Investing by the Books

Ian Cassel is the founder of MicroCapClub, co-author of the books about Intelligent Fanatics, and the CIO of Intelligent Fanatics Capital Management. In this episode, we talk about “Golf Is Not a Game of Perfect” by Bob Rotella. The book covers the mental habits used by professional golfers, an area that turns out to be a ripe hunting ground for valuable investing advice.

For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team

This episode was recorded on April 19, 2023.

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Episode Chapters

(00:00) Intro by Eddie & Niklas

(02:26) How Ian started with investing

(07:13) Golf Is Not a Game of Perfect

(13:26) Adapting your strategies to the world around you

(16:55) Rigidity vs. flexibility in the investment process

(19:29) Accepting things outside of your control

(25:51) Letting investments influence your strategy

(31:37) Appreciating the position you’re in

(36:11) The long versus the short game

(42:27) Knowing when you know enough…

(44:34) … and then knowing what to do

(48:89) Learning about yourself through the market

(51:39) Having productive distractions

(55:13) Do investors age well?

(58:32) Should you lower your expectations?

(01:00:45) How to consider macroeconomics

(01:03:55) Checking stock prices daily/Comparing yourself to others

(01:07:52) The set-up at Intelligent Fanatics Capital Management

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Books Mentioned

Intelligent Fanatics - Sean Iddings and Ian Cassel

Golf Is Not a Game of Perfect - Bob Rotella

The Elements of Scoring - Raymond Floyd

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More on Ian

Twitter

MicroCapClub

Intelligent Fanatics Capital Management

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About the Podcast

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

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What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

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What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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.

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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

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Books Mentioned

• Active Value Investing - Vitaliy Katsenelson
• The Little Book About Sideways Markets - Vitaliy Katsenelson
• Soul in the Game - Vitaliy Katsenelson
• Skin in the Game - Nassim Nicholas Taleb
• Managing Oneself - Peter Drucker
• Behavioral Investing - James Montier
• The Little Book of Behavioral Investing - James Montier
• The Little Book that Builds Wealth - Pat Dorsey
• How to Think Like a Roman Emperor - Donald Robertson
• Guide to a Good Life - William Irvine

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Companies Mentioned

• Silicon Valley Bank
• Qualcomm
• Meta

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More on Vitaliy

Twitter

LinkedIn

Investment Management Associates (IMA)

The Intellectual Investor

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About the Podcast

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

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What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

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What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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.

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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

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Books Mentioned

• The Enduring Value of Roger Murray - Paul Johnson & Paul D. Sonkin
• The Centennial - Columbia Business School
• Pitch the Perfect Investment - Paul Johnson & Paul D. Sonkin
• Security Analysis - Benjamin Graham
• Expectations Investing - Michael Mauboussin
• The Outsiders - William Thorndike
• Value Investing - Bruce Greenwald
• The Razor’s Edge - W. Somerset Maugham
• Of Human Bondage - W. Somerset Maugham
• The Valuation of Growth (Upcoming) - Paul Johnson & Paul D. Sonkin

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Companies Mentioned

• Apple
• Alphabet
• Meta
• Kimball International
• Capital Cities
• Berkshire Hathaway

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About the Podcast

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

—————————————

What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

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What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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.

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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

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Books Mentioned

• Warren Buffett: Investor and Entrepreneur - Todd Finkle
• The Warren Buffett Way - Robert Hagstrom

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More on Todd

• Twitter
• Webpage on University
• LinkedIn
• Website

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About the Podcast

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

—————————————

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_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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.

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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

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Books Mentioned

• Taking Down the Lion - Catherine S. Neal
• The Smartest Guys in the Room - Bethany McLean
• Madoff Talks - Jim Campbell

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Companies Mentioned

• Tyco International
• Procter & Gamble
• Intel
• Metlife
• Disney
• Enron

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More on Catherine

• Website for Taking Down the Lion
• Twitter

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About the Podcast

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

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What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

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What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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.

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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

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Books Mentioned

• The Sleuth Investor - Avner Mandelman
• The Advanced Sleuth Investor - Avner Mandelman
• Thinking, Fast and Slow - Daniel Kahneman
• Summa de Arithmetica - Luca Pacioli
• Parallel Lives - Plutarch
• On Intelligence - Jeff Hawkins

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More on Avner

• Twitter
• Youtube

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About the Podcast

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

—————————————

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_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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

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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

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Books Mentioned

• The Rebel Allocator - Jake Taylor
• Deep Survival - Laurence Gonzales
• The Dandho Investor - Mohnish Pabrai
• 100 Baggers - Chris Mayer
• The Rational Optimist - Matt Ridley
• Ten Global Trends Every Smart Person Should Know - Ronald Bailey
• Quit - Annie Dukes

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More on Jake

• Twitter
• Journalytic
• Farnam Street Investments
• Value After Hours Podcast

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About the Podcast

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

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What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

—————————————

What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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.

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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

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Books Mentioned

• The Intelligent Investor - Benjamin Graham
• Security Analysis - Benjamin Graham and David L. Dodd
• One Up on Wall Street - Peter Lynch
• Beating the Street - Peter Lynch
• Quality First Investing - Björn Fahlén
• The Investment Checklist - Micheal Shearn
• Once in Golconda - John Brooks
• Business Adventures - John Brooks
• The Go-Go Years - John Brooks
• Against the Gods - Peter L. Bernstein
• Fooled by Randomness - Nassim Nicholas Taleb
• Poor Charlie’s Almanack - Peter D. Kaufman
• Damn Right! - Janet Lowe
• The Snowball - Alice Schroeder
• The Warren Buffett Way - Robert G. Hagstrom
• The Making of an American Capitalist - Roger Lowenstein
• The Most Important Thing - Howard Marks
• Millionaire Teacher - Andrew Hallman
• The Little Book that Builds Wealth - Pat Dorsey
• Investors Manual - NAIC
• Investment Biker - Jim Rogers
• The Education of a Value Investor - Guy Spier
• Financial Shenanigans - Howard Schilit
• The Interpretation of Financial Statements - Benjamin Graham
• Warren Buffett and the Interpretation of Financial Statements - David Clark and Mary Buffett
• The Black Swan - Nassim Nicholas Taleb
• A Random Walk Down Wall Street - Burton G. Malkiel
• The Outsiders - William Thorndike
• Thinking, Fast and Slow - Daniel Kahneman
• Influence - Robert Cialdini
• The Complete Financial History of Berkshire Hathaway - Adam Mead
• The Five Keys to Value Investing - Dennis Jean-Jacques
• 100 Baggers - Chris Mayers

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Other resources

• Berkshire Hathaway’s annual shareholder letters
• Howard Marks’ memos

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More on Mark

• Twitter
• Website

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About the Podcast

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

—————————————

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_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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.

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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

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Books Mentioned

• The Man Who Solved the Market - Gregory Zuckerman
• The Greatest Trade Ever - Gregory Zuckerman
• A Man For All Market - Ed Thorp
• Beat the Dealer - Ed Thorp

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Companies Mentioned

• Renaissance Technologies

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More on Gregory

• Twitter
• LinkedIn

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About the Podcast

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

—————————————

What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

—————————————

What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

—————————————

Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In this episode, we speak with 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.

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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

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Books Mentioned

Where the Money Is - Adam Seessel

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Companies Mentioned

• Evolution
• Amazon
• Apple
• Meta
• Yahoo
• Netflix

—————————————

More on Adam

• LinkedIn

—————————————

About the Podcast

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

—————————————

What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: 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

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

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Books Mentioned

• Distance Force - George A. Roberts
• The Outsiders - Will Thorndike
• The Sleuth Investor - Avner Mandelman
• The Rise and Fall of American Growth - Robert J. Gordon
• Junk to Gold - Willis Johnson

—————————————

Companies Mentioned

• Teledyne
• Redishred Capital Corp
• Copart

—————————————

More on Carter

• Website
• Twitter

—————————————

About the Podcast

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

—————————————

What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

—————————————

What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

—————————————

Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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

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Books Mentioned

• Superforecasting - Dan Gardner and Philip Tetlock
• Rich Dad Poor Dad - Robert Kiyosaki
• How Buffett Does It - James Pardoe
• Snowball - Alice Schroeder
• A Thousand Brains - Jeff Hawkins
• The Talent Code - Daniel Coyle
• Deep Survival - Laurence Gonzales
• The Tao Jones Averages - Bennett W. Goodspeed
• Rainbows End - Vernor Vinge

—————————————

Companies Mentioned

Cogstate

—————————————

More on Matt

• Matt’s Twitter
• Matt’s LinkedIn
• Mattjoass.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

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

• The Entrepreneurs - Derek Lidow
• Startup Leadership - Derek Lidow
• Building on Bedrock - Derek Lidow
• Four Steps to the Epiphany - Steve Blank
• The Startups Owner’s Manual - Steve Blank
• Making Sense of Field Research - Sheila Pontis
• Communicating Knowledge Visually - Sheila Pontis

—————————————

More on Derek

Dereklidow.com

Derek’s Twitter

Derek’s LinkedIn

—————————————

About the Podcast

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

—————————————

What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: 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

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 Sketchbook of Wisdom - Vishal Khandelwal
• Shut Up and Wait - Vishal Khandelwal (To be released)
• The Intelligent Investor - Benjamin Graham
• Poor Charlie’s Almanack - Peter Kaufman
• How to Stop Worrying and Start Living - Dale Carnegie
• Man’s Search for Meaning - Viktor Frankl
• The Bhagavad Gita

—————————————

The One Percent Show (Available on Youtube, Spotify, Apple Podcasts, etc.)

Safal Niveshak Website

Vishal's Twitter

—————————————

About the Podcast

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

—————————————

What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

—————————————

What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

—————————————

Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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

• The Complete Financial History of Berkshire Hathaway - Adam Mead
• The Warren Buffett Way - Robert Hagstrom
• Poor Charlie’s Almanack - Peter Kaufman
• Seeking Wisdom - Peter Bevelin
• Leonardo da Vinci - Walter Isaacson
• Manias, Panics, and Crashes - Charles Kindleberger

—————————————

Companies Mentioned

• Berkshire Hathaway
• National Indemnity
• Geico
• Apple
• The Washington Post
• Scott Fetzer
• Berkshire Hathaway Energy
• BNSF
• See’s Candies
• Markel Capital
• Alleghany Corporation
• Fairfax
• Boston Beer Company
• Heineken
• Anheuser-Busch Inbev
• Jack Henry
• Fastenal

—————————————

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

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

• Investing for Growth - Terry Smith
• Quality Investing - Lawrence Cunningham
• Capital Returns - Edward Chancellor

—————————————

Companies Mentioned

• TCI (Tele-Communications Inc)
• AKO Capital
• Fundsmith
• Tesco
• IBM
• Berkshire Hathaway
• Markel Capital
• Lindsell Train
• Kimberly-Clark
• SGS
• Domino’s Pizza
• Meta
• Paypal
• Diageo
• Davide Campari
• Rémy Cointreau
• LVMH
• Hermès

—————————————

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

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

• The Joys of Compounding - Gautam Baid
• A Random Walk Down Wall Street - Burton Malkiel
• Investing for Growth - Terry Smith
• Mastering the Market Cycle - Howard Marks
• You Can Be a Stock Market Genius - Joel Greenblatt
• More Than You Know - Michael Mauboussin 
• Seeking Wisdom - Peter Bevelin
• All I Want to Know is where I'm Going to Die So I'll Never Go There - Peter Bevelin
• Common Stocks and Uncommon Profits - Philip Fisher

—————————————

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

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

• Money Masters of Our Time - John Train
• Sam Walton: Made in America - Sam Walton
• Shoe Dog - Phil Knight
• Fortune’s Formula - William Poundstone
• Buffett: The Making of an American Capitalist - Roger Lowenstein
• The Snowball - Alice Schroeder
• You Can Be a Stock Market Genius - Joel Greenblatt
• The Warren Buffett Portfolio - Robert Hagstrom
• Elusive - Frank Close

—————————————

Companies Mentioned

• Capital Cities Broadcasting
• Teledyne
• General Dynamics
• TCI
• The Washington Post
• Ralston Purina
• General Cinema
• Berkshire Hathaway
• Danaher
• Prosus
• Arch Reinsurance
• RCI Hospitality
• Constellation Software
• Brookfield Asset Management
• Lifco

—————————————

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

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

• Nothing But Net - Mark Mahaney
• One Up on Wall Street - Peter Lynch
• The Smartest Guys in the Room - Bethany McLean
• No Rules Rules - Reed Hastings & Erin Meyer
• The Sleuth Investor - Avner Mandelman
• The Black Swan - Nassim Nicholas Taleb
• Freakonomics - Steven Levitt & Stephen J. Dubner

—————————————

Companies Mentioned (in order of first appearance)

• Groupon
• Netflix
• Amazon
• Uber
• Apple
• Warby Parker
• Airbnb
• Enron
• Spotify
• Google
• eBay
• Grubhub
• Meta
• Yahoo!
• AOL
• TikTok
• DoorDash
• Stitch Fix
• Blue Apron
• Snap
• 1stDibs
• Zulily
• Wix
• Shopify
• Lyft

—————————————

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

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

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Books Mentioned

• The World's 99 Greatest Investors - Magnus Angenfelt
• Thinking Fast and Slow - Daniel Kahneman
• One Up on Wall Street - Peter Lynch
• John Neff on Investing - John Neff

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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

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About the podcast

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

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What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

—————————————

What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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.

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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

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Books Mentioned

• The Economics of Online Gaming - Andrew Wagner
• The Warren Buffett Way - Robert Hagstrom
• The Warren Buffett Portfolio - Robert Hagstrom
• Thinking Fast and Slow - Daniel Kahneman
• Influence - Robert Cialdini
• The Age of Propaganda - Anthony Pratkanis & Elliot Aronson

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More on Andrew Wagner

• LinkedIn: https://www.linkedin.com/in/atwagner
• Wagner Road Capital Management: https://www.wagnerroadcm.com/
• The Economics of Online Gaming on Business Expert Press: https://www.businessexpertpress.com/books/the-economics-of-online-gaming-a-players-introduction-to-economic-thinking/
• The Economics of Online Gaming on Amazon: https://www.amazon.com/dp/B084Z77PSW/

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About the podcast

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

—————————————

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_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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.

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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

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Books Mentioned

• Dear Chairman - Jeff Gramm
• Business Adventures - John Brooks
• The Model - Richard Lawrence
• John Neff on Investing - John Neff
• Investing: The Last Liberal Art - Robert Hagstrom
• The Intelligent Investor - Benjamin Graham
• Why Moats Matter - Heather Brilliant
• Poor Charlie’s Almanack - Peter Kaufman
• The Sleuth Investor - Avner Mandelman
• The Man Who Solved the Market - Gregory Zuckerman
• The Smartest Guys in the Room - Bethany McLean
• Quality First Investing - Björn Fahlén
• Dedicated - Pete Davis
• Getting There - Gillian Zoe Segal
• An Investment Thinking Toolbox - Daniel Zhang
• How to Read a Book - Mortimer Adler

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About the podcast

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

—————————————

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

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.

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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.

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A special thanks to our friends at Next Gen Investors Endowment and Daniel Phua at Foord Asset Management for connecting us with Richard Lawrence.

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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.

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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

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Books/Periodicals Mentioned

• The Model - Richard Lawrence
• Pioneering Portfolio Management - David Swensen
• The Buffett Partnership Letters
• The New Money Masters - John Train
• The Outstanding Investor Digest
• One Up On Wall Street - Peter Lynch
• The Investor's Anthology - Charles Ellis
• Classics II: Another Investor's Anthology - Charles Ellis
• Margin of Safety - Seth Klarman
• The Investor’s Equation - William Bowen and Frank Ganucheau
• The Mind of Wall Street - Leon Levy

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More on Richard Lawrence

The Model: https://themodel.com/

Email: [email protected]

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

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

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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

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Books Mentioned

• Getting There - Gillian Zoe Segal
• New York Characters - Gillian Zoe Segal
• The Third Door - Alex Banayan
• Bad Blood - John Carreyrou
• A Search in Secret India - Paul Brunton
• The Education of a Value Investor - Guy Spier
• Richer, Wiser, Happier - 
• Influence - Robert Cialdini
• Pre-Suasion - Robert Cialdini

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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

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More on Gillian Zoe Segal

LinkedIn: https://www.linkedin.com/in/gillian-zoe-segal-64041021/

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About the podcast

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

—————————————

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

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

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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

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Books Mentioned

• Poor Charlie's Almanack - Peter Kaufman
• The Education of a Value Investor - Guy Spier
• Berkshire Hathaway Letters to Shareholders
• The Most Important Thing - Howard Marks
• There's Always Something to Do - Christopher Risso-Gill
• The Intelligent Investor - Benjamin Graham
• Think and Grow Rich - Napoleon Hill
• Thinking Fast and Slow - Daniel Kahneman
• Influence - Robert Cialdini
• Fooled by Randomness - Nassim Taleb

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More on Rajeev Agrawal

DoorDarshi: https://www.doordarshiadvisors.com/

LinkedIn: https://www.linkedin.com/in/rajeevagrawal/

Twitter: https://twitter.com/rajeev_agr

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About the podcast

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

—————————————

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

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.

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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

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Books Mentioned

• The Sleuth Investor - Avner Mandelman
• The Snowball - Alice Schroeder
• Taming the Lion: 100 Secret Strategies for Investing - Richard Farleigh
• Essentials of Myers-Briggs Type Indicator Assessment - Naomi L. Quenk
• Plutarch’s Parallel Lives - Plutarch
• The Pursuit of Victory: The Life and Achievement of Horatio Nelson - Roger Knight
• Who: The A Method for Hiring - Geoff Smart and Randy Street (about how to hire the best CEO for a company - recommended by Avner off-record)

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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

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About the podcast

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

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

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.

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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

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Books Mentioned

• The Oracle's Fables - John Prescott
• Getting There - Gillian Zoe Segal
• The Complete Financial History of Berkshire Hathaway - Adam Mead
• The Intelligent Investor - Ben Graham

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About the podcast

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

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

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.

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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

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Books Mentioned

• A Search in Secret India - Paul Brunton
• The Productivity Project - Chris Bailey
• Books by Thich Nhat Hanh 
• Books by Jiddu Krishnamurti
• Books by Wayne Dyer
• 100 to 1 in the Stock Market - Thomas Phelps
• A Walk in the Woods - Bill Bryson
• Diary of a Hedgehog - Barton Biggs
• Awaken The Giant Within - Tony Robbins
• The Intelligent Investor - Ben Graham
• The Almanack of Naval Ravikant - Eric Jorgenson
• The Snowball - Alice Schroeder
• Of Long-Term Value & Wealth Creation - Bharat Shah
• Fortune’s Formula - William Poundstone
• Investing Between the Lines - L.J. Rittenhouse

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Podcasts & Talks Mentioned

Buddha at the Gas Pump - David Godman

Competition is for Losers - Peter Thiel

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More on Shree Viswanathan

Website: https://www.svncapital.com/

Twitter: https://twitter.com/SvnCapital

LinkedIn: https://www.linkedin.com/in/shreekkanth-viswanathan-ab5300/

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About the podcast

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

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

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.

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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

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Books Mentioned

• Investing in Value Creators - Oddbjørn Dybvad
• The Outsiders - William Thorndike
• Think Again - Adam Grant
• 100-Baggers - Chris Mayer
• How to Win Friends and Influence People - Dale Carnegie

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More on Oddbjørn Dybvad

LinkedIn: https://www.linkedin.com/in/oddbj%C3%B8rn-dybvad-01575883/

Twitter: https://twitter.com/oddbjorndybvad

Website: https://reqcapital.com/

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Redeye's Serial Acquirers Event - May 18, 2022

https://www.redeye.se/events/832215/redeye-theme-serial-acquirers

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About the podcast

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

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

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.

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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

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Books Mentioned

• The Almanack of Naval Ravikant - Eric Jorgenson
• Poor Charlie’s Almanack - Peter D. Kaufman
• Principles - Ray Dalio
• Zero to One - Peter Thiel
• Seeking Wisdom - Peter Bevelin
• Berkshire Hathaway Letters to Shareholders - Max Olson
• The Joys of Compounding - Gautam Baid
• Where Is My Flying Car? - J. Storrs Hall

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Articles Mentioned 

• Interview with Gautam Baid - Bo Börtemark, Investing by the Books: http://www.investingbythebooks.com/columns/2019/7/31/interview-with-gautam-baid-author-of-the-joys-of-compounding-the-passionate-pursuit-of-lifelong-learning
• How to Manage Opportunity Cost - Eric Jorgenson: https://www.ejorgenson.com/blog/opportunity-cost-attention-thresholds

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More on Eric Jorgenson

Twitter: https://twitter.com/EricJorgenson

Website: https://www.ejorgenson.com/

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About the podcast

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

Twitter: https://twitter.com/IB_Redeye

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What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

—————————————

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

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.

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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

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Books Mentioned

• Quality First Investing - Björn Fahlén
• 100 to 1 in the Stock Market - Thomas Phelps
• 100-Baggers - Chris Mayer
• How to Profit from Special Situations in the Stock Market - Maurece Schiller

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More on Björn Fahlén

LinkedIn: https://se.linkedin.com/in/bj%C3%B6rn-fahl%C3%A9n-4a631265

Email: [email protected]

—————————————

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

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.

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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

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Books Mentioned

• Investing: The Last Liberal Art - Robert Hagstrom
• Books by Daniel Kahneman & Amos Tversky
• The Wisdom of Crowds - James Surowiecki
• Tractatus - Ludwig Wittgenstein
• Philosophical Investigations - Ludwig Wittgenstein (posthumous)
• Narrative Economics - Robert Shiller
• The Metaphysical Club - Louis Menand
• Oliver Wendell Holmes - Stephen Budiansky
• Immunity to Change - Lisa Laskow Lahey & Robert Kegan
• Books by Michael Mauboussin
• Books about Sherlock Holmes - Sir Arthur Conan Doyle
• Strategic Intelligence for American World Policy - Sherman Kent
• Arguably - Christopher Hitchens

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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

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.

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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

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Books Mentioned

• The Innovator's Dilemma - Clayton Christensen
• The Buffett Partnership Letters
• Investment letters by Howard Marks, John Rogers, Bruce Greenwald, Michael Mauboussin
• Creating Shareholder Value - Alfred Rappaport
• Expectations Investing - Michael Mauboussin & Alfred Rappaport
• The Last Liberal Art - Robert Hagstrom
• The Psychology of Risk - Ari Kiev
• Margin of Safety - Seth Klarman

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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

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.

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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

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Books Mentioned

• Business Adventures - John Brooks (1969)
• Confusion of Confusions - Joseph de la Vega (1688)
• Expectations Investing - Michael Mauboussin & Alfred Rappaport (2021)
• The House of Morgan - Ron Chernow (1990)
• All books by Peter Bevelin

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Companies Mentioned (in order of its first appearance)

• Volati
• American Express
• Ford
• Xerox
• Piggly Wiggly
• Tornum (part of Volati)
• Assa Abloy
• Nibe
• Salix (part of Volati)

—————————————

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

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.

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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

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Articles & Books Mentioned

• 100-Baggers - Chris Mayer
• Humble on Wall Street - Martin T. Sosnoff (1975)
• Silent Investor, Silent Loser - Martin T. Sosnoff (1987)
• Coffee Can Approach - Robert G. Kirby (1984)
• How Do You Know - Chris Mayer (2018)

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Companies Mentioned (in order of its first appearance)

• Monster Beverage
• McDonald's
• Starbucks
• Brown & Brown
• Domino’s Pizza
• Copart
• Insurance Auto Auctions
• ODFL
• Berkshire Hathaway
• Lifco
• Addtech
• Lagercrantz
• Bergman & Beving
• Danaher
• Constellation Software
• Nibe
• Assa Abloy
• Franklin Resources
• Wix.com
• Xerox
• Kodak
• Nokia
• Valeant

—————————————

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

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.

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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

• 20 Lessons from Enron - Niklas Sävås (2019): http://www.investingbythebooks.com/columns/2019/8/19/twenty-lessons-from-enron

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Books Mentioned

• The Smartest Guys in the Room - Bethany McLean & Peter Elkind (2003)
• The Revolt of the Public and the Crisis of Authority - Martin Gurri (2014)
• The Aristocracy of Talent - Adrian Wooldridge (2021)
• Dune books - Frank Herbert

—————————————

Movies Mentioned

• The Smartest Guys in the Room - Alex Gibney (2005)

—————————————

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

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.

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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)

• Buy "An Investment Thinking Toolbox" in the Nordics: https://www.adlibris.com/se/bok/an-investment-thinking-toolbox-9789188849960

• Buy "An Investment Thinking Toolbox" outside the Nordics: https://www.amazon.co.uk/dp/9188849961/ref=cm_sw_r_cp_api_glt_fabc_BNJ1AR0DRFC63FP5XGN1 

Brief Answers to the Big Questions - Stephen Hawking (2018)

Buffett's Shareholder Letters: https://www.berkshirehathaway.com/letters/letters.html

Books by Nassim Taleb:

• Fooled by Randomness (2001)
• The Black Swan (2007)
• The Bed of Procrustes (2010)
• Antifragile (2012)
• Skin in the Game (2018)

Before the Coffee Gets Cold - Toshikazu Kawaguchi (2015)

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Companies Mentioned

• Amazon
• Berkshire Hathaway
• Teqnion

—————————————

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

Michael Mauboussin is a thought-leader on decision-making, the role of complexity in markets, and most topics related to investing. His latest contribution to the investor community is the updated version of "Expectations Investing", published in 2021. To us, the book is a must-read and our conversation with Michael is both an introduction to the big concepts as well as an in-depth exploration into the art of valuing stocks.

For more info about the podcast, go to the episode page.

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Episode Chapters

(00:00) Intro to Mauboussin & Expectations Investing

(04:05) Michael’s motivation to educate

(05:35) Reading stock prices for better returns

(08:39) Expectations Investing - more useful than ever

(11:58) Earning the right to use valuation multiples

(15:46) Is long-termism an edge?

(19:12) Expectations Investing: Step 1 - Price-implied expectations

(36:46) Expectations Investing: Step 2 - Most important triggers

(1:01:07) Expectations Investing: Step 3 - Buy and sell decisions

(1:08:38) Portfolio concentration and small caps investing

(1:13:49) The concepts of real options and reflexivity

(1:20:48) Overprecision and confirmation bias

(1:25:48) Automation vs human judgement in the investing process

(1:29:19) Gary Klein’s pre-mortem

(1:33:28) Michael’s work in progress

(1:36:53) Three life-changing books

—————————————

Articles & Books Mentioned

• Expectations Investing - Michael Mauboussin, Alfred Rappaport (1st Edition 2001, updated 2021)
• More Than You Know - Michael Mauboussin (2006)
• Think Twice - Michael Mauboussin (2009)
• The Success Equation - Michael Mauboussin (2012)
• Creating Shareholder Value - Alfred Rappaport (1986)
• Expert Political Judgment - Philip Tetlock (2005)
• The Base Rate Book - Michael Mauboussin (2016)
• The Impact of Intangibles on Base Rates - Michael Mauboussin (2021)
• Measuring the Moat - Michael Mauboussin (2016)
• Gambling with the House Money and Trying to Break Even - Richard H. Thaler, Eric J. Johnson (1990)
• Dollars and Sense - Dan Ariely, Jeff Kreisler (2017)
• Public to Private Equity in the United States - Michael Mauboussin (2020)
• Do Stocks Outperform Treasury Bills? - Hendrik Bessembinder (2017) 
• An Engine, Not a Camera - Donald Alexander Mackenzie (2006)
• Noise - Daniel Kahneman, Olivier Sibony, Cass R. Sunstein (2021)
• Complexity - M. Mitchell Waldrop (1993)
• Consilience - Edward O. Wilson (1999)

—————————————

Companies Mentioned

• Amazon
• Berkshire Hathaway
• Costco
• Domino’s Pizza
• Shopify
• Tesla

—————————————

More on Michael Mauboussin

About: http://michaelmauboussin.com/

Expectations Investing: https://www.expectationsinvesting.com/

Twitter: https://twitter.com/mjmauboussin

—————————————

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

Erik Sprinchorn is one of Sweden's most successful investment managers. Our conversation centers around a book on self-justification and cognitive biases, vital concepts for every investor. Erik Sprinchorn is a portfolio manager at TIN Fonder, focusing on profitable growth companies within technology and innovation.

For more info about the podcast, go to the episode page.

—————————————

Episode Chapters

(00:08) Who is Erik Sprinchorn?

(02:58) What is "Mistakes Were Made (But Not by Me)" about?

(11:13) Most common biases and how to handle them?

(13:36) What is an investor mistake?

(16:21) Advice from the book for investors?

(25:21) Examples of mistakes, and coping strategies

(30:16) Mitigating cognitive dissonance

(39:04) Personal lessons from the book

(42:33) Summary and book recommendations

—————————————

Books Mentioned

Mistakes Were Made (But Not by Me): Why We Justify Foolish Beliefs, Bad Decisions, and Hurtful Acts - Carol Tavris & Elliot Aronson (1st Edition 2007)

Influence: The Psychology of Persuasion - Robert Cialdini (1st Edition 1984)

Everything by Nassim Nicholas Taleb:

• Fooled by Randomness (2001)
• The Black Swan (2007)
• The Bed of Procrustes (2010)
• Antifragile (2012)
• Skin in the Game (2018)

—————————————

More on Erik Sprinchorn

About Erik and TIN Fonder: https://tinfonder.se/en/erik-sprinchorn-eng/

Twitter: https://twitter.com/ESprinchorn

—————————————

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_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

This episode features the eminent Professor Lawrence Cunningham and his book Quality Investing from 2016. What is his view on the topic today, how do you identify quality companies, and what enables them to outperform? Leading the conversation is Christian Billinger, investment manager of Billinger Förvaltning and part of Investing by the Books website.

For full show notes and info about the podcast, go to the episode page.

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Episode Chapters

(00:07) - Intro by Eddie & Niklas

(02:55) - Amendments of the book since 2016?

(07:25) - Is quality investing overcrowded?

(13:43) - How to identify quality companies?

(22:57) - Quality, a hybrid of growth and value

(26:16) - Quality companies = gems hiding in plain sight?

(31:31) - What enables quality companies to outperform?

(38:51) - Higher presence of quality companies in certain geographies, sectors, or market caps?

(44:57) - Small-cap quality investing

(49:10) - Downside protection in quality investing

(50:54) - Great quality investors of today

(54:24) - A second quality investing book?

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More on Lawrence Cunningham

About: https://www.law.gwu.edu/lawrence-cunningham

Website: https://qualityshareholdersgroup.com/

Twitter:https://twitter.com/cunninghamprof

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More on Christian Billinger

Interview on MOI Global: https://moiglobal.com/christian-billinger-interview-201905/ 

Billinger Förvaltning: https://www.billingerforvaltning.se/

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What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

—————————————

What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In this episode, we invite a money manager to share insights from one of his favorite investing-related books. Our guest is the brilliant Henrik Andersson, manager of the Global Equity Fund at Didner & Gerge and a founding member of Investing by the Books. Henrik's choice is "The Essays of Warren Buffett" by Lawrence Cunningham, a classic piece with timeless wisdom for both junior and senior investors.

For more info about the podcast, go to the episode page.

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Episode Chapters

(00:08) Intro to Henrik Andersson

(02:09) Intro to The Essays of Warren Buffett

(06:53) Henrik’s favorite chapter

(09:27) Becoming a better investor

(11:00) Shareholder letters vs. The Essays

(13:30) Businesses emulating Berkshire

(18:58) Dealing with mistakes of omission

(21:13) Qualities of manangement

(23:28) Least relevant parts of the book

(24:56) IPOs and M&A

(27:26) Market temperature and expected returns

(30:25) Active management

(32:34) Book recommendations

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Articles and Books Mentioned

The Essays of Warren Buffett - Lawrence Cunningham (1st Edition 1997)

Top 50 Investment Books: http://www.investingbythebooks.com/best-investment-books-ever

Berkshire Hathaway's Shareholder Letters: https://www.berkshirehathaway.com/letters/letters.html

Do Stocks Outperform Treasury Bills? - Hendrik Bessembinder (2017) https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447

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Companies/Investors Mentioned

Berkshire Hathaway - Warren Buffett

Brookfield Asset Management - Bruce Flatt

Markel Corporation - Tom Gayner

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More on Henrik Andersson

About Henrik Andersson: http://www.investingbythebooks.com/who-we-are

About Didner & Gerge: https://www.didnergerge.se/brief-in-english/

Didner & Gerge Global Fund (in Swedish): https://www.didnergerge.se/vara-fonder/global/

—————————————

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

Jeff Gramm is a hedge fund manager and the author of "Dear Chairman". In a fun and multifaceted conversation, we discuss the crucial but sometimes overlooked topic of corporate governance. We also talk about small cap growth investing, biases, and Jeff's investment strategy.

For more info about the podcast, go to the episode page.

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Episode Chapters

(00:08) - Intro to Dear Chairman & Jeff Gramm

(04:12) - Role of the Board of Directors

(06:59) - The evolution of stock ownership

(15:50) - Jeff’s Shareholder activism

(17:50) - Favorite chapter: Ross Perot vs. General Motors

(27:25) - Management and the risk of bad governance

(31:32) - Life at the Board

(35:00) - How to get the right shareholder base?

(38:17) - Small cap growth investing

(41:19) - When shareholder activism fails

(44:53) - How to run an overvalued company?

(48:20) - Dividends vs. repurchases

(57:28) - Value of M&A

(1:02:48) - Jeff’s investment strategy

(1:12:32) - Biases, day trading, and birdwatching

(1:22:20) - Advice for new shareholder activists

(1:24:19) - Jeff’s book and podcast inspiration

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Books Mentioned

• Dear Chairman - Jeff Gramm (2016)
• The Go-Go Years - John Brooks (1984)
• My Years with General Motors - Alfred P. Sloan (1963)
• On a Clear Day You Can See General Motors - Patrick J. Wright (1979)
• The Snowball - Alice Schroeder (2008)
• Quality Shareholders - Lawrence A. Cunningham (2020)
• You Can be a Stock Market Genius - Joel Greenblatt (1997)
• Warren Buffett's Ground Rules - Jeremy Miller (2016)
• Empire of Pain - Patrick Radden Keefe (2021)
• Bad Blood - John Carreyrou (2018)
• Richer, Wiser, Happier - William Green (2021)

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Companies Mentioned

• Berkshire Hathaway
• Electronic Data Systems (EDS)
• General Motors
• Enron
• Sears
• BKF Capital
• Calloway's Nursery
• Jewett-Cameron Trading
• Danaher
• Popeyes
• The Joint Corp.

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Podcasts Mentioned

Bad Blood: The Final Chapter

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More on Jeff Gramm

Jeff's twitter: https://twitter.com/jeff_gramm

Jeff's book: https://www.goodreads.com/book/show/25817264-dear-chairman

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What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

—————————————

What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Heather Brilliant co-authored the book Why Moats Matter during her tenure at Morningstar. She is now CEO & President of Diamond Hill, an Ohio-based investment firm, where Krishna Mohanraj is an International Portfolio Manager. In the episode, these domain experts help us widen our intelligence of economic moats - a concept that truly matters when investing.

For more info about the podcast, go to the episode page.

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Episode Chapters

(00:11) - Intro by Eddie & Niklas

(05:08) - Intro to Heather Brilliant & Krishna Mohanraj

(10:07) - Biases when investing

(18:13) - Why moats matter

(27:08) - Moats and investment strategy at Diamond Hill

(45:16) - Investing in the Nordics and in "local" brands

(49:06) - Dealing with rapidly surging stocks

(54:46) - Moat trends and capital allocation

(1:01:19) - Pricing power and long-termism

(1:08:14) - Building moats in investment management

(1:13:48) - How to manage your time

(1:19:13) - Reading habits and book recommendations

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Books Mentioned

Why Moats Matter: The Morningstar Approach to Stock Investing - Heather Brilliant & Elisabeth Collins (2014)

Deep Work: Rules for Focused Success in a Distracted World - Cal Newport (2016)

Built to Last: Successful Habits of Visionary Companies - Jim Collins (1994)

A Country in the Moon: Travels in Search of the Heart of Poland - Michael Moran (2008)

Unleashed: The Unapologetic Leader's Guide to Empowering Everyone Around You - Frances Frei & Anne Morriss (2020)

How to Decide: Simple Tools for Making Better Choices - Annie Duke (2020)

Grow the Pie: How Great Companies Deliver Both Purpose and Profit - Alex Edmans (2020)

You Can Be a Stock Market Genius - Joel Greenblatt (1997)

Intelligent Investor - Benjamin Graham (1949)

Security Analysis - Benjamin Graham (1934)

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Companies Mentioned

Berkshire Hathaway  - $BRK.A

HDFC Bank - $HDFCBANK

Howden Joinery Group - $HWDN

Assa Abloy - $ASSA.B

Sampo - $SAMPO

Unilever - $ULVR

Blackberry - $BB

Fairfax Financial - $FFH

Diageo - $DGE

TSMC - $TSM

Costco - $COST

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More on Heather Brilliant & Krishna Mohanraj

Diamond Hill's website: https://www.diamond-hill.com/

Heather's twitter: https://twitter.com/BrilliantHeath

—————————————

What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

—————————————

What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

—————————————

Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In his book from 2021, William Green explores what we can learn from the world's most successful investors. The knowledge is timeless and not only about how to invest but also how to improve our thinking. Green has written for many leading publications in the US and Europe, including The New Yorker, Time, Fortune, Forbes, and The Economist. Leading the conversation is Henrik Andersson, fund manager at Didner & Gerge, and one of the founders of Investing by the Books' website.

For more info about the podcast, go to the episode page.

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Episode Chapters

(00:09) - Intro and recap by Eddie & Niklas

(09:08) - Life since The Great Minds of Investing (2015)

(13:19) - How to think better and live more wisely

(18:52) - Financial freedom and happiness

(38:55) - What to learn from Mohnish Pabrai

(45:56) - Great investors learning from great investors

(51:47) - The fascination and beauty of investing

(1:01:44) - Entering the lives of the great investors

(1:06:26) - What William is reading and learning

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Books Mentioned

The Great Minds of Investing - William Green (2015)

Richer, Wiser, Happier - William Green (2021)

Timeless Thoughts - Arnold van den Berg (year of publication unknown)

Beloved of My Soul: Letters of Our Master & Teacher - Rav Yehuda Tzvi Brandwein to His Beloved Student Kabbalist Rav Berg - Michael Berg (2010)

Books by Tulku Urgyen Rinpoche

Books by Tsoknyi Rinpoche, including Carefree Dignity: Discourses on Training in the Nature of Mind (1998)

The Art of Learning: An Inner Journey to Optimal Performance - Josh Waitzkin (2007)

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More on William Green

William's website: https://www.williamgreenwrites.com

William's twitter: https://twitter.com/williamgreen72

—————————————

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

Pete Davis is a commitment superfan and an American civic advocate. In a world of infinite browsing, Pete's book "Dedicated" (2021) provides an alternative - making voluntary commitments. In the episode, we talk about the fears and joys of commitment, lessons from long-haul heroes, and how the concept relates to business and investing.

For more info about the podcast, go to the episode page.

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Episode Chapters

(03:51) [First question] - Feedback on and intro to the book

(05:19) What is infinite browsing mode and why is it dangerous?

(10:21) The fears of - and the case for - commitment

(18:07) Lessons from 50 long-haul commitment heroes

(21:49) Dedication, passion, and decision-making

(28:19) Learning the art and joys of commitment

(34:01) Six types of committers

(37:48) Evaluating someone's commitment

(41:56) Responsible business for all stakeholders

(47:29) Maintenance > Innovation

(50:43) Dealing with losses

(53:13) How to find Pete and the book

(53:49) Pete's inspirational literature

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Books Mentioned

(08:17) The Paradox of Choice - Barry Schwartz (2004)

(08:48) Suicide - Émile Durkheim (1897)

(12:29) Influence: The Psychology of Persuasion - Robert Cialdini (1984)

(53:49) I and Thou - Martin Buber (1923) & The Gift - Lewis Hyde (1983)

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Articles Mentioned

(17:34) Saying "no" - Grace Bonney (2012)

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More on Pete Davis:

Pete's book: Dedicated

Pete's twitter: https://twitter.com/PeteDDavis

Pete's website: https://petedavis.org/

—————————————————

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

Allocating capital is one of management’s most important jobs. Still, many decisions are suboptimal for shareholders. Why is that? In this episode, Jake Taylor - author of The Rebel Allocator - shares valuable insights on capital allocation and investment strategy. We also talk about biases, pricing power, and how to use a multidisciplinary approach in life and investing. For more info about the podcast, go to the episode page.

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Episode Chapters

Intro

(00:23) Intro with Eddie and Niklas

(03:18) Charlie Munger calling and movie status

(07:02) Feedback on and purpose of the book

Capital Allocation

(09:21) Rational capital allocation

(11:42) How to assess good capital allocators?

(15:34) Incentives and suboptimal allocation

(21:36) Analyzing a company’s capital allocation decisions

(24:11) Thoughts on M&A stories

Investing, Portfolio, and Strategy

(26:06) Investing in capital allocators and Farnam Street Investments

(32:06) Cheapest things on Earth vs. M&A machines like $CSU

(34:51) Living and dying a value investor

(37:32) Investing biases and Jake's systematic approach

The Multidisciplinary Life Approach

(43:33) Stretching your mind by using Truths

(49:45) Advantage of focus 4h of dedicated work

(53:34) Importance of solitude and patience

(58:12) Going on the Information Onion Diet

Pricing Power and Company Valuation

(1:01:30) Competition, differentiation, and pricing power

(1:06:42) Financial modeling and price sensitivity

Book Inspiration

(1:12:09) A door stopper better than any MBA or finance class

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Articles Mentioned

Text interview with Jake Taylor - Investing by the Books (2018)

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Books Mentioned

(20:52) High Output Management - Andrew Grove (1983)

(31:27) Intelligent Fanatics - Sean Iddings, Ian Cassel (2016)

(45:08) The Half-Life of Facts - Samuel Arbesman (2012)

(50:33) The One Thing - Gary Keller (2013)

(53:34) Subtract - Leidy Klotz (2021)

(1:13:36) The Complete Financial History of Berkshire Hathaway - Adam Mead (2021)

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Companies Mentioned

(20:25) GEICO

(29:16) Coca-Cola, Procter & Gamble, Dollar Shave Club, Gillette

(31:29) Berkshire Hathaway, 3G Capital, Capital Cities / ABC (Tom Murphy)

(32:06) Constellation Software, Vitec Software

(38:03) Berkshire Hathaway

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More on Jake Taylor:

Jake's book: The Rebel Allocator

Jake's podcast: https://twitter.com/5_GQs

Jake's podcast: https://greenbackd.com/value-after-hours-podcast/

Jake's twitter: https://twitter.com/farnamjake1

Jake's website: Farnam Street Investments

—————————————————

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

Sean Iddings has built a strong pattern recognition from studying many of the world’s most successful companies and leaders. In our premiere episode, Sean shares his experience of investing’s holy grail - buying and holding a 100 bagger stock. We also talk about how to be an intelligent fanatic, dealing with biases, and why insider ownership might be overvalued.

For the full notes with links to mentioned content, go to the episode page.

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Chapters

• (00:19) Intro with Eddie and Niklas
• (03:23) Sean’s new business - becoming an intelligent fanatic
• (09:54) Heading to the Woodshedd
• (13:02) Finding the most fanatic teams
• (19:00) Leaders: Character > Ownership
• (25:09) Buying and holding a 100 bagger stock
• (43:36) Dealing with major drawdowns and biases
• (51:28) Finding your style and niche
• (1:01:59) The extraordinary ability to adapt
• (1:06:53) Intelligent fanatics of today
• (1:12:14) Sean’s book recommendations

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Follow Sean Iddings on:

The Woodshedd

Twitter

—————————————————

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

Get to know our hosts Eddie Palmgren and Niklas Sävås, what you can learn from the show, and who the first podcast guests are.

This recording is an interview conducted by Lars T Andersson at Redeye Growth Day, June 2, 2021.

Books mentioned:

• Intelligent Fanatics Project: How Great Leaders Build Sustainable Businesses (Sean Iddings, Ian Cassel)
• Intelligent Fanatics: Standing on the Shoulders of Giants (Sean Iddings, Ian Cassel)
• The Rebel Allocator (Jacob Taylor)
• Dedicated: The Case for Commitment in an Age of Infinite Browsing (Pete Davis)

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Welcome to Investing by the Books podcast

Our podcast could be valuable if you:

• Want to improve as an investor and person
• Want inspiration for what to read next
• Struggle to read as much as you want
• Want more insights from the authors

For us, investing is a multidisciplinary art and craft. The content includes Behavioral Finance, Business, Economics, Equity Investing, Finance, and Surrounding Knowledge.

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Who are the hosts and how to contact/follow?

The hosts are:

• Eddie Palmgren, Editor and former Equity Analyst at Redeye
• Niklas Sävås, Equity Analyst at Redeye and Writer at Investing by the Books

To improve the podcast, we really appreciate your feedback, so please rate and review us!

Do you have questions for our guests, book suggestions, or feedback?

Twitter: https://twitter.com/IB_Redeye

Email: [email protected]

——————————————————

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