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