Explore every episode of the podcast Investing by the Books
| Title | Pub. Date | Duration | |
|---|---|---|---|
| #64 Brett Gardner: Buffett's Early Investments | 12 Nov 2024 | 00:47:59 | |
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
————————————— Companies Mentioned
————————————— 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 | |||
| #63 Simon Kold: On the Hunt for Great Companies | 15 Oct 2024 | 01:14:57 | |
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
————————————— Companies Mentioned
————————————— More on Simon
————————————— 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 | |||
| #54 Tobias Carlisle: The Acquirer's Multiple | 05 Feb 2024 | 01:17:36 | |
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
————————————— Companies Mentioned
————————————— More on Tobias ————————————— 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 | |||
| #53 Todd Wenning on Lessons from the Titans | 08 Jan 2024 | 01:02:49 | |
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
————————————— Companies Mentioned
————————————— More on Todd ————————————— 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 | |||
| #52 Stephen Penman: Accounting for Value | 11 Dec 2023 | 01:10:24 | |
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
————————————— 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 | |||
| #51 Shu Hattori and Andrew Chou: The McKinsey Edge | 13 Nov 2023 | 01:12:13 | |
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
————————————— Companies Mentioned
————————————— More on Shu and Andrew Pinecone's website (English landing 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: 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 | |||
| #50 Ronald Fagerfjäll: They Made Sweden Rich | 16 Oct 2023 | 01:06:45 | |
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
————————————— Companies Mentioned
————————————— 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 | |||
| #49 Paddy Hogan on What It Takes | 18 Sep 2023 | 00:53:08 | |
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
————————————— More on Paddy ————————————— 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 | |||
| #48 Cole Smead on Money Masters | 21 Aug 2023 | 01:22:01 | |
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
————————————— Companies Mentioned
————————————— More on Cole Missives from Smead 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 | |||
| #47 Ian Cassel on Golf Is Not a Game of Perfect | 24 Jul 2023 | 01:16:56 | |
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 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 | |||
| #46 Vitaliy Katsenelson: Soul in the Game | 26 Jun 2023 | 01:09:11 | |
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
————————————— Companies Mentioned
————————————— More on Vitaliy Investment Management Associates (IMA) ————————————— 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 | |||
| #45 Paul Johnson and Paul D. Sonkin: The Enduring Value of Roger Murray | 29 May 2023 | 01:36:02 | |
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
————————————— Companies Mentioned
————————————— 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 | |||
| #62 Moritz Sitte on The Clock of the Long Now | 17 Sep 2024 | 01:10:12 | |
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
————————————— Companies Mentioned
————————————— More on Moritz ————————————— 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 | |||
| #44 Todd Finkle: Warren Buffett - Investor and Entrepreneur | 01 May 2023 | 00:52:54 | |
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
————————————— More on Todd ————————————— 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 | |||
| #43 Catherine S. Neal: Taking Down the Lion | 03 Apr 2023 | 01:27:05 | |
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
————————————— Companies Mentioned
————————————— More on Catherine ————————————— 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 | |||
| #42 Avner Mandelman: The Advanced Sleuth Investor | 06 Mar 2023 | 01:12:01 | |
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
————————————— More on Avner ————————————— 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 | |||
| #41 Jake Taylor on Deep Survival | 06 Feb 2023 | 01:01:44 | |
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
————————————— More on Jake ————————————— 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 | |||
| #40 Our Top Investing Books | 24 Jan 2023 | 01:05:06 | |
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
————————————— Other resources
————————————— More on Mark ————————————— 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 | |||
| #39 Gregory Zuckerman: The Man Who Solved the Market | 09 Jan 2023 | 01:03:13 | |
Gregory Zuckerman is an investigative reporter at The Wall Street Journal and the author of several books. Since he joined The Journal in 1996, he has received the Gerald Loeb award three times. The focal point for our discussion is his book The Man Who Solved the Market, which tells the story of how Jim Simons launched the quant revolution and created the greatest money-making machine in financial 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 December 20, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (02:33) How Gregory got interested in finance and journalism (10:28) Introduction to Rennaisance (13:50) Do what you love (17:50) Why Renaissance survived and others didn’t (20:49) The irony of emotions (23:26) Remaining humble (27:02) How Renaissance gets an edge in the market (31:09) The most durable inefficiencies (30:59) Employee compensation at Renaissance (41:42) Handling tougher periods (44:10) If he could, would Gregory invest in Medallion? (45:57) The performance of the fund after the book’s release (47:06) Pros and cons of quant investors (52:31) Gregory’s Modus Operandi (01:01:20) Book recommendations ————————————— Books Mentioned
————————————— Companies Mentioned
————————————— More on Gregory ————————————— 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 | |||
| #38 Adam Seessel: Where the Money Is | 26 Dec 2022 | 01:04:17 | |
In this episode, we speak with none other than Adam Seessel. Adam started as a journalist before venturing into finance through a job at Wall Street. He is the author of ‘Where the Money Is’ and the founder of Gravity Capital Management. Our conversation focuses on his approach to value investing, which draws upon classical concepts and updates them to fit the digital businesses of today. 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 December 12, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (02:44) How Adam got started with investing (04:18) Why write another book on value investing? (09:01) The evolution of value investing (16:32) The metrics that are relevant in digital businesses (24:28) Skepticism towards growth and momentum investing (26:30) How to evaluate the quality of a digital company (31:34) Are network effects overrated? (34:57) Brands as the weakest competitive advantage (40:46) Business quality is the most important aspect (42:47) Why DCFs don’t work (47:11) How to allocate your time between evaluating price and quality (53:05) Why Adam started Gravity Capital Management (01:00:21) The most costly cognitive biases (01:02:19) Thoughts on books ————————————— Books Mentioned Where the Money Is - Adam Seessel ————————————— Companies Mentioned
————————————— More on Adam ————————————— 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 | |||
| #37 Carter Johnson on Distant Force | 12 Dec 2022 | 01:04:32 | |
Carter Johnson is the manager of MCJ Capital Partners, an investment management firm concentrated primarily on small caps. This episode is focused on Distant Force, a book about Teledyne written by Henry Singleton’s right-hand man, George A. Roberts. As usual, our conversation reaches far and wide, covering topics such as dividend policies, working with incentives, and understanding serial acquirers. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on November 10, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:08) How Carter’s passion for investing started (02:20) The Teledyne success story (05:41) Henry Singleton (09:55) How Teledyne/Singleton approached acquisitions (13:19) Managing the culture while growing through M&As (25:56) Decentralization; now and then (33:15) Untangling Singleton’s toolbox (41:44) Should you pay dividends as a serial acquirer? (46:15) Why did Teledyne split up? (50:52) MCJ Capital Partners (52:49) The importance of available reinvestment opportunities (54:39) Redishred Capital Corp (59:51) Allocating time between reading and researching (01:01:28) Unique book recommendations ————————————— Books Mentioned
————————————— Companies Mentioned
————————————— More on Carter ————————————— 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 | |||
| #36 Matt Joass on Superforecasting | 28 Nov 2022 | 01:01:30 | |
Matt Joass is the Founder and CIO at Maven Funds Management. Matt previously worked as a financial analyst at a large international shipping firm and has co-founded the Copenhagen Investment Club. The focal point for our conversation is the book Superforecasting, and we cover everything from thinking in probabilities to good fiction books. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on November 2, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:10) How Matt got interested in investing (03:51) Superforecasting (07:02) Why are people bad forecasters? (10:04) Improving investing through forecasting (12:35) Critique against forecasting (16:58) The ten commandments (25:04) Maven Fund Management (29:46) A walk-through of a case (34:22) Thinking in probabilities rather than certainties (37:48) Breaking things down into smaller pieces (43:22) Growth mindset vs fixed mindset (46:11) Matt’s most common cognitive biases (49:56) System for identifying mistakes (53:37) Book discussions (01:00:17) Final remarks ————————————— Books Mentioned
————————————— Companies Mentioned Cogstate ————————————— More on Matt ————————————— 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 | |||
| #35 Derek Lidow: The Entrepreneurs | 14 Nov 2022 | 01:30:03 | |
Derek Lidow holds a PhD in applied physics, has been the CEO of a large public semiconductor company, and has started a business that he sold for $100 million. He is a professor of entrepreneurship at Princeton University and has written three books on the topic. In this episode, we discuss his latest title, The Entrepreneurs. We also ponder big questions, such as whether or not you should drop out of school to start a company. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on October 17, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (03:31) How Derek’s passion for business started (10:39) Do you have to risk it all to win big? (23:47)The world’s first entrepreneur (27:43) A copper-age analog to Silicon Valley (30:57) Cornelius Vanderbilt (39:33) J P Morgan (42:03) Venture capital funding electronics (44:27) Scaling demand (51:27) Slavery scaled (57:36) Punish bad behavior or reward good? (01:09:17) Dealing with short-termism (01:11:51) Should you drop out of school to start a company? (01:17:02) Sam Walton > Elon Musk (01:19:52) John Patterson (01:23:12) Book Recommendations ————————————— Books Mentioned
————————————— More on Derek ————————————— 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 | |||
| #61 Stephen Clapham: The Smart Money Method | 20 Aug 2024 | 01:27:13 | |
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
————————————— Companies Mentioned
————————————— More on Stephen ————————————— 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 | |||
| #34 Vishal Khandelwal: The Sketchbook of Wisdom | 31 Oct 2022 | 01:16:20 | |
Vishal Khandelwal is an author, former equity analyst, and fellow podcast host. He is an insightful writer on investing and how to live a good life, and has amassed a large following. In this episode, we discuss his inspiring book 'The Sketchbook of Wisdom', and the lessons he brings from writing it. We also cover habits for closing out the noise, thoughts on re-reading books, and the philosophy of Ikigai. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on October 17, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:02) Introduction to Vishal (03:35) How Vishal’s passion for investing started (11:55) The story of a holocaust survivor (15:44) The five parts of the book (17:36) Chop wood, carry water (22:20) Ikigai (30:50) The biases Vishal suffers from (33:14) Is knowing nothing the highest form of wisdom? (35:34) Age as an obstacle to learning? (37:28) How to reach financial independence (43:26) Prerequisites for becoming a full-time investor (50:40) Dealing with bear markets (55:48) Thoughts on portfolio allocation (58:50) Vishal’s latest investing mistake (1:02:01) Habits for shutting out the noise (1:05:45) Shut Up and Wait (1:10:31) Thoughts on re-reading books ————————————— Books Mentioned
————————————— The One Percent Show (Available on Youtube, Spotify, Apple Podcasts, etc.) ————————————— 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 | |||
| #33 Adam Mead: The Complete Financial History of Berkshire Hathaway | 17 Oct 2022 | 01:16:38 | |
Adam Mead is the CEO and CIO at Mead Capital Management and author of 'The Complete Financial History of Berkshire Hathaway'. The book sits at 700+ pages, making it one of the most comprehensive accounts of Warren Buffett’s creation to date. In the episode, we discuss successful capital allocation, accounting as the language of business, and why Berkshire should not be split up. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on September 7, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie (00:23) Introduction to Adam (04:24) How the book came about (09:18) Interesting lessons from writing the book (16:08) Patience is a virtue (17:49) Growth CapEx vs Maintenance CapEx (26:52) The main sources of growth during the formative years (28:40) The acquisitions that “moved the needle” (34:57) Why Berkshire shouldn’t be split up (40:19) Lessons on inflation (43:30) Adam’s personal career (45:13) An investor’s habits (56:42) Adam’s cognitive biases (59:06) The language of business (01:10:44) Book recommendations ————————————— Books Mentioned
————————————— Companies Mentioned
————————————— More on Adam Mead Capital Management - https://meadcm.com/ The Oracle’s Classroom - https://theoraclesclassroom.com/ Twitter - https://twitter.com/BRK_Student Book recommendations - https://theoraclesclassroom.com/books/ Watchlist Investing (10% discount with code Redeye) - https://watchlistinvesting.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: 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 | |||
| #32 Christian Billinger on Investing for Growth | 03 Oct 2022 | 00:58:22 | |
Christian Billinger is the chairman of Billinger Förvaltning, a privately held investment company focused on owning high-quality businesses. For this episode, Christian has selected Terry Smith’s great book Investing for Growth. Our conversation covers a wide array of fascinating topics including market timing, traits of a successful investor, and how to go about selling a stock. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on August 17, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:34) How Christian’s passion for investing started (02:40) Introduction to Investing for Growth and Terry Smith (07:33) Highlights of the book (09:40) Why low volatility stocks sometimes generate the highest return (11:19) Timing the market (12:40) The importance of return on capital for value creation (13:38) When diversification becomes unnecessary (15:11) How much to pay for high quality (17:33) Three Steps to Heaven (18:59) Terry Smith vs Warren Buffett (26:32) Investing lessons from Tour de France (29:01) Critique against value investing (and special situations) (31:12) The Art of Selling (39:22) When to buy high-quality companies cheap (42:52) Traits of a successful investor (49:38) Christian’s best investment and the lessons from it (54:09) Book recommendations (56:52) Final remarks ————————————— Books Mentioned
————————————— Companies Mentioned
————————————— More on Christian Billinger Förvaltning: https://www.billingerforvaltning.se/ LinkedIn - https://www.linkedin.com/in/christian-billinger-41688087/ ————————————— 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 | |||
| #31 Gautam Baid: The Joys of Compounding | 19 Sep 2022 | 00:56:37 | |
Gautam Baid is the Managing Partner and Fund Manager at Stellar Wealth Partners and author of The Joys of Compounding. He has previously worked as a portfolio manager at Summit Global Investments and as a senior analyst at Citigroup and Deutsche Bank. During our wide-ranging conversation, we discuss Gautam’s investment philosophy, common misconceptions among investors, and typical traits of a high-quality business. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on August 5, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (04:31) Why and how The Joys of Compounding came about (07:08) When compounding works against you (09:02) Why value investing has endured for so long (10:11) The importance of financial independence (12:18) Gautam's investment philosophy (20:22) Traits of a high-quality business (22:36) Common misconceptions among investors (24:31) How to behave in bear markets (26:55) Thoughts on portfolio allocation (28:42) Advice for aspiring fund managers (33:01) The fee structure in Gautam’s fund (36:43) Why invest in India? (44:21) How to evaluate corporate governance (47:53) Investing in developing versus emerging countries (49:19) The two themes of Stellar Wealth Partners (52:15) Gautam's reading habits and book recommendations ————————————— Books Mentioned
————————————— More on Gautam Baid The Joys of Compounding: https://www.thejoysofcompounding.com/ Stellar Wealth India: https://stellarwealthindia.com/ LinkedIn: https://www.linkedin.com/in/gautam-baid-cfa-b40b7110/ Twitter: https://twitter.com/Gautam__Baid ————————————— 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 | |||
| #30 William Thorndike: The Outsiders | 05 Sep 2022 | 01:06:37 | |
Will Thorndike is the co-founder of Housatonic Partners and host of the 50X podcast. In this episode, we discuss Will’s masterpiece “The Outsiders” and the lessons he brings from writing it. The book covers eight CEOs who excelled at capital allocation and describes the strategies underlying their success. "The Outsiders" was published ten years ago, and recommended by Warren Buffett in his 2012 annual shareholder letter. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on August 17, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (03:16) How Will’s passion for investing started (08:13) Common traits of the outsiders (19:49) Holding on to high-quality companies (26:06) The importance of corporate culture (34:49) When M&A becomes value-destroying (38:53) How to think about share issues (41:41) How to find outsider CEOs (50:19) The outsiders of tomorrow (56:03) Thoughts on valuation (1:02:39) Book recommendations ————————————— Books Mentioned
————————————— Companies Mentioned
————————————— More on Will Thorndike 50X Podcast - Will's podcast where he discusses and dissects extraordinary investments ————————————— 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 | |||
| #29 Mark Mahaney: Nothing But Net | 22 Aug 2022 | 01:15:27 | |
Mark Mahaney calls himself “Wall Street’s oldest and longest-lasting technology analyst”. We learn about Mark's lessons for successful tech investing, his passion for the analyst job, and the quality of the big tech companies of today, including Meta and Spotify. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on August 11, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (02:02) Mark’s story (06:58) Writing Nothing But Net (09:29) Dislocated High-Quality Stocks (DHQs) (14:15) The value of premium growth (23:47) Winning management traits (28:00) Employees as an advantage (31:20) Losing networks effects (34:17) Companies with optionalities (36:41) Duration of tech businesses (38:26) TikTok and engagement data (41:22) The three roles of an equity analyst (45:46) The investor perspective (50;28) Sleuthing and customer surveys (59:38) Spotify & Meta = DHQs? (1:07:31) Company specific vs Macro issues (1:10:02) Top books ————————————— Books Mentioned
————————————— Companies Mentioned (in order of first appearance)
————————————— More on Mark Mahaney Twitter: https://twitter.com/markmahaney Website: https://www.marksfmahaney.com/book ————————————— 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 | |||
| #28 Magnus Angenfelt: The World's 99 Greatest Investors | 08 Aug 2022 | 00:46:41 | |
Magnus Angenfelt is a seasoned hedge fund manager and author of 'The World's 99 Greatest Investors'. Among many things, we discuss what we can learn from the best, the ideal conditions for an active investor, and how Magnus operates as a portfolio manager. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on June 17, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (03:05) Background of Magnus Angenfelt (05:13) Creating the ultimate investment book (09:43) Selecting the 99 greatest investors (13:39) Three extraordinarily influential investors (15:47) Common denominators among the GOATs (21:37) Top 5 greatest investors of all time (23:28) Improving conditions for active investors (27:21) Magnus’ investment philosophy (30:57) Hedge fund experiences from 2000-2022 (34:57) The emotional aspect of investing (37:22) What defines a good sell-side analyst? (39:51) Book inspiration and final remarks ————————————— Books Mentioned
————————————— More on Magnus Angenfelt About Chelonia Market Neutral: http://www.archipelago-investments.com/chelonia-market-neutral/ The fund on Nordnet (Nordic broker): https://www.nordnet.se/marknaden/fondlistor/16973107-chelonia-market-neutral ————————————— 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 | |||
| #27 Andrew Wagner: The Economics of Online Gaming | 25 Jul 2022 | 00:55:37 | |
Andrew Wagner is the CIO of Wagner Road Capital Management and the author of "The Economics of Online Gaming". In our conversation, Andrew tells the fascinating story behind the book and we discuss the surprisingly many ways that gaming can make us advance in economics, business, and investing. A special thanks to Adam J. Mead for connecting us with Andrew Wagner. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on June 15, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (02:24) Background of Andrew Wagner (07:58) How the book came to be (11:16) The story of the book (16:48) Gaming experience on the CV (18:33) Monopoly breakdown and culture (22:57) Boycott - an investment opportunity? (28:04) Competitive advantages (33:57) The Principle-Agent Problem (36:58) Wagner Road Capital Management (42:04) Different stages of life in a business (43:36) Four categories of biases (49:01) Book inspiration ————————————— Books Mentioned
————————————— More on Andrew Wagner
————————————— 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 | |||
| #26 One Year - Any Wiser? | 11 Jul 2022 | 01:02:39 | |
In this special episode, we reflect on our lessons from the first year of the podcast. We discuss investment style, how to filter information, and the most dangerous behavioral aspects for investors. Clips from some of our previous guests are included. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on June 17, 2022. ————————————— Episode Chapters (00:00) General reflections from the first 25 episodes (10:12) Re-reading books and alternative histories (14:26) Investment style, gumbo, and bear markets (27:49) Different ways to gain an edge (32:52) The businessman made the business (38:44) Focus and information filtering (49:49) Lessons from psychology (55:08) Advice on how to read ————————————— Books Mentioned
————————————— 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 | |||
| #25 Richard Lawrence: The Model | 27 Jun 2022 | 01:13:32 | |
Richard Lawrence is the founder of Overlook Investments and one of the best investors in Asian equities over the last three decades. Richard founded Overlook Investments in Hong Kong in 1991 and the fund has since then beat the market by 6.5 percentage points per year. At the time of recording, June 10th, 2022, Overlook held more than USD 6 billion in assets. ————————————— We discuss Richard's book "The Model", with his best lessons from bear markets, Overlook's successful investment philosophy, his thoughts on investing in China, and the art of selling. A must-listen for every fund manager and private investor aiming to outperform the market over the longer term. ————————————— A special thanks to our friends at Next Gen Investors Endowment and Daniel Phua at Foord Asset Management for connecting us with Richard Lawrence. ————————————— We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (03:19) Life journey of Richard Lawrence (09:48) Bear market lessons and personality traits (20:51) Philosophy and inspiration of Overlook Investments (36:42) Investing in China from 1985 to 2022 (48:18) The success of TSMC (51:39) The art of selling (55:33) Legal cap on subscriptions (1:01:51) The outlook of Overlook Investments (1:03:35) Overlook Hall of Fame (1:05:48) Book inspiration ————————————— Books/Periodicals Mentioned
————————————— More on Richard Lawrence The Model: https://themodel.com/ Email: rlawrence@themodel.com Overlook Investments: https://overlookinv.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: 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 | |||
| #60 Torbjörn Arenbo: Capital Allocation and Value Creation | 23 Jul 2024 | 00:57:03 | |
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
————————————— Companies Mentioned
————————————— 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 | |||
| #24 Gillian Zoe Segal: Getting There | 13 Jun 2022 | 00:52:17 | |
Gillian Zoe Segal is the author of 'Getting There: A Book of Mentors'. In the book, Gillian has interviewed and photographed 30 superstars, including Warren Buffett and Michael Bloomberg. We talk about her special relation to Berkshire Hathaway, seven common traits among successful people, qualities to look for in a mentor, and much more. The episode was recorded on May 24, 2022. For more info about the podcast, go to the episode page. Follow us on Twitter: https://twitter.com/IB_Redeye ————————————— Episode Chapters (00:00) Intro to Gillian and Getting There (03:41) Gillian's special relation to Berkshire Hathaway (06:47) Choosing people to interview and the book title (09:50) Seven common factors of successful people (15:02) Jim Koch's lessons from mountaineering (18:15) The third door and dealing with rejection (24:17) Why success can turn into failure (27:30) Play to your strengths, but be ready to sacrifice something (32:22) Gillian's fav advice (34:07) The right attitude, for the right people (36:01) Mentors, role models, and heroes (40:10) Becoming a mentor (41:48) Qualities to look for in a mentor (43:47) Risks of having mentors (46:52) Learning about yourself (48:26) The worst advice (49:17) Book recommendations ————————————— Books Mentioned
————————————— Episodes Mentioned Patrik Wahlén - Episode 14: Investing by the Books podcast Shree Viswanathan - Episode 20: Investing by the Books podcast Bryan Lawrence - Episode 440: The Investor's Podcast ————————————— More on Gillian Zoe Segal LinkedIn: https://www.linkedin.com/in/gillian-zoe-segal-64041021/ ————————————— 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 | |||
| #23 Rajeev Agrawal on Poor Charlie's Almanack | 30 May 2022 | 01:16:59 | |
Rajeev Agrawal is the Fund Manager & Managing Partner at DoorDashi India Fund. For this episode, Rajeev has picked one of our favorite books - Poor Charlie’s Almanack - with wisdom from Charlie Munger, compiled by Peter Kaufman. Our conversation is an educational and inspiring discussion of how the ideas can be applied practically in our strive to become first-class investors. The episode was recorded on May 23, 2022. For more info about the podcast, go to the episode page. Follow us on Twitter: https://twitter.com/IB_Redeye ————————————— Episode Chapters (00:00) Intro to Rajeev Agrawal (03:15) About the bible (05:33) Intro to Peter Kaufman (07:00) Applying Poor Charlie’s Almanack (15:01) Chapter 1: A Portrait of Charles T. Munger (24:08) Chapter 2: The Munger Approach to Life, Learning and Decision Making (43:08) Chapter 3: Mungerism: Charlie Unscripted (49:26) Chapter 4, Speech 11: The Psychology of Human Misjudgment (1:06:19) Investing in India (1:12:04) Book recommendations ————————————— Books Mentioned
————————————— More on Rajeev Agrawal DoorDarshi: https://www.doordarshiadvisors.com/ LinkedIn: https://www.linkedin.com/in/rajeevagrawal/ Twitter: https://twitter.com/rajeev_agr ————————————— 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 | |||
| #22 Avner Mandelman: The Sleuth Investor | 16 May 2022 | 01:37:54 | |
Avner Mandelman is a former rocket scientist and hedge fund manager that has written several books and served in the Israeli Air Force. In a rare interview, we discuss his unconventional and intriguing strategy of stock sleuthing - collecting physical evidence to become a superior investor. A special thanks to our listener @InwestMannen who inspired us to connect with Avner. We welcome all suggestions of interesting authors, books, investors, and voracious readers @IB_Redeye. The episode was recorded on March 7, 2022. For more info about the podcast, go to the episode page. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (04:42) Get to know Avner Mandelman (08:18) Sleuthing vs. Scuttlebutt (12:03) Sleuthing anecdotes (18:03) Applying sleuth investing (22:40) Traits of successful sleuths (28:25) Sleuthing digital companies (34:50) Stock ideas, analysis, and the Turing test (41:49) The right leader for the right business (52:38) Sleuthing tools: beer, phone, and a star map (1:06:47) Sleuthing challenges, behavior, and market outlook (1:16:07) Improving your judgment (1:28:53) Book inspiration (1:32:39) The Advanced Sleuth Investor ————————————— Books Mentioned
————————————— More on Avner Mandelman Amazon: https://www.amazon.com/Avner-Mandelman/e/B001IQZKWS%3F Twitter: https://twitter.com/avnermandelman Youtube: https://www.youtube.com/channel/UCYqoVE89bEiKmybAlnLEq4w Wikipedia:https://en.wikipedia.org/wiki/Avner_Mandelman ————————————— About the podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books Twitter: https://twitter.com/IB_Redeye ————————————— 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 | |||
| #21 Pilgrimage to the Oracle | 03 May 2022 | 01:05:34 | |
In this special episode, we discuss our adventure to Omaha and insights from watching Buffett and Munger on stage at Berkshire Hathaway’s annual meeting 2022. With thousands of like-minded investors attending, we took the opportunity to interview four seasoned money managers: Shree Viswanathan, Christian Billinger, Rajeev Agrawal, and Adam J. Mead. We welcome all suggestions of interesting authors, books, investors, and voracious readers around the world @IB_Redeye. The episode was recorded between April 29 and May 1st, 2022. For more info about the podcast, go to the episode page. ————————————— Episode Chapters (00:00) Omaha: Day 1 (05:16) Omaha: Day 2 (08:37) Interview: Shree Viswanathan, SVN Capital (13:27) Interview: Christian Billinger, Billinger Förvaltning (16:49) Interview: Rajeev Agrawal, DoorDarshi India Fund (25:40) Takeaways from KEDM/Kuppy's Event (27:40) Takeaways from Berkshire’s Q&A (40:49) Takeaways from Trupanion’s AGM (42:47) Interview: Adam J. Mead, Mead Capital Management (53:20) Takeaways from Willow Oaks Asset Management’s Event (59:24) Takeaways from Markel Corporation’s Brunch (1:02:18) Final remarks ————————————— Books Mentioned
————————————— About the podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books Twitter: https://twitter.com/IB_Redeye ————————————— 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 | |||
| #20 Shree Viswanathan on A Search in Secret India | 19 Apr 2022 | 01:31:08 | |
Shree Viswanathan is the founder, president, and portfolio manager of SVN Capital. In a deep and thoughtful conversation, we revisit the book with the biggest impact on Shree's life - "A Search in Secret India" by Paul Brunton. As we discuss ego reduction, intuition, anchoring, and how to evaluate people; it is evident that spiritualism helps, and perhaps even is necessary, to become a successful investor. For this episode, we want to give a special thanks to our listener @assonmoneymess, who connected us with Shree. We welcome all suggestions of interesting authors, books, investors, and voracious readers around the world @IB_Redeye. The episode was recorded on March 30, 2022. For more info about the podcast, go to the episode page. ————————————— Episode Chapters (00:00) Intro to Shree and the book (05:07) Three most important habits (08:13) Shree’s investing journey (11:13) A Search in Secret India (19:02) Ego reduction (27:42) Body, mind, and beyond (35:41) Shree’s investment philosophy (42:13) Intuition in investing (51:29) Competition is for losers (53:52) Anchoring and overconfidence (56:20) Finding your master (1:01:58) Evaluating managers (1:11:46) Westernization and investing in India (1:14:38) Inner scorecard (1:19:14) Shree’s reading habits (1:23:18) Three most important books ————————————— Books Mentioned
————————————— Podcasts & Talks Mentioned Buddha at the Gas Pump - David Godman Competition is for Losers - Peter Thiel ————————————— More on Shree Viswanathan Website: https://www.svncapital.com/ Twitter: https://twitter.com/SvnCapital LinkedIn: https://www.linkedin.com/in/shreekkanth-viswanathan-ab5300/ ————————————— About the podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books Twitter: https://twitter.com/IB_Redeye ————————————— 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 | |||
| #19 Oddbjørn Dybvad: Investing in Value Creators | 05 Apr 2022 | 00:54:51 | |
Oddbjørn Dybvad is the co-founder of REQ Capital and a seasoned investor in global compounders. The focus of this episode is Oddbjørn's book “Investing in Value Creators" and our conversation covers management/investor mistakes, capital allocation, hyperbolic discounting, serial acquirers, and much more. The episode was recorded on March 3, 2022. For more info about the podcast, go to the episode page. ————————————— Episode Chapters (00:00) Intro to Oddbjørn, REQ Capital, and the book (06:56) The investment philosophy of REQ Capital (16:09) Corporate culture as a moat (17:40) Management mistakes and confident humility (22:59) Quantitative metrics to determine value creation (25:13) Hyperbolic discounting of cash flows (30:47) Dealing with volatility (33:12) Investor mistakes (36:49) Information treatment (38:53) Investing in Serial Acquirers (44:42) Geographic split, reasons for selling & portfolio sizing (49:36) Investing: Art vs. Science (51:17) Book recommendations ————————————— Books Mentioned
————————————— More on Oddbjørn Dybvad LinkedIn: https://www.linkedin.com/in/oddbj%C3%B8rn-dybvad-01575883/ Twitter: https://twitter.com/oddbjorndybvad Website: https://reqcapital.com/ ————————————— Redeye's Serial Acquirers Event - May 18, 2022 https://www.redeye.se/events/832215/redeye-theme-serial-acquirers ————————————— About the podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books Twitter: https://twitter.com/IB_Redeye ————————————— 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 | |||
| #18 Eric Jorgenson: The Almanack of Naval Ravikant | 22 Mar 2022 | 01:30:13 | |
Eric Jorgenson is a fellow podcast host, investor, and author based in Kansas. In this rich episode, Eric joins us to discuss his excellent compilation of wisdom from the Silicon Valley icon Naval Ravikant. Our cheerful yet deep conversation spans from wealth creation to new perspectives on innovation, leverage, happiness, health, and... flying cars. The episode was recorded on February 7, 2022. For more info about the podcast, go to the episode page. ————————————— Episode Chapters (00:00) Intro to Eric, Naval and the book (07:58) Finding Naval Ravikant (09:51) Book inspiration for Naval’s almanack (12:41) Happiness vs. Wealth (15:36) How to get rich without getting lucky (19:21) What to avoid and what to do to reach wealth (23:48) Innovation - the frontier of humanity (31:28) Compounding beyond capital (34:34) Leverage of tools, products, people and capital (43:59) FIRE, Capital vs. Time, Want vs. Have (50:06) Happiness - a choice (55:45) How to prioritize health (1:00:17) Time vs. Return: The 1h meditation (1:05:03) Future readers’ interpretations (1:09:59) Avoiding desire machines (1:11:24) Eric’s time allocation (1:22:41) Where is my flying car? (1:26:40) A new book idea ————————————— Books Mentioned
————————————— Articles Mentioned
————————————— More on Eric Jorgenson Twitter: https://twitter.com/EricJorgenson Website: https://www.ejorgenson.com/ ————————————— About the podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books Twitter: https://twitter.com/IB_Redeye ————————————— 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 | |||
| #17 Björn Fahlén: Quality First Investing | 08 Mar 2022 | 00:58:14 | |
Björn Fahlén is the refounder, principal shareholder, Chief Investment Officer, and CEO of Redeye. Our conversation focuses on his book "Quality First Investing: A checklist approach to finding and sitting tight in multibaggers". We talk about his investor journey, company quality, portfolio management, behavior, and much more. The episode was recorded on Thursday, February 3, 2022. For more info about the podcast, go to the episode page. ————————————— Episode Chapters (00:00) Intro to Björn Fahlén (09:11) Intro to Quality First Investing (12:22) Thematic/Top-Down vs Bottom-Up Investing (15:36) Quality in People, Business, and Financials (27:13) Applying the checklist (31:26) Risk vs Uncertainty (34:07) Why quality companies often are underpriced (36:39) Rating questions that management often fails (39:19) Redeye’s fund and Top Picks portfolio (44:04) Special situations (48:21) Overpaying and Margin of Safety (49:43) Dealing with overconfidence (53:31) The ugly side of compounding (54:43) Most influential books ————————————— Books Mentioned
————————————— More on Björn Fahlén LinkedIn: https://se.linkedin.com/in/bj%C3%B6rn-fahl%C3%A9n-4a631265 Email: bjorn@redeye.se ————————————— About the podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books Twitter: https://twitter.com/IB_Redeye ————————————— 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 | |||
| #16 Robert Hagstrom: Investing - The Last Liberal Art | 22 Feb 2022 | 00:45:36 | |
Robert Hagstrom is a distinguished author and investor with 35+ years of experience in the equity market. Our conversation centers around his gem "The Last Liberal Art", explaining how disciplines such as biology, philosophy, and psychology can help us improve as investors. We also gain new reading inspiration as well as advice for younger listeners. The episode was recorded on February 2, 2022. For more info about the podcast, go to the episode page. ————————————— Episode Chapters (00:00) Intro to Robert Hagstrom and the book (07:07) Benefits of learning from several disciplines (13:06) Biology - Complex adaptive systems (17:32) Physics - Market predictions (19:32) Disciplines for ”The Last Liberal Art 2” (20:48) Sociology - Self-organization vs. Central banks (24:22) Psychology - Myopic loss aversion, irrationality, mistakes (32:03) Philosophy - Pragmatism and Wittgenstein’s Theory of Language (36:51) Multidisciplinary money management (40:28) Book inspiration and advice for younger people ————————————— Books Mentioned
————————————— More on Robert Hagstrom EquityCompass: https://equitycompass.com/ Books: https://www.amazon.com/kindle-dbs/entity/author/B000AP8X3Q ————————————— About the podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books Twitter: https://twitter.com/IB_Redeye ————————————— 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 | |||
| #15 Dennis Jean-Jacques: The 5 Keys to Value Investing | 08 Feb 2022 | 01:16:50 | |
Dennis Jean-Jacques is a savvy investor and the author of "The 5 Keys to Value Investing". We discuss core concepts from the book, investment principles, and his lessons from decades of managing money. Jean-Jacques is President and Chief Investment Officer of Ocean Park Investments, an asset management firm based on the US east coast. The episode was recorded on January 10, 2022. For more info about the podcast, go to the episode page. ————————————— Episode Chapters (00:00) Intro to Dennis Jean-Jacques (08:32) Intro to The 5 Keys to Value Investing (14:31) Catalysts to drive stock prices (19:28) Madame Index vs Coffee Can (26:56) Investment horizon (28:20) Insights on stock market evolution (32:09) Small Cap vs Large Cap (33:50) Business track records (38:34) Importance of ROCE source (44:29) Investment lessons (48:47) The right stocks for the right investor (52:22) Strategies at Ocean Park Investments (53:28) Sustainable investments and disruption (1:01:40) Investment principles (1:06:03) Most common biases (1:08:15) Emotional discipline (1:11:23) Reading recommendations ————————————— Books Mentioned
————————————— More on Dennis Jean-Jacques LinkedIn: https://www.linkedin.com/in/j-dennis-jean-jacques-3679abb Ocean Park Investments: https://oceanparkinvestments.com/ Article on MOI Global: https://moiglobal.com/how-to-become-a-catalyst-and-milestone-focused-investor/ ————————————— 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 | |||
| #59 Chris Waller on We Are Bellingcat | 25 Jun 2024 | 01:11:24 | |
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
————————————— More on Chris ————————————— 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 | |||
| #14 Patrik Wahlén on Business Adventures | 25 Jan 2022 | 00:33:02 | |
Patrik Wahlén is the Co-Founder and Chairman of the Swedish industrial group Volati. We have the pleasure to discuss one of his favorite books, featuring several timeless Wall Street stories. Besides the lessons from John Brooks and the stock market, we talk about how to build a lasting serial acquirer and what you can learn from English soccer clubs. The episode was recorded on December 20, 2021. For more info about the podcast, go to the episode page. ————————————— Episode Chapters Part 1: Lessons from Business Adventures (00:00) Intro to Patrik Wahlén and ”Business Adventures” (01:56) Buffett’s AMEX investment and risks (04:13) Lessons from the first flash crash (05:43) Patrik’s most common biases (06:25) Big bets: Ford’s Edsel failure (09:44) Diversification and philanthropy: Xerox (12:51) Overconfidence and frugality: Clarence Saunders (15:34) Finding your passion: David Lilienthal Part 2: Building a Lasting Serial Acquirer (16:27) Patrik Wahlén and Volati (17:57) Building a lasting serial acquirer (28:10) Lessons from soccer (30:54) Book recommendations ————————————— Books Mentioned
————————————— Companies Mentioned (in order of its first appearance)
————————————— More on Patrik Wahlén Twitter: https://twitter.com/PGWahlen Volati: https://www.volati.se/en/about-volati.aspx ————————————— 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 | |||
| #13 Chris Mayer: 100-Baggers | 11 Jan 2022 | 01:25:39 | |
Chris Mayer is an expert on stocks that return 100 times or more. In a thoughtful conversation with many company examples, we talk about how to identify 100-baggers and their common characteristics. Chris also shares his portfolio strategy and the mindset needed to reach superior investment results. For more info about the podcast, go to the episode page. ————————————— Episode Chapters Part I: INTRO (00:00) Intro to Chris and 100-Baggers (03:15) A favorite 100-bagger story (05:23) The two routes to 100-bagger status (06:50) The twin engines (08:14) Chris’s investor evolution Part II: PEOPLE (13:13) Owner-operators and incentives (18:58) Capital allocation decisions (21:12) Business culture (24:50) The most important question to management (competition) (26:58) Companies checking all the People’s boxes Part III: BUSINESS (29:18) Business models for the next 50 years (29:55) Growth (33:09) Moats (37:00) Size and industry (38:26) Holding companies/Serial acquirers Part IV: STRATEGY (48:33) Where to start looking for 100-baggers (50:05) Sosnoff’s Law (50:53) Valuation (52:11) Portfolio construction (55:07) Kelly criterion (56:47) Position size (58:33) Selling and switching a position (1:00:47) The Coffee Can approach (1:05:10) Cash position Part V: MINDSET (1:07:21) Personal traits to realize 100-baggers (1:10:51) How to improve patience (1:14:27) Most common biases (1:16:16) Learning from success and failure (1:20:03) Books to find & hold on to 100-baggers (1:22:29) Chris’s upcoming book ————————————— Articles & Books Mentioned
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————————————— More on Chris Mayer Books: https://www.amazon.com/Christopher-W-Mayer/e/B001IGOH5E?ref=sr_ntt_srch_lnk_2&qid=1641899969&sr=1-2 Twitter: https://twitter.com/chriswmayer Blog: https://www.woodlockhousefamilycapital.com/blog ————————————— 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 | |||
| #12 Bethany McLean: The Smartest Guys in the Room | 28 Dec 2021 | 00:51:38 | |
Bethany McLean is one of the world’s most prominent financial and investigative journalists. In this episode, we revisit her masterpiece on Enron, the Wall Street darling that suddenly imploded in 2001. We focus on timeless insights and discuss charismatic leaders, breakpoints, math, narratives, lessons from a day with Buffett, and much more. For more info about the podcast, go to the episode page. ————————————— Episode Chapters (00:00) Intro to Bethany McLean (05:50) Intro to Enron and The Smartest Guys in the Room (08:42) Enron vs Tesla (10:39) The characters at Enron (13:26) From math to investigative journalism (17:49) Breakpoints of frauds and market excesses (24:55) Lessons from Bethany’s day with Buffett (28:06) Investigative work and story-telling (35:30) Carol Loomis, the goddess of Fortune (37:24 Leader qualities and open-mindedness (46:30) Bethany’s next book (47:57) Reading habits and book recommendations ————————————— Articles Mentioned
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————————————— More on Bethany McLean Twitter: https://twitter.com/bethanymac12 Podcast, "Capitalisn’t": https://www.chicagobooth.edu/review/capitalisnt ————————————— 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 | |||
| #11 Daniel Sun Zhang: An Investment Thinking Toolbox | 14 Dec 2021 | 01:19:49 | |
We believe that a multidisciplinary approach is essential for every long-term investor. One of the most practical books we have found on the topic is “An Investment Thinking Toolbox”, by Daniel Sun Zhang, published in 2021. In this episode, we have the author on the show to discuss some of the 11 most important mental models for investors, the compounding machines called serial acquirers, and Zhang’s role as Director of Acquisitions at Teqnion. For more info about the podcast, go to the episode page. ————————————— Episode Chapters (00:00) Intro to Daniel Zhang & ”An Investment Thinking Toolbox” (09:48) Intro to Mental Models (13:40) Circle of Competence (17:32) Unknown Unknowns (24:34) Anchoring & Chris Sacca (30:16) Survivorship Bias (41:07) The seven sins of Confirmation Bias (52:08) Serial acquirers & Teqnion (1:01:14) Daniel’s role as Director of Acquisitions (1:07:40) Using mental models when buying private companies (1:15:02) Reading inspiration for life and investing ————————————— Books Mentioned An Investment Thinking Toolbox - Daniel Sun Zhang (2021)
Brief Answers to the Big Questions - Stephen Hawking (2018) Buffett's Shareholder Letters: https://www.berkshirehathaway.com/letters/letters.html Books by Nassim Taleb:
Before the Coffee Gets Cold - Toshikazu Kawaguchi (2015) ————————————— Companies Mentioned
————————————— More on Daniel Sun Zhang LinkedIn: https://se.linkedin.com/in/daniel-zhang-31900b26 Teqnion: https://www.teqnion.se/ ————————————— 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 | |||