Episodes
-
In todayβs episode we are joined by JC de Swaan. De Swaan is a lecturer in the economics department at Princeton University, where he teaches courses on ethics in finance and Asian capital markets. He is also a Partner at Cornwall Capital, an investment fund based in New York City. In this episode, we learn about the ethical considerations that finance professionals encounter.
For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on Jan 25, 2024.
βββββββββββββ
Books Mentioned
Seeking Virtue in Finance - JC de SwaanQuality Investing - Lawrence CunninghamWisdom in Finance - Mihir DesaiThe Checklist Manifesto - Atul Gawande Investment Biker - Jim RogersWhat Money Canβt Buy - Michael J. SandelEnough - John Bogleβββββββββββββ
Companies Mentioned
VanguardBerkshire Hathaway PineconeCornwall Capitalβββββββββββββ
More on JC
https://twitter.com/jcdeswaan
https://jcdeswaan.scholar.princeton.edu/
βββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
In todayβs episode, Christian Billinger, a London-based investor who has joined the podcast before, is speaking with none other than Edward Chancellor. Edward is an author, finance journalist, and former hedge fund investment strategist. The discussion is centered around Chancellorβs book Capital Returns. It covers capital cycle investing and how investors can benefit from focusing on forecasting supply rather than demand.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team
This episode was recorded on Dec 15, 2023.
βββββββββββββ
Episode Chapters
(00:00) Introduction to todayβs format by Eddie & Niklas
(02:33) Introduction by Christian
(07:43) Another lesson from the book
(10:15) Does capital cycle investing merge the growth and value dichotomy?
(13:21) Quality as a generator of Alpha
(15:38) Finding companies where the capital cycle doesnβt apply
(18:10) Does the framework also apply to the overall market?
(26:24) Applying the framework in a capital-light industry
(28:13) Obvious excesses in the current time
(33:30) Have the obvious excesses been fully compensated for?
(35:48) Fitting the narrow market rise into the framework
(42:38) Rounding off the discussion
βββββββββββββ
Books Mentioned
Devil Take the Hindmost - Edward ChancellorCapital Returns - Edward ChancellorThe Price of Time - Edward Chancellorβββββββββββββ
More on Edward
https://www.edwardchancellor.com/βββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
Missing episodes?
-
Tobias Carlisle is a former lawyer and the author of several books, including The Acquirerβs Multiple. Tobias is the manager of two funds based on the bookβs ideas, which are trading as ETFs under the tickers ZIG and DEEP. In the episode, we discuss how strictly he follows the deep value methodology, reflect on patience among investors, and investigate if there is a difference between managing your own or other peopleβs money.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team
This episode was recorded on Dec 6, 2023.
βββββββββββββ
Episode Chapters
(00:00) Introduction by Eddie & Niklas
(01:12) Welcoming Tobias
(07:41) The Acquirerβs Multiple
(15:07) The Acquirerβs multiple strategy
(27:07) How Greenblatt influenced Carlisle
(36:14) Similarities with activist investors
(44:25) Is it possible for regular investors to know if a moat is sustainable?
(50:10) Musings on patience
(58:22) Investing your own vs other peopleβs money
(59:26) How strict is the formula?
(01:07:20) Tobiasβ current writing and reading habits
βββββββββββββ
Books Mentioned
The Acquirerβs Multiple - Tobias Carlisle Security Analysis - Benjamin Graham The Intelligent Investor - Benjamin GrahamDeep Value - Tobias Carlisle Concentrated Investing - Allen BenelloQuantitative Value - Wesley Gray and Tobias Carlisle The Rebel Allocator - Jacob Taylor The Art of War - Sun TzuThe Aubrey-Mautin series - Patrick OβBrianThe Richard Sharpe series - Bernard CornwellThe Saxon Series - Bernard Cornwellβββββββββββββ
Companies Mentioned
Coca ColaLVMHBerkshireMeta KodakAppleNvidiaβββββββββββββ
More on Tobias
X
Acquirerβs fund
Amazon book page
βββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
Todd Wenning is an investor with experience from Ensemble Capital, The Motley Fool, and Morningstar. In episode five, we came across some of his work as he is a contributing author to the book Why Moats Matter. This time, we speak about Lessons from the Titans, a book about the lessons that todayβs businesses can draw from Americaβs industrial giants.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team
This episode was recorded on Nov 13, 2023.
βββββββββββββ
Episode Chapters
(00:00) Introduction by Eddie & Niklas
(01:11) Welcoming Todd
(07:37) Toddβs interest in history
(10:24) Lessons from the Titans
(30:09) Thoughts on acquisition-driven businesses
(33:00) Lessons on risk management
(35:50) The people behind the business
(44:31) Handling small problems that compounds
(46:51) Adding a company to the book
(51:22) Flyover stocks/Toddβs new project
(54:51) Difference between small and large caps in terms of moats
(58:10) Book discussions
βββββββββββββ
Books Mentioned
Lessons from the Titans - Scott Davis, Carter Copeland, Rob WertheimerWhy Moats Matter - Heather BrilliantThe Seven Signs of Ethical Collapse - Marianne M. JenningsSame as Ever - Morgan HouselCommon Stocks and Uncommon Profits - Philip A. FisherBig Money Thinks Small - Joe TillinghastKeeping Your Dividend Edge - Todd Wenningβββββββββββββ
Companies Mentioned
VanguardTruist BankThe Motley FoolMorningstarProcter & Gamble General ElectricHoneywellDanaherAdmiral GroupRoper TechnologiesConstellation SoftwareGrocery Outlet Jack Henry and AssociatesWorthington IndustriesHowdenβs JoineryGames Workshopβββββββββββββ
More on Todd
Flyover Stocks
Threads
X
βββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
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.
βββββββββββββ
Episode Chapters
(00:00) Intro by Eddie & Martin
(01:38) Welcoming Stephen
(04:17) Accounting for Value
(09:26) Fair value, mark to market, and historical cost accounting
(12:41) Separating speculation and valuation
(19:03) Using valuation to challenge the marketβs assumptions
(20:20) Residual income
(26:38) How to improve as an aspiring investor
(30:28) Informational vs analytical edge
(32:26) Accounting arbitrage in todayβs market
(37:39) Passive investing
(41:01) How does Stephen invest his own money?
(44:54) Allocating time between research and investing
(49:51) Should accounting professionals push changes to standards?
(53:52) The ideal structure of an equity research report
(58:56) Stephen on Buffett
(01:04:21) Stephenβs new book
(01:06:27) A book Stephen would like to read but not write
βββββββββββββ
Books Mentioned
Accounting for Value - Stephen PenmanAccounting for Value: Fundamental analysis for the active investor - Stephen Penman Expectations Investing - Michael Mauboussinβββββββββββββ
More on Stephen
Profile on Columbia Business School
βββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
Shu Hattori has more than fifteen years of experience in management consulting, turnarounds & venture-backed start-ups, with employers including McKinsey, Groupon, and Alix Partners. Shu is now building Japanβs first serial acquirer - Pinecone, together with Andrew Chou. Our conversation builds upon Shuβs book, The McKinsey Edge. We talk about what investors can learn from consultants, thoughts on decentralization, and the vision for Pinecone.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on Oct 11, 2023.
βββββββββββββ
Episode Chapters
(00:00) Introduction by Eddie & Niklas
(03:03) Welcoming Shu and Andrew
(08:17) How Shuβs book came about
(12:17) When was the last time I did X
(15:22) Asking second-order questions
(18:46) Thoughts on taking notes
(25:48) Learning to be passionate about your work
(28:58) Pinecone - The first serial acquirer in Japan
(44:00) The addressable market for serial acquirers in Japan
(47:36) Finding the right managers to run the businesses
(49:40) Are there more serial acquirers coming up in Japan?
(51:23) Why Pinecone?
(52:47) Decentralization at Pinecone
(56:04) Applying the McKinsey principles for building a serial acquirer
(01:01:18) Would Shu hire McKinsey consultants in the companies they acquire?
(01:02:55) Book discussions
(01:11:08) Job opportunities at Pinecone
βββββββββββββ
Books Mentioned
The McKinsey Edge - Shu HattoriThe Outsiders - William Thorndike The Essays of Warren Buffett - Lawrence Cunningham7 Habits of Highly Effective People - Stephen R. CoveyDonβt Sweat the Small Stuff - Richard CarlsonOutliers - Malcolm GladwellDavid and Goliath - Malcolm GladwellInfluence - Robert CialdiniThe Psychology of Money - Morgan HouselThe Magic of Thinking Big - David J. SchwartzImmunity to Change - Robert Kegan and Lisa Laskow Laheyβββββββββββββ
Companies Mentioned
DanaherLVMHMcKinseyβββββββββββββ
More on Shu and Andrew
Pinecone's website (English landing page)
Shu's LinkedIn
Andrew's LinkedIn
βββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
Ronald FagerfjΓ€ll is a legend within Swedish business journalism. Having written more than 30 books centered around Swedish companies and the people behind them, his knowledge of the topic is truly unique. We speak about the book βThey Made Sweden Richβ (De gjorde Sverige rikt), which covers important entrepreneurs, businessmen, and investors during Swedenβs 20th-century industrial history.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on Sep 6, 2023.
βββββββββββββ
Episode Chapters
(00:00) Introduction by Eddie & Niklas
(01:24) Ronaldβs background
(17:38) Why Ronald chose to write about Swedish business history
(22:11) The Swedish business landscape in the early 20th century
(27:32) Ivar Kreuger and the match empire
(37:29) Why the holding company is a Swedish phenomenon
(42:20) The connection between Swedish industrial companies and banks
(46:10) The serial acquirers of the 60s
(55:53) How Ronald manages to write a book a year
(01:00:45) What books are Ronald most content with?
(01:03:04) A book that Ronald wants to read but not write
βββββββββββββ
Books Mentioned
They Made Sweden Rich (De gjorde Sverige rikt) (Swedish) - Ronald FagerfjΓ€llTisenhult: Grundaren, familjen och fΓΆretagen (Swedish) - Ronald FagerfjΓ€llIn Search of a True World View - Ronald FagerfjΓ€llShape living for the better: the first 100 years of Electrolux - Ronald FagerfjΓ€llDen fΓΆrlorade sonens Γ₯terkomst: Peter Wallenberg (Swedish) - Ronald FagerfjΓ€llThe Prince - Machiavelli The Dwarf - PΓ€r Lagerkvistβββββββββββββ
Companies Mentioned
HandelsbankenInvestor Svenska TΓ€ndsticks AB (Swedish Match) Tisenhult-Gruppen General ElectricInvestment AB Promotionβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
Paddy Hogan is the head of investor relations at ORIX, a Japanese company with 35,000 employees active within finance, investments, life insurance, and banking. The episode is centered around the book βWhat It Takesβ, by Stephen A. Schwarzman. It tells the story of how Stephen co-founded Blackstone and made it the worldβs largest alternative asset manager, with more than one trillion dollars under management.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on May 25, 2023.
βββββββββββββ
Episode Chapters
(00:00) Intro by Niklas & Henrik
(02:31) Welcoming Paddy
(03:25) Introduction to βWhat it Takesβ and Blackstone
(05:55) Hiring the best people possible
(07:42) About Orix
(13:28) Thoughts on decentralization
(20:44) Corporate frugality
(25:28) Attracting long-term shareholders
(32:15) The (cultural) foundation of Orix
(38:16) Orixβs take on position sizing
(41:00) Takeovers - Hostile and friendly
(47:46) Buying companies without an exit strategy
(50:20) Reading habits
βββββββββββββ
Books Mentioned
What It Takes - Stephen A. Schwarzman
βββββββββββββ
Companies Mentioned
OrixFairfaxBrookfieldBlackstone Berkshire Hathawayβββββββββββββ
More on Paddy
LinkedIn
Orix Website
βββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
Cole Smead is a portfolio manager at Smead Capital Management, an investment advisor applying a differentiated value approach to its capital allocation processes. Cole is an avid reader and hosts the podcast βA Book With Legs.β In this episode, we discuss the classic title βMoney Mastersβ by John Train. We talk about whether there is such a thing as a money mind, if good investors tend to be born poor, and explore the insight that businesses are always dying.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. Youβre also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on May 17, 2023.
βββββββββββββ
Episode Chapters
(00:00) Introduction with Henrik Andersson
(02:58) Welcoming Cole
(06:52) Do some people have a βmoney mindβ?
(10:14) Are good investors born poor?
(12:58) Money Masters by John Train
(19:08) The chapter on T. Rowe Price
(23:35) How to avoid falling for herd behavior
(28:59) Businesses are always dying
(32:52) Further lessons from T. Rowe Price
(41:04) Identifying yourself with your investments
(46:05) Why did Cole end up in the investment business?
(50:34) Coleβs idols in investing
(57:01) Applying lessons from marketing
(01:02:11) The step-by-step approach to learning about a new industry
(01:11:16) The most interesting aspects of todayβs markets
(01:14:45) Coleβs reading habits
βββββββββββββ
Books Mentioned
Money Masters - John TrainInvesting the Templeton Way - Lauren TempletonThe Go-Go Years - John BrooksRicher Wiser Happier - William GreenOnce in Golconda - John Brooks Building a StoryBrand - Donald Miller The Frackers - Gregory Zuckerman Easy Money - Ben McKenzie The War That Made the Roman Empire - Barry S. StraussCloud Money - Brett ScottFor Whom the Bell Tolls - Ernest Hemingwayβββββββββββββ
Companies Mentioned
Coca Cola Simplicity PatternsWells GreenTargetBerkshire HathawayOccidental Petroleumβββββββββββββ
More on Cole
A Book With Legs
Missives from Smead Capital Management
Twitter
βββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
Ian Cassel is the founder of MicroCapClub, co-author of the books about Intelligent Fanatics, and the CIO of Intelligent Fanatics Capital Management. In this episode, we talk about βGolf Is Not a Game of Perfectβ by Bob Rotella. The book covers the mental habits used by professional golfers, an area that turns out to be a ripe hunting ground for valuable investing advice.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on April 19, 2023.
βββββββββββββ
Episode Chapters
(00:00) Intro by Eddie & Niklas
(02:26) How Ian started with investing
(07:13) Golf Is Not a Game of Perfect
(13:26) Adapting your strategies to the world around you
(16:55) Rigidity vs. flexibility in the investment process
(19:29) Accepting things outside of your control
(25:51) Letting investments influence your strategy
(31:37) Appreciating the position youβre in
(36:11) The long versus the short game
(42:27) Knowing when you know enoughβ¦
(44:34) β¦ and then knowing what to do
(48:89) Learning about yourself through the market
(51:39) Having productive distractions
(55:13) Do investors age well?
(58:32) Should you lower your expectations?
(01:00:45) How to consider macroeconomics
(01:03:55) Checking stock prices daily/Comparing yourself to others
(01:07:52) The set-up at Intelligent Fanatics Capital Management
βββββββββββββ
Books Mentioned
Intelligent Fanatics - Sean Iddings and Ian Cassel
Golf Is Not a Game of Perfect - Bob Rotella
The Elements of Scoring - Raymond Floyd
βββββββββββββ
More on Ian
Twitter
MicroCapClub
Intelligent Fanatics Capital Management
βββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA), a value investing firm providing individual portfolio management. He is also the author of several books, including βActive Value Investingβ and βThe Little Book About Sideways Markets.β In this episode, we mostly discuss his latest addition, βSoul in the Gameβ.
Go to the episode page and make sure to follow us on Twitter, where we suggest books and do giveaways. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team
This episode was recorded on March 16, 2023.
βββββββββββββ
Episode Chapters
(00:00) Intro by Eddie & Niklas
(01:55) How Vitaliyβs passion for investing started
(03:53) Soul or Skin in the Game
(05:21) A Parallel to Jiro Dreams of Sushi
(07:32) Is it possible to have too much soul in the game?
(12:54) Stoicism, philosophy, and investing
(22:34) Once our art turns into a craft, it is time to move on
(27:47) Vitaliyβs work at IMA
(29:32) How to allocate your time
(32:51) Size as the enemy to great performance
(40:52) To see the long term, you need to survive the short term
(46:52) Good reasons for selling a company
(54:18) Where we are in the market cycle
(01:02:30) Living in the present while planning for the future
(01:06:45) Book discussions
βββββββββββββ
Books Mentioned
Active Value Investing - Vitaliy KatsenelsonThe Little Book About Sideways Markets - Vitaliy KatsenelsonSoul in the Game - Vitaliy KatsenelsonSkin in the Game - Nassim Nicholas TalebManaging Oneself - Peter Drucker Behavioral Investing - James MontierThe Little Book of Behavioral Investing - James Montier The Little Book that Builds Wealth - Pat Dorsey How to Think Like a Roman Emperor - Donald RobertsonGuide to a Good Life - William Irvineβββββββββββββ
Companies Mentioned
Silicon Valley Bank QualcommMetaβββββββββββββ
More on Vitaliy
Twitter
LinkedIn
Investment Management Associates (IMA)
The Intellectual Investor
βββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
In our 45th episode, we are honored to speak to Paul Johnson and Paul D. Sonkin about their latest book βThe Enduring Value of Roger Murray.β As the successor to Benjamin Graham at Columbia Business School, Murray (1911β1998) was a crucial figure in the history of value investing. Johnson and Sonkin are investment professionals and have been involved with the legendary investing program at Columbia Business School since the 1990s. The pair has also written βPitch the Perfect Investmentβ and contributed to classics such as βThe Most Important Thingβ and βValue Investing: From Graham to Buffett and Beyond.β
Go to the episode page and make sure to follow us on Twitter, where we suggest books and do giveaways. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team
This episode was recorded on February 16, 2023.
βββββββββββββ
Episode Chapters
(00:00) Introduction
(03:32) How Paul & Paul started investing in stocks
(06:38) The Enduring Value of Roger Murray
(11:34) Who was Roger Murray?
(24:15) The Gap between Murray and Greenwald
(43:11) How the value investing class has changed
(46:44) Murray as an investor
(49:43) Incorporating an economic outlook in your investment process
(53:54) How to manage structural and cyclical changes
(58:05) The risk=volatility debate
(01:06:06) Does patience give you an edge?
(01:09:35) Paul Johnsonβs work outside teaching
(01:14:15) Governance issues in small vs large companies
(01:17:55) How to judge a managementβs allocation skills
(01:22:26) Paul Sonkinβs investment style
(01:28:20) Book discussions
βββββββββββββ
Books Mentioned
The Enduring Value of Roger Murray - Paul Johnson & Paul D. SonkinThe Centennial - Columbia Business School Pitch the Perfect Investment - Paul Johnson & Paul D. SonkinSecurity Analysis - Benjamin Graham Expectations Investing - Michael MauboussinThe Outsiders - William Thorndike Value Investing - Bruce Greenwald The Razorβs Edge - W. Somerset MaughamOf Human Bondage - W. Somerset MaughamThe Valuation of Growth (Upcoming) - Paul Johnson & Paul D. Sonkinβββββββββββββ
Companies Mentioned
AppleAlphabetMeta Kimball InternationalCapital CitiesBerkshire Hathawayβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
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.
βββββββββββββ
Episode Chapters
(00:00) Intro by Eddie & Niklas
(01:14) Welcoming Todd
(01:47) How Todd came across the world of investing
(09:44) Why write another book on Warren Buffett?
(17:31) The most surprising insights from researching Buffett
(21:31) The definition of entrepreneurship
(27:19) Buffettβs shift towards buying quality businesses
(30:34) What Buffett looks at before buying a business
(32:40) Is business quality more important than management?
(35:16) Quantifying too much
(37:31) Psychological biases
(44:27) The link between academia and business success
(47:00) Areas where Todd disagrees with Buffett
(48:51) Book talk
(51:44) Final remarks
βββββββββββββ
Books Mentioned
Warren Buffett: Investor and Entrepreneur - Todd FinkleThe Warren Buffett Way - Robert Hagstromβββββββββββββ
More on Todd
TwitterWebpage on UniversityLinkedInWebsiteβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
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.
βββββββββββββ
Episode Chapters
(00:00) Intro by Eddie & Niklas
(00:21) Introduction to Catherine
(04:13) Taking Down the Lion
(11:18) Dennis Kozlowski
(12:57) Why did Catherine write her book?
(22:59) The most significant crimes that were committed
(30:08) The world is driven by envy, not by greed
(41:40) Dennisβ inability to manage details
(49:05) Being both the CEO and the Chairman
(54:24) Was Dennis treated unfairly by the media?
(01:01:07) Red flags when it comes to corporate governance
(01:15:16) What would Catherine change in the corporate world?
(01:19:47) Dennis Kozlowski today
(01:24:42) Book recommendations
(01:25:22) Final remarks
βββββββββββββ
Books Mentioned
Taking Down the Lion - Catherine S. Neal The Smartest Guys in the Room - Bethany McLeanMadoff Talks - Jim Campbellβββββββββββββ
Companies Mentioned
Tyco International Procter & Gamble Intel MetlifeDisneyEnronβββββββββββββ
More on Catherine
Website for Taking Down the LionTwitterβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
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.
βββββββββββββ
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
βββββββββββββ
Books Mentioned
The Sleuth Investor - Avner MandelmanThe Advanced Sleuth Investor - Avner MandelmanThinking, Fast and Slow - Daniel Kahneman Summa de Arithmetica - Luca Pacioli Parallel Lives - PlutarchOn Intelligence - Jeff Hawkinsβββββββββββββ
More on Avner
TwitterYoutubeβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
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
βββββββββββββ
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
βββββββββββββ
Books Mentioned
The Rebel Allocator - Jake Taylor Deep Survival - Laurence Gonzales The Dandho Investor - Mohnish Pabrai100 Baggers - Chris Mayer The Rational Optimist - Matt Ridley Ten Global Trends Every Smart Person Should Know - Ronald Bailey Quit - Annie Dukesβββββββββββββ
More on Jake
TwitterJournalyticFarnam Street InvestmentsValue After Hours Podcastβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
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.
βββββββββββββ
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
βββββββββββββ
Books Mentioned
The Intelligent Investor - Benjamin Graham Security Analysis - Benjamin Graham and David L. Dodd One Up on Wall Street - Peter Lynch Beating the Street - Peter Lynch Quality First Investing - BjΓΆrn FahlΓ©nThe Investment Checklist - Micheal Shearn Once in Golconda - John Brooks Business Adventures - John BrooksThe Go-Go Years - John Brooks Against the Gods - Peter L. Bernstein Fooled by Randomness - Nassim Nicholas TalebPoor Charlieβs Almanack - Peter D. KaufmanDamn Right! - Janet Lowe The Snowball - Alice Schroeder The Warren Buffett Way - Robert G. HagstromThe Making of an American Capitalist - Roger Lowenstein The Most Important Thing - Howard Marks Millionaire Teacher - Andrew Hallman The Little Book that Builds Wealth - Pat DorseyInvestors Manual - NAICInvestment Biker - Jim Rogers The Education of a Value Investor - Guy Spier Financial Shenanigans - Howard Schilit The Interpretation of Financial Statements - Benjamin GrahamWarren Buffett and the Interpretation of Financial Statements - David Clark and Mary BuffettThe Black Swan - Nassim Nicholas TalebA Random Walk Down Wall Street - Burton G. Malkiel The Outsiders - William Thorndike Thinking, Fast and Slow - Daniel KahnemanInfluence - Robert Cialdini The Complete Financial History of Berkshire Hathaway - Adam Mead The Five Keys to Value Investing - Dennis Jean-Jacques100 Baggers - Chris Mayersβββββββββββββ
Other resources
Berkshire Hathawayβs annual shareholder letters Howard Marksβ memosβββββββββββββ
More on Mark
TwitterWebsiteβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
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.
βββββββββββββ
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 didnβt
(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 bookβs release
(47:06) Pros and cons of quant investors
(52:31) Gregoryβs Modus Operandi
(01:01:20) Book recommendations
βββββββββββββ
Books Mentioned
The Man Who Solved the Market - Gregory Zuckerman The Greatest Trade Ever - Gregory ZuckermanA Man For All Market - Ed ThorpBeat the Dealer - Ed Thorpβββββββββββββ
Companies Mentioned
Renaissance Technologiesβββββββββββββ
More on Gregory
TwitterLinkedInβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
In this episode, we speak with none other than Adam Seessel. Adam started as a journalist before venturing into finance through a job at Wall Street. He is the author of βWhere the Money Isβ and the founder of Gravity Capital Management. Our conversation focuses on his approach to value investing, which draws upon classical concepts and updates them to fit the digital businesses of today.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team
This episode was recorded on December 12, 2022.
βββββββββββββ
Episode Chapters
(00:00) Intro by Eddie & Niklas
(02:44) How Adam got started with investing
(04:18) Why write another book on value investing?
(09:01) The evolution of value investing
(16:32) The metrics that are relevant in digital businesses
(24:28) Skepticism towards growth and momentum investing
(26:30) How to evaluate the quality of a digital company
(31:34) Are network effects overrated?
(34:57) Brands as the weakest competitive advantage
(40:46) Business quality is the most important aspect
(42:47) Why DCFs donβt work
(47:11) How to allocate your time between evaluating price and quality
(53:05) Why Adam started Gravity Capital Management
(01:00:21) The most costly cognitive biases
(01:02:19) Thoughts on books
βββββββββββββ
Books Mentioned
Where the Money Is - Adam Seessel
βββββββββββββ
Companies Mentioned
EvolutionAmazonApple MetaYahooNetflixβββββββββββββ
More on Adam
LinkedInβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
-
Carter Johnson is the manager of MCJ Capital Partners, an investment management firm concentrated primarily on small caps. This episode is focused on Distant Force, a book about Teledyne written by Henry Singletonβs right-hand man, George A. Roberts. As usual, our conversation reaches far and wide, covering topics such as dividend policies, working with incentives, and understanding serial acquirers.
We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on November 10, 2022.
βββββββββββββ
Episode Chapters
(00:00) Intro by Eddie & Niklas
(01:08) How Carterβs passion for investing started
(02:20) The Teledyne success story
(05:41) Henry Singleton
(09:55) How Teledyne/Singleton approached acquisitions
(13:19) Managing the culture while growing through M&As
(25:56) Decentralization; now and then
(33:15) Untangling Singletonβs toolbox
(41:44) Should you pay dividends as a serial acquirer?
(46:15) Why did Teledyne split up?
(50:52) MCJ Capital Partners
(52:49) The importance of available reinvestment opportunities
(54:39) Redishred Capital Corp
(59:51) Allocating time between reading and researching
(01:01:28) Unique book recommendations
βββββββββββββ
Books Mentioned
Distance Force - George A. Roberts The Outsiders - Will Thorndike The Sleuth Investor - Avner MandelmanThe Rise and Fall of American Growth - Robert J. GordonJunk to Gold - Willis Johnsonβββββββββββββ
Companies Mentioned
Teledyne Redishred Capital Corp Copartβββββββββββββ
More on Carter
WebsiteTwitterβββββββββββββ
About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
βββββββββββββ
What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo BΓΆrtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter: https://twitter.com/Investbythebook
βββββββββββββ
What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter: https://twitter.com/Redeye_
βββββββββββββ
Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
- Show more
