortune 500 companies (31:17) The dynamics of Boards (38:23) The role of a leader (41:03) Advice for analysts & investors when speaking to management (43:18) Klaus’ current engagements (47:19) Future ambitions (48:58) Book recommendations (51:30) Concluding remarks ————————————— Books Mentioned Leading to Thrive – Klaus Kleinfeld Winning – Jack Welch The Five Dysfunctions of a Team – Patrick Lencioni ————————————— Companies Mentioned Alcoa Siemens Omni-Biotic ————————————— More on Klaus Kleinfeld Website: https://www.leading-to-thrive.com/ LinkedIn: https://www.linkedin.com/in/klauskleinfeld/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Alex Morris, founder of TSOH Investment Research, shares his insights from Microsoft’s CEO Satya Nadella's book 'Hit Refresh.' We discuss the importance of empathy in leadership, cultural transformation, and finding your edge in equity research. Our conversation with Alex Morris was recorded on 16 June 2025. After four great years, this episode marks the last one with Niklas as co-host. Eddie will continue Investing by the Books podcast with the same steadfast ambition: to invite masterminds to discuss books that help us think, invest, and live better. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team ————————————— Episode Chapters (00:00) Intro and Farewell to a Co-Host (01:45) Welcoming Alex Morris (04:06) Transitioning to ‘Hit Refresh’ (05:54) Satya Nadella as an Author (08:56) Satya Nadella's Leadership Style (10:53) Exploring the Concept of 'Hit Refresh' (15:38) The Significance of Succession in Leadership (17:30) Cultural Transformation in Microsoft (19:10) Incentivizing Change: Lessons from Nadella (21:57) Leadership Vision (23:22) Microsoft's Three Tech Bets (26:49) Researching Large Caps (29:33) The Science of Hitting (34:19) Fixed Mindset vs. Growth Mindset (Netflix Example) (37:35) Alex’ Investable Universe (41:05) Active Research Techniques (43:08) The Future of Equity Analysts (45:57) Buffett and Munger Unscripted (49:33) Exploring Other Book Ideas (51:21) Influential Figures in Investing (54:29) Concluding remarks ————————————— Books Mentioned Hit Refresh – Satya Nadella Berkshire Hathaway Shareholder Letters Lessons from the Titans – Carter Copeland, Rob Wertheimer, and Scott Davis Buffett and Munger Unscripted – Alex Morris The Essays of Warren Buffett – Lawrence Cunningham One Up on Wall Street – Peter Lynch My Father's Business – Cal Turner, Jr. One Buck at a Time – Macon Brock ————————————— Companies Mentioned Microsoft Amazon Disney Netflix Cava Chipotle Dollar Tree Five Below ————————————— More on Alex Morris Website: https://thescienceofhitting.com/ X: https://x.com/TSOH_Investing ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Economist and financial historian Lodewijk Petram discusses his book, "The World's First Stock Exchange," which focuses on the Dutch East India Company in the seventeenth century. We delve into the origins of the stock market, an IPO in 1602, and the similarities between historical and modern investor behavior. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on 14 May 2025. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:22) Get to know Lodewijk Petram (03:33) How the book came about (05:37) The Confusion of Confusions – the world’s first stock market book from 1688 (11:02) Which was the world’s first stock exchange? (14:14) The business of the Dutch East India Company (19:54) The first IPO – year 1602 (25:16) Life as an investor in the 17th century (30:34) Fraud and insider trading (33:34) The informational edge (37:18) Spicy dividends (39:37) Emotional investors (43:05) The tulip mania (48:29) Naked short-selling in the 1600s (54:53) The evolution of the Dutch East India Company (58:01) Looking back at 2025, in year 2425 (01:01:23) Newspapers were old news already in the 1600s (01:02:45) The Huygens Institute for the History of the Netherlands (01:05:08) Lodewijk’s other research work (01:08:38) A financial history book recommendation (01:09:37) Handling financial crises (01:12:02) Concluding remarks ————————————— Books Mentioned The World’s First Stock Exchange – Lodewijk Petram Confusion de Confusiones – Joseph de la Vega Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age – Anne Goldgar The Great Crash 1929 - John Kenneth Galbraith De vergeten bankencrisis (in Dutch) – Lodewijk Petram ————————————— More on Lodewijk Petram LinkedIn: https://www.linkedin.com/in/lodewijkpetram/ Website: https://www.worldsfirststockexchange.com/ Profile at the Huygens Institute: https://www.huygens.knaw.nl/en/medewerkers/lodewijk-petram-2/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

We are happy to have Laurence (Lar) Endersen on the podcast. Lar is an experienced and thoughtful investor based in Ireland, where he heads his private investment firm Capstrive. Lar is also the author of books such as 'Pebbles of Perception'. We discuss his latest title – The Compounder's Element – a valuable and entertaining gem on long-term investing. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on April 9, 2025. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:22) Get to know Lar Endersen (06:08) How The Compounder’s Element came about (08:16) Choosing the patient path (13:41) The path must match our personality (16:26) Explaining the title – what is the compounder’s element? (19:05) Great business models such as Privileged Perch, High ROIC Cookie Cutter (25:22) Cash – a safety or comfort blanket? (33:31) How to disrupt compounding (40:02) Managing your own money vs. for others (47:50) Investing in public vs private companies (54:09) Lar’s private investment firm – Capstrive (58:08) Holdings and position sizing (01:01:58) Lar the author – Pebbles of Perception (01:04:05) More books on the horizon? (01:06:43) Concluding remarks ————————————— Articles & Books Mentioned The Compounder’s Element – Laurence Endersen Atomic Habits – James Clear Antifragile – Nassim Taleb Complexity Investing – NZS Capital Pioneering Portfolio Management – David Swensen Market Wizards – Jack Schwager Pebbles of Perception – Laurence Endersen The Outsiders – William Thorndike The Intelligent Fanatics – Sean Iddings & Ian Cassel ————————————— Companies Mentioned (21:37) Microsoft, Stripe (22:50) Walmart, McDonald's, Starbucks, Action (24:00) Roper (26:04) Berkshire Hathaway ————————————— More on Laurence Endersen Website: https://endersen.com/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

David Marcus is a US investor with decades of experience working for legends like Michael Price and Jan Stenbeck. We discuss Brad Jacob’s book How to Make a Few Billion Dollars and David’s fascinating journey as an investor and operator. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on March 19, 2025. ————————————— Books Mentioned How to Make a Few Billion Dollars – Brad Jacobs Reminiscences of a Stock Operator – Edwin Lefèvre Jesse Livermore - Boy Plunger – Tom Rubython The Warren Buffett CEO – Robert P. Miles ————————————— Companies Mentioned Getinge Kinnevik Lifco Röko XPO Logistics United Waste Systems United Rentals ————————————— More on David Marcus LinkedIn: https://www.linkedin.com/in/evermoreglobal Keynote speech at Redeye Serial Acquirers 2025: https://www.redeye.se/video/event-presentation/1089658/keynote-speaker-david-marcus-co-founder-of-evermore-global-advisors-at-redeye-serial-acquirers-conference-2025 ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Phil Rosenzweig has been a professor at IMD Business School in Lausanne, Switzerland, for about 30 years. We discuss Phil’s legendary book “The Halo Effect”, which debunks much of the classic management literature and explains how we tend to think that when a company performs well, the CEO is fantastic, the company has operational excellence, and the employees love to work there. We set a halo on the good performers. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on February 3, 2025. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:46) Welcoming Phil (02:51) The Halo Effect (06:55) ABB (12:17) Why Phil chose the companies he did (14:11) The halo effect today (19:11) The halo effect in other areas of life (23:39) Criticism against management literature (26:39) Other common errors in thinking (30:45) Has Phil been influenced by Warren Buffett? (33:45) Discussion on strategy versus execution (46:52) Connecting the momentum/value dichotomy to Phil’s writing (50:14) How Phil invests his own money (52:33) An incredible Microsoft anecdote (54:06) Phil’s time at Hewlett Packard and his pivot to academia (58:37) Book discussions (01:09:45) Concluding remarks ————————————— Books Mentioned The Halo Effect - Phil Rosenzweig Moneyball - Michael Lewis What is strategy? - Michael Porter (article) Left Brain, Right Stuff - Phil Rosenzweig A Random Walk Down Wall Street - Burton Malkiel Influence - Robert Cialdini The Signal and the Noise - Nate Silver Only the Paranoid Survive - Andy Grove Lights Out - Thomas Gryta Power Failure - William D. Cohan ————————————— Companies Mentioned ABB Lego General Electric Cisco British Petroleum Apple Marks & Spencer Nvidia Intel Logitech Microsoft Hewlett Packard ————————————— More on Phil IMD: https://www.imd.org/faculty/professors/phil-rosenzweig/ Email: phil.rosenzweig@imd.org ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Jaime Lester is a hedge fund industry veteran who has worked at firms such as Steinhardt Partners and David Einhorn’s Greenlight Capital. He is also an adjunct professor at Columbia Business School and has managed his own investment fund for nine years. We discuss his book “Pause to Think,” which is a compilation of thirty-two mental models. Jaime also applies these models to various frameworks, such as how to make better decisions and how to become happier. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on January 22, 2025. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:40) Welcoming Jaime (03:09) Pause to Think (07:51) Investing and science (focus on checklists) (12:06) Cognitive biases (19:30) Why learn about mental models? (23:20) Inversion and investing (29:54) Jaime’s experience from Greenlight Capital (32:55) Cerrano Capital (34:55) How Jaime is allocating his time today (37:05) Current investment strategy (39:22) Balancing personal life with work (45:26) What can investors do to improve the world? (48:07) Book discussions and recommendations ————————————— Books Mentioned Pause to Think - Jaime Lester Same as Ever - Morgan Housel King: A Life - Jonathan Eig Creation Lake - Rachel Kushner ————————————— More on Jaime Pause to Think (Amazon) Pause to Think (Columbia University Press) ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Will Barnes is the co-founder of the primary research firm In Practise and joins us to discuss their new book “In Practise”. The book has eleven chapters, each featuring an in-depth interview with an experienced operator helping us to better understand successful companies like Spotify, Danaher, and Constellation Software. In Practise is the first volume in a series of books that will be published over the coming years. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on December 9, 2024. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:25) Welcoming Will and hearing about his background (04:07) Connection between sports and investing (06:03) Background and introduction to In Practise (13:58) Who are In Practise speaking to? (17:10) Controversial situations (18:33) Why create a book? (19:54) Spotify (25:11) Constellation Software (35:39) Danaher (41:46) Employee longevity (43:11) Vision for In Practise (44:35) How Will has improved from running In Practise (48:44) The process for conducting primary research (51:09) The process for making investment decisions (53:46) Thoughts on portfolio management (58:53) Book discussions ————————————— Books Mentioned In Practise The Reckoning - David Halberstam Draft No. 4: On the Writing Process - John McPhee ————————————— Conference Mentioned Redeye Serial Acquirers 2025 ————————————— Companies Mentioned Spotify Constellation Software TransDigm Danaher Costco Amazon LVMH ————————————— More on In Practise In Practise website ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Asif Suria is an entrepreneur and investor in the US who focuses on a specific investing strategy that we haven’t talked about much in the podcast: event-driven investing or special situations. The title for this conversation is Asif’s book The Event-Driven Edge in Investing, in which he explains six different event-driven strategies, such as merger arbitrage and stock buybacks. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on November 6, 2024. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:26) Welcoming Asif (02:50) The Event-Driven Edge in Investing (07:28) How to know when a specific strategy is “in-season” (08:59) The six event-driven strategies in the book (09:41) How to interpret insider buying (16:19) Asif’s work on the weekends (18:27) General talk about the strategies (22:04) Coping with the risks (24:32) Spin-offs (29:23) Management changes (33:29) Interesting combinations of events (34:29) InsideArbitrage.com and Asif’s work (39:50) Book discussions ————————————— Books Mentioned The Event-Driven Edge in Investing - Asif Suria You Can Be a Stock Market Genius - Joel Greenblatt Special Situations Investing - Brian Stark ————————————— Companies Mentioned Vertex Pharmaceuticals Pebblebrook Retail Trust Silicon Valley Bank Pfizer/Biohaven Activision Blizzard Microsoft Twitter Jetblue Western Digital Chipotle Ferrari Danaher Nike GE Disney ————————————— More on Asif Twitter/X LinkedIn InsideArbitrage.com ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Brett Gardner is an investment analyst at the US-based investment partnership Discerene Group and, since about a week, a published author with his book Buffett’s Early Investments. The focus of our conversation is Brett's book, where he has uncovered a few of Buffett’s investments in the 1950s and 1960s that until now have been rather unknown. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on October 9, 2024. The video was unfortunately not recorded due to technical issues. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:34) Introduction to Brett (04:21) Buffett’s Early Investments (08:47) How the investments were selected (15:30) Marshall-Wells: The first investment (20:52) Philadelphia and Reading (27:36) Walt Disney Productions (36:10) Can Buffett compound $1 million at 50% per year? (39:18) Brett’s current role at Discerene Group (40:53) Two lesser-known book recommendations (45:37) Final remarks ————————————— Books Mentioned A Random Walk Down Wall Street - Burton Malkiel The Making of an American Capitalist - Roger Lowenstein The Intelligent Investor - Benjamin Graham Security Analysis - Benjamin Graham Snowball - Alice Schroeder Buffett’s Early Investments - Brett Gardner Poor Charlie’s Almanack - Peter Kaufman Damn Right! - Janet Lowe The Halo Effect - Phil Rosenzweig Good Strategy Bad Strategy - Richard Rumelt The Crux - Richard Rumelt Titan: The Life of John D. Rockefeller, Sr - Ron Chernow ————————————— Companies Mentioned AT&T Coca Cola British Columbia Power Marshall-Wells Philadelphia and Reading Walt Disney Productions American Express Berkshire Hathaway ————————————— More on Brett Twitter/X - @brettgardner_10 LinkedIn - Brett Gardner E-mail - brett@buffettsearlyinvestments.com ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Simon Kold is the founder of the Denmark-based investment firm Kold Investments and was previously at Novo Holdings, one of the world’s largest investment organizations. Our conversation focuses on Simon’s upcoming book, On the Hunt for Great Companies, which details how to determine business quality. We cover the aspects we find the most interesting and encourage everyone to buy the book and read it in full. The book will be released on 29 October 2024. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on September 11, 2024. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:38) Welcoming Simon (05:35) On the Hunt for Great Companies and inspirations (12:58) Thoughts on the book’s structure (15:54) How to evaluate passion among management (20:20) Evaluating communication (28:46) Focusing on disadvantages to evaluate moats (36:28) Tapeworms vs Honeybees (43:08) Predicting demand (47:05) Views on cyclical companies (52:32) Is Simon focusing on large or small companies (54:11) Kold Investments - Simon’s investment company (01:00:14) Position sizing (01:04:28) What differentiates Simon’s fund (01:05:45) Future writings? (01:07:46) Book discussions ————————————— Books Mentioned On the Hunt for Great Companies - Simon Kold (to be released on 29 October 2024) The Little Book that Builds Wealth - Pat Dorsey The Five Rules for Successful Stock Investing - Pat Dorsey 7 Powers: The Foundations of Business Strategy - Hamilton Helmer Poor Charlie’s Almanack - Charlie Munger, John Collison The Outsiders - Will Thorndike Michael O'Leary: Turbulent Times for the Man Who Made Ryanair - Matt Cooper Factfulness - Hans Rosling Superforecasting - Philip Tetlock The Checklist Manifesto - Atul Gawande Deep Survival - Laurence Gonzales The Quest of the Simple Life - William J Dawson Parnassus on Wheels - Christopher Morley The Clock of the Long Now - Stewart Brand ————————————— Companies Mentioned Alibaba Arm TSMC ASML Ryanair John Deere ————————————— More on Simon Personal website: https://www.simonkold.com/ LinkedIn - Simon Kold Koldinvestments.dk ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Moritz Sitte is the investor at Antheia AB, a private investment firm founded by Daniel Ek. Moritz has previously worked as an investment manager at Baillie Gifford in Edinburgh for twelve years. We speak about The Clock of the Long Now and discuss topics such as investment philosophy, reframing one’s state of mind, and balancing the long with the short term. For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on August 14, 2024. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:20) Welcoming Moritz (04:56) The Clock of the Long Now (15:54) Connecting the book’s guidelines to investing (18:59) Handling the daily noise while keeping a long-term view (22:26) What’s a long-term view in investing? (28:38) Balancing the long and short term (33:03) Scenarios vs forecasts (35:52) Final lessons from the book (37:20) The investment philosophy at Antheia (45:45) The Goldberg principle (48:44) Going lower down in the organisation to understand the culture (52:48) Limitations in Antheia’s investment approach (54:21) How is Moritz evaluated (58:38) Moritz’s biases (01:03:08) Book discussions ————————————— Books Mentioned The Clock of the Long Now: Time and Responsibility - Stewart Brand The Great Depression: A Diary - Benjamin Roth The Creative Act: A Way of Being - Rick Rubin ————————————— Companies Mentioned Unilever Costco Adyen JP Morgan ————————————— More on Moritz LinkedIn ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Stephen (Steve) Clapham is the founder of Behind the Balance Sheet, an investment research and investor training consultancy. He has 25 years of experience as an investment analyst and has been a partner and head of research at two multi-billion dollar hedge funds. We discuss his book, the Smart Money Method, how he trains finance professionals, and his investment philosophy. For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on July 17, 2024. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (02:07) Introduction with Steve (07:39) Steve’s early career (11:29) Has finance become a more boring work environment? (15:02) Steve’s investment philosophy over time (22:48) Capital cycle investing (26:29) Investing with crooks can be highly profitable (29:30) How investors and finance professionals should learn today vs yesterday (37:50) Exploiting the gap between perception and reality (45:25) How to determine whether companies are over or under-earning (51:48) Retesting the hypothesis after a decline (58:57) The biggest skill shortage that Steve sees (01:06:18) Key takeaway for someone entering the industry (01:14:15) Impressive people that Steve has met (01:20:04) The plan for Steve and his business (01:25:42) How to get in touch with Steve ————————————— Books Mentioned The Smart Money Method - Stephen Clapham ————————————— Companies Mentioned Diageo Adyen Hermes Burberry ————————————— More on Stephen Behind the Balance Sheet Twitter/X LinkedIn ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Torbjörn Arenbo is the Chief Analyst and Head of Corporate Advisory Sweden at Danske Bank. He has 25 years of experience working as a corporate finance advisor, portfolio manager, and risk manager. Our conversation is centred around Torbjörn’s book Capital Allocation and Value Creation, published in 2023. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on June 5, 2024. ————————————— Episode Chapters (00:00) Introduction by Niklas & Henrik (02:25) Welcoming Torbjörn (06:11) Sources of inspiration for Capital Allocation and Value Creation (08:06) Who is the book for? (10:10) Capital Allocation and Value Creation (14:17) Different allocation practices based on the base rates for success (19:58) The obsession for growth (22:25) Capital allocation at Nibe (25:15) Keeping managers on board after an acquisition (26:33) The three value drivers (29:53) Cost of capital (32:40) Empirically, are managers good enough at capital allocation? (36:56) Earnings quality (41:17) Improving margins vs improving returns (43:25) Henrik’s view on manager’s allocation capabilities (46:47) How companies should handle challenging market situations (51:55) Why Torbjörn quit his job as a portfolio manager (53:47) Book discussions ————————————— Books Mentioned Capital Allocation and Value Creation - Torbjörn Arenbo The Essays of Warren Buffett - Lawrence Cunningham Capital Returns - Edward Chancellor Expectations Investing - Michael Mauboussin Think Twice - Michael Mauboussin Competitive Advantage - Michael Porter CEO Excellence - Dewar et al ————————————— Companies Mentioned Bergman & Beving Lagercrantz Addtech Nibe Atlas Copco Ericsson Telia Getinge ————————————— More on Torbjörn LinkedIn - Torbjörn Arenbo ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Chris Waller is the Founder and Portfolio Manager of Plural Investing in New York. He previously worked in London at Goldman Sachs and holds an MBA from the Value Investing program at Columbia Business School. Our conversation is centred around the book “We Are Bellingcat” and covers how investors can deepen their research by better utilising open-source information. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on April 17, 2024. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:29) Introducing Chris and his passion for investing (04:42) We Are Bellingcat (16:05) How to find an informational edge (21:12) Paying for data (25:09) Seeking the truth, not agreement (28:07) Looking for the other side of your thesis (31:08) Weighing data points and a story by Chris (39:07) Shorting stocks (43:45) Parallels to sleuth investing (47:24) Drawing the ethical line (52:49) Plural Investing and investment philosophy (01:04:28) Book discussions (01:07:27) Mentors and role models ————————————— Books Mentioned We Are Bellingcat - Eliot Higgins The Sleuth Investor - Avner Mandelman The Advanced Sleuth Investor - Avner Mandelman Competition Demystified - Bruce Greenwald You Can Be a Stock Market Genius - Joel Greenblatt Amazon Unbound - Brad Stone Never Split the Difference - Chris Voss Several books and a masterclass from Bob Woodward ————————————— More on Chris LinkedIn Plural Investing ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In this episode we are joined by Staffan Salén – one of Sweden’s most prominent business men. The Salén family has a strong heritage spanning more than one hundred years, where Staffan and his brother Erik represent the third generation. In a fun and engaging conversation, we talk about banana boats, long-term investments, and high-speed lessons. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on March 20, 2024. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (02:10) Welcoming Staffan Salén (04:45) The Salén Story (07:49) Hands-off leadership in the early 20th century (09:00) The Salén Spirit (11:10) The family business during WWII and beyond (18:23) Modern times and societal commentary (21:18) What the Salén family considers important in early-stage ventures (23:20) Staffan’s early career (31:19) The Sagax investment (38:02) The eWork investment (41:57) The Green Landscaping investment (46:44) Creating value from acquisitions (50:45) What makes a good board? (52:34) Measuring success (54:30) The next generation of Salénia (55:51) Views on life more generally (01:01:00) Is there too much information available today? (01:05:21) Book recommendations ————————————— Books Mentioned The Salén Story - Staffan Sjöberg with contributions from the Salén family To receive a copy of "The Salén Story", contact mariana.martell@salenia.se (limited availability) The Outsiders - Will Thorndike Capital Returns - Edward Chancellor Chip Wars - Chris Miller What You Do Is Who You Are - Ben Horowitz The Wizard of Kremlin - Giuliano da Empoli The Essays of Warren Buffett - Lawrence Cunningham Poor Charlie’s Almanack - Charlie Munger & Peter D. Kaufman Charlie Munger: The Complete Investor - Tren Griffin The Price of Time - Edward Chancellor Skin in the Game - Nassim Nicholas Taleb The Black Swan - Nassim Nicholas Taleb ————————————— Companies Mentioned Sagax Ework Green Landscaping Carnegie P&G Swedbank Frontline ————————————— More on Staffan LinkedIn: https://www.linkedin.com/in/staffan-sal%C3%A9n-34b87a17 The Salén Group: https://salengroup.se/en/ X: https://x.com/staffansalen ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

How to invest in the best companies in the world? This is the topic for our episode with Pieter Slegers – founder of the investment newsletter Compounding Quality and previously a professional investor in Belgium. The book we discuss is The Art of Quality Investing, a new but timeless title that Pieter has collaborated on with its author Luc Kroeze. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on April 22, 2024. ————————————— Books Mentioned The Art of Quality Investing - Luc Kroeze & Compounding Quality The Outsiders - William Thorndike The Snowball - Alice Schroeder Quality First Investing - Björn Fahlén The Joys of Compounding - Gautam Baid Richer, Wiser, Happier - William What I Learned About Investing from Darwin - Pulak Prasad Everything on Warren Buffett An Investment Thinking Toolbox - Daniel Zhang ————————————— Companies Mentioned Berkshire Hathaway Kelly Partners LVMH ————————————— More on Pieter Compounding Quality: https://www.compoundingquality.net/ LinkedIn: https://www.linkedin.com/in/pieter-slegers-649354248/ X: https://twitter.com/QCompounding X: https://twitter.com/slegers_pieter ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In today’s episode we are joined by JC de Swaan. De Swaan is a lecturer in the economics department at Princeton University, where he teaches courses on ethics in finance and Asian capital markets. He is also a Partner at Cornwall Capital, an investment fund based in New York City. In this episode, we learn about the ethical considerations that finance professionals encounter. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on Jan 25, 2024. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:58) Welcoming JC (04:26) A specific moment where JC realised what he wanted to do (05:55) Seeking Virtue in Finance (10:12) The discrepancy between how finance is perceived and its intention (12:47) The four pillars of conduct (25:40) A sound fee structure for managing money (33:26) JC’s idea of a perfect fund structure (36:50) Extracting societal value while serving your customers (Sävås säger moving on) (43:22) Can investors in the secondary market create value for society? (50:45) More money goes back to shareholders than go in through equity issues (53:40) The financial crisis and JC’s view on short-selling (57:15) How Capital Group balances stakeholder interests (59:24) Salary spread within an organisation/Musings on compensation (01:05:21) Discussing corporate culture (01:08:36) How to protect yourself from skewed incentives in a finance career (01:15:39) How to benefit society as a whole (01:21:22) Could Buffett have improved in terms of ethics (01:23:53) Cornwall Capital (01:29:45) Resemblance between Pinecone (episode 51) and Cornwall (01:30:47) How JC allocates his time (01:33:38) Is JC following his own book’s advice at Cornwall (01:37:33) Cornwall’s returns (01:38:01) Book discussions (01:42:20) Concluding remarks ————————————— Books Mentioned Seeking Virtue in Finance - JC de Swaan Quality Investing - Lawrence Cunningham Wisdom in Finance - Mihir Desai The Checklist Manifesto - Atul Gawande Investment Biker - Jim Rogers What Money Can’t Buy - Michael J. Sandel Enough - John Bogle ————————————— Companies Mentioned Vanguard Berkshire Hathaway Pinecone Cornwall Capital ————————————— More on JC https://twitter.com/jcdeswaan https://jcdeswaan.scholar.princeton.edu/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In today’s episode, Christian Billinger, a London-based investor who has joined the podcast before, is speaking with none other than Edward Chancellor. Edward is an author, finance journalist, and former hedge fund investment strategist. The discussion is centered around Chancellor’s book Capital Returns. It covers capital cycle investing and how investors can benefit from focusing on forecasting supply rather than demand. For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team This episode was recorded on Dec 15, 2023. ————————————— Episode Chapters (00:00) Introduction to today’s format by Eddie & Niklas (02:33) Introduction by Christian (07:43) Another lesson from the book (10:15) Does capital cycle investing merge the growth and value dichotomy? (13:21) Quality as a generator of Alpha (15:38) Finding companies where the capital cycle doesn’t apply (18:10) Does the framework also apply to the overall market? (26:24) Applying the framework in a capital-light industry (28:13) Obvious excesses in the current time (33:30) Have the obvious excesses been fully compensated for? (35:48) Fitting the narrow market rise into the framework (42:38) Rounding off the discussion ————————————— Books Mentioned Devil Take the Hindmost - Edward Chancellor Capital Returns - Edward Chancellor The Price of Time - Edward Chancellor ————————————— More on Edward https://www.edwardchancellor.com/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Tobias Carlisle is a former lawyer and the author of several books, including The Acquirer’s Multiple. Tobias is the manager of two funds based on the book’s ideas, which are trading as ETFs under the tickers ZIG and DEEP. In the episode, we discuss how strictly he follows the deep value methodology, reflect on patience among investors, and investigate if there is a difference between managing your own or other people’s money. For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team This episode was recorded on Dec 6, 2023. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:12) Welcoming Tobias (07:41) The Acquirer’s Multiple (15:07) The Acquirer’s multiple strategy (27:07) How Greenblatt influenced Carlisle (36:14) Similarities with activist investors (44:25) Is it possible for regular investors to know if a moat is sustainable? (50:10) Musings on patience (58:22) Investing your own vs other people’s money (59:26) How strict is the formula? (01:07:20) Tobias’ current writing and reading habits ————————————— Books Mentioned The Acquirer’s Multiple - Tobias Carlisle Security Analysis - Benjamin Graham The Intelligent Investor - Benjamin Graham Deep Value - Tobias Carlisle Concentrated Investing - Allen Benello Quantitative Value - Wesley Gray and Tobias Carlisle The Rebel Allocator - Jacob Taylor The Art of War - Sun Tzu The Aubrey-Mautin series - Patrick O’Brian The Richard Sharpe series - Bernard Cornwell The Saxon Series - Bernard Cornwell ————————————— Companies Mentioned Coca Cola LVMH Berkshire Meta Kodak Apple Nvidia ————————————— More on Tobias X Acquirer’s fund Amazon book page ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Todd Wenning is an investor with experience from Ensemble Capital, The Motley Fool, and Morningstar. In episode five, we came across some of his work as he is a contributing author to the book Why Moats Matter. This time, we speak about Lessons from the Titans, a book about the lessons that today’s businesses can draw from America’s industrial giants. For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team This episode was recorded on Nov 13, 2023. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:11) Welcoming Todd (07:37) Todd’s interest in history (10:24) Lessons from the Titans (30:09) Thoughts on acquisition-driven businesses (33:00) Lessons on risk management (35:50) The people behind the business (44:31) Handling small problems that compounds (46:51) Adding a company to the book (51:22) Flyover stocks/Todd’s new project (54:51) Difference between small and large caps in terms of moats (58:10) Book discussions ————————————— Books Mentioned Lessons from the Titans - Scott Davis, Carter Copeland, Rob Wertheimer Why Moats Matter - Heather Brilliant The Seven Signs of Ethical Collapse - Marianne M. Jennings Same as Ever - Morgan Housel Common Stocks and Uncommon Profits - Philip A. Fisher Big Money Thinks Small - Joe Tillinghast Keeping Your Dividend Edge - Todd Wenning ————————————— Companies Mentioned Vanguard Truist Bank The Motley Fool Morningstar Procter & Gamble General Electric Honeywell Danaher Admiral Group Roper Technologies Constellation Software Grocery Outlet Jack Henry and Associates Worthington Industries Howden’s Joinery Games Workshop ————————————— More on Todd Flyover Stocks Threads X ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Stephen Penman is a professor of accounting and security analysis at Columbia Business School and Bocconi. He has also written the book Accounting for Value, which illustrates how accounting numbers relate to value creation. In our conversation with Penman, we discuss the necessary separation between speculation and valuation, the ideal structure of an equity research report, and how aspiring investors can improve their processes. For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team This episode was recorded on Oct 30, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Martin (01:38) Welcoming Stephen (04:17) Accounting for Value (09:26) Fair value, mark to market, and historical cost accounting (12:41) Separating speculation and valuation (19:03) Using valuation to challenge the market’s assumptions (20:20) Residual income (26:38) How to improve as an aspiring investor (30:28) Informational vs analytical edge (32:26) Accounting arbitrage in today’s market (37:39) Passive investing (41:01) How does Stephen invest his own money? (44:54) Allocating time between research and investing (49:51) Should accounting professionals push changes to standards? (53:52) The ideal structure of an equity research report (58:56) Stephen on Buffett (01:04:21) Stephen’s new book (01:06:27) A book Stephen would like to read but not write ————————————— Books Mentioned Accounting for Value - Stephen Penman Accounting for Value: Fundamental analysis for the active investor - Stephen Penman Expectations Investing - Michael Mauboussin ————————————— More on Stephen Profile on Columbia Business School ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Shu Hattori has more than fifteen years of experience in management consulting, turnarounds & venture-backed start-ups, with employers including McKinsey, Groupon, and Alix Partners. Shu is now building Japan’s first serial acquirer - Pinecone, together with Andrew Chou. Our conversation builds upon Shu’s book, The McKinsey Edge. We talk about what investors can learn from consultants, thoughts on decentralization, and the vision for Pinecone. For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on Oct 11, 2023. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (03:03) Welcoming Shu and Andrew (08:17) How Shu’s book came about (12:17) When was the last time I did X (15:22) Asking second-order questions (18:46) Thoughts on taking notes (25:48) Learning to be passionate about your work (28:58) Pinecone - The first serial acquirer in Japan (44:00) The addressable market for serial acquirers in Japan (47:36) Finding the right managers to run the businesses (49:40) Are there more serial acquirers coming up in Japan? (51:23) Why Pinecone? (52:47) Decentralization at Pinecone (56:04) Applying the McKinsey principles for building a serial acquirer (01:01:18) Would Shu hire McKinsey consultants in the companies they acquire? (01:02:55) Book discussions (01:11:08) Job opportunities at Pinecone ————————————— Books Mentioned The McKinsey Edge - Shu Hattori The Outsiders - William Thorndike The Essays of Warren Buffett - Lawrence Cunningham 7 Habits of Highly Effective People - Stephen R. Covey Don’t Sweat the Small Stuff - Richard Carlson Outliers - Malcolm Gladwell David and Goliath - Malcolm Gladwell Influence - Robert Cialdini The Psychology of Money - Morgan Housel The Magic of Thinking Big - David J. Schwartz Immunity to Change - Robert Kegan and Lisa Laskow Lahey ————————————— Companies Mentioned Danaher LVMH McKinsey ————————————— More on Shu and Andrew Pinecone's website (English landing page) Shu's LinkedIn Andrew's LinkedIn ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Ronald Fagerfjäll is a legend within Swedish business journalism. Having written more than 30 books centered around Swedish companies and the people behind them, his knowledge of the topic is truly unique. We speak about the book “They Made Sweden Rich” (De gjorde Sverige rikt), which covers important entrepreneurs, businessmen, and investors during Sweden’s 20th-century industrial history. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on Sep 6, 2023. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:24) Ronald’s background (17:38) Why Ronald chose to write about Swedish business history (22:11) The Swedish business landscape in the early 20th century (27:32) Ivar Kreuger and the match empire (37:29) Why the holding company is a Swedish phenomenon (42:20) The connection between Swedish industrial companies and banks (46:10) The serial acquirers of the 60s (55:53) How Ronald manages to write a book a year (01:00:45) What books are Ronald most content with? (01:03:04) A book that Ronald wants to read but not write ————————————— Books Mentioned They Made Sweden Rich (De gjorde Sverige rikt) (Swedish) - Ronald Fagerfjäll Tisenhult: Grundaren, familjen och företagen (Swedish) - Ronald Fagerfjäll In Search of a True World View - Ronald Fagerfjäll Shape living for the better: the first 100 years of Electrolux - Ronald Fagerfjäll Den förlorade sonens återkomst: Peter Wallenberg (Swedish) - Ronald Fagerfjäll The Prince - Machiavelli The Dwarf - Pär Lagerkvist ————————————— Companies Mentioned Handelsbanken Investor Svenska Tändsticks AB (Swedish Match) Tisenhult-Gruppen General Electric Investment AB Promotion ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Paddy Hogan is the head of investor relations at ORIX, a Japanese company with 35,000 employees active within finance, investments, life insurance, and banking. The episode is centered around the book “What It Takes”, by Stephen A. Schwarzman. It tells the story of how Stephen co-founded Blackstone and made it the world’s largest alternative asset manager, with more than one trillion dollars under management. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on May 25, 2023. ————————————— Episode Chapters (00:00) Intro by Niklas & Henrik (02:31) Welcoming Paddy (03:25) Introduction to “What it Takes” and Blackstone (05:55) Hiring the best people possible (07:42) About Orix (13:28) Thoughts on decentralization (20:44) Corporate frugality (25:28) Attracting long-term shareholders (32:15) The (cultural) foundation of Orix (38:16) Orix’s take on position sizing (41:00) Takeovers - Hostile and friendly (47:46) Buying companies without an exit strategy (50:20) Reading habits ————————————— Books Mentioned What It Takes - Stephen A. Schwarzman ————————————— Companies Mentioned Orix Fairfax Brookfield Blackstone Berkshire Hathaway ————————————— More on Paddy LinkedIn Orix Website ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Cole Smead is a portfolio manager at Smead Capital Management, an investment advisor applying a differentiated value approach to its capital allocation processes. Cole is an avid reader and hosts the podcast “A Book With Legs.” In this episode, we discuss the classic title “Money Masters” by John Train. We talk about whether there is such a thing as a money mind, if good investors tend to be born poor, and explore the insight that businesses are always dying. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on May 17, 2023. ————————————— Episode Chapters (00:00) Introduction with Henrik Andersson (02:58) Welcoming Cole (06:52) Do some people have a “money mind”? (10:14) Are good investors born poor? (12:58) Money Masters by John Train (19:08) The chapter on T. Rowe Price (23:35) How to avoid falling for herd behavior (28:59) Businesses are always dying (32:52) Further lessons from T. Rowe Price (41:04) Identifying yourself with your investments (46:05) Why did Cole end up in the investment business? (50:34) Cole’s idols in investing (57:01) Applying lessons from marketing (01:02:11) The step-by-step approach to learning about a new industry (01:11:16) The most interesting aspects of today’s markets (01:14:45) Cole’s reading habits ————————————— Books Mentioned Money Masters - John Train Investing the Templeton Way - Lauren Templeton The Go-Go Years - John Brooks Richer Wiser Happier - William Green Once in Golconda - John Brooks Building a StoryBrand - Donald Miller The Frackers - Gregory Zuckerman Easy Money - Ben McKenzie The War That Made the Roman Empire - Barry S. Strauss Cloud Money - Brett Scott For Whom the Bell Tolls - Ernest Hemingway ————————————— Companies Mentioned Coca Cola Simplicity Patterns Wells Green Target Berkshire Hathaway Occidental Petroleum ————————————— More on Cole A Book With Legs Missives from Smead Capital Management Twitter ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Ian Cassel is the founder of MicroCapClub, co-author of the books about Intelligent Fanatics, and the CIO of Intelligent Fanatics Capital Management. In this episode, we talk about “Golf Is Not a Game of Perfect” by Bob Rotella. The book covers the mental habits used by professional golfers, an area that turns out to be a ripe hunting ground for valuable investing advice. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on April 19, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (02:26) How Ian started with investing (07:13) Golf Is Not a Game of Perfect (13:26) Adapting your strategies to the world around you (16:55) Rigidity vs. flexibility in the investment process (19:29) Accepting things outside of your control (25:51) Letting investments influence your strategy (31:37) Appreciating the position you’re in (36:11) The long versus the short game (42:27) Knowing when you know enough… (44:34) … and then knowing what to do (48:89) Learning about yourself through the market (51:39) Having productive distractions (55:13) Do investors age well? (58:32) Should you lower your expectations? (01:00:45) How to consider macroeconomics (01:03:55) Checking stock prices daily/Comparing yourself to others (01:07:52) The set-up at Intelligent Fanatics Capital Management ————————————— Books Mentioned Intelligent Fanatics - Sean Iddings and Ian Cassel Golf Is Not a Game of Perfect - Bob Rotella The Elements of Scoring - Raymond Floyd ————————————— More on Ian Twitter MicroCapClub Intelligent Fanatics Capital Management ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA), a value investing firm providing individual portfolio management. He is also the author of several books, including “Active Value Investing” and “The Little Book About Sideways Markets.” In this episode, we mostly discuss his latest addition, “Soul in the Game”. Go to the episode page and make sure to follow us on Twitter, where we suggest books and do giveaways. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team This episode was recorded on March 16, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:55) How Vitaliy’s passion for investing started (03:53) Soul or Skin in the Game (05:21) A Parallel to Jiro Dreams of Sushi (07:32) Is it possible to have too much soul in the game? (12:54) Stoicism, philosophy, and investing (22:34) Once our art turns into a craft, it is time to move on (27:47) Vitaliy’s work at IMA (29:32) How to allocate your time (32:51) Size as the enemy to great performance (40:52) To see the long term, you need to survive the short term (46:52) Good reasons for selling a company (54:18) Where we are in the market cycle (01:02:30) Living in the present while planning for the future (01:06:45) Book discussions ————————————— Books Mentioned Active Value Investing - Vitaliy Katsenelson The Little Book About Sideways Markets - Vitaliy Katsenelson Soul in the Game - Vitaliy Katsenelson Skin in the Game - Nassim Nicholas Taleb Managing Oneself - Peter Drucker Behavioral Investing - James Montier The Little Book of Behavioral Investing - James Montier The Little Book that Builds Wealth - Pat Dorsey How to Think Like a Roman Emperor - Donald Robertson Guide to a Good Life - William Irvine ————————————— Companies Mentioned Silicon Valley Bank Qualcomm Meta ————————————— More on Vitaliy Twitter LinkedIn Investment Management Associates (IMA) The Intellectual Investor ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In our 45th episode, we are honored to speak to Paul Johnson and Paul D. Sonkin about their latest book “The Enduring Value of Roger Murray.” As the successor to Benjamin Graham at Columbia Business School, Murray (1911–1998) was a crucial figure in the history of value investing. Johnson and Sonkin are investment professionals and have been involved with the legendary investing program at Columbia Business School since the 1990s. The pair has also written “Pitch the Perfect Investment” and contributed to classics such as “The Most Important Thing” and “Value Investing: From Graham to Buffett and Beyond.” Go to the episode page and make sure to follow us on Twitter, where we suggest books and do giveaways. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team This episode was recorded on February 16, 2023. ————————————— Episode Chapters (00:00) Introduction (03:32) How Paul & Paul started investing in stocks (06:38) The Enduring Value of Roger Murray (11:34) Who was Roger Murray? (24:15) The Gap between Murray and Greenwald (43:11) How the value investing class has changed (46:44) Murray as an investor (49:43) Incorporating an economic outlook in your investment process (53:54) How to manage structural and cyclical changes (58:05) The risk=volatility debate (01:06:06) Does patience give you an edge? (01:09:35) Paul Johnson’s work outside teaching (01:14:15) Governance issues in small vs large companies (01:17:55) How to judge a management’s allocation skills (01:22:26) Paul Sonkin’s investment style (01:28:20) Book discussions ————————————— Books Mentioned The Enduring Value of Roger Murray - Paul Johnson & Paul D. Sonkin The Centennial - Columbia Business School Pitch the Perfect Investment - Paul Johnson & Paul D. Sonkin Security Analysis - Benjamin Graham Expectations Investing - Michael Mauboussin The Outsiders - William Thorndike Value Investing - Bruce Greenwald The Razor’s Edge - W. Somerset Maugham Of Human Bondage - W. Somerset Maugham The Valuation of Growth (Upcoming) - Paul Johnson & Paul D. Sonkin ————————————— Companies Mentioned Apple Alphabet Meta Kimball International Capital Cities Berkshire Hathaway ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In this episode, we speak with the knowledgeable Todd Finkle. Todd is a Professor of Entrepreneurship at Gonzaga University and the author of several books, including his latest addition: Warren Buffett - Investor and Entrepreneur. In our conversation, we explore Buffett as an entrepreneur, psychological biases, and whether academia and investing are compatible. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on March 29, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:14) Welcoming Todd (01:47) How Todd came across the world of investing (09:44) Why write another book on Warren Buffett? (17:31) The most surprising insights from researching Buffett (21:31) The definition of entrepreneurship (27:19) Buffett’s shift towards buying quality businesses (30:34) What Buffett looks at before buying a business (32:40) Is business quality more important than management? (35:16) Quantifying too much (37:31) Psychological biases (44:27) The link between academia and business success (47:00) Areas where Todd disagrees with Buffett (48:51) Book talk (51:44) Final remarks ————————————— Books Mentioned Warren Buffett: Investor and Entrepreneur - Todd Finkle The Warren Buffett Way - Robert Hagstrom ————————————— More on Todd Twitter Webpage on University LinkedIn Website ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Catherine S. Neal is a former attorney and an associate professor of business ethics and business law at Northern Kentucky University. She is also the author of Taking Down the Lion, which is the center of attention for this episode. The book explores the fall of Tyco International's CEO and Chairman, Dennis Kozlowski, who was convicted of stealing more than 100 million dollars from the company. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on February 8, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (00:21) Introduction to Catherine (04:13) Taking Down the Lion (11:18) Dennis Kozlowski (12:57) Why did Catherine write her book? (22:59) The most significant crimes that were committed (30:08) The world is driven by envy, not by greed (41:40) Dennis’ inability to manage details (49:05) Being both the CEO and the Chairman (54:24) Was Dennis treated unfairly by the media? (01:01:07) Red flags when it comes to corporate governance (01:15:16) What would Catherine change in the corporate world? (01:19:47) Dennis Kozlowski today (01:24:42) Book recommendations (01:25:22) Final remarks ————————————— Books Mentioned Taking Down the Lion - Catherine S. Neal The Smartest Guys in the Room - Bethany McLean Madoff Talks - Jim Campbell ————————————— Companies Mentioned Tyco International Procter & Gamble Intel Metlife Disney Enron ————————————— More on Catherine Website for Taking Down the Lion Twitter ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In our second interview with Avner Mandelman, a former rocket scientist and hedge fund manager, we talk about his new book: The Advanced Sleuth Investor. By applying multidisciplinary thinking, he explores the benefits of sleuthing from the viewpoint of ten different professions. In essence, our talk is about how you can create your own exclusive data to outperform the market. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you. /Eddie & Niklas with team This episode was recorded on January 3, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (03:01) Who is Avner Mandelman? (03:58) Why write another book on sleuth investing? (09:16) System 1 and System 2 thinking (13:54) Ten perspectives on sleuthing (18:42) How Avner ranks the importance of the three financial statements (25:14) Sleuthing from the viewpoint of a chessplayer (31:33) Advice for a young investor (36:02) Sleuthing from the viewpoint of a physicist (42:07) Practical advice for Sleuthers (50:11) Picking stocks is only 30-40% of the investing process (01:06:22) How to build an empire as an investor (01:08:25) Book recommendations (01:10:04) Final remarks ————————————— Books Mentioned The Sleuth Investor - Avner Mandelman The Advanced Sleuth Investor - Avner Mandelman Thinking, Fast and Slow - Daniel Kahneman Summa de Arithmetica - Luca Pacioli Parallel Lives - Plutarch On Intelligence - Jeff Hawkins ————————————— More on Avner Twitter Youtube ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Jake Taylor is a professional investor, fellow podcast host, author, and founder of the software Journalytic. For his second appearance on our podcast, we talk about the book Deep Survival and how his platform Journalytic can be used to think clearly, suppress irrational instincts, and become a better investor. Notice: We are taking on new exciting projects at Redeye, so starting from this episode, we will release shows monthly. We will keep producing interviews of high quality and are always delighted to hear your feedback. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on January 23, 2023 ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (02:10) Who is Jake Taylor? (03:19) Surviving in the market and life (09:47) Lessons from a tragic story (14:15) Balancing risk and return (19:31) Going against your own rules (22:45) Learning from others or failing yourself? (27:24) Balancing optimism and pessimism (33:30) Being honest with yourself (36:46) How to declutter your mind (38:34) The importance of not always acting on instinct (42:12) Avoiding the sunk cost fallacy (46:20) Journalytic (58:20) Bringing it all together ————————————— Books Mentioned The Rebel Allocator - Jake Taylor Deep Survival - Laurence Gonzales The Dandho Investor - Mohnish Pabrai 100 Baggers - Chris Mayer The Rational Optimist - Matt Ridley Ten Global Trends Every Smart Person Should Know - Ronald Bailey Quit - Annie Dukes ————————————— More on Jake Twitter Journalytic Farnam Street Investments Value After Hours Podcast ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In this special episode, we speak with Mark Gandy about our favorite investing books. Mark is the host of The CFO Bookshelf podcast and a consultant helping CEOs and CFOs with business development and financial modeling. We discuss books that can help you understand financial statements, evaluate management, and judge the quality of a business. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on January 3, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (00:52) The start of our conversation (01:26) Eddie, Niklas, and Mark (03:08) How our passion for investing books started (06:42) How we find guests for the podcast (09:53) The value of investment books (14:36) The investment book list (30:41) The best books on Buffett (35:07) Book recommendations for someone who is new to investing (46:30) Books for understanding financial statements (51:35) The people aspect of evaluating a business (53:38) The last book (01:02:19) About Redeye and Investing by the Books ————————————— Books Mentioned The Intelligent Investor - Benjamin Graham Security Analysis - Benjamin Graham and David L. Dodd One Up on Wall Street - Peter Lynch Beating the Street - Peter Lynch Quality First Investing - Björn Fahlén The Investment Checklist - Micheal Shearn Once in Golconda - John Brooks Business Adventures - John Brooks The Go-Go Years - John Brooks Against the Gods - Peter L. Bernstein Fooled by Randomness - Nassim Nicholas Taleb Poor Charlie’s Almanack - Peter D. Kaufman Damn Right! - Janet Lowe The Snowball - Alice Schroeder The Warren Buffett Way - Robert G. Hagstrom The Making of an American Capitalist - Roger Lowenstein The Most Important Thing - Howard Marks Millionaire Teacher - Andrew Hallman The Little Book that Builds Wealth - Pat Dorsey Investors Manual - NAIC Investment Biker - Jim Rogers The Education of a Value Investor - Guy Spier Financial Shenanigans - Howard Schilit The Interpretation of Financial Statements - Benjamin Graham Warren Buffett and the Interpretation of Financial Statements - David Clark and Mary Buffett The Black Swan - Nassim Nicholas Taleb A Random Walk Down Wall Street - Burton G. Malkiel The Outsiders - William Thorndike Thinking, Fast and Slow - Daniel Kahneman Influence - Robert Cialdini The Complete Financial History of Berkshire Hathaway - Adam Mead The Five Keys to Value Investing - Dennis Jean-Jacques 100 Baggers - Chris Mayers ————————————— Other resources Berkshire Hathaway’s annual shareholder letters Howard Marks’ memos ————————————— More on Mark Twitter Website ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se