Investing by the Books

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 MentionedThe Sketchbook of Wisdom - Vishal KhandelwalShut Up and Wait - Vishal Khandelwal (To be released) The Intelligent Investor - Benjamin GrahamPoor Charlie’s Almanack - Peter KaufmanHow 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 WebsiteVishal's Twitter—————————————About the PodcastIntro 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_—————————————DisclaimerNotice 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 MentionedThe Complete Financial History of Berkshire Hathaway - Adam MeadThe Warren Buffett Way - Robert HagstromPoor Charlie’s Almanack - Peter KaufmanSeeking Wisdom - Peter BevelinLeonardo da Vinci - Walter IsaacsonManias, Panics, and Crashes - Charles Kindleberger—————————————Companies MentionedBerkshire HathawayNational Indemnity GeicoAppleThe Washington PostScott Fetzer Berkshire Hathaway EnergyBNSFSee’s Candies Markel Capital Alleghany CorporationFairfaxBoston Beer CompanyHeineken Anheuser-Busch InbevJack Henry Fastenal —————————————More on Adam Mead Capital Management - https://meadcm.com/The Oracle’s Classroom - https://theoraclesclassroom.com/Twitter - https://twitter.com/BRK_StudentBook recommendations - https://theoraclesclassroom.com/books/Watchlist Investing (10% discount with code Redeye) - https://watchlistinvesting.com/—————————————About the PodcastIntro 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_—————————————DisclaimerNotice 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 MentionedInvesting for Growth - Terry Smith Quality Investing - Lawrence CunninghamCapital Returns - Edward Chancellor —————————————Companies MentionedTCI (Tele-Communications Inc)AKO Capital FundsmithTesco IBMBerkshire Hathaway Markel Capital Lindsell TrainKimberly-ClarkSGSDomino’s PizzaMeta PaypalDiageoDavide Campari Rémy CointreauLVMH Hermès—————————————More on ChristianBillinger Förvaltning: https://www.billingerforvaltning.se/ LinkedIn - https://www.linkedin.com/in/christian-billinger-41688087/ —————————————About the PodcastIntro 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_—————————————DisclaimerNotice 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 MentionedThe Joys of Compounding - Gautam BaidA Random Walk Down Wall Street - Burton MalkielInvesting for Growth - Terry SmithMastering the Market Cycle - Howard MarksYou Can Be a Stock Market Genius - Joel GreenblattMore Than You Know - Michael Mauboussin Seeking Wisdom - Peter BevelinAll I Want to Know is where I'm Going to Die So I'll Never Go There - Peter BevelinCommon Stocks and Uncommon Profits - Philip Fisher—————————————More on Gautam BaidThe 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 podcastIntro 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_—————————————DisclaimerNotice 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 WaltonShoe Dog - Phil Knight Fortune’s Formula - William Poundstone Buffett: The Making of an American Capitalist - Roger Lowenstein The Snowball - Alice SchroederYou Can Be a Stock Market Genius - Joel GreenblattThe Warren Buffett Portfolio - Robert HagstromElusive - Frank Close —————————————Companies MentionedCapital Cities BroadcastingTeledyneGeneral Dynamics TCI The Washington PostRalston Purina General CinemaBerkshire HathawayDanaherProsus Arch Reinsurance RCI Hospitality Constellation Software Brookfield Asset ManagementLifco—————————————More on Will Thorndike 50X Podcast - Will's podcast where he discusses and dissects extraordinary investments—————————————About the PodcastIntro 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_—————————————DisclaimerNotice 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 MentionedNothing But Net - Mark MahaneyOne Up on Wall Street - Peter LynchThe Smartest Guys in the Room - Bethany McLeanNo Rules Rules - Reed Hastings & Erin MeyerThe Sleuth Investor - Avner MandelmanThe Black Swan - Nassim Nicholas TalebFreakonomics - Steven Levitt & Stephen J. Dubner—————————————Companies Mentioned (in order of first appearance)Groupon NetflixAmazonUberAppleWarby ParkerAirbnbEnron SpotifyGoogleeBayGrubhubMetaYahoo!AOLTikTokDoorDashStitch FixBlue ApronSnap1stDibsZulilyWixShopifyLyft—————————————More on Mark MahaneyTwitter: https://twitter.com/markmahaneyWebsite: https://www.marksfmahaney.com/book—————————————About the podcastIntro 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_—————————————DisclaimerNotice 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—————————————Books MentionedThe World's 99 Greatest Investors - Magnus AngenfeltThinking Fast and Slow - Daniel KahnemanOne Up on Wall Street - Peter LynchJohn Neff on Investing - John Neff—————————————More on Magnus AngenfeltAbout Chelonia Market Neutral: http://www.archipelago-investments.com/chelonia-market-neutral/The fund on Nordnet (Nordic broker): https://www.nordnet.se/marknaden/fondlistor/16973107-chelonia-market-neutral—————————————About the podcastIntro 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_—————————————DisclaimerNotice 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.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas(02:24) Background of Andrew Wagner(07:58) How the book came to be(11:16) The story of the book(16:48) Gaming experience on the CV(18:33) Monopoly breakdown and culture(22:57) Boycott - an investment opportunity?(28:04) Competitive advantages(33:57) The Principle-Agent Problem(36:58) Wagner Road Capital Management(42:04) Different stages of life in a business(43:36) Four categories of biases (49:01) Book inspiration—————————————Books MentionedThe Economics of Online Gaming - Andrew WagnerThe Warren Buffett Way - Robert HagstromThe Warren Buffett Portfolio - Robert HagstromThinking Fast and Slow - Daniel Kahneman Influence - Robert CialdiniThe Age of Propaganda - Anthony Pratkanis & Elliot Aronson—————————————More on Andrew WagnerLinkedIn: https://www.linkedin.com/in/atwagnerWagner 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/—————————————About the podcastIntro 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_—————————————DisclaimerNotice 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.—————————————Episode Chapters(00:00) General reflections from the first 25 episodes(10:12) Re-reading books and alternative histories(14:26) Investment style, gumbo, and bear markets(27:49) Different ways to gain an edge(32:52) The businessman made the business (38:44) Focus and information filtering (49:49) Lessons from psychology(55:08) Advice on how to read—————————————Books MentionedDear Chairman - Jeff GrammBusiness Adventures - John BrooksThe Model - Richard LawrenceJohn Neff on Investing - John NeffInvesting: The Last Liberal Art - Robert HagstromThe Intelligent Investor - Benjamin GrahamWhy Moats Matter - Heather BrilliantPoor Charlie’s Almanack - Peter KaufmanThe Sleuth Investor - Avner MandelmanThe Man Who Solved the Market - Gregory ZuckermanThe Smartest Guys in the Room - Bethany McLeanQuality First Investing - Björn FahlénDedicated - Pete DavisGetting There - Gillian Zoe SegalAn Investment Thinking Toolbox - Daniel ZhangHow to Read a Book - Mortimer Adler—————————————About the podcastIntro 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_—————————————DisclaimerNotice 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.—————————————We discuss Richard's book "The Model", with his best lessons from bear markets, Overlook's successful investment philosophy, his thoughts on investing in China, and the art of selling. A must-listen for every fund manager and private investor aiming to outperform the market over the longer term.—————————————A special thanks to our friends at Next Gen Investors Endowment and Daniel Phua at Foord Asset Management for connecting us with Richard Lawrence. —————————————We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas(03:19) Life journey of Richard Lawrence(09:48) Bear market lessons and personality traits(20:51) Philosophy and inspiration of Overlook Investments(36:42) Investing in China from 1985 to 2022(48:18) The success of TSMC(51:39) The art of selling(55:33) Legal cap on subscriptions(1:01:51) The outlook of Overlook Investments(1:03:35) Overlook Hall of Fame(1:05:48) Book inspiration—————————————Books/Periodicals MentionedThe Model - Richard LawrencePioneering Portfolio Management - David SwensenThe Buffett Partnership LettersThe New Money Masters - John TrainThe Outstanding Investor DigestOne Up On Wall Street - Peter LynchThe Investor's Anthology - Charles EllisClassics II: Another Investor's Anthology - Charles EllisMargin of Safety - Seth KlarmanThe Investor’s Equation - William Bowen and Frank GanucheauThe Mind of Wall Street - Leon Levy—————————————More on Richard LawrenceThe Model: https://themodel.com/Email: [email protected] Investments: https://overlookinv.com/—————————————About the podcastIntro 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_—————————————DisclaimerNotice 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—————————————Episode Chapters(00:00) Intro to Gillian and Getting There(03:41) Gillian's special relation to Berkshire Hathaway(06:47) Choosing people to interview and the book title(09:50) Seven common factors of successful people(15:02) Jim Koch's lessons from mountaineering(18:15) The third door and dealing with rejection(24:17) Why success can turn into failure(27:30) Play to your strengths, but be ready to sacrifice something(32:22) Gillian's fav advice(34:07) The right attitude, for the right people(36:01) Mentors, role models, and heroes(40:10) Becoming a mentor(41:48) Qualities to look for in a mentor(43:47) Risks of having mentors(46:52) Learning about yourself(48:26) The worst advice(49:17) Book recommendations—————————————Books MentionedGetting There - Gillian Zoe SegalNew York Characters - Gillian Zoe SegalThe Third Door - Alex BanayanBad Blood - John CarreyrouA Search in Secret India - Paul BruntonThe Education of a Value Investor - Guy SpierRicher, Wiser, Happier - Influence - Robert CialdiniPre-Suasion - Robert Cialdini—————————————Episodes MentionedPatrik Wahlén - Episode 14: Investing by the Books podcastShree Viswanathan - Episode 20: Investing by the Books podcastBryan Lawrence - Episode 440: The Investor's Podcast—————————————More on Gillian Zoe SegalLinkedIn: https://www.linkedin.com/in/gillian-zoe-segal-64041021/—————————————About the podcastIntro 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_—————————————DisclaimerNotice 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—————————————Episode Chapters(00:00) Intro to Rajeev Agrawal(03:15) About the bible(05:33) Intro to Peter Kaufman(07:00) Applying Poor Charlie’s Almanack(15:01) Chapter 1: A Portrait of Charles T. Munger(24:08) Chapter 2: The Munger Approach to Life, Learning and Decision Making(43:08) Chapter 3: Mungerism: Charlie Unscripted(49:26) Chapter 4, Speech 11: The Psychology of Human Misjudgment(1:06:19) Investing in India(1:12:04) Book recommendations—————————————Books MentionedPoor Charlie's Almanack - Peter KaufmanThe Education of a Value Investor - Guy SpierBerkshire Hathaway Letters to ShareholdersThe Most Important Thing - Howard MarksThere's Always Something to Do - Christopher Risso-GillThe Intelligent Investor - Benjamin GrahamThink and Grow Rich - Napoleon HillThinking Fast and Slow - Daniel KahnemanInfluence - Robert CialdiniFooled by Randomness - Nassim Taleb—————————————More on Rajeev AgrawalDoorDarshi: https://www.doordarshiadvisors.com/LinkedIn: https://www.linkedin.com/in/rajeevagrawal/Twitter: https://twitter.com/rajeev_agr—————————————About the podcastIntro 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_—————————————DisclaimerNotice 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.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas(04:42) Get to know Avner Mandelman(08:18) Sleuthing vs. Scuttlebutt(12:03) Sleuthing anecdotes(18:03) Applying sleuth investing(22:40) Traits of successful sleuths(28:25) Sleuthing digital companies(34:50) Stock ideas, analysis, and the Turing test(41:49) The right leader for the right business(52:38) Sleuthing tools: beer, phone, and a star map(1:06:47) Sleuthing challenges, behavior, and market outlook(1:16:07) Improving your judgment(1:28:53) Book inspiration(1:32:39) The Advanced Sleuth Investor—————————————Books MentionedThe Sleuth Investor - Avner MandelmanThe Snowball - Alice SchroederTaming the Lion: 100 Secret Strategies for Investing - Richard FarleighEssentials of Myers-Briggs Type Indicator Assessment - Naomi L. QuenkPlutarch’s Parallel Lives - PlutarchThe Pursuit of Victory: The Life and Achievement of Horatio Nelson - Roger KnightWho: 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)—————————————More on Avner MandelmanAmazon: https://www.amazon.com/Avner-Mandelman/e/B001IQZKWS%3FTwitter: https://twitter.com/avnermandelmanYoutube: https://www.youtube.com/channel/UCYqoVE89bEiKmybAlnLEq4wWikipedia:https://en.wikipedia.org/wiki/Avner_Mandelman—————————————About the podcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-booksTwitter: 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_—————————————DisclaimerNotice 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.—————————————Episode Chapters(00:00) Omaha: Day 1(05:16) Omaha: Day 2(08:37) Interview: Shree Viswanathan, SVN Capital(13:27) Interview: Christian Billinger, Billinger Förvaltning(16:49) Interview: Rajeev Agrawal, DoorDarshi India Fund(25:40) Takeaways from KEDM/Kuppy's Event (27:40) Takeaways from Berkshire’s Q&A(40:49) Takeaways from Trupanion’s AGM(42:47) Interview: Adam J. Mead, Mead Capital Management(53:20) Takeaways from Willow Oaks Asset Management’s Event (59:24) Takeaways from Markel Corporation’s Brunch(1:02:18) Final remarks—————————————Books MentionedThe Oracle's Fables - John PrescottGetting There - Gillian Zoe SegalThe Complete Financial History of Berkshire Hathaway - Adam MeadThe Intelligent Investor - Ben Graham—————————————About the podcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-booksTwitter: 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_—————————————DisclaimerNotice 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.—————————————Episode Chapters(00:00) Intro to Shree and the book(05:07) Three most important habits(08:13) Shree’s investing journey(11:13) A Search in Secret India(19:02) Ego reduction(27:42) Body, mind, and beyond(35:41) Shree’s investment philosophy(42:13) Intuition in investing(51:29) Competition is for losers(53:52) Anchoring and overconfidence(56:20) Finding your master(1:01:58) Evaluating managers (1:11:46) Westernization and investing in India (1:14:38) Inner scorecard (1:19:14) Shree’s reading habits(1:23:18) Three most important books—————————————Books MentionedA Search in Secret India - Paul BruntonThe Productivity Project - Chris Bailey Books by Thich Nhat Hanh Books by Jiddu KrishnamurtiBooks by Wayne Dyer100 to 1 in the Stock Market - Thomas PhelpsA Walk in the Woods - Bill BrysonDiary of a Hedgehog - Barton BiggsAwaken The Giant Within - Tony RobbinsThe Intelligent Investor - Ben GrahamThe Almanack of Naval Ravikant - Eric JorgensonThe Snowball - Alice SchroederOf Long-Term Value & Wealth Creation - Bharat ShahFortune’s Formula - William PoundstoneInvesting Between the Lines - L.J. Rittenhouse—————————————Podcasts & Talks MentionedBuddha at the Gas Pump - David GodmanCompetition is for Losers - Peter Thiel—————————————More on Shree ViswanathanWebsite: https://www.svncapital.com/Twitter: https://twitter.com/SvnCapitalLinkedIn: https://www.linkedin.com/in/shreekkanth-viswanathan-ab5300/—————————————About the podcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-booksTwitter: 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_—————————————DisclaimerNotice 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.—————————————Episode Chapters(00:00) Intro to Oddbjørn, REQ Capital, and the book(06:56) The investment philosophy of REQ Capital(16:09) Corporate culture as a moat(17:40) Management mistakes and confident humility(22:59) Quantitative metrics to determine value creation(25:13) Hyperbolic discounting of cash flows(30:47) Dealing with volatility(33:12) Investor mistakes(36:49) Information treatment(38:53) Investing in Serial Acquirers(44:42) Geographic split, reasons for selling & portfolio sizing(49:36) Investing: Art vs. Science(51:17) Book recommendations—————————————Books MentionedInvesting in Value Creators - Oddbjørn DybvadThe Outsiders - William ThorndikeThink Again - Adam Grant100-Baggers - Chris MayerHow to Win Friends and Influence People - Dale Carnegie—————————————More on Oddbjørn DybvadLinkedIn: https://www.linkedin.com/in/oddbj%C3%B8rn-dybvad-01575883/Twitter: https://twitter.com/oddbjorndybvadWebsite: https://reqcapital.com/—————————————Redeye's Serial Acquirers Event - May 18, 2022https://www.redeye.se/events/832215/redeye-theme-serial-acquirers—————————————About the podcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-booksTwitter: 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_—————————————DisclaimerNotice 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.—————————————Episode Chapters(00:00) Intro to Eric, Naval and the book(07:58) Finding Naval Ravikant(09:51) Book inspiration for Naval’s almanack(12:41) Happiness vs. Wealth(15:36) How to get rich without getting lucky(19:21) What to avoid and what to do to reach wealth(23:48) Innovation - the frontier of humanity(31:28) Compounding beyond capital(34:34) Leverage of tools, products, people and capital(43:59) FIRE, Capital vs. Time, Want vs. Have(50:06) Happiness - a choice(55:45) How to prioritize health(1:00:17) Time vs. Return: The 1h meditation(1:05:03) Future readers’ interpretations(1:09:59) Avoiding desire machines(1:11:24) Eric’s time allocation(1:22:41) Where is my flying car? (1:26:40) A new book idea—————————————Books MentionedThe Almanack of Naval Ravikant - Eric JorgensonPoor Charlie’s Almanack - Peter D. KaufmanPrinciples - Ray Dalio Zero to One - Peter ThielSeeking Wisdom - Peter BevelinBerkshire Hathaway Letters to Shareholders - Max OlsonThe Joys of Compounding - Gautam BaidWhere Is My Flying Car? - J. Storrs Hall—————————————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-learningHow to Manage Opportunity Cost - Eric Jorgenson: https://www.ejorgenson.com/blog/opportunity-cost-attention-thresholds—————————————More on Eric JorgensonTwitter: https://twitter.com/EricJorgensonWebsite: https://www.ejorgenson.com/—————————————About the podcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-booksTwitter: 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_—————————————DisclaimerNotice 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.—————————————Episode Chapters(00:00) Intro to Björn Fahlén(09:11) Intro to Quality First Investing(12:22) Thematic/Top-Down vs Bottom-Up Investing(15:36) Quality in People, Business, and Financials(27:13) Applying the checklist(31:26) Risk vs Uncertainty(34:07) Why quality companies often are underpriced(36:39) Rating questions that management often fails(39:19) Redeye’s fund and Top Picks portfolio (44:04) Special situations (48:21) Overpaying and Margin of Safety(49:43) Dealing with overconfidence(53:31) The ugly side of compounding(54:43) Most influential books—————————————Books MentionedQuality First Investing - Björn Fahlén100 to 1 in the Stock Market - Thomas Phelps100-Baggers - Chris Mayer How to Profit from Special Situations in the Stock Market - Maurece Schiller—————————————More on Björn FahlénLinkedIn: https://se.linkedin.com/in/bj%C3%B6rn-fahl%C3%A9n-4a631265Email: [email protected] —————————————About the podcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-booksTwitter: 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_—————————————DisclaimerNotice 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.—————————————Episode Chapters(00:00) Intro to Robert Hagstrom and the book(07:07) Benefits of learning from several disciplines(13:06) Biology - Complex adaptive systems(17:32) Physics - Market predictions(19:32) Disciplines for ”The Last Liberal Art 2”(20:48) Sociology - Self-organization vs. Central banks(24:22) Psychology - Myopic loss aversion, irrationality, mistakes(32:03) Philosophy - Pragmatism and Wittgenstein’s Theory of Language(36:51) Multidisciplinary money management(40:28) Book inspiration and advice for younger people—————————————Books MentionedInvesting: The Last Liberal Art - Robert HagstromBooks by Daniel Kahneman & Amos Tversky The Wisdom of Crowds - James SurowieckiTractatus - Ludwig WittgensteinPhilosophical Investigations - Ludwig Wittgenstein (posthumous)Narrative Economics - Robert ShillerThe Metaphysical Club - Louis MenandOliver Wendell Holmes - Stephen BudianskyImmunity to Change - Lisa Laskow Lahey & Robert KeganBooks by Michael MauboussinBooks about Sherlock Holmes - Sir Arthur Conan DoyleStrategic Intelligence for American World Policy - Sherman KentArguably - Christopher Hitchens—————————————More on Robert HagstromEquityCompass: https://equitycompass.com/Books: https://www.amazon.com/kindle-dbs/entity/author/B000AP8X3Q—————————————About the podcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-booksTwitter: 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_—————————————DisclaimerNotice 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.—————————————Episode Chapters(00:00) Intro to Dennis Jean-Jacques(08:32) Intro to The 5 Keys to Value Investing (14:31) Catalysts to drive stock prices(19:28) Madame Index vs Coffee Can(26:56) Investment horizon(28:20) Insights on stock market evolution(32:09) Small Cap vs Large Cap(33:50) Business track records(38:34) Importance of ROCE source(44:29) Investment lessons(48:47) The right stocks for the right investor(52:22) Strategies at Ocean Park Investments(53:28) Sustainable investments and disruption(1:01:40) Investment principles(1:06:03) Most common biases(1:08:15) Emotional discipline (1:11:23) Reading recommendations —————————————Books MentionedThe Innovator's Dilemma - Clayton Christensen The Buffett Partnership LettersInvestment letters by Howard Marks, John Rogers, Bruce Greenwald, Michael MauboussinCreating Shareholder Value - Alfred RappaportExpectations Investing - Michael Mauboussin & Alfred RappaportThe Last Liberal Art - Robert HagstromThe Psychology of Risk - Ari Kiev Margin of Safety - Seth Klarman—————————————More on Dennis Jean-JacquesLinkedIn: https://www.linkedin.com/in/j-dennis-jean-jacques-3679abbOcean 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_—————————————DisclaimerNotice 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.—————————————Episode ChaptersPart 1: Lessons from Business Adventures(00:00) Intro to Patrik Wahlén and ”Business Adventures”(01:56) Buffett’s AMEX investment and risks (04:13) Lessons from the first flash crash (05:43) Patrik’s most common biases(06:25) Big bets: Ford’s Edsel failure(09:44) Diversification and philanthropy: Xerox(12:51) Overconfidence and frugality: Clarence Saunders (15:34) Finding your passion: David Lilienthal Part 2: Building a Lasting Serial Acquirer(16:27) Patrik Wahlén and Volati(17:57) Building a lasting serial acquirer(28:10) Lessons from soccer(30:54) Book recommendations—————————————Books MentionedBusiness 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—————————————Companies Mentioned (in order of its first appearance)VolatiAmerican ExpressFordXeroxPiggly WigglyTornum (part of Volati)Assa AbloyNibeSalix (part of Volati)—————————————More on Patrik WahlénTwitter: https://twitter.com/PGWahlenVolati: 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_—————————————DisclaimerNotice 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.—————————————Episode ChaptersPart 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 acquirersPart 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 positionPart V: MINDSET(1:07:21) Personal traits to realize 100-baggers(1:10:51) How to improve patience (1:14:27) Most common biases(1:16:16) Learning from success and failure(1:20:03) Books to find & hold on to 100-baggers (1:22:29) Chris’s upcoming book—————————————Articles & Books Mentioned100-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)—————————————Companies Mentioned (in order of its first appearance)Monster BeverageMcDonald'sStarbucksBrown & BrownDomino’s PizzaCopartInsurance Auto Auctions ODFLBerkshire HathawayLifcoAddtechLagercrantzBergman & BevingDanaherConstellation SoftwareNibeAssa AbloyFranklin ResourcesWix.comXeroxKodak NokiaValeant—————————————More on Chris MayerBooks: https://www.amazon.com/Christopher-W-Mayer/e/B001IGOH5E?ref=sr_ntt_srch_lnk_2&qid=1641899969&sr=1-2Twitter: https://twitter.com/chriswmayerBlog: 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_—————————————DisclaimerNotice 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.—————————————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 Mentioned20 Lessons from Enron - Niklas Sävås (2019): http://www.investingbythebooks.com/columns/2019/8/19/twenty-lessons-from-enron—————————————Books MentionedThe 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 MentionedThe Smartest Guys in the Room - Alex Gibney (2005)—————————————More on Bethany McLeanTwitter: https://twitter.com/bethanymac12Podcast, "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_—————————————DisclaimerNotice 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.—————————————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 MentionedAn 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-9789188849960Buy "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.htmlBooks 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)—————————————Companies MentionedAmazonBerkshire HathawayTeqnion—————————————More on Daniel Sun ZhangLinkedIn: https://se.linkedin.com/in/daniel-zhang-31900b26Teqnion: 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_—————————————DisclaimerNotice 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.—————————————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 MentionedExpectations 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 MentionedAmazonBerkshire HathawayCostcoDomino’s Pizza ShopifyTesla—————————————More on Michael MauboussinAbout: 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_—————————————DisclaimerNotice 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 MentionedMistakes 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 SprinchornAbout 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_—————————————DisclaimerNotice 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.—————————————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?—————————————More on Lawrence CunninghamAbout: https://www.law.gwu.edu/lawrence-cunninghamWebsite: https://qualityshareholdersgroup.com/Twitter:https://twitter.com/cunninghamprof—————————————More on Christian BillingerInterview on MOI Global: https://moiglobal.com/christian-billinger-interview-201905/ Billinger Förvaltning: https://www.billingerforvaltning.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_—————————————DisclaimerNotice 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.—————————————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—————————————Articles and Books MentionedThe Essays of Warren Buffett - Lawrence Cunningham (1st Edition 1997)Top 50 Investment Books: http://www.investingbythebooks.com/best-investment-books-everBerkshire Hathaway's Shareholder Letters: https://www.berkshirehathaway.com/letters/letters.htmlDo Stocks Outperform Treasury Bills? - Hendrik Bessembinder (2017) https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447—————————————Companies/Investors MentionedBerkshire Hathaway - Warren BuffettBrookfield Asset Management - Bruce FlattMarkel Corporation - Tom Gayner—————————————More on Henrik AnderssonAbout Henrik Andersson: http://www.investingbythebooks.com/who-we-areAbout 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_—————————————DisclaimerNotice 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.—————————————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 —————————————Books MentionedDear 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)—————————————Companies MentionedBerkshire HathawayElectronic Data Systems (EDS)General MotorsEnronSearsBKF CapitalCalloway's NurseryJewett-Cameron TradingDanaherPopeyesThe Joint Corp.—————————————Podcasts MentionedBad Blood: The Final Chapter—————————————More on Jeff GrammJeff's twitter: https://twitter.com/jeff_grammJeff's book: https://www.goodreads.com/book/show/25817264-dear-chairman—————————————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_—————————————DisclaimerNotice 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.—————————————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—————————————Books MentionedWhy 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)—————————————Companies MentionedBerkshire Hathaway  - $BRK.AHDFC Bank - $HDFCBANKHowden Joinery Group - $HWDNAssa Abloy - $ASSA.BSampo - $SAMPOUnilever - $ULVRBlackberry - $BBFairfax Financial - $FFHDiageo - $DGETSMC - $TSMCostco - $COST—————————————More on Heather Brilliant & Krishna MohanrajDiamond 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_—————————————DisclaimerNotice 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.—————————————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—————————————Books MentionedThe 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 RinpocheBooks 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)—————————————More on William GreenWilliam's website: https://www.williamgreenwrites.comWilliam'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_—————————————DisclaimerNotice 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.—————————————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—————————————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)—————————————Articles Mentioned(17:34) Saying "no" - Grace Bonney (2012)—————————————More on Pete Davis:Pete's book: DedicatedPete's twitter: https://twitter.com/PeteDDavisPete'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_—————————————————DisclaimerNotice 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.—————————————————Episode ChaptersIntro(00:23) Intro with Eddie and Niklas(03:18) Charlie Munger calling and movie status(07:02) Feedback on and purpose of the bookCapital 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 storiesInvesting, 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 approachThe 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 DietPricing Power and Company Valuation(1:01:30) Competition, differentiation, and pricing power(1:06:42) Financial modeling and price sensitivityBook Inspiration(1:12:09) A door stopper better than any MBA or finance class—————————————————Articles MentionedText interview with Jake Taylor - Investing by the Books (2018)—————————————————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)—————————————————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—————————————————More on Jake Taylor:Jake's book: The Rebel AllocatorJake's podcast: https://twitter.com/5_GQsJake's podcast: https://greenbackd.com/value-after-hours-podcast/Jake's twitter: https://twitter.com/farnamjake1Jake'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_—————————————————DisclaimerNotice 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.—————————————————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—————————————————Follow Sean Iddings on:The WoodsheddTwitter—————————————————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_—————————————————DisclaimerNotice 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)——————————————————Welcome to Investing by the Books podcastOur podcast could be valuable if you:Want to improve as an investor and personWant inspiration for what to read next Struggle to read as much as you wantWant more insights from the authorsFor us, investing is a multidisciplinary art and craft. The content includes Behavioral Finance, Business, Economics, Equity Investing, Finance, and Surrounding Knowledge.——————————————————Who are the hosts and how to contact/follow?The hosts are:Eddie Palmgren, Editor and former Equity Analyst at RedeyeNiklas Sävås, Equity Analyst at Redeye and Writer at Investing by the BooksTo 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_RedeyeEmail: [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_——————————————————DisclaimerNotice 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