#79 Ryan Bunn on The Art of Speculation
Investing by the Books
Reference Equity: firm and philosophy
Ryan describes founding Reference Equity, its global small-cap focus, concentrated portfolios, and cost discipline.
This episode features the US-based portfolio manager Ryan Bunn. We discuss Philip Carret's classic investment book 'The Art of Speculation', which influenced later legends like Warren Buffett and Philip Fisher. We conclude that Carret’s nearly 100-year-old insights – including his ‘Twelve Commandments for Speculation’ – remain remarkably relevant today.
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Our conversation with Ryan Bunn was recorded on 11 November 2025.
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Episode Chapters
(00:00) Intro by Eddie
(00:49) Welcoming Ryan Bunn
(01:02) Ryan’s path to investing
(02:57) Collecting books
(03:54) Introducing ‘The Art of Speculation’
(04:51) Why is it worth reading?
(05:53) The author – who was Philip Carret?
(07:04) Carret’s books
(08:21) Which investors did Carret inspire?
(09:29) Carret – the OG compounder king
(11:40) When speculation becomes investing
(14:47) Ryan’s top 3 of the ‘Twelve Commandments for Speculation’
(20:44) Thoughts on valuation and leverage
(22:41) Market cycles
(24:02) Carret’s ideas about technical analysis haven’t aged as well
(25:30) How the market and investing have changed
(26:14) What Ryan would like to speak to Carret about
(28:15) Ryan as an investor and his firm Reference Equity
(32:06) Investing in small caps globally
(35:24) Concentration, position sizing, and turnover
(37:48) Patience in real-life investing
(39:18) Forced selling
(42:18) Ryan’s daily life as an investor
(43:12) Reading decisions and habits
(46:50) Ryan’s reading suggestions
(48:25) Writing ambitions
(50:13) Concluding remarks
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Books Mentioned
- The Art of Speculation – Philip Carret
- Buying a Bond – Philip Carret
- A Money Mind at Ninety – Philip Carret
- Books by Leo Tolstoy
- Creating Shareholder Value – Alfred Rappaport
- What I Learned About Investing from Darwin - Pulak Prasad
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More on Ryan Bunn
- LinkedIn: https://www.linkedin.com/in/ryanbunn/
- Reference Equity Website: https://www.referenceequity.com/
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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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