Investing by the Books #75 Adnan Hadžiefendić & Oddbjørn Dybvad: The Compounders
Fund managers Adnan & Oddbjørn from REQ Capital discuss their brand new book, The Compounders. The book highlights the journeys of nine companies from Sweden, North America, and the UK that have been exceptional compounding machines.
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Our conversation with Adnan Hadžiefendić & Oddbjørn Dybvad was recorded on 3 September 2025.
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Episode Chapters
(00:00) Intro by Eddie
(00:53) Catching up with Oddbjørn
(01:42) Adnan’s journey into investing
(05:10) Overview of The Compounders
(06:43) The writing process of the book
(08:24) Core principles of compounding
(10:10) Serial acquirers vs Compounders
(12:18) Metaphor of the African Tree
(13:35) Selection of the nine companies in the book
(18:39) Surprises during the writing process
(21:36) What to avoid
(25:17) Long-term survival
(27:29) Organic growth
(30:41) Investment Philosophy of REQ
(32:18) Corporate Governance’s role
(34:05) How much should you pay for exceptional companies?
(36:00) Building conviction
(38:44) Humility as investors
(40:51) Avoiding overconfident operators
(41:59) Frugality and motivation
(44:15) REQ to start a compounder?
(45:21) Book recommendations
(46:59) Daily life as fund managers
(49:27) New book projects?
(50:13) Concluding remarks
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Books Mentioned
- The Compounders – Oddbjørn Dybvad, Kjetil Nyland, Adnan Hadžiefendić
- Investing in Value Creators – Oddbjørn Dybvad
- The Outsiders – William Thorndike
- Creating Shareholder Value – Alfred Rappaport
- Berkshire Hathaway’s Shareholder Letters – Warren Buffett
- Poor Charlie's Almanack – Charlie Munger, Peter Kaufman
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Companies Mentioned
- Addtech
- Ametek
- Bergman & Beving
- Berkshire Hathaway
- Constellation Software
- Heico
- Indutrade
- ITW
- Judges Scientific
- Lagercrantz
- Lifco
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More on Adnan & Oddbjørn
- REQ's website: https://req.no/
- Adnan’s LinkedIn: https://www.linkedin.com/in/adnanhadziefendic/
- Oddbjørn’s LinkedIn: https://www.linkedin.com/in/oddbj%C3%B8rn-dybvad-01575883/
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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