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Investing by the Books
Business & Economics Podcasts
Investing by the Books is a podcast to educate sophisticated and aspiring investors. We believe books are an excellent source for timeless knowledge, enhanced through deep conversations with authors and other guests. Hosts: Eddie Palmgren and Niklas SΓ€vΓ₯s. Producer: Eddie S. Ahlgren Twitter: @IB_Redeye
Location:
Sweden
Description:
Investing by the Books is a podcast to educate sophisticated and aspiring investors. We believe books are an excellent source for timeless knowledge, enhanced through deep conversations with authors and other guests. Hosts: Eddie Palmgren and Niklas SΓ€vΓ₯s. Producer: Eddie S. Ahlgren Twitter: @IB_Redeye
Twitter:
@IB_Redeye
Language:
English
Website:
https://www.redeye.se/
Email:
ib.podcast@redeye.se
Episodes
#60 TorbjoΜrn Arenbo: Capital Allocation and Value Creation
7/23/2024
TorbjΓΆrn Arenbo is the Chief Analyst and Head of Corporate Advisory Sweden at Danske Bank. He has 25 years of experience working as a corporate finance advisor, portfolio manager, and risk manager. Our conversation is centred around TorbjΓΆrnβs book Capital Allocation and Value Creation, published in 2023.
For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on June 5, 2024.
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Episode Chapters
(00:00) Introduction by Niklas & Henrik
(02:25) Welcoming TorbjΓΆrn
(06:11) Sources of inspiration for Capital Allocation and Value Creation
(08:06) Who is the book for?
(10:10) Capital Allocation and Value Creation
(14:17) Different allocation practices based on the base rates for success
(19:58) The obsession for growth
(22:25) Capital allocation at Nibe
(25:15) Keeping managers on board after an acquisition
(26:33) The three value drivers
(29:53) Cost of capital
(32:40) Empirically, are managers good enough at capital allocation?
(36:56) Earnings quality
(41:17) Improving margins vs improving returns
(43:25) Henrikβs view on managerβs allocation capabilities
(46:47) How companies should handle challenging market situations
(51:55) Why TorbjΓΆrn quit his job as a portfolio manager
(53:47) Book discussions
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Books Mentioned
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Companies Mentioned
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More on TorbjΓΆrn
LinkedIn - TorbjΓΆrn Arenbo
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
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What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
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What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
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Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
Duration:00:57:03
#59 Chris Waller on We Are Bellingcat
6/25/2024
Chris Waller is the Founder and Portfolio Manager of Plural Investing in New York. He previously worked in London at Goldman Sachs and holds an MBA from the Value Investing program at Columbia Business School. Our conversation is centred around the book βWe Are Bellingcatβ and covers how investors can deepen their research by better utilising open-source information.
For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on April 17, 2024.
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Episode Chapters
(00:00) Introduction by Eddie & Niklas
(01:29) Introducing Chris and his passion for investing
(04:42) We Are Bellingcat
(16:05) How to find an informational edge
(21:12) Paying for data
(25:09) Seeking the truth, not agreement
(28:07) Looking for the other side of your thesis
(31:08) Weighing data points and a story by Chris
(39:07) Shorting stocks
(43:45) Parallels to sleuth investing
(47:24) Drawing the ethical line
(52:49) Plural Investing and investment philosophy
(01:04:28) Book discussions
(01:07:27) Mentors and role models
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Books Mentioned
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More on Chris
LinkedIn
Plural Investing
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
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What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
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What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
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Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
Duration:01:11:22
Bonus Episode: Eddie's Highlights
6/14/2024
This bonus episode features an interview with Eddie Palmgren β host of Investing by the Books β on Redeye Growth Day. Eddie shares some of his highlights and insights from the first three years of podcasting. The interviewer is Lars T. Andersson at Redeye.
This interview was recorded on May 30, 2024.
For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review.
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
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What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
βββββββββββββ
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
Duration:00:19:23
#58 Staffan SalΓ©n on The SalΓ©n Story
5/27/2024
In this episode we are joined by Staffan SalΓ©n β one of Swedenβs most prominent business men. The SalΓ©n family has a strong heritage spanning more than one hundred years, where Staffan and his brother Erik represent the third generation. In a fun and engaging conversation, we talk about banana boats, long-term investments, and high-speed lessons.
For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre 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 20, 2024.
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Episode Chapters
(00:00) Introduction by Eddie & Niklas
(02:10) Welcoming Staffan SalΓ©n
(04:45) The SalΓ©n Story
(07:49) Hands-off leadership in the early 20th century
(09:00) The SalΓ©n Spirit
(11:10) The family business during WWII and beyond
(18:23) Modern times and societal commentary
(21:18) What the SalΓ©n family considers important in early-stage ventures
(23:20) Staffanβs early career
(31:19) The Sagax investment
(38:02) The eWork investment
(41:57) The Green Landscaping investment
(46:44) Creating value from acquisitions
(50:45) What makes a good board?
(52:34) Measuring success
(54:30) The next generation of SalΓ©nia
(55:51) Views on life more generally
(01:01:00) Is there too much information available today?
(01:05:21) Book recommendations
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Books Mentioned
To receive a copy of "The SalΓ©n Story", contact mariana.martell@salenia.se (limited availability)
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Companies Mentioned
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More on Staffan
https://www.linkedin.com/in/staffan-sal%C3%A9n-34b87a17https://salengroup.se/en/https://x.com/staffansalenβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
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What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
βββββββββββββ
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
Duration:01:09:40
#57 Pieter Slegers on The Art of Quality Investing
4/30/2024
How to invest in the best companies in the world? This is the topic for our episode with Pieter Slegers β founder of the investment newsletter Compounding Quality and previously a professional investor in Belgium. The book we discuss is The Art of Quality Investing, a new but timeless title that Pieter has collaborated on with its author Luc Kroeze.
For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on April 22, 2024.
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Books Mentioned
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Companies Mentioned
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More on Pieter
Compounding Quality: https://www.compoundingquality.net/
LinkedIn: https://www.linkedin.com/in/pieter-slegers-649354248/
X: https://twitter.com/QCompounding
X: https://twitter.com/slegers_pieter
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
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What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
βββββββββββββ
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
Duration:01:18:03
#57 Pieter Slegers on The Art of Quality Investing
4/29/2024
How to invest in the best companies in the world? This is the topic for our episode with Pieter Slegers β founder of the investment newsletter Compounding Quality and previously a professional investor in Belgium. The book we discuss is The Art of Quality Investing, a new but timeless title that Pieter has collaborated on with its author Luc Kroeze.
For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on April 22, 2024.
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Books Mentioned
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Companies Mentioned
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More on Pieter
Compounding Quality: https://www.compoundingquality.net/
LinkedIn: https://www.linkedin.com/in/pieter-slegers-649354248/
X: https://twitter.com/QCompounding
X: https://twitter.com/slegers_pieter
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
βββββββββββββ
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
#56 JC de Swaan: Seeking Virtue in Finance
4/1/2024
In todayβs episode we are joined by JC de Swaan. De Swaan is a lecturer in the economics department at Princeton University, where he teaches courses on ethics in finance and Asian capital markets. He is also a Partner at Cornwall Capital, an investment fund based in New York City. In this episode, we learn about the ethical considerations that finance professionals encounter.
For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre 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 Jan 25, 2024.
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Episode Chapters
(00:00) Introduction by Eddie & Niklas
(01:58) Welcoming JC
(04:26) A specific moment where JC realised what he wanted to do
(05:55) Seeking Virtue in Finance
(10:12) The discrepancy between how finance is perceived and its intention
(12:47) The four pillars of conduct
(25:40) A sound fee structure for managing money
(33:26) JCβs idea of a perfect fund structure
(36:50) Extracting societal value while serving your customers (SΓ€vΓ₯s sΓ€ger moving on)
(43:22) Can investors in the secondary market create value for society?
(50:45) More money goes back to shareholders than go in through equity issues
(53:40) The financial crisis and JCβs view on short-selling
(57:15) How Capital Group balances stakeholder interests
(59:24) Salary spread within an organisation/Musings on compensation
(01:05:21) Discussing corporate culture
(01:08:36) How to protect yourself from skewed incentives in a finance career
(01:15:39) How to benefit society as a whole
(01:21:22) Could Buffett have improved in terms of ethics
(01:23:53) Cornwall Capital
(01:29:45) Resemblance between Pinecone (episode 51) and Cornwall
(01:30:47) How JC allocates his time
(01:33:38) Is JC following his own bookβs advice at Cornwall
(01:37:33) Cornwallβs returns
(01:38:01) Book discussions
(01:42:20) Concluding remarks
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Books Mentioned
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Companies Mentioned
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More on JC
https://twitter.com/jcdeswaan
https://jcdeswaan.scholar.princeton.edu/
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
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What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
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Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
Duration:01:38:59
#55 Edward Chancellor: Capital Returns
3/4/2024
In todayβs episode, Christian Billinger, a London-based investor who has joined the podcast before, is speaking with none other than Edward Chancellor. Edward is an author, finance journalist, and former hedge fund investment strategist. The discussion is centered around Chancellorβs book Capital Returns. It covers capital cycle investing and how investors can benefit from focusing on forecasting supply rather than demand.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team
This episode was recorded on Dec 15, 2023.
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Episode Chapters
(00:00) Introduction to todayβs format by Eddie & Niklas
(02:33) Introduction by Christian
(07:43) Another lesson from the book
(10:15) Does capital cycle investing merge the growth and value dichotomy?
(13:21) Quality as a generator of Alpha
(15:38) Finding companies where the capital cycle doesnβt apply
(18:10) Does the framework also apply to the overall market?
(26:24) Applying the framework in a capital-light industry
(28:13) Obvious excesses in the current time
(33:30) Have the obvious excesses been fully compensated for?
(35:48) Fitting the narrow market rise into the framework
(42:38) Rounding off the discussion
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Books Mentioned
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More on Edward
https://www.edwardchancellor.com/ βββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
βββββββββββββ
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
Duration:00:45:07
#54 Tobias Carlisle: The Acquirer's Multiple
2/5/2024
Tobias Carlisle is a former lawyer and the author of several books, including The Acquirerβs Multiple. Tobias is the manager of two funds based on the bookβs ideas, which are trading as ETFs under the tickers ZIG and DEEP. In the episode, we discuss how strictly he follows the deep value methodology, reflect on patience among investors, and investigate if there is a difference between managing your own or other peopleβs money.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team
This episode was recorded on Dec 6, 2023.
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Episode Chapters
(00:00) Introduction by Eddie & Niklas
(01:12) Welcoming Tobias
(07:41) The Acquirerβs Multiple
(15:07) The Acquirerβs multiple strategy
(27:07) How Greenblatt influenced Carlisle
(36:14) Similarities with activist investors
(44:25) Is it possible for regular investors to know if a moat is sustainable?
(50:10) Musings on patience
(58:22) Investing your own vs other peopleβs money
(59:26) How strict is the formula?
(01:07:20) Tobiasβ current writing and reading habits
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Books Mentioned
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Companies Mentioned
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More on Tobias
X
Acquirerβs fund
Amazon book page
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
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What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
βββββββββββββ
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
Duration:01:17:34
#53 Todd Wenning on Lessons from the Titans
1/8/2024
Todd Wenning is an investor with experience from Ensemble Capital, The Motley Fool, and Morningstar. In episode five, we came across some of his work as he is a contributing author to the book Why Moats Matter. This time, we speak about Lessons from the Titans, a book about the lessons that todayβs businesses can draw from Americaβs industrial giants.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team
This episode was recorded on Nov 13, 2023.
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Episode Chapters
(00:00) Introduction by Eddie & Niklas
(01:11) Welcoming Todd
(07:37) Toddβs interest in history
(10:24) Lessons from the Titans
(30:09) Thoughts on acquisition-driven businesses
(33:00) Lessons on risk management
(35:50) The people behind the business
(44:31) Handling small problems that compounds
(46:51) Adding a company to the book
(51:22) Flyover stocks/Toddβs new project
(54:51) Difference between small and large caps in terms of moats
(58:10) Book discussions
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Books Mentioned
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Companies Mentioned
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More on Todd
Flyover Stocks
Threads
X
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
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Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
Duration:01:02:48
#52 Stephen Penman: Accounting for Value
12/11/2023
Stephen Penman is a professor of accounting and security analysis at Columbia Business School and Bocconi. He has also written the book Accounting for Value, which illustrates how accounting numbers relate to value creation. In our conversation with Penman, we discuss the necessary separation between speculation and valuation, the ideal structure of an equity research report, and how aspiring investors can improve their processes.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team
This episode was recorded on Oct 30, 2023.
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Episode Chapters
(00:00) Intro by Eddie & Martin
(01:38) Welcoming Stephen
(04:17) Accounting for Value
(09:26) Fair value, mark to market, and historical cost accounting
(12:41) Separating speculation and valuation
(19:03) Using valuation to challenge the marketβs assumptions
(20:20) Residual income
(26:38) How to improve as an aspiring investor
(30:28) Informational vs analytical edge
(32:26) Accounting arbitrage in todayβs market
(37:39) Passive investing
(41:01) How does Stephen invest his own money?
(44:54) Allocating time between research and investing
(49:51) Should accounting professionals push changes to standards?
(53:52) The ideal structure of an equity research report
(58:56) Stephen on Buffett
(01:04:21) Stephenβs new book
(01:06:27) A book Stephen would like to read but not write
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Books Mentioned
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More on Stephen
Profile on Columbia Business School
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
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What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
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_
βββββββββββββ
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
Duration:01:10:20
#51 Shu Hattori and Andrew Chou: The McKinsey Edge
11/13/2023
Shu Hattori has more than fifteen years of experience in management consulting, turnarounds & venture-backed start-ups, with employers including McKinsey, Groupon, and Alix Partners. Shu is now building Japanβs first serial acquirer - Pinecone, together with Andrew Chou. Our conversation builds upon Shuβs book, The McKinsey Edge. We talk about what investors can learn from consultants, thoughts on decentralization, and the vision for Pinecone.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on Oct 11, 2023.
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Episode Chapters
(00:00) Introduction by Eddie & Niklas
(03:03) Welcoming Shu and Andrew
(08:17) How Shuβs book came about
(12:17) When was the last time I did X
(15:22) Asking second-order questions
(18:46) Thoughts on taking notes
(25:48) Learning to be passionate about your work
(28:58) Pinecone - The first serial acquirer in Japan
(44:00) The addressable market for serial acquirers in Japan
(47:36) Finding the right managers to run the businesses
(49:40) Are there more serial acquirers coming up in Japan?
(51:23) Why Pinecone?
(52:47) Decentralization at Pinecone
(56:04) Applying the McKinsey principles for building a serial acquirer
(01:01:18) Would Shu hire McKinsey consultants in the companies they acquire?
(01:02:55) Book discussions
(01:11:08) Job opportunities at Pinecone
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Books Mentioned
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Companies Mentioned
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More on Shu and Andrew
Pinecone's website (English landing page)
Shu's LinkedIn
Andrew's LinkedIn
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
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_
βββββββββββββ
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
Duration:01:12:11
#50 Ronald FagerfjΓ€ll: They Made Sweden Rich
10/16/2023
Ronald FagerfjΓ€ll is a legend within Swedish business journalism. Having written more than 30 books centered around Swedish companies and the people behind them, his knowledge of the topic is truly unique. We speak about the book βThey Made Sweden Richβ (De gjorde Sverige rikt), which covers important entrepreneurs, businessmen, and investors during Swedenβs 20th-century industrial history.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on Sep 6, 2023.
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Episode Chapters
(00:00) Introduction by Eddie & Niklas
(01:24) Ronaldβs background
(17:38) Why Ronald chose to write about Swedish business history
(22:11) The Swedish business landscape in the early 20th century
(27:32) Ivar Kreuger and the match empire
(37:29) Why the holding company is a Swedish phenomenon
(42:20) The connection between Swedish industrial companies and banks
(46:10) The serial acquirers of the 60s
(55:53) How Ronald manages to write a book a year
(01:00:45) What books are Ronald most content with?
(01:03:04) A book that Ronald wants to read but not write
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Books Mentioned
βββββββββββββ
Companies Mentioned
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, 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
βββββββββββββ
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_
βββββββββββββ
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
Duration:01:06:44
#49 Paddy Hogan on What It Takes
9/18/2023
Paddy Hogan is the head of investor relations at ORIX, a Japanese company with 35,000 employees active within finance, investments, life insurance, and banking. The episode is centered around the book βWhat It Takesβ, by Stephen A. Schwarzman. It tells the story of how Stephen co-founded Blackstone and made it the worldβs largest alternative asset manager, with more than one trillion dollars under management.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on May 25, 2023.
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Episode Chapters
(00:00) Intro by Niklas & Henrik
(02:31) Welcoming Paddy
(03:25) Introduction to βWhat it Takesβ and Blackstone
(05:55) Hiring the best people possible
(07:42) About Orix
(13:28) Thoughts on decentralization
(20:44) Corporate frugality
(25:28) Attracting long-term shareholders
(32:15) The (cultural) foundation of Orix
(38:16) Orixβs take on position sizing
(41:00) Takeovers - Hostile and friendly
(47:46) Buying companies without an exit strategy
(50:20) Reading habits
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Books Mentioned
What It Takes - Stephen A. Schwarzman
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Companies Mentioned
βββββββββββββ
More on Paddy
LinkedIn
Orix Website
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, 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
βββββββββββββ
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_
βββββββββββββ
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
Duration:00:53:08
#48 Cole Smead on Money Masters
8/21/2023
Cole Smead is a portfolio manager at Smead Capital Management, an investment advisor applying a differentiated value approach to its capital allocation processes. Cole is an avid reader and hosts the podcast βA Book With Legs.β In this episode, we discuss the classic title βMoney Mastersβ by John Train. We talk about whether there is such a thing as a money mind, if good investors tend to be born poor, and explore the insight that businesses are always dying.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on May 17, 2023.
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Episode Chapters
(00:00) Introduction with Henrik Andersson
(02:58) Welcoming Cole
(06:52) Do some people have a βmoney mindβ?
(10:14) Are good investors born poor?
(12:58) Money Masters by John Train
(19:08) The chapter on T. Rowe Price
(23:35) How to avoid falling for herd behavior
(28:59) Businesses are always dying
(32:52) Further lessons from T. Rowe Price
(41:04) Identifying yourself with your investments
(46:05) Why did Cole end up in the investment business?
(50:34) Coleβs idols in investing
(57:01) Applying lessons from marketing
(01:02:11) The step-by-step approach to learning about a new industry
(01:11:16) The most interesting aspects of todayβs markets
(01:14:45) Coleβs reading habits
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Books Mentioned
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Companies Mentioned
βββββββββββββ
More on Cole
A Book With Legs
Missives from Smead Capital Management
Twitter
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, 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
βββββββββββββ
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_
βββββββββββββ
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
Duration:01:21:59
#47 Ian Cassel on Golf Is Not a Game of Perfect
7/24/2023
Ian Cassel is the founder of MicroCapClub, co-author of the books about Intelligent Fanatics, and the CIO of Intelligent Fanatics Capital Management. In this episode, we talk about βGolf Is Not a Game of Perfectβ by Bob Rotella. The book covers the mental habits used by professional golfers, an area that turns out to be a ripe hunting ground for valuable investing advice.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on April 19, 2023.
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Episode Chapters
(00:00) Intro by Eddie & Niklas
(02:26) How Ian started with investing
(07:13) Golf Is Not a Game of Perfect
(13:26) Adapting your strategies to the world around you
(16:55) Rigidity vs. flexibility in the investment process
(19:29) Accepting things outside of your control
(25:51) Letting investments influence your strategy
(31:37) Appreciating the position youβre in
(36:11) The long versus the short game
(42:27) Knowing when you know enoughβ¦
(44:34) β¦ and then knowing what to do
(48:89) Learning about yourself through the market
(51:39) Having productive distractions
(55:13) Do investors age well?
(58:32) Should you lower your expectations?
(01:00:45) How to consider macroeconomics
(01:03:55) Checking stock prices daily/Comparing yourself to others
(01:07:52) The set-up at Intelligent Fanatics Capital Management
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Books Mentioned
Intelligent Fanatics - Sean Iddings and Ian Cassel
Golf Is Not a Game of Perfect - Bob Rotella
The Elements of Scoring - Raymond Floyd
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More on Ian
Twitter
MicroCapClub
Intelligent Fanatics Capital Management
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, 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
βββββββββββββ
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_
βββββββββββββ
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
Duration:01:16:55
#46 Vitaliy Katsenelson: Soul in the Game
6/26/2023
Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA), a value investing firm providing individual portfolio management. He is also the author of several books, including βActive Value Investingβ and βThe Little Book About Sideways Markets.β In this episode, we mostly discuss his latest addition, βSoul in the Gameβ.
Go to the episode page and make sure to follow us on Twitter, where we suggest books and do giveaways. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team
This episode was recorded on March 16, 2023.
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Episode Chapters
(00:00) Intro by Eddie & Niklas
(01:55) How Vitaliyβs passion for investing started
(03:53) Soul or Skin in the Game
(05:21) A Parallel to Jiro Dreams of Sushi
(07:32) Is it possible to have too much soul in the game?
(12:54) Stoicism, philosophy, and investing
(22:34) Once our art turns into a craft, it is time to move on
(27:47) Vitaliyβs work at IMA
(29:32) How to allocate your time
(32:51) Size as the enemy to great performance
(40:52) To see the long term, you need to survive the short term
(46:52) Good reasons for selling a company
(54:18) Where we are in the market cycle
(01:02:30) Living in the present while planning for the future
(01:06:45) Book discussions
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Books Mentioned
βββββββββββββ
Companies Mentioned
βββββββββββββ
More on Vitaliy
Twitter
LinkedIn
Investment Management Associates (IMA)
The Intellectual Investor
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, 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
βββββββββββββ
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_
βββββββββββββ
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
Duration:01:09:09
#45 Paul Johnson and Paul D. Sonkin: The Enduring Value of Roger Murray
5/29/2023
In our 45th episode, we are honored to speak to Paul Johnson and Paul D. Sonkin about their latest book βThe Enduring Value of Roger Murray.β As the successor to Benjamin Graham at Columbia Business School, Murray (1911β1998) 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 βPitch the Perfect Investmentβ and contributed to classics such as βThe Most Important Thingβ and βValue Investing: From Graham to Buffett and Beyond.β
Go to the episode page and make sure to follow us on Twitter, where we suggest books and do giveaways. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team
This episode was recorded on February 16, 2023.
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Episode Chapters
(00:00) Introduction
(03:32) How Paul & Paul started investing in stocks
(06:38) The Enduring Value of Roger Murray
(11:34) Who was Roger Murray?
(24:15) The Gap between Murray and Greenwald
(43:11) How the value investing class has changed
(46:44) Murray as an investor
(49:43) Incorporating an economic outlook in your investment process
(53:54) How to manage structural and cyclical changes
(58:05) The risk=volatility debate
(01:06:06) Does patience give you an edge?
(01:09:35) Paul Johnsonβs work outside teaching
(01:14:15) Governance issues in small vs large companies
(01:17:55) How to judge a managementβs allocation skills
(01:22:26) Paul Sonkinβs investment style
(01:28:20) Book discussions
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Books Mentioned
The Enduring Value of Roger Murrayβββββββββββββ
Companies Mentioned
βββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, 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
βββββββββββββ
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_
βββββββββββββ
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
Duration:01:36:00
#44 Todd Finkle: Warren Buffett - Investor and Entrepreneur
5/1/2023
In this episode, we speak with the knowledgeable Todd Finkle. Todd is a Professor of Entrepreneurship at Gonzaga University and the author of several books, including his latest addition: Warren Buffett - Investor and Entrepreneur. In our conversation, we explore Buffett as an entrepreneur, psychological biases, and whether academia and investing are compatible.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on March 29, 2023.
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Episode Chapters
(00:00) Intro by Eddie & Niklas
(01:14) Welcoming Todd
(01:47) How Todd came across the world of investing
(09:44) Why write another book on Warren Buffett?
(17:31) The most surprising insights from researching Buffett
(21:31) The definition of entrepreneurship
(27:19) Buffettβs shift towards buying quality businesses
(30:34) What Buffett looks at before buying a business
(32:40) Is business quality more important than management?
(35:16) Quantifying too much
(37:31) Psychological biases
(44:27) The link between academia and business success
(47:00) Areas where Todd disagrees with Buffett
(48:51) Book talk
(51:44) Final remarks
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Books Mentioned
βββββββββββββ
More on Todd
TwitterWebpage on UniversityLinkedInWebsiteβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, 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
βββββββββββββ
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_
βββββββββββββ
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
Duration:00:52:54
#43 Catherine S. Neal: Taking Down the Lion
4/3/2023
Catherine S. Neal is a former attorney and an associate professor of business ethics and business law at Northern Kentucky University. She is also the author of Taking Down the Lion, which is the center of attention for this episode. The book explores the fall of Tyco International's CEO and Chairman, Dennis Kozlowski, who was convicted of stealing more than 100 million dollars from the company.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on February 8, 2023.
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Episode Chapters
(00:00) Intro by Eddie & Niklas
(00:21) Introduction to Catherine
(04:13) Taking Down the Lion
(11:18) Dennis Kozlowski
(12:57) Why did Catherine write her book?
(22:59) The most significant crimes that were committed
(30:08) The world is driven by envy, not by greed
(41:40) Dennisβ inability to manage details
(49:05) Being both the CEO and the Chairman
(54:24) Was Dennis treated unfairly by the media?
(01:01:07) Red flags when it comes to corporate governance
(01:15:16) What would Catherine change in the corporate world?
(01:19:47) Dennis Kozlowski today
(01:24:42) Book recommendations
(01:25:22) Final remarks
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Books Mentioned
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Companies Mentioned
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More on Catherine
Website for Taking Down the LionTwitterβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
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What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
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What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
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Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
Duration:01:27:04