#77 Ryan Floyd on A Time of Gifts
Investing by the Books
Avoiding value traps and false positives
Eddie asks about concentration limits; Ryan discusses business-model risk, many low-quality listings, fraud perceptions, and competition risks.
We are joined by the US investor Ryan Floyd from Barca Capital to discuss ‘A Time of Gifts' by Patrick Leigh Fermor. The book chronicles Fermer's journey as an 18-year-old Englishman walking through Europe in 1933-1934. While it’s not a typical investing book, we uncover numerous lessons for investors, including the value of observation and action.
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Our conversation with Ryan Floyd was recorded on 21 October 2025.
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For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team
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(00:00) Intro by Eddie
(01:29) Welcoming Ryan Floyd
(01:51) Ryan’s path to investing
(04:54) What “A Time of Gifts” is about
(06:24) What the book’s title means
(08:13) Structure of the book
(11:01) About the author
(13:08) Inspiration for investors
(15:31) Ryan in the real world
(18:56) Optimism vs. pessimism
(24:17) Activity vs inactivity
(26:50) Dealing with losses
(32:54) Entrepreneurial spirit
(36:15) Creating Barca Capital
(39:37) Geographies of interest
(42:17) Portfolio concentration
(45:54) Ryan’s investor traveling
(50:31) Ambitions for Barca Capital
(52:12) Favorite books
(56:53) Writing ideas
(58:15) Concluding remarks
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Books Mentioned
- A Time of Gifts – Patrick Leigh Fermor
- Deep Survival – Laurence Gonzales
- The House of Rothschild 1 & 2 – Niall Ferguson
- Books by Nassim Taleb
- Malcolm Gladwell
- Daniel Kahneman
- Histories – Herodotus
- Political Order in Changing Societies – Samuel P. Huntington
- Democracy in America – Alexis de Tocqueville
- The Old Regime and the Revolution – Alexis de Tocqueville
- Albion's Seed – David Hackett Fischer
- Books by Robert Caro
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Movies Mentioned
- Top Gun
- Rushmore
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More on Ryan Floyd:
- Substack: https://detachednotes.substack.com/
- Barca Capital Website: https://www.barcacapital.com/
- LinkedIn: https://www.linkedin.com/in/ryanf2
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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
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