Investing by the Books

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#78 Ethan Everett: The Investment Philosophers

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Dec 16, 2025

Guest

Ethan Everett

Ethan Everett, an investment analyst and author of The Investment Philosophers, delves into the fascinating intersection of philosophy and investing. He discusses influences from thinkers like Spinoza, Hume, and Kierkegaard, revealing how their ideas can enhance investment strategies. Ethan shares insights on managing emotional bias through pre-mortems and the importance of pursuing passions in investing. He also touches on lessons from his grandfather, a student of Benjamin Graham, and his innovative AI startup, Collexity, aimed at revolutionizing equity research.

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INSIGHT

Spinoza And The Market's Origins

Spinoza's era coincided with the birth of modern securities markets in Amsterdam.
His concept of conatus explains market participants' drives and emotional distortions that shape prices.

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ADVICE

Run Pre-Mortems To Check Emotions

Do perform structured pre-mortems to force yourself to imagine how an investment could fail.
Use those scenarios to limit irrational emotions and build practical safeguards into decisions.

insights

INSIGHT

Mitigated Skepticism Beats Absolute Doubt

David Hume represents mitigated skepticism: question claims but temper doubt with common sense.
That approach lets you adapt when trends prove more productive than initially assumed.

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Ethan’s background and move to Arizona

00:54 • 1min

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How chess and puzzles led to investing

02:23 • 2min

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Practical steps from youth to investor

04:39 • 2min

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Discovering philosophy and Spinoza

06:49 • 2min

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Why The Investment Philosophers was written

08:37 • 2min

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Selecting thirteen thinkers for the book

10:52 • 2min

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Spinoza and the birth of markets

12:36 • 2min

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Spinoza on emotions and investing

15:04 • 2min

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Using pre-mortems to counter bias

17:16 • 2min

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Benjamin Graham’s Spinoza connection

19:31 • 4min

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David Hume’s mitigated skepticism

23:13 • 4min

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Hume’s changing view of markets

26:46 • 2min

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Kierkegaard on meaning beyond wealth

28:32 • 5min

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Paying to pursue passions in investing

33:03 • 3min

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Ethan’s evolving investment philosophy

35:43 • 4min

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Case study: Mattel as IP transition

39:26 • 4min

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Daily work at Galvin, Gaustad & Stein

43:26 • 3min

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Lessons from a Graham-student grandfather

46:10 • 3min

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Ambitions: Collexity and institutional AI research

48:51 • 4min

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Reading recommendations: Montaigne and Nietzsche

53:05 • 4min

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Future book projects: law and martial arts

• Mentioned in 215 episodes

The intelligent investor

Jason Zweig

Benjamin Graham

Written by Benjamin Graham, 'The Intelligent Investor' is a seminal work on value investing that has inspired millions since its original publication in 1949. The book emphasizes the importance of distinguishing between investing and speculation, calculating the intrinsic value of companies, and maintaining a margin of safety. The revised edition includes updated commentary by Jason Zweig, who provides modern examples and insights to help readers apply Graham's principles in today's market. Warren Buffett, a disciple of Graham, has praised the book as 'the best book about investing ever written'.

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• Mentioned in 23 episodes

The Gay Science

Friedrich Nietzsche

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• Mentioned in 19 episodes

Ethics

R. H. M. Elwes

Baruch Spinoza

Written between 1661 and 1675 and published posthumously in 1677, *Ethics* is a comprehensive philosophical work divided into five parts. It addresses the nature of God, concluding that God is intrinsic to the universe rather than outside it. The treatise dissects the human mind and body, explores the notion of free will and good and evil, and analyzes the origin and strength of emotions. Spinoza argues that reason is the sole means to achieve virtue and freedom from emotional bondage. The work is characterized by its use of Euclid's step-by-step logical method to prove various propositions.

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• Mentioned in 37 episodes

Essays

Michel de Montaigne

Montaigne's *Essays* are a seminal work that introduced the essay as a literary form. The book is a personal and introspective exploration of various subjects, including the human condition, skepticism, and the importance of concrete experience over abstract learning. Montaigne's skepticism is reflected in the title *Essais*, meaning 'Attempts' or 'Tests', indicating a project of trial and error and tentative exploration. The essays cover topics such as the education of children, the role of the body, illness, aging, and death. Montaigne's writing style is characterized by multiple digressions, anecdotes from ancient and contemporary sources, and quotations that reinforce his critical analysis of reality.

#12084

• Mentioned in 4 episodes

The Investment Philosophers

Financial Lessons from the Great Thinkers

Ethan A. Everett

#365

• Mentioned in 63 episodes

MONEY Master the Game

7 Simple Steps to Financial Freedom

Tony Robbins

In 'MONEY Master the Game: 7 Simple Steps to Financial Freedom,' Tony Robbins provides a comprehensive blueprint for securing financial freedom. The book is based on extensive research and interviews with legendary investors such as Warren Buffett, Ray Dalio, Carl Icahn, and John Bogle. It outlines seven steps: making the most important financial decision of your life, becoming an insider by knowing the financial rules, making the game winnable, making the most important investment decision, creating a lifetime income plan, investing like the top 0. 1%, and taking action. The book emphasizes the importance of education, diversification, and developing the right financial strategies to achieve long-term financial security and freedom.

Our guest Ethan Everett is an investment analyst in the US and author of 'The Investment Philosophers'. We discuss the book, in which he connects philosophical ideas from thirteen thinkers, including Spinoza, Hume, and Kierkegaard, to modern investing practices. The conversation also touches on his grandfather's influence as a former student of Benjamin Graham and Ethan's future book projects, connecting law and martial arts to investing.

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Our conversation with Ethan Everett was recorded on 22 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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Episode Chapters

(00:00) Intro by Eddie

(00:53) Welcoming Ethan Everett

(02:23) Ethan’s way to investing

(06:48) Discovering philosophy

(08:37) How “The Investment Philosophers” came about

(10:45) Criteria for selecting the 13 philosophers in the book

(12:42) Lessons from Baruch Spinoza

(22:42) David Hume

(28:28) Søren Kierkegaard

(35:28) Ethan’s evolution as an investor

(39:31) Company example: Mattel

(43:26) Ethan’s role as an Investment Analyst at Galvin, Gaustad & Stein

(46:10) Lessons from Ethan’s grandfather, a student of Benjamin Graham

(48:46) Ethan’s AI start-up Collexity

(53:05) Reading suggestions

(57:23) Writing ideas

(01:00:43) Concluding remarks

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Books Mentioned

The Investment Philosophers – Ethan Everett
The Intelligent Investor - Benjamin Graham
The Money Game - Adam Smith (George Goodman)
Essays – Michel de Montaigne
The Gay Science – Friedrich Nietzsche
Ethics – Baruch Spinoza

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Companies Mentioned

Mattel

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More on Ethan Everett:

LinkedIn: https://www.linkedin.com/in/ethan-everett-cfa-esq-404362156/
Collexity: https://collexity.ai/

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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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