Investing by the Books – Details, episodes & analysis

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.

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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

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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

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Companies Mentioned

• AT&T
• Coca Cola
• British Columbia Power
• Marshall-Wells
• Philadelphia and Reading
• Walt Disney Productions
• American Express
• Berkshire Hathaway

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More on Brett

Twitter/X - @brettgardner_10

LinkedIn - Brett Gardner

E-mail - brett@buffettsearlyinvestments.com

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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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

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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_

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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.

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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

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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

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Companies Mentioned

• Alibaba
• Arm
• TSMC
• ASML
• Ryanair
• John Deere

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More on Simon

• Personal website: https://www.simonkold.com/
• LinkedIn - Simon Kold
• Koldinvestments.dk

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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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

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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_

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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.

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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

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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

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Companies Mentioned

• Coca Cola
• LVMH
• Berkshire
• Meta
• Kodak
• Apple
• Nvidia

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More on Tobias

X

Acquirer’s fund

Amazon book page

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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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

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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_

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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.

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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

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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

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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

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More on Todd

Flyover Stocks

Threads

X

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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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

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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_

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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.

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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

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Books Mentioned

• Accounting for Value - Stephen Penman
• Accounting for Value: Fundamental analysis for the active investor - Stephen Penman
• Expectations Investing - Michael Mauboussin

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More on Stephen

Profile on Columbia Business School

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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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

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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_

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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.

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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

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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

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Companies Mentioned

• Danaher
• LVMH
• McKinsey

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More on Shu and Andrew

Pinecone's website (English landing page)

Shu's LinkedIn

Andrew's LinkedIn

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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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

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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_

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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.

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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

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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

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Companies Mentioned

• Handelsbanken
• Investor
• Svenska Tändsticks AB (Swedish Match)
• Tisenhult-Gruppen
• General Electric
• Investment AB Promotion

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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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

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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_

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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.

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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

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Books Mentioned

What It Takes - Stephen A. Schwarzman

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Companies Mentioned

• Orix
• Fairfax
• Brookfield
• Blackstone
• Berkshire Hathaway

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More on Paddy

LinkedIn

Orix Website

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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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

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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_

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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.

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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

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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

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Companies Mentioned

• Coca Cola
• Simplicity Patterns
• Wells Green
• Target
• Berkshire Hathaway
• Occidental Petroleum

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More on Cole

A Book With Legs

Missives from Smead Capital Management

Twitter

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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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

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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_

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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.

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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

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Books Mentioned

Intelligent Fanatics - Sean Iddings and Ian Cassel

Golf Is Not a Game of Perfect - Bob Rotella

The Elements of Scoring - Raymond Floyd

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More on Ian

Twitter

MicroCapClub

Intelligent Fanatics Capital Management

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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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

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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_

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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