Investing by the Books

Simon Kold, founder of Kold Investments and former member of Novo Holdings, dives into his upcoming book, 'On the Hunt for Great Companies.' He shares insights on evaluating business quality beyond traditional metrics, emphasizing management passion and effective communication. Kold also discusses market dynamics, cyclicality in investing, and how diverse reading influences investment strategies. With a unique perspective shaped by his unconventional journey, he encourages investors to understand the nuances of demand forecasting and competitive advantages.

Moritz Sitte, an accomplished investor at Antheia AB, shares his insights on long-term investment strategies rooted in 'The Clock of the Long Now.' He discusses the importance of adopting a 10,000-year perspective, emphasizing patience and adaptability in an ever-changing world. Moritz highlights how long-term thinking can counteract common short-sightedness in finance. He also delves into business analysis, the role of workplace culture, and the delicate balance between low-cost and quality investments. His perspective offers a refreshing approach to sustainable success.

Stephen Clapham, founder of Behind the Balance Sheet and investment analyst with over 25 years of experience, shares his insights on investment strategies and training for finance professionals. He discusses his book, innovative methods for assessing undervalued companies, and the potential profit in investing with unconventional entities. Clapham emphasizes the shift in the investment landscape, the importance of re-evaluating strategies after market declines, and breaking down the skills gaps within the industry.

Torbjörn Arenbo, Chief Analyst at Danske Bank, discusses capital allocation, value creation, and managerial skills in corporate finance. Topics include different allocation practices, the obsession for growth, the three value drivers, cost of capital, and challenges in market situations.

Chris Waller is the Founder and Portfolio Manager of Plural Investing in New York. He previously worked in London at Goldman Sachs and holds an MBA from the Value Investing program at Columbia Business School. Our conversation is centred around the book “We Are Bellingcat” and covers how investors can deepen their research by better utilising open-source information. For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with teamThis episode was recorded on April 17, 2024.—————————————Episode Chapters(00:00) Introduction by Eddie & Niklas(01:29) Introducing Chris and his passion for investing(04:42) We Are Bellingcat(16:05) How to find an informational edge (21:12) Paying for data(25:09) Seeking the truth, not agreement(28:07) Looking for the other side of your thesis(31:08) Weighing data points and a story by Chris(39:07) Shorting stocks(43:45) Parallels to sleuth investing(47:24) Drawing the ethical line(52:49) Plural Investing and investment philosophy(01:04:28) Book discussions (01:07:27) Mentors and role models—————————————Books MentionedWe Are Bellingcat - Eliot HigginsThe Sleuth Investor - Avner MandelmanThe Advanced Sleuth Investor - Avner MandelmanCompetition Demystified - Bruce GreenwaldYou Can Be a Stock Market Genius - Joel GreenblattAmazon Unbound - Brad StoneNever Split the Difference - Chris VossSeveral books and a masterclass from Bob Woodward —————————————More on ChrisLinkedInPlural Investing—————————————About the PodcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books—————————————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—————————————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_—————————————DisclaimerNotice 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

Eddie Palmgren, host of Investing by the Books, shares highlights from the first 3 years. Topics include investing in high-growth companies, CEO performance evaluation, the impact of mindset in investing, consistency in golf and investing, global networking, and book recommendations for investors.

Staffan Salén, a prominent Swedish businessman, shares stories about the Salén family's legacy, including the rise and fall of their shipping empire and the success of their investment company. The conversation delves into long-term investing strategies, family dynamics, and diverse book recommendations that have impacted Salén's mindset.

How to invest in the best companies in the world? This is the topic for our episode with Pieter Slegers – founder of the investment newsletter Compounding Quality and previously a professional investor in Belgium. The book we discuss is The Art of Quality Investing, a new but timeless title that Pieter has collaborated on with its author Luc Kroeze.For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with teamThis episode was recorded on April 22, 2024.—————————————Books MentionedThe Art of Quality Investing - Luc Kroeze & Compounding QualityThe Outsiders - William ThorndikeThe Snowball - Alice SchroederQuality First Investing - Björn FahlénThe Joys of Compounding - Gautam BaidRicher, Wiser, Happier - William What I Learned About Investing from Darwin - Pulak PrasadEverything on Warren BuffettAn Investment Thinking Toolbox - Daniel Zhang—————————————Companies MentionedBerkshire HathawayKelly PartnersLVMH—————————————More on PieterCompounding Quality: https://www.compoundingquality.net/LinkedIn: https://www.linkedin.com/in/pieter-slegers-649354248/X: https://twitter.com/QCompoundingX: https://twitter.com/slegers_pieter—————————————About the PodcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books—————————————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—————————————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_—————————————DisclaimerNotice 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

In today’s episode we are joined by JC de Swaan. De Swaan is a lecturer in the economics department at Princeton University, where he teaches courses on ethics in finance and Asian capital markets. He is also a Partner at Cornwall Capital, an investment fund based in New York City. In this episode, we learn about the ethical considerations that finance professionals encounter.For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with teamThis episode was recorded on Jan 25, 2024.—————————————Episode Chapters(00:00) Introduction by Eddie & Niklas(01:58) Welcoming JC(04:26) A specific moment where JC realised what he wanted to do(05:55) Seeking Virtue in Finance (10:12) The discrepancy between how finance is perceived and its intention(12:47) The four pillars of conduct(25:40) A sound fee structure for managing money(33:26) JC’s idea of a perfect fund structure(36:50) Extracting societal value while serving your customers (Sävås säger moving on) (43:22) Can investors in the secondary market create value for society?(50:45) More money goes back to shareholders than go in through equity issues(53:40) The financial crisis and JC’s view on short-selling(57:15) How Capital Group balances stakeholder interests(59:24) Salary spread within an organisation/Musings on compensation(01:05:21) Discussing corporate culture(01:08:36) How to protect yourself from skewed incentives in a finance career(01:15:39) How to benefit society as a whole (01:21:22) Could Buffett have improved in terms of ethics(01:23:53) Cornwall Capital(01:29:45) Resemblance between Pinecone (episode 51) and Cornwall(01:30:47) How JC allocates his time(01:33:38) Is JC following his own book’s advice at Cornwall(01:37:33) Cornwall’s returns(01:38:01) Book discussions(01:42:20) Concluding remarks—————————————Books MentionedSeeking Virtue in Finance - JC de SwaanQuality Investing - Lawrence CunninghamWisdom in Finance - Mihir DesaiThe Checklist Manifesto - Atul Gawande Investment Biker - Jim RogersWhat Money Can’t Buy - Michael J. SandelEnough - John Bogle —————————————Companies MentionedVanguardBerkshire Hathaway PineconeCornwall Capital —————————————More on JChttps://twitter.com/jcdeswaanhttps://jcdeswaan.scholar.princeton.edu/—————————————About the PodcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books—————————————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—————————————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_—————————————DisclaimerNotice 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

Christian Billinger and Edward Chancellor discuss the benefits of capital cycle investing, forecasting supply vs. demand. They explore the impact of quality on generating Alpha, excesses in the current market, and applying the framework in capital-light industries. The conversation touches on market bubbles, underinvestment trends, and navigating turbulent markets with a supply-focused approach.