Investing by the Books is a podcast to educate sophisticated and aspiring investors. We believe books are an excellent source for timeless knowledge, enhanced through deep conversations with authors and other guests. Host: Eddie Palmgren. Producer: Eddie S. Ahlgren Twitter: @IB_Redeye
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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.
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Our conversation with Ryan Floyd was recorded on 21 October 2025.
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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
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(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
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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
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Movies Mentioned
Top Gun
Rushmore
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More on Ryan Floyd:
Substack: https://detachednotes.substack.com/
Barca Capital Website: https://www.barcacapital.com/
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.
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.
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
#76 Lars Stenlund on Driven by Curiosity
Episode 76
Tuesday, October 21, 2025 • Duration 59:04
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.
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Our conversation with Lars Stenlund was recorded on 10 September 2025.
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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
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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
#75 Adnan Hadžiefendić & Oddbjørn Dybvad: The Compounders
Episode 75
Thursday, September 18, 2025 • Duration 51:22
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.
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Our conversation with Adnan Hadžiefendić & Oddbjørn Dybvad was recorded on 3 September 2025.
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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
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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?
#74 Stephen Penman: Financial Statement Analysis for Value Investing
Episode 74
Tuesday, August 26, 2025 • Duration 58:57
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.
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Our conversation with Stephen Penman was recorded on 18 August 2025.
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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
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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
#73 Klaus Kleinfeld: Leading to Thrive
Episode 73
Tuesday, July 29, 2025 • Duration 52:35
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
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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
#72 Alex Morris on Hit Refresh
Episode 72
Tuesday, June 24, 2025 • Duration 55:44
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
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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
#71 Lodewijk Petram: The World's First Stock Exchange
Episode 71
Tuesday, May 27, 2025 • Duration 01:13:43
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.
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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
#70 Laurence Endersen: The Compounder's Element
Episode 70
Tuesday, April 29, 2025 • Duration 01:08:08
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.
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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
#69 David Marcus on How to Make a Few Billion Dollars
Episode 69
Tuesday, April 1, 2025 • Duration 02:02:53
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
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.
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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
(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
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.
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.
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
(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
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Books Mentioned
The Compounders – Oddbjørn Dybvad, Kjetil Nyland, Adnan Hadžiefendić
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.
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.
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
(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
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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
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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
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.
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.
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
(48:58) Book recommendations
(51:30) Concluding remarks
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Books Mentioned
Leading to Thrive – Klaus Kleinfeld
Winning – Jack Welch
The Five Dysfunctions of a Team – Patrick Lencioni
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.
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.
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
(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
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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
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.
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.
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
(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
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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
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.
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.
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
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.
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.
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
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.
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.
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
(52:33) An incredible Microsoft anecdote
(54:06) Phil’s time at Hewlett Packard and his pivot to academia
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.
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.
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
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