Investing by the Books

In our 45th episode, we are honored to speak to Paul Johnson and Paul D. Sonkin about their latest book “The Enduring Value of Roger Murray.” As the successor to Benjamin Graham at Columbia Business School, Murray (1911–1998) was a crucial figure in the history of value investing. Johnson and Sonkin are investment professionals and have been involved with the legendary investing program at Columbia Business School since the 1990s. The pair has also written “Pitch the Perfect Investment” and contributed to classics such as “The Most Important Thing” and “Value Investing: From Graham to Buffett and Beyond.” Go to the episode page and make sure to follow us on Twitter, where we suggest books and do giveaways. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team This episode was recorded on February 16, 2023. ————————————— Episode Chapters (00:00) Introduction (03:32) How Paul & Paul started investing in stocks (06:38) The Enduring Value of Roger Murray (11:34) Who was Roger Murray? (24:15) The Gap between Murray and Greenwald (43:11) How the value investing class has changed (46:44) Murray as an investor (49:43) Incorporating an economic outlook in your investment process (53:54) How to manage structural and cyclical changes (58:05) The risk=volatility debate (01:06:06) Does patience give you an edge? (01:09:35) Paul Johnson’s work outside teaching (01:14:15) Governance issues in small vs large companies (01:17:55) How to judge a management’s allocation skills (01:22:26) Paul Sonkin’s investment style (01:28:20) Book discussions ————————————— Books Mentioned The Enduring Value of Roger Murray————————————— Companies Mentioned ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In this episode, we speak with the knowledgeable Todd Finkle. Todd is a Professor of Entrepreneurship at Gonzaga University and the author of several books, including his latest addition: Warren Buffett - Investor and Entrepreneur. In our conversation, we explore Buffett as an entrepreneur, psychological biases, and whether academia and investing are compatible. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on March 29, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:14) Welcoming Todd (01:47) How Todd came across the world of investing (09:44) Why write another book on Warren Buffett? (17:31) The most surprising insights from researching Buffett (21:31) The definition of entrepreneurship (27:19) Buffett’s shift towards buying quality businesses (30:34) What Buffett looks at before buying a business (32:40) Is business quality more important than management? (35:16) Quantifying too much (37:31) Psychological biases (44:27) The link between academia and business success (47:00) Areas where Todd disagrees with Buffett (48:51) Book talk (51:44) Final remarks ————————————— Books Mentioned ————————————— More on Todd TwitterWebpage on UniversityLinkedInWebsite————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Catherine S. Neal is a former attorney and an associate professor of business ethics and business law at Northern Kentucky University. She is also the author of Taking Down the Lion, which is the center of attention for this episode. The book explores the fall of Tyco International's CEO and Chairman, Dennis Kozlowski, who was convicted of stealing more than 100 million dollars from the company. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on February 8, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (00:21) Introduction to Catherine (04:13) Taking Down the Lion (11:18) Dennis Kozlowski (12:57) Why did Catherine write her book? (22:59) The most significant crimes that were committed (30:08) The world is driven by envy, not by greed (41:40) Dennis’ inability to manage details (49:05) Being both the CEO and the Chairman (54:24) Was Dennis treated unfairly by the media? (01:01:07) Red flags when it comes to corporate governance (01:15:16) What would Catherine change in the corporate world? (01:19:47) Dennis Kozlowski today (01:24:42) Book recommendations (01:25:22) Final remarks ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Catherine Website for Taking Down the LionTwitter————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In our second interview with Avner Mandelman, a former rocket scientist and hedge fund manager, we talk about his new book: The Advanced Sleuth Investor. By applying multidisciplinary thinking, he explores the benefits of sleuthing from the viewpoint of ten different professions. In essence, our talk is about how you can create your own exclusive data to outperform the market. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you. /Eddie & Niklas with team This episode was recorded on January 3, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (03:01) Who is Avner Mandelman? (03:58) Why write another book on sleuth investing? (09:16) System 1 and System 2 thinking (13:54) Ten perspectives on sleuthing (18:42) How Avner ranks the importance of the three financial statements (25:14) Sleuthing from the viewpoint of a chessplayer (31:33) Advice for a young investor (36:02) Sleuthing from the viewpoint of a physicist (42:07) Practical advice for Sleuthers (50:11) Picking stocks is only 30-40% of the investing process (01:06:22) How to build an empire as an investor (01:08:25) Book recommendations (01:10:04) Final remarks ————————————— Books Mentioned The Sleuth InvestorThe Advanced Sleuth Investor————————————— More on Avner TwitterYoutube————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Jake Taylor is a professional investor, fellow podcast host, author, and founder of the software Journalytic. For his second appearance on our podcast, we talk about the book Deep Survival and how his platform Journalytic can be used to think clearly, suppress irrational instincts, and become a better investor. Notice: We are taking on new exciting projects at Redeye, so starting from this episode, we will release shows monthly. We will keep producing interviews of high quality and are always delighted to hear your feedback. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on January 23, 2023 ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (02:10) Who is Jake Taylor? (03:19) Surviving in the market and life (09:47) Lessons from a tragic story (14:15) Balancing risk and return (19:31) Going against your own rules (22:45) Learning from others or failing yourself? (27:24) Balancing optimism and pessimism (33:30) Being honest with yourself (36:46) How to declutter your mind (38:34) The importance of not always acting on instinct (42:12) Avoiding the sunk cost fallacy (46:20) Journalytic (58:20) Bringing it all together ————————————— Books Mentioned ————————————— More on Jake TwitterJournalyticFarnam Street InvestmentsValue After Hours Podcast————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In this special episode, we speak with Mark Gandy about our favorite investing books. Mark is the host of The CFO Bookshelf podcast and a consultant helping CEOs and CFOs with business development and financial modeling. We discuss books that can help you understand financial statements, evaluate management, and judge the quality of a business. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on January 3, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (00:52) The start of our conversation (01:26) Eddie, Niklas, and Mark (03:08) How our passion for investing books started (06:42) How we find guests for the podcast (09:53) The value of investment books (14:36) The investment book list (30:41) The best books on Buffett (35:07) Book recommendations for someone who is new to investing (46:30) Books for understanding financial statements (51:35) The people aspect of evaluating a business (53:38) The last book (01:02:19) About Redeye and Investing by the Books ————————————— Books Mentioned ————————————— Other resources ————————————— More on Mark TwitterWebsite————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Gregory Zuckerman is an investigative reporter at The Wall Street Journal and the author of several books. Since he joined The Journal in 1996, he has received the Gerald Loeb award three times. The focal point for our discussion is his book The Man Who Solved the Market, which tells the story of how Jim Simons launched the quant revolution and created the greatest money-making machine in financial history. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on December 20, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (02:33) How Gregory got interested in finance and journalism (10:28) Introduction to Rennaisance (13:50) Do what you love (17:50) Why Renaissance survived and others didn’t (20:49) The irony of emotions (23:26) Remaining humble (27:02) How Renaissance gets an edge in the market (31:09) The most durable inefficiencies (30:59) Employee compensation at Renaissance (41:42) Handling tougher periods (44:10) If he could, would Gregory invest in Medallion? (45:57) The performance of the fund after the book’s release (47:06) Pros and cons of quant investors (52:31) Gregory’s Modus Operandi (01:01:20) Book recommendations ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Gregory TwitterLinkedIn————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In this episode, we speak with none other than Adam Seessel. Adam started as a journalist before venturing into finance through a job at Wall Street. He is the author of ‘Where the Money Is’ and the founder of Gravity Capital Management. Our conversation focuses on his approach to value investing, which draws upon classical concepts and updates them to fit the digital businesses of today. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on December 12, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (02:44) How Adam got started with investing (04:18) Why write another book on value investing? (09:01) The evolution of value investing (16:32) The metrics that are relevant in digital businesses (24:28) Skepticism towards growth and momentum investing (26:30) How to evaluate the quality of a digital company (31:34) Are network effects overrated? (34:57) Brands as the weakest competitive advantage (40:46) Business quality is the most important aspect (42:47) Why DCFs don’t work (47:11) How to allocate your time between evaluating price and quality (53:05) Why Adam started Gravity Capital Management (01:00:21) The most costly cognitive biases (01:02:19) Thoughts on books ————————————— Books Mentioned Where the Money Is - Adam Seessel ————————————— Companies Mentioned ————————————— More on Adam LinkedIn————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Carter Johnson is the manager of MCJ Capital Partners, an investment management firm concentrated primarily on small caps. This episode is focused on Distant Force, a book about Teledyne written by Henry Singleton’s right-hand man, George A. Roberts. As usual, our conversation reaches far and wide, covering topics such as dividend policies, working with incentives, and understanding serial acquirers. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on November 10, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:08) How Carter’s passion for investing started (02:20) The Teledyne success story (05:41) Henry Singleton (09:55) How Teledyne/Singleton approached acquisitions (13:19) Managing the culture while growing through M&As (25:56) Decentralization; now and then (33:15) Untangling Singleton’s toolbox (41:44) Should you pay dividends as a serial acquirer? (46:15) Why did Teledyne split up? (50:52) MCJ Capital Partners (52:49) The importance of available reinvestment opportunities (54:39) Redishred Capital Corp (59:51) Allocating time between reading and researching (01:01:28) Unique book recommendations ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Carter WebsiteTwitter————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Matt Joass is the Founder and CIO at Maven Funds Management. Matt previously worked as a financial analyst at a large international shipping firm and has co-founded the Copenhagen Investment Club. The focal point for our conversation is the book Superforecasting, and we cover everything from thinking in probabilities to good fiction books. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on November 2, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:10) How Matt got interested in investing (03:51) Superforecasting (07:02) Why are people bad forecasters? (10:04) Improving investing through forecasting (12:35) Critique against forecasting (16:58) The ten commandments (25:04) Maven Fund Management (29:46) A walk-through of a case (34:22) Thinking in probabilities rather than certainties (37:48) Breaking things down into smaller pieces (43:22) Growth mindset vs fixed mindset (46:11) Matt’s most common cognitive biases (49:56) System for identifying mistakes (53:37) Book discussions (01:00:17) Final remarks ————————————— Books Mentioned ————————————— Companies Mentioned Cogstate ————————————— More on Matt Matt’s TwitterMatt’s LinkedInMattjoass.com————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Derek Lidow holds a PhD in applied physics, has been the CEO of a large public semiconductor company, and has started a business that he sold for $100 million. He is a professor of entrepreneurship at Princeton University and has written three books on the topic. In this episode, we discuss his latest title, The Entrepreneurs. We also ponder big questions, such as whether or not you should drop out of school to start a company. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on October 17, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (03:31) How Derek’s passion for business started (10:39) Do you have to risk it all to win big? (23:47)The world’s first entrepreneur (27:43) A copper-age analog to Silicon Valley (30:57) Cornelius Vanderbilt (39:33) J P Morgan (42:03) Venture capital funding electronics (44:27) Scaling demand (51:27) Slavery scaled (57:36) Punish bad behavior or reward good? (01:09:17) Dealing with short-termism (01:11:51) Should you drop out of school to start a company? (01:17:02) Sam Walton > Elon Musk (01:19:52) John Patterson (01:23:12) Book Recommendations ————————————— Books Mentioned ————————————— More on Derek Dereklidow.com Derek’s Twitter Derek’s LinkedIn ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Vishal Khandelwal is an author, former equity analyst, and fellow podcast host. He is an insightful writer on investing and how to live a good life, and has amassed a large following. In this episode, we discuss his inspiring book 'The Sketchbook of Wisdom', and the lessons he brings from writing it. We also cover habits for closing out the noise, thoughts on re-reading books, and the philosophy of Ikigai. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on October 17, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:02) Introduction to Vishal (03:35) How Vishal’s passion for investing started (11:55) The story of a holocaust survivor (15:44) The five parts of the book (17:36) Chop wood, carry water (22:20) Ikigai (30:50) The biases Vishal suffers from (33:14) Is knowing nothing the highest form of wisdom? (35:34) Age as an obstacle to learning? (37:28) How to reach financial independence (43:26) Prerequisites for becoming a full-time investor (50:40) Dealing with bear markets (55:48) Thoughts on portfolio allocation (58:50) Vishal’s latest investing mistake (1:02:01) Habits for shutting out the noise (1:05:45) Shut Up and Wait (1:10:31) Thoughts on re-reading books ————————————— Books Mentioned The Sketchbook of Wisdom————————————— The One Percent Show (Available on Youtube, Spotify, Apple Podcasts, etc.) Safal Niveshak Website Vishal's Twitter ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Adam Mead is the CEO and CIO at Mead Capital Management and author of 'The Complete Financial History of Berkshire Hathaway'. The book sits at 700+ pages, making it one of the most comprehensive accounts of Warren Buffett’s creation to date. In the episode, we discuss successful capital allocation, accounting as the language of business, and why Berkshire should not be split up. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on September 7, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie (00:23) Introduction to Adam (04:24) How the book came about (09:18) Interesting lessons from writing the book (16:08) Patience is a virtue (17:49) Growth CapEx vs Maintenance CapEx (26:52) The main sources of growth during the formative years (28:40) The acquisitions that “moved the needle” (34:57) Why Berkshire shouldn’t be split up (40:19) Lessons on inflation (43:30) Adam’s personal career (45:13) An investor’s habits (56:42) Adam’s cognitive biases (59:06) The language of business (01:10:44) Book recommendations ————————————— Books Mentioned The Complete Financial History of Berkshire Hathaway————————————— Companies Mentioned ————————————— More on Adam Mead Capital Management - https://meadcm.com/ The Oracle’s Classroom - https://theoraclesclassroom.com/ Twitter - https://twitter.com/BRK_Student Book recommendations - https://theoraclesclassroom.com/books/ Watchlist Investing (10% discount with code Redeye) - https://watchlistinvesting.com/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Christian Billinger is the chairman of Billinger Förvaltning, a privately held investment company focused on owning high-quality businesses. For this episode, Christian has selected Terry Smith’s great book Investing for Growth. Our conversation covers a wide array of fascinating topics including market timing, traits of a successful investor, and how to go about selling a stock. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on August 17, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:34) How Christian’s passion for investing started (02:40) Introduction to Investing for Growth and Terry Smith (07:33) Highlights of the book (09:40) Why low volatility stocks sometimes generate the highest return (11:19) Timing the market (12:40) The importance of return on capital for value creation (13:38) When diversification becomes unnecessary (15:11) How much to pay for high quality (17:33) Three Steps to Heaven (18:59) Terry Smith vs Warren Buffett (26:32) Investing lessons from Tour de France (29:01) Critique against value investing (and special situations) (31:12) The Art of Selling (39:22) When to buy high-quality companies cheap (42:52) Traits of a successful investor (49:38) Christian’s best investment and the lessons from it (54:09) Book recommendations (56:52) Final remarks ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Christian Billinger Förvaltning: https://www.billingerforvaltning.se/ LinkedIn - https://www.linkedin.com/in/christian-billinger-41688087/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Gautam Baid is the Managing Partner and Fund Manager at Stellar Wealth Partners and author of The Joys of Compounding. He has previously worked as a portfolio manager at Summit Global Investments and as a senior analyst at Citigroup and Deutsche Bank. During our wide-ranging conversation, we discuss Gautam’s investment philosophy, common misconceptions among investors, and typical traits of a high-quality business. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on August 5, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (04:31) Why and how The Joys of Compounding came about (07:08) When compounding works against you (09:02) Why value investing has endured for so long (10:11) The importance of financial independence (12:18) Gautam's investment philosophy (20:22) Traits of a high-quality business (22:36) Common misconceptions among investors (24:31) How to behave in bear markets (26:55) Thoughts on portfolio allocation (28:42) Advice for aspiring fund managers (33:01) The fee structure in Gautam’s fund (36:43) Why invest in India? (44:21) How to evaluate corporate governance (47:53) Investing in developing versus emerging countries (49:19) The two themes of Stellar Wealth Partners (52:15) Gautam's reading habits and book recommendations ————————————— Books Mentioned ————————————— More on Gautam Baid The Joys of Compounding: https://www.thejoysofcompounding.com/ Stellar Wealth India: https://stellarwealthindia.com/ LinkedIn: https://www.linkedin.com/in/gautam-baid-cfa-b40b7110/ Twitter: https://twitter.com/Gautam__Baid ————————————— About the podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Will Thorndike is the co-founder of Housatonic Partners and host of the 50X podcast. In this episode, we discuss Will’s masterpiece “The Outsiders” and the lessons he brings from writing it. The book covers eight CEOs who excelled at capital allocation and describes the strategies underlying their success. "The Outsiders" was published ten years ago, and recommended by Warren Buffett in his 2012 annual shareholder letter. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on August 17, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (03:16) How Will’s passion for investing started (08:13) Common traits of the outsiders (19:49) Holding on to high-quality companies (26:06) The importance of corporate culture (34:49) When M&A becomes value-destroying (38:53) How to think about share issues (41:41) How to find outsider CEOs (50:19) The outsiders of tomorrow (56:03) Thoughts on valuation (1:02:39) Book recommendations ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Will Thorndike 50X Podcast - Will's podcast where he discusses and dissects extraordinary investments ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Mark Mahaney calls himself “Wall Street’s oldest and longest-lasting technology analyst”. We learn about Mark's lessons for successful tech investing, his passion for the analyst job, and the quality of the big tech companies of today, including Meta and Spotify. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on August 11, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (02:02) Mark’s story (06:58) Writing Nothing But Net (09:29) Dislocated High-Quality Stocks (DHQs) (14:15) The value of premium growth (23:47) Winning management traits (28:00) Employees as an advantage (31:20) Losing networks effects (34:17) Companies with optionalities (36:41) Duration of tech businesses (38:26) TikTok and engagement data (41:22) The three roles of an equity analyst (45:46) The investor perspective (50;28) Sleuthing and customer surveys (59:38) Spotify & Meta = DHQs? (1:07:31) Company specific vs Macro issues (1:10:02) Top books ————————————— Books Mentioned Nothing But Net - Mark Mahaney————————————— Companies Mentioned (in order of first appearance) ————————————— More on Mark Mahaney Twitter: https://twitter.com/markmahaney Website: https://www.marksfmahaney.com/book ————————————— About the podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Magnus Angenfelt is a seasoned hedge fund manager and author of 'The World's 99 Greatest Investors'. Among many things, we discuss what we can learn from the best, the ideal conditions for an active investor, and how Magnus operates as a portfolio manager. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on June 17, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (03:05) Background of Magnus Angenfelt (05:13) Creating the ultimate investment book (09:43) Selecting the 99 greatest investors (13:39) Three extraordinarily influential investors (15:47) Common denominators among the GOATs (21:37) Top 5 greatest investors of all time (23:28) Improving conditions for active investors (27:21) Magnus’ investment philosophy (30:57) Hedge fund experiences from 2000-2022 (34:57) The emotional aspect of investing (37:22) What defines a good sell-side analyst? (39:51) Book inspiration and final remarks ————————————— Books Mentioned The World's 99 Greatest Investors————————————— More on Magnus Angenfelt About Chelonia Market Neutral: http://www.archipelago-investments.com/chelonia-market-neutral/ The fund on Nordnet (Nordic broker): https://www.nordnet.se/marknaden/fondlistor/16973107-chelonia-market-neutral ————————————— About the podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Andrew Wagner is the CIO of Wagner Road Capital Management and the author of "The Economics of Online Gaming". In our conversation, Andrew tells the fascinating story behind the book and we discuss the surprisingly many ways that gaming can make us advance in economics, business, and investing. A special thanks to Adam J. Mead for connecting us with Andrew Wagner. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on June 15, 2022. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (02:24) Background of Andrew Wagner (07:58) How the book came to be (11:16) The story of the book (16:48) Gaming experience on the CV (18:33) Monopoly breakdown and culture (22:57) Boycott - an investment opportunity? (28:04) Competitive advantages (33:57) The Principle-Agent Problem (36:58) Wagner Road Capital Management (42:04) Different stages of life in a business (43:36) Four categories of biases (49:01) Book inspiration ————————————— Books Mentioned ————————————— More on Andrew Wagner https://www.linkedin.com/in/atwagnerhttps://www.wagnerroadcm.com/https://www.businessexpertpress.com/books/the-economics-of-online-gaming-a-players-introduction-to-economic-thinking/https://www.amazon.com/dp/B084Z77PSW/————————————— About the podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In this special episode, we reflect on our lessons from the first year of the podcast. We discuss investment style, how to filter information, and the most dangerous behavioral aspects for investors. Clips from some of our previous guests are included. We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on June 17, 2022. ————————————— Episode Chapters (00:00) General reflections from the first 25 episodes (10:12) Re-reading books and alternative histories (14:26) Investment style, gumbo, and bear markets (27:49) Different ways to gain an edge (32:52) The businessman made the business (38:44) Focus and information filtering (49:49) Lessons from psychology (55:08) Advice on how to read ————————————— Books Mentioned ————————————— About the podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se