#77 Ryan Floyd on A Time of Gifts

Nov 18, 2025

Ryan Floyd, founder of Barca Capital and an expert in emerging markets, shares his insights inspired by Patrick Leigh Fermor's 'A Time of Gifts,' which chronicles a young man's journey through Europe in the 1930s. They explore the pivotal lessons for investors on the importance of observation and timely action. Floyd highlights the balance between optimism and pessimism, the value of firsthand experiences in decision-making, and the significance of learning from losses. His entrepreneurial spirit and focus on global investment opportunities shine through in this engaging conversation.

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ANECDOTE

Young Traveler's Unlikely Journey

Patrick Leigh Fermor walked overland from Holland to Istanbul at age 18, mostly on foot with minimal money and letters of introduction.
Ryan Floyd finds Fermor's real-world travel and encounters a model for observing and learning beyond books.

insights

INSIGHT

Observation Plus Movement Beats Analysis Paralysis

Observing the world directly prevents intellectual paralysis that comes from overthinking numbers alone.
Fermor shows that movement plus observation produces actionable understanding, useful for investors.

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ADVICE

Use Local Exploration To Inform Research

When traveling for research, walk and use local experiences to see nuances missed by quick, high-end visits.
Ryan Floyd practices this in Sao Paulo by attending local services and walking neighborhoods to deepen his understanding.

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Ryan Floyd’s path to investing

01:29 • 3min

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Overview of A Time of Gifts

04:59 • 1min

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Meaning behind the title and aristocratic encounters

06:21 • 2min

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Structure and style of Fermor’s narrative

08:17 • 3min

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Fermor as writer and man of action

11:01 • 2min

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Observation, movement, and investor lessons

13:08 • 2min

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Practical application of travel-based observation

15:37 • 3min

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Optimism, pessimism, and bias toward action

18:57 • 5min

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Balancing reading, thinking, and doing

24:10 • 3min

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Coping with losses and moving forward

26:47 • 6min

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Origins of entrepreneurial drive

33:17 • 3min

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Barca Capital’s focus and approach

36:28 • 3min

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Geographies, compliance, and opportunity selection

39:38 • 3min

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Avoiding value traps and false positives

42:17 • 4min

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Travel cadence and building a global rolodex

45:54 • 2min

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How investing abroad has or hasn't changed

47:29 • 3min

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Ambitions for Barca Capital

50:31 • 2min

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Books and intellectual influences beyond investing

52:16 • 5min

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Writing ambitions and Detached Notes

56:50 • 1min

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Where to find Ryan and final recommendations

• Mentioned in 5 episodes

The Old Regime and the French Revolution

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Alexis Henri Charles Maurice Clérel de Tocqueville

Alexis de Tocqueville's "The Old Regime and the French Revolution" offers a profound analysis of the social, political, and economic factors that led to the French Revolution. Tocqueville examines the complexities of the Ancien Régime, highlighting the deep-seated inequalities and tensions that existed within French society. He provides insightful observations on the role of the bureaucracy, the aristocracy, and the peasantry in shaping the course of the revolution. His work is notable for its nuanced understanding of the interplay between class conflict and ideological forces. Tocqueville's analysis remains relevant today, offering valuable insights into the dynamics of social change and revolution.

#37807

Political order in changing societies

Political order in changing countries

Samuel P. Huntington

In this book, Huntington critiques modernization theory by arguing that political decay is as likely as political development. He emphasizes that social mobilization and economic growth do not necessarily lead to stable, democratic political systems. Instead, he stresses the importance of the development of political institutions in relation to the mobilization of new social forces into politics. Huntington argues that without strong political institutions, modernization can lead to instability and political decay, a concept he terms 'praetorianism. ' The book highlights the need for order in developing societies, independent of whether that order is democratic, authoritarian, socialist, or free-market.

#1604

• Mentioned in 20 episodes

Albion's Seed

Four British Folkways in America

David Hackett Fischer

This book, the first volume in a projected cultural history of the United States, examines the folkways of four groups of immigrants from distinct regions of Great Britain and their lasting impact on American culture. Fischer argues that these groups—Puritans, Cavaliers, Quakers, and Scotch-Irish—each contributed uniquely to the formation of modern America, influencing aspects such as education, government, gender roles, and violence. Despite most Americans not having British ancestors, these regional cultures have persisted and continue to shape national politics and societal attitudes.

#867

• Mentioned in 32 episodes

Histories

Herodotus

The Histories by Herodotus is a foundational work in Western historical literature. It chronicles the Greco-Persian Wars (499–479 BCE) and provides a comprehensive background on the rise and organization of the Persian Empire. The work is divided into nine books, each named after one of the Muses. Herodotus describes the conflicts between the Greeks and Persians, including key battles such as Marathon, Thermopylae, Salamis, Plataea, and Mycale. He also delves into the cultural, ethnographical, geographical, and historiographical aspects of the civilizations involved, offering a rich tapestry of historical and mythological narratives. Despite some criticisms for including legendary accounts, much of Herodotus's work has been validated by modern historians and archaeologists.

#2493

• Mentioned in 14 episodes

The House of Rothschild

Volume 1: Money's Prophets, 1798-1848

Niall Ferguson

In this meticulously researched volume, Niall Ferguson explores the early history of the Rothschild family, detailing their ascent from the Frankfurt ghetto to become one of the most influential financial dynasties in Europe. The book delves into their strategic use of financial instruments and their extensive political networks, which enabled them to dominate international finance during the 19th century.

#274

• Mentioned in 71 episodes

Democracy in America

Alexis de Tocqueville

Written after his travels in the United States, 'Democracy in America' is a comprehensive study of American society and government. Tocqueville examines the democratic revolution and its impact on American life, discussing topics such as the sovereignty of the people, the role of civil society, the dangers of the tyranny of the majority, and the influence of religion and individualism. The book is a philosophical and political analysis that aims to understand why republican representative democracy succeeded in the United States while failing in other places, and it offers insights into the future of democracy both in America and globally.

#3826

• Mentioned in 10 episodes

Deep Survival

Who Lives, Who Dies, and Why

Laurence Gonzales

Deep Survival: Who Lives, Who Dies, and Why is a 2003 book by Laurence Gonzales that examines how people survive life-threatening events. The book is divided into two main sections: the first explores how accidents occur, often due to bad habits and the brain's tendency to rely on past experiences rather than current conditions. The second section focuses on survival strategies, emphasizing the importance of clear and decisive action in chaotic situations. Gonzales uses real-life stories, including his father's experiences as a World War II pilot, to illustrate key survival principles such as adaptability, mental resilience, and the ability to manage fear and pain. He also discusses the physiological and psychological effects of stress and how these impact decision-making in critical situations.

#12684

• Mentioned in 3 episodes

A Time of Gifts

1977

Patrick Lee Firma

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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