Investing by the Books

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

Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA), a value investing firm providing individual portfolio management. He is also the author of several books, including “Active Value Investing” and “The Little Book About Sideways Markets.” In this episode, we mostly discuss his latest addition, “Soul in the Game”.Go to the episode page and make sure to follow us on Twitter, where we suggest books and do giveaways. 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 March 16, 2023.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas (01:55) How Vitaliy’s passion for investing started (03:53) Soul or Skin in the Game (05:21) A Parallel to Jiro Dreams of Sushi(07:32) Is it possible to have too much soul in the game? (12:54) Stoicism, philosophy, and investing (22:34) Once our art turns into a craft, it is time to move on(27:47) Vitaliy’s work at IMA (29:32) How to allocate your time (32:51) Size as the enemy to great performance (40:52) To see the long term, you need to survive the short term(46:52) Good reasons for selling a company(54:18) Where we are in the market cycle(01:02:30) Living in the present while planning for the future (01:06:45) Book discussions —————————————Books MentionedActive Value Investing - Vitaliy KatsenelsonThe Little Book About Sideways Markets - Vitaliy KatsenelsonSoul in the Game - Vitaliy KatsenelsonSkin in the Game - Nassim Nicholas TalebManaging Oneself - Peter Drucker Behavioral Investing - James MontierThe Little Book of Behavioral Investing - James Montier The Little Book that Builds Wealth - Pat Dorsey How to Think Like a Roman Emperor - Donald RobertsonGuide to a Good Life - William Irvine —————————————Companies MentionedSilicon Valley Bank QualcommMeta—————————————More on VitaliyTwitterLinkedInInvestment Management Associates (IMA)The Intellectual Investor—————————————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

In our 45th episode, we are honored to speak to Paul Johnson and Paul D. Sonkin about their latest book “The Enduring Value of Roger Murray.” As the successor to Benjamin Graham at Columbia Business School, Murray (1911–1998) was a crucial figure in the history of value investing. Johnson and Sonkin are investment professionals and have been involved with the legendary investing program at Columbia Business School since the 1990s. The pair has also written “Pitch the Perfect Investment” and contributed to classics such as “The Most Important Thing” and “Value Investing: From Graham to Buffett and Beyond.”Go to the episode page and make sure to follow us on Twitter, where we suggest books and do giveaways. 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 February 16, 2023.—————————————Episode Chapters(00:00) Introduction (03:32) How Paul & Paul started investing in stocks(06:38) The Enduring Value of Roger Murray(11:34) Who was Roger Murray? (24:15) The Gap between Murray and Greenwald (43:11) How the value investing class has changed(46:44) Murray as an investor (49:43) Incorporating an economic outlook in your investment process(53:54) How to manage structural and cyclical changes(58:05) The risk=volatility debate (01:06:06) Does patience give you an edge? (01:09:35) Paul Johnson’s work outside teaching(01:14:15) Governance issues in small vs large companies (01:17:55) How to judge a management’s allocation skills (01:22:26) Paul Sonkin’s investment style (01:28:20) Book discussions—————————————Books MentionedThe Enduring Value of Roger Murray - Paul Johnson & Paul D. SonkinThe Centennial - Columbia Business School Pitch the Perfect Investment - Paul Johnson & Paul D. SonkinSecurity Analysis - Benjamin Graham Expectations Investing - Michael MauboussinThe Outsiders - William Thorndike Value Investing - Bruce Greenwald The Razor’s Edge - W. Somerset MaughamOf Human Bondage - W. Somerset MaughamThe Valuation of Growth (Upcoming) - Paul Johnson & Paul D. Sonkin—————————————Companies MentionedAppleAlphabetMeta Kimball InternationalCapital CitiesBerkshire Hathaway—————————————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

In this episode, we speak with the knowledgeable Todd Finkle. Todd is a Professor of Entrepreneurship at Gonzaga University and the author of several books, including his latest addition: Warren Buffett - Investor and Entrepreneur. In our conversation, we explore Buffett as an entrepreneur, psychological biases, and whether academia and investing are compatible. 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 March 29, 2023.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas (01:14) Welcoming Todd (01:47) How Todd came across the world of investing(09:44) Why write another book on Warren Buffett? (17:31) The most surprising insights from researching Buffett(21:31) The definition of entrepreneurship(27:19) Buffett’s shift towards buying quality businesses(30:34) What Buffett looks at before buying a business(32:40) Is business quality more important than management? (35:16) Quantifying too much(37:31) Psychological biases(44:27) The link between academia and business success(47:00) Areas where Todd disagrees with Buffett(48:51) Book talk(51:44) Final remarks—————————————Books MentionedWarren Buffett: Investor and Entrepreneur - Todd FinkleThe Warren Buffett Way - Robert Hagstrom—————————————More on ToddTwitterWebpage on UniversityLinkedInWebsite—————————————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

Catherine S. Neal is a former attorney and an associate professor of business ethics and business law at Northern Kentucky University. She is also the author of Taking Down the Lion, which is the center of attention for this episode. The book explores the fall of Tyco International's CEO and Chairman, Dennis Kozlowski, who was convicted of stealing more than 100 million dollars from the company.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 February 8, 2023.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas (00:21) Introduction to Catherine(04:13) Taking Down the Lion(11:18) Dennis Kozlowski (12:57) Why did Catherine write her book?(22:59) The most significant crimes that were committed(30:08) The world is driven by envy, not by greed(41:40) Dennis’ inability to manage details (49:05) Being both the CEO and the Chairman (54:24) Was Dennis treated unfairly by the media? (01:01:07) Red flags when it comes to corporate governance (01:15:16) What would Catherine change in the corporate world? (01:19:47) Dennis Kozlowski today(01:24:42) Book recommendations(01:25:22) Final remarks —————————————Books MentionedTaking Down the Lion - Catherine S. Neal The Smartest Guys in the Room - Bethany McLeanMadoff Talks - Jim Campbell—————————————Companies MentionedTyco International Procter & Gamble Intel MetlifeDisneyEnron —————————————More on CatherineWebsite for Taking Down the LionTwitter—————————————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

In our second interview with Avner Mandelman, a former rocket scientist and hedge fund manager, we talk about his new book: The Advanced Sleuth Investor. By applying multidisciplinary thinking, he explores the benefits of sleuthing from the viewpoint of ten different professions. In essence, our talk is about how you can create your own exclusive data to outperform the market. 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 January 3, 2023.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas (03:01) Who is Avner Mandelman? (03:58) Why write another book on sleuth investing? (09:16) System 1 and System 2 thinking (13:54) Ten perspectives on sleuthing(18:42) How Avner ranks the importance of the three financial statements(25:14) Sleuthing from the viewpoint of a chessplayer (31:33) Advice for a young investor (36:02) Sleuthing from the viewpoint of a physicist (42:07) Practical advice for Sleuthers(50:11) Picking stocks is only 30-40% of the investing process (01:06:22) How to build an empire as an investor (01:08:25) Book recommendations(01:10:04) Final remarks —————————————Books MentionedThe Sleuth Investor - Avner MandelmanThe Advanced Sleuth Investor - Avner MandelmanThinking, Fast and Slow - Daniel Kahneman Summa de Arithmetica - Luca Pacioli Parallel Lives - PlutarchOn Intelligence - Jeff Hawkins—————————————More on Avner TwitterYoutube—————————————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

Jake Taylor is a professional investor, fellow podcast host, author, and founder of the software Journalytic. For his second appearance on our podcast, we talk about the book Deep Survival and how his platform Journalytic can be used to think clearly, suppress irrational instincts, and become a better investor. Notice: We are taking on new exciting projects at Redeye, so starting from this episode, we will release shows monthly. We will keep producing interviews of high quality and are always delighted to hear your feedback.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 January 23, 2023—————————————Episode Chapters(00:00) Intro by Eddie & Niklas (02:10) Who is Jake Taylor? (03:19) Surviving in the market and life (09:47) Lessons from a tragic story(14:15) Balancing risk and return (19:31) Going against your own rules(22:45) Learning from others or failing yourself? (27:24) Balancing optimism and pessimism(33:30) Being honest with yourself (36:46) How to declutter your mind(38:34) The importance of not always acting on instinct(42:12) Avoiding the sunk cost fallacy (46:20) Journalytic (58:20) Bringing it all together —————————————Books MentionedThe Rebel Allocator - Jake Taylor Deep Survival - Laurence Gonzales The Dandho Investor - Mohnish Pabrai100 Baggers - Chris Mayer The Rational Optimist - Matt Ridley Ten Global Trends Every Smart Person Should Know - Ronald Bailey Quit - Annie Dukes—————————————More on JakeTwitterJournalyticFarnam Street InvestmentsValue After Hours Podcast—————————————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