Investing by the Books

How to invest in the best companies in the world? This is the topic for our episode with Pieter Slegers – 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. 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 22, 2024. ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— 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 ————————————— 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

How to invest in the best companies in the world? This is the topic for our episode with Pieter Slegers – 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. 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 22, 2024. ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— 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 ————————————— 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 today’s 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. 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 Jan 25, 2024. ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on JC https://twitter.com/jcdeswaan https://jcdeswaan.scholar.princeton.edu/ ————————————— 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 today’s 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 Chancellor’s 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. ————————————— Episode Chapters (00:00) Introduction to today’s 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 doesn’t 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 ————————————— Books Mentioned ————————————— More on Edward https://www.edwardchancellor.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

Tobias Carlisle is a former lawyer and the author of several books, including The Acquirer’s Multiple. Tobias is the manager of two funds based on the book’s 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 people’s 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. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:12) Welcoming Tobias (07:41) The Acquirer’s Multiple (15:07) The Acquirer’s 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 people’s money (59:26) How strict is the formula? (01:07:20) Tobias’ current writing and reading habits ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Tobias X Acquirer’s fund Amazon book page ————————————— 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

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 today’s businesses can draw from America’s 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. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:11) Welcoming Todd (07:37) Todd’s 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/Todd’s new project (54:51) Difference between small and large caps in terms of moats (58:10) Book discussions ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Todd Flyover Stocks Threads X ————————————— 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: 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

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. ————————————— 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 market’s 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 today’s 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) Stephen’s new book (01:06:27) A book Stephen would like to read but not write ————————————— Books Mentioned ————————————— More on Stephen Profile on Columbia Business School ————————————— 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: 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

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 Japan’s first serial acquirer - Pinecone, together with Andrew Chou. Our conversation builds upon Shu’s 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. 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 Oct 11, 2023. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (03:03) Welcoming Shu and Andrew (08:17) How Shu’s 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 ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Shu and Andrew Pinecone's website (English landing page) Shu's LinkedIn Andrew's LinkedIn ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/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: 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

Ronald Fagerfjäll 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 “They Made Sweden Rich” (De gjorde Sverige rikt), which covers important entrepreneurs, businessmen, and investors during Sweden’s 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. 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 Sep 6, 2023. ————————————— Episode Chapters (00:00) Introduction by Eddie & Niklas (01:24) Ronald’s 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 ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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 “What It Takes”, by Stephen A. Schwarzman. It tells the story of how Stephen co-founded Blackstone and made it the world’s 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. 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 May 25, 2023. ————————————— Episode Chapters (00:00) Intro by Niklas & Henrik (02:31) Welcoming Paddy (03:25) Introduction to “What it Takes” 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) Orix’s take on position sizing (41:00) Takeovers - Hostile and friendly (47:46) Buying companies without an exit strategy (50:20) Reading habits ————————————— Books Mentioned What It Takes - Stephen A. Schwarzman ————————————— Companies Mentioned ————————————— More on Paddy LinkedIn Orix 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: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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 “A Book With Legs.” In this episode, we discuss the classic title “Money Masters” 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. 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 May 17, 2023. ————————————— Episode Chapters (00:00) Introduction with Henrik Andersson (02:58) Welcoming Cole (06:52) Do some people have a “money mind”? (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) Cole’s 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 today’s markets (01:14:45) Cole’s reading habits ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Cole A Book With Legs Missives from Smead Capital Management Twitter ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Ian Cassel is the founder of MicroCapClub, co-author of the books about Intelligent Fanatics, and the CIO of Intelligent Fanatics Capital Management. In this episode, we talk about “Golf Is Not a Game of Perfect” by Bob Rotella. The book covers the mental habits used by professional golfers, an area that turns out to be a ripe hunting ground for valuable investing advice. For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team This episode was recorded on April 19, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (02:26) How Ian started with investing (07:13) Golf Is Not a Game of Perfect (13:26) Adapting your strategies to the world around you (16:55) Rigidity vs. flexibility in the investment process (19:29) Accepting things outside of your control (25:51) Letting investments influence your strategy (31:37) Appreciating the position you’re in (36:11) The long versus the short game (42:27) Knowing when you know enough… (44:34) … and then knowing what to do (48:89) Learning about yourself through the market (51:39) Having productive distractions (55:13) Do investors age well? (58:32) Should you lower your expectations? (01:00:45) How to consider macroeconomics (01:03:55) Checking stock prices daily/Comparing yourself to others (01:07:52) The set-up at Intelligent Fanatics Capital Management ————————————— Books Mentioned Intelligent Fanatics - Sean Iddings and Ian Cassel Golf Is Not a Game of Perfect - Bob Rotella The Elements of Scoring - Raymond Floyd ————————————— More on Ian Twitter MicroCapClub Intelligent Fanatics Capital Management ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA), a value investing firm providing individual portfolio management. He is also the author of several books, including “Active Value Investing” and “The Little Book About Sideways Markets.” In this episode, we mostly discuss his latest addition, “Soul in the Game”. Go to the episode page and make sure to follow us on Twitter, where we suggest books and do giveaways. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team This episode was recorded on March 16, 2023. ————————————— Episode Chapters (00:00) Intro by Eddie & Niklas (01:55) How Vitaliy’s passion for investing started (03:53) Soul or Skin in the Game (05:21) A Parallel to Jiro Dreams of Sushi (07:32) Is it possible to have too much soul in the game? (12:54) Stoicism, philosophy, and investing (22:34) Once our art turns into a craft, it is time to move on (27:47) Vitaliy’s work at IMA (29:32) How to allocate your time (32:51) Size as the enemy to great performance (40:52) To see the long term, you need to survive the short term (46:52) Good reasons for selling a company (54:18) Where we are in the market cycle (01:02:30) Living in the present while planning for the future (01:06:45) Book discussions ————————————— Books Mentioned ————————————— Companies Mentioned ————————————— More on Vitaliy Twitter LinkedIn Investment Management Associates (IMA) The Intellectual Investor ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

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

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

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

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

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

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

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