Investing by the Books

This episode features Ehsan Ehsani, an investor at Crescendo Partners in New York and an adjunct professor at Columbia Business School. We discuss his book 'Finding Value in Numbers’, in which Ehsan emphasizes the importance of building a personalized investment framework. ————————————— Our conversation with Ehsan Ehsani was recorded on 9 March 2026. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (00:46) Welcoming Ehsan (02:52) Introducing Ehsan’s book ‘Finding Value in Numbers’ (05:23) Foreword by Mario Gabelli (06:30) Part 1: Is the opportunity investable? (08:44) Part 2: Is the valuation attractive? (16:23) Part 3: Is there a path to profits? (18:21) Soft vs. hard catalysts (24:42) Part 4: Do we have a winning game plan? (26:07) System dynamics (31:21) Intangible value (33:40) Building your framework (35:06) Qualitative aspects – people (37:38) Ehsan’s role at Crescendo Partners (40:45) Ehsan’s work at Columbia Business School (42:16) Personal investing (44:50) Having a process vs. following it – RPF (49:52) Ehsan’s reading suggestions (51:42) Writing ambitions (52:19) Concluding remarks ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Ehsan Ehsani https://www.linkedin.com/newsletters/7099112971280203776/https://business.columbia.edu/faculty/people/ehsan-ehsani————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

The UK-based portfolio manager Andrew Hollingworth, founder of HollAnd Advisors, joins Eddie to discuss the book '1929' by Andrew Ross Sorkin. The conversation covers parallels to the 2008 financial crisis, how Andrew deals with market distress, and a couple of strong reading recommendations. ————————————— Our conversation with Andrew Hollingworth was recorded on 13 January 2026. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (00:47) Welcoming Andrew (01:09) Andrew’s path to professional investing (02:04) Introducing the book ‘1929’ (03:42) The author – who is Andrew Ross Sorkin? (04:44) What differentiates this book from others about the crash (05:51) Surprises in the book (07:14) Why the extreme greed, why then (09:58) Character 1: The big banker – Charles “Sunshine Charlie” Mitchell (11:44) Character 2: Stock astrologist Evangeline Adams (12:53) The lack of financial institutions (14:04) Churchill’s optimism (15:32) Parallels to 2008 and banking regulations (16:31) Trust (17:58) Anything that could’ve made the book better? (18:29) Andrew’s firm HollAnd Advisors (19:18) Andrew’s investment philosophy (20:45) Evaluating businesses and people (22:22) Portfolio concentration (23:29) Ideal holding period (25:02) Trimming (26:02) Dealing with market distress (27:52) Managing cash (28:53) The risk of withdrawals (30:18) Ambitions for the next 5-10 years (31:44) Andrew’s reading suggestions (34:10) Writing ambitions (35:54) Concluding remarks ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Andrew Hollingworth https://uk.linkedin.com/in/andrew-hollingworth-035781129https://hollandadvisors.co.uk/————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Eddie has the pleasure of speaking to Rupal Bhansali, author of ‘Non-Consensus Investing’ and a seasoned investor with over 30 years of experience. We discuss her journey from growing up in a stockbroker's family in India to becoming a CIO managing billions of dollars in New York. The conversation covers several themes from her book, including risk management, crowded trades, and the importance of independent thinking. ————————————— Our conversation with Rupal Bhansali was recorded on 15 December 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (01:03) Rupal’s path to investing (08:43) Introducing the book: Non-Consensus Investing (09:53) Contrarian vs. Non-Consensus Investing (10:56) How the book came about (14:34) Rupal’s view on risk (19:42) Crowded trades (27:47) Why a competitive advantage is not enough (30:57) The myth of pricing power. (32:53) Rupal’s research process (35:20) Most common behavioral bias (36:47) Patience (37:51) Would Rupal like to change anything in the book? (38:22) Rupal as an investor and her firm (40:28) How to manage your days and measure success (42:12) 100 Women in Finance (45:24) Rupal’s reading suggestions (46:00) Another book by Rupal? (46:13) Concluding remarks ————————————— Books Mentioned ————————————— More on Rupal Bhansali ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

This episode features the US-based portfolio manager Ryan Bunn. We discuss Philip Carret's classic investment book 'The Art of Speculation', which influenced later legends like Warren Buffett and Philip Fisher. We conclude that Carret’s nearly 100-year-old insights – including his ‘Twelve Commandments for Speculation’ – remain remarkably relevant today. ————————————— Our conversation with Ryan Bunn was recorded on 11 November 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (00:49) Welcoming Ryan Bunn (01:02) Ryan’s path to investing (02:57) Collecting books (03:54) Introducing ‘The Art of Speculation’ (04:51) Why is it worth reading? (05:53) The author – who was Philip Carret? (07:04) Carret’s books (08:21) Which investors did Carret inspire? (09:29) Carret – the OG compounder king (11:40) When speculation becomes investing (14:47) Ryan’s top 3 of the ‘Twelve Commandments for Speculation’ (20:44) Thoughts on valuation and leverage (22:41) Market cycles (24:02) Carret’s ideas about technical analysis haven’t aged as well (25:30) How the market and investing have changed (26:14) What Ryan would like to speak to Carret about (28:15) Ryan as an investor and his firm Reference Equity (32:06) Investing in small caps globally (35:24) Concentration, position sizing, and turnover (37:48) Patience in real-life investing (39:18) Forced selling (42:18) Ryan’s daily life as an investor (43:12) Reading decisions and habits (46:50) Ryan’s reading suggestions (48:25) Writing ambitions (50:13) Concluding remarks ————————————— Books Mentioned ————————————— More on Ryan Bunn https://www.linkedin.com/in/ryanbunn/https://www.referenceequity.com/————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Our guest Ethan Everett is an investment analyst in the US and author of 'The Investment Philosophers'. We discuss the book, in which he connects philosophical ideas from thirteen thinkers, including Spinoza, Hume, and Kierkegaard, to modern investing practices. The conversation also touches on his grandfather's influence as a former student of Benjamin Graham and Ethan's future book projects, connecting law and martial arts to investing. ————————————— Our conversation with Ethan Everett was recorded on 22 October 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (00:53) Welcoming Ethan Everett (02:23) Ethan’s way to investing (06:48) Discovering philosophy (08:37) How “The Investment Philosophers” came about (10:45) Criteria for selecting the 13 philosophers in the book (12:42) Lessons from Baruch Spinoza (22:42) David Hume (28:28) Søren Kierkegaard (35:28) Ethan’s evolution as an investor (39:31) Company example: Mattel (43:26) Ethan’s role as an Investment Analyst at Galvin, Gaustad & Stein (46:10) Lessons from Ethan’s grandfather, a student of Benjamin Graham (48:46) Ethan’s AI start-up Collexity (53:05) Reading suggestions (57:23) Writing ideas (01:00:43) Concluding remarks ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Ethan Everett: ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

We are joined by the US investor Ryan Floyd from Barca Capital to discuss ‘A Time of Gifts' by Patrick Leigh Fermor. The book chronicles Fermer's journey as an 18-year-old Englishman walking through Europe in 1933-1934. While it’s not a typical investing book, we uncover numerous lessons for investors, including the value of observation and action. ————————————— Our conversation with Ryan Floyd was recorded on 21 October 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— (00:00) Intro by Eddie (01:29) Welcoming Ryan Floyd (01:51) Ryan’s path to investing (04:54) What “A Time of Gifts” is about (06:24) What the book’s title means (08:13) Structure of the book (11:01) About the author (13:08) Inspiration for investors (15:31) Ryan in the real world (18:56) Optimism vs. pessimism (24:17) Activity vs inactivity (26:50) Dealing with losses (32:54) Entrepreneurial spirit (36:15) Creating Barca Capital (39:37) Geographies of interest (42:17) Portfolio concentration (45:54) Ryan’s investor traveling (50:31) Ambitions for Barca Capital (52:12) Favorite books (56:53) Writing ideas (58:15) Concluding remarks ————————————— Books Mentioned ————————————— Movies Mentioned ————————————— More on Ryan Floyd: ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Lars Stenlund co-founded the Swedish firm Vitec Software in 1985. For 35 years, he served as its CEO, and since 2021, he is the Chairman. In this interview, Lars shares his lessons and personal reflections from the journey with Vitec. The basis for our conversation is the book “Driven by Curiosity: Vitec – The First 40 Years”, published in 2025. ————————————— Our conversation with Lars Stenlund was recorded on 10 September 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (01:18) Welcoming Lars Stenlund (01:41) Growing up and role models (04:05) Study decisions (04:46) About the book “Driven by Curiosity” (08:05) The early days of Vitec (14:29) Organic growth journey (16:16) IPO, failing in Germany, and starting with M&A (17:58) Competitive situation for acquisitions (19:03) SaaS in 1995 (21:15) Earnings stability vs. volatility (22:25) How to measure success (24:09) People and decentralization (26:48) Acquisitions in practice (27:32) Funding (29:59) Geographic expansion (30:53) Mistake 1: don’t kill a working software (33:42) Mistake 2: avoid creating a monopoly (35:34) The worst advice Lars ever got (36:07) Transition from CEO to Chairman (37:19) Selecting his successor (38:19) Avoiding group thinking in the board (40:13) Current commitments besides Vitec (41:48) Umeå’s importance for Vitec and vice versa (44:25) Golfing and the relation with Olov, co-founder of Vitec (46:05) Spending habits (47:25) Lessons from decades of technology shifts (51:22) Time horizon on product development (53:12) Curiosity today (54:13) Reading recommendations and one title to avoid (57:52) Concluding remarks ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Lars Stenlund & Vitec Software: https://www.vitecsoftware.com/en/————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Fund managers Adnan & Oddbjørn from REQ Capital discuss their brand new book, The Compounders. The book highlights the journeys of nine companies from Sweden, North America, and the UK that have been exceptional compounding machines. ————————————— Our conversation with Adnan Hadžiefendić & Oddbjørn Dybvad was recorded on 3 September 2025. ————————————— For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (00:53) Catching up with Oddbjørn (01:42) Adnan’s journey into investing (05:10) Overview of The Compounders (06:43) The writing process of the book (08:24) Core principles of compounding (10:10) Serial acquirers vs Compounders (12:18) Metaphor of the African Tree (13:35) Selection of the nine companies in the book (18:39) Surprises during the writing process (21:36) What to avoid (25:17) Long-term survival (27:29) Organic growth (30:41) Investment Philosophy of REQ (32:18) Corporate Governance’s role (34:05) How much should you pay for exceptional companies? (36:00) Building conviction (38:44) Humility as investors (40:51) Avoiding overconfident operators (41:59) Frugality and motivation (44:15) REQ to start a compounder? (45:21) Book recommendations (46:59) Daily life as fund managers (49:27) New book projects? (50:13) Concluding remarks ————————————— Books Mentioned The Compounders————————————— Companies Mentioned ————————————— More on Adnan & Oddbjørn ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

In this episode, we have the pleasure of welcoming back Stephen Penman, professor emeritus of accounting and security analysis at Columbia Business School. Stephen has been elected into the Accounting Hall of Fame and is also a distinguished author. We discuss his latest book, in which he shows how accounting helps you, how it doesn't help you, and how to use it when evaluating investments. Stephen also shares his insights on hurdle rates, the development of accounting, and the possible impact of AI. Our conversation with Stephen Penman was recorded on 18 August 2025. For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie & Martin (01:24) Welcoming Stephen (01:56) Keynote at climate change conference (02:58) Intro to Stephen’s latest book (04:39) Co-author Peter Pope (07:02) Investing by the book (10:03) Cash flow valuation (11:43) Ignore information at your peril (14:49) The required return – a personal matter (19:46) Fantasy thinking (20:18) The hurdle rate of fund managers (22:57) M&A accounting (27:37) Good vs. Bad thinking (30:04) Reverse engineering (33:48) Stephen’s current engagements (36:54) Development of accounting (43:20) Impact of AI on accounting (45:21) Stephen’s own investments (48:30) Book recommendations (52:01) New writing projects (55:32) Concluding remarks ————————————— Books & Articles Mentioned ————————————— More on Stephen Penman ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Klaus Kleinfeld has been the global CEO of two Fortune 500 companies – Siemens and Alcoa. In this episode, we have the pleasure of discussing his book 'Leading to Thrive', where Klaus shares his lessons from heading big organizations, but also on how to live a good life. Our conversation with Klaus Kleinfeld was recorded on 24 July 2025. 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, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro to Klaus Kleinfeld (01:06) Welcoming Klaus (01:32) Growing up in Germany (03:50) First job and the perception of money (08:47) How “Leading to Thrive” came about (11:26) Part 1: Mastering the inner game (17:46) Managing energy as a leader (22:30) The misconception of work-life balance (25:10) Part 2: Mastering the outer game (27:21) How Klaus became CEO of two Fortune 500 companies (31:17) The dynamics of Boards (38:23) The role of a leader (41:03) Advice for analysts & investors when speaking to management (43:18) Klaus’ current engagements (47:19) Future ambitions (48:58) Book recommendations (51:30) Concluding remarks ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Klaus Kleinfeld https://www.leading-to-thrive.com/https://www.linkedin.com/in/klauskleinfeld/————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Alex Morris, founder of TSOH Investment Research, shares his insights from Microsoft’s CEO Satya Nadella's book 'Hit Refresh.' We discuss the importance of empathy in leadership, cultural transformation, and finding your edge in equity research. Our conversation with Alex Morris was recorded on 16 June 2025. After four great years, this episode marks the last one with Niklas as co-host. Eddie will continue Investing by the Books podcast with the same steadfast ambition: to invite masterminds to discuss books that help us think, invest, and live better. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team ————————————— Episode Chapters (00:00) Intro and Farewell to a Co-Host (01:45) Welcoming Alex Morris (04:06) Transitioning to ‘Hit Refresh’ (05:54) Satya Nadella as an Author (08:56) Satya Nadella's Leadership Style (10:53) Exploring the Concept of 'Hit Refresh' (15:38) The Significance of Succession in Leadership (17:30) Cultural Transformation in Microsoft (19:10) Incentivizing Change: Lessons from Nadella (21:57) Leadership Vision (23:22) Microsoft's Three Tech Bets (26:49) Researching Large Caps (29:33) The Science of Hitting (34:19) Fixed Mindset vs. Growth Mindset (Netflix Example) (37:35) Alex’ Investable Universe (41:05) Active Research Techniques (43:08) The Future of Equity Analysts (45:57) Buffett and Munger Unscripted (49:33) Exploring Other Book Ideas (51:21) Influential Figures in Investing (54:29) Concluding remarks ————————————— Books Mentioned ————————————— More on Alex Morris https://thescienceofhitting.com/https://x.com/TSOH_Investing————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Economist and financial historian Lodewijk Petram discusses his book, "The World's First Stock Exchange," which focuses on the Dutch East India Company in the seventeenth century. We delve into the origins of the stock market, an IPO in 1602, and the similarities between historical and modern investor behavior. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on 14 May 2025. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:22) Get to know Lodewijk Petram (03:33) How the book came about (05:37) The Confusion of Confusions – the world’s first stock market book from 1688 (11:02) Which was the world’s first stock exchange? (14:14) The business of the Dutch East India Company (19:54) The first IPO – year 1602 (25:16) Life as an investor in the 17th century (30:34) Fraud and insider trading (33:34) The informational edge (37:18) Spicy dividends (39:37) Emotional investors (43:05) The tulip mania (48:29) Naked short-selling in the 1600s (54:53) The evolution of the Dutch East India Company (58:01) Looking back at 2025, in year 2425 (01:01:23) Newspapers were old news already in the 1600s (01:02:45) The Huygens Institute for the History of the Netherlands (01:05:08) Lodewijk’s other research work (01:08:38) A financial history book recommendation (01:09:37) Handling financial crises (01:12:02) Concluding remarks ————————————— Books Mentioned ————————————— More on Lodewijk Petram https://www.linkedin.com/in/lodewijkpetram/https://www.worldsfirststockexchange.com/https://www.huygens.knaw.nl/en/medewerkers/lodewijk-petram-2/————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

We are happy to have Laurence (Lar) Endersen on the podcast. Lar is an experienced and thoughtful investor based in Ireland, where he heads his private investment firm Capstrive. Lar is also the author of books such as 'Pebbles of Perception'. We discuss his latest title – The Compounder's Element – a valuable and entertaining gem on long-term investing. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on April 9, 2025. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:22) Get to know Lar Endersen (06:08) How The Compounder’s Element came about (08:16) Choosing the patient path (13:41) The path must match our personality (16:26) Explaining the title – what is the compounder’s element? (19:05) Great business models such as Privileged Perch, High ROIC Cookie Cutter (25:22) Cash – a safety or comfort blanket? (33:31) How to disrupt compounding (40:02) Managing your own money vs. for others (47:50) Investing in public vs private companies (54:09) Lar’s private investment firm – Capstrive (58:08) Holdings and position sizing (01:01:58) Lar the author – Pebbles of Perception (01:04:05) More books on the horizon? (01:06:43) Concluding remarks ————————————— Articles & Books Mentioned The Compounder’s ElementComplexity InvestingPebbles of Perception————————————— Companies Mentioned ————————————— More on Laurence Endersen ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

David Marcus is a US investor with decades of experience working for legends like Michael Price and Jan Stenbeck. We discuss Brad Jacob’s book How to Make a Few Billion Dollars and David’s fascinating journey as an investor and operator. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on March 19, 2025. ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on David Marcus https://www.linkedin.com/in/evermoreglobalhttps://www.redeye.se/video/event-presentation/1089658/keynote-speaker-david-marcus-co-founder-of-evermore-global-advisors-at-redeye-serial-acquirers-conference-2025————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Phil Rosenzweig has been a professor at IMD Business School in Lausanne, Switzerland, for about 30 years. We discuss Phil’s legendary book “The Halo Effect”, which debunks much of the classic management literature and explains how we tend to think that when a company performs well, the CEO is fantastic, the company has operational excellence, and the employees love to work there. We set a halo on the good performers. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on February 3, 2025. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:46) Welcoming Phil (02:51) The Halo Effect (06:55) ABB (12:17) Why Phil chose the companies he did (14:11) The halo effect today (19:11) The halo effect in other areas of life (23:39) Criticism against management literature (26:39) Other common errors in thinking (30:45) Has Phil been influenced by Warren Buffett? (33:45) Discussion on strategy versus execution (46:52) Connecting the momentum/value dichotomy to Phil’s writing (50:14) How Phil invests his own money (52:33) An incredible Microsoft anecdote (54:06) Phil’s time at Hewlett Packard and his pivot to academia (58:37) Book discussions (01:09:45) Concluding remarks ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Phil ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Jaime Lester is a hedge fund industry veteran who has worked at firms such as Steinhardt Partners and David Einhorn’s Greenlight Capital. He is also an adjunct professor at Columbia Business School and has managed his own investment fund for nine years. We discuss his book “Pause to Think,” which is a compilation of thirty-two mental models. Jaime also applies these models to various frameworks, such as how to make better decisions and how to become happier. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on January 22, 2025. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:40) Welcoming Jaime (03:09) Pause to Think (07:51) Investing and science (focus on checklists) (12:06) Cognitive biases (19:30) Why learn about mental models? (23:20) Inversion and investing (29:54) Jaime’s experience from Greenlight Capital (32:55) Cerrano Capital (34:55) How Jaime is allocating his time today (37:05) Current investment strategy (39:22) Balancing personal life with work (45:26) What can investors do to improve the world? (48:07) Book discussions and recommendations ————————————— Books Mentioned ————————————— More on Jaime Pause to ThinkPause to Think————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Will Barnes is the co-founder of the primary research firm In Practise and joins us to discuss their new book “In Practise”. The book has eleven chapters, each featuring an in-depth interview with an experienced operator helping us to better understand successful companies like Spotify, Danaher, and Constellation Software. In Practise is the first volume in a series of books that will be published over the coming years. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on December 9, 2024. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:25) Welcoming Will and hearing about his background (04:07) Connection between sports and investing (06:03) Background and introduction to In Practise (13:58) Who are In Practise speaking to? (17:10) Controversial situations (18:33) Why create a book? (19:54) Spotify (25:11) Constellation Software (35:39) Danaher (41:46) Employee longevity (43:11) Vision for In Practise (44:35) How Will has improved from running In Practise (48:44) The process for conducting primary research (51:09) The process for making investment decisions (53:46) Thoughts on portfolio management (58:53) Book discussions ————————————— Books Mentioned In Practise————————————— Companies Mentioned ————————————— More on In Practise In Practise website ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Asif Suria is an entrepreneur and investor in the US who focuses on a specific investing strategy that we haven’t talked about much in the podcast: event-driven investing or special situations. The title for this conversation is Asif’s book The Event-Driven Edge in Investing, in which he explains six different event-driven strategies, such as merger arbitrage and stock buybacks. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on November 6, 2024. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:26) Welcoming Asif (02:50) The Event-Driven Edge in Investing (07:28) How to know when a specific strategy is “in-season” (08:59) The six event-driven strategies in the book (09:41) How to interpret insider buying (16:19) Asif’s work on the weekends (18:27) General talk about the strategies (22:04) Coping with the risks (24:32) Spin-offs (29:23) Management changes (33:29) Interesting combinations of events (34:29) InsideArbitrage.com and Asif’s work (39:50) Book discussions ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Asif Twitter/X LinkedIn InsideArbitrage.com ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Brett Gardner is an investment analyst at the US-based investment partnership Discerene Group and, since about a week, a published author with his book Buffett’s Early Investments. The focus of our conversation is Brett's book, where he has uncovered a few of Buffett’s investments in the 1950s and 1960s that until now have been rather unknown. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on October 9, 2024. The video was unfortunately not recorded due to technical issues. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:34) Introduction to Brett (04:21) Buffett’s Early Investments (08:47) How the investments were selected (15:30) Marshall-Wells: The first investment (20:52) Philadelphia and Reading (27:36) Walt Disney Productions (36:10) Can Buffett compound $1 million at 50% per year? (39:18) Brett’s current role at Discerene Group (40:53) Two lesser-known book recommendations (45:37) Final remarks ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Brett Twitter/X - @brettgardner_10 LinkedIn - Brett Gardner E-mail - brett@buffettsearlyinvestments.com ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Simon Kold is the founder of the Denmark-based investment firm Kold Investments and was previously at Novo Holdings, one of the world’s largest investment organizations. Our conversation focuses on Simon’s upcoming book, On the Hunt for Great Companies, which details how to determine business quality. We cover the aspects we find the most interesting and encourage everyone to buy the book and read it in full. The book will be released on 29 October 2024. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on September 11, 2024. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:38) Welcoming Simon (05:35) On the Hunt for Great Companies and inspirations (12:58) Thoughts on the book’s structure (15:54) How to evaluate passion among management (20:20) Evaluating communication (28:46) Focusing on disadvantages to evaluate moats (36:28) Tapeworms vs Honeybees (43:08) Predicting demand (47:05) Views on cyclical companies (52:32) Is Simon focusing on large or small companies (54:11) Kold Investments - Simon’s investment company (01:00:14) Position sizing (01:04:28) What differentiates Simon’s fund (01:05:45) Future writings? (01:07:46) Book discussions ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Simon https://www.simonkold.com/Simon KoldKoldinvestments.dk————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se