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.

Tobias Carlisle is a former lawyer and the author of several books, including The Acquirer’s Multiple. Tobias is the manager of two funds based on the book’s ideas, which are trading as ETFs under the tickers ZIG and DEEP. In the episode, we discuss how strictly he follows the deep value methodology, reflect on patience among investors, and investigate if there is a difference between managing your own or other people’s money. For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with teamThis episode was recorded on Dec 6, 2023.—————————————Episode Chapters(00:00) Introduction by Eddie & Niklas(01:12) Welcoming Tobias(07:41) The Acquirer’s Multiple(15:07) The Acquirer’s multiple strategy(27:07) How Greenblatt influenced Carlisle (36:14) Similarities with activist investors(44:25) Is it possible for regular investors to know if a moat is sustainable? (50:10) Musings on patience(58:22) Investing your own vs other people’s money(59:26) How strict is the formula? (01:07:20) Tobias’ current writing and reading habits—————————————Books Mentioned The Acquirer’s Multiple - Tobias Carlisle Security Analysis - Benjamin Graham The Intelligent Investor - Benjamin GrahamDeep Value - Tobias Carlisle Concentrated Investing - Allen BenelloQuantitative Value - Wesley Gray and Tobias Carlisle The Rebel Allocator - Jacob Taylor The Art of War - Sun TzuThe Aubrey-Mautin series - Patrick O’BrianThe Richard Sharpe series - Bernard CornwellThe Saxon Series - Bernard Cornwell—————————————Companies Mentioned Coca ColaLVMHBerkshireMeta KodakAppleNvidia—————————————More on Tobias XAcquirer’s fundAmazon book page—————————————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

Todd Wenning, an experienced investor, discusses lessons from America's industrial giants in the book 'Lessons from the Titans'. Topics include stewardship mentality of CEOs, the impact of systems and culture on a company's moat, studying Procter and Gamble as a titan in the industry, uncovering hidden gems in the stock market, diversification strategies for managing a stock portfolio, and the importance of finding skilled stewards of businesses as an investor.

Stephen Penman, Professor of accounting and security analysis at Columbia Business School and Bocconi, discusses the separation between speculation and valuation, the ideal structure of an equity research report, and how to improve as an aspiring investor. They also explore accounting arbitrage, the dangers of passive value investing, and the growing need for accounting knowledge in the finance industry.

Shu Hattori and Andrew Chou discuss their book, The McKinsey Edge, which explores the principles of McKinsey and how investors can apply them. They also talk about decentralization, the vision for Pinecone, taking notes for better learning, and the acquisition market in Japan. They share insights on building a successful serial acquirer, the importance of books for learning, and their admiration for analysis and recruiting.

Ronald Fagerfjäll is a legend within Swedish business journalism. Having written more than 30 books centered around Swedish companies and the people behind them, his knowledge of the topic is truly unique. We speak about the book “They Made Sweden Rich” (De gjorde Sverige rikt), which covers important entrepreneurs, businessmen, and investors during Sweden’s 20th-century industrial history. For more info about the podcast, go to the episode page and make sure to follow us on 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 Sep 6, 2023.—————————————Episode Chapters(00:00) Introduction by Eddie & Niklas (01:24) Ronald’s background(17:38) Why Ronald chose to write about Swedish business history(22:11) The Swedish business landscape in the early 20th century(27:32) Ivar Kreuger and the match empire(37:29) Why the holding company is a Swedish phenomenon(42:20) The connection between Swedish industrial companies and banks(46:10) The serial acquirers of the 60s(55:53) How Ronald manages to write a book a year (01:00:45) What books are Ronald most content with? (01:03:04) A book that Ronald wants to read but not write—————————————Books Mentioned They Made Sweden Rich (De gjorde Sverige rikt) (Swedish) - Ronald FagerfjällTisenhult: Grundaren, familjen och företagen (Swedish) - Ronald FagerfjällIn Search of a True World View - Ronald FagerfjällShape living for the better: the first 100 years of Electrolux - Ronald FagerfjällDen förlorade sonens återkomst: Peter Wallenberg (Swedish) - Ronald FagerfjällThe Prince - Machiavelli The Dwarf - Pär Lagerkvist —————————————Companies MentionedHandelsbankenInvestor Svenska Tändsticks AB (Swedish Match) Tisenhult-Gruppen General ElectricInvestment AB Promotion—————————————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: 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: 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

Paddy Hogan is the head of investor relations at ORIX, a Japanese company with 35,000 employees active within finance, investments, life insurance, and banking. The episode is centered around the book “What It Takes”, by Stephen A. Schwarzman. It tells the story of how Stephen co-founded Blackstone and made it the world’s largest alternative asset manager, with more than one trillion dollars under management. For more info about the podcast, go to the episode page and make sure to follow us on 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 May 25, 2023.—————————————Episode Chapters(00:00) Intro by Niklas & Henrik(02:31) Welcoming Paddy (03:25) Introduction to “What it Takes” and Blackstone (05:55) Hiring the best people possible(07:42) About Orix(13:28) Thoughts on decentralization(20:44) Corporate frugality(25:28) Attracting long-term shareholders (32:15) The (cultural) foundation of Orix(38:16) Orix’s take on position sizing(41:00) Takeovers - Hostile and friendly (47:46) Buying companies without an exit strategy(50:20) Reading habits—————————————Books Mentioned What It Takes - Stephen A. Schwarzman —————————————Companies MentionedOrixFairfaxBrookfieldBlackstone Berkshire Hathaway—————————————More on Paddy LinkedInOrix Website—————————————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: 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: 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

Portfolio manager Cole Smead discusses the classic title 'Money Masters' by John Train. Topics include the existence of a money mind, the correlation between being born poor and investing success, and the insight that businesses are always dying. They also touch on lessons from T. Rowe Price, identifying with investments, and applying marketing principles in investing.

Ian Cassel is the founder of MicroCapClub, co-author of the books about Intelligent Fanatics, and the CIO of Intelligent Fanatics Capital Management. In this episode, we talk about “Golf Is Not a Game of Perfect” by Bob Rotella. The book covers the mental habits used by professional golfers, an area that turns out to be a ripe hunting ground for valuable investing advice.For more info about the podcast, go to the episode page and make sure to follow us on 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 19, 2023.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas (02:26) How Ian started with investing(07:13) Golf Is Not a Game of Perfect(13:26) Adapting your strategies to the world around you(16:55) Rigidity vs. flexibility in the investment process(19:29) Accepting things outside of your control(25:51) Letting investments influence your strategy(31:37) Appreciating the position you’re in(36:11) The long versus the short game (42:27) Knowing when you know enough…(44:34) … and then knowing what to do(48:89) Learning about yourself through the market (51:39) Having productive distractions(55:13) Do investors age well? (58:32) Should you lower your expectations? (01:00:45) How to consider macroeconomics(01:03:55) Checking stock prices daily/Comparing yourself to others(01:07:52) The set-up at Intelligent Fanatics Capital Management—————————————Books MentionedIntelligent Fanatics - Sean Iddings and Ian Cassel Golf Is Not a Game of Perfect - Bob RotellaThe Elements of Scoring - Raymond Floyd—————————————More on IanTwitterMicroCapClubIntelligent Fanatics Capital Management—————————————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: 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: 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