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

In this special episode, we speak with Mark Gandy about our favorite investing books. Mark is the host of The CFO Bookshelf podcast and a consultant helping CEOs and CFOs with business development and financial modeling. We discuss books that can help you understand financial statements, evaluate management, and judge the quality of a business. 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 (00:52) The start of our conversation (01:26) Eddie, Niklas, and Mark (03:08) How our passion for investing books started(06:42) How we find guests for the podcast(09:53) The value of investment books (14:36) The investment book list (30:41) The best books on Buffett (35:07) Book recommendations for someone who is new to investing(46:30) Books for understanding financial statements(51:35) The people aspect of evaluating a business(53:38) The last book(01:02:19) About Redeye and Investing by the Books—————————————Books MentionedThe Intelligent Investor - Benjamin Graham Security Analysis - Benjamin Graham and David L. Dodd One Up on Wall Street - Peter Lynch Beating the Street - Peter Lynch Quality First Investing - Björn FahlénThe Investment Checklist - Micheal Shearn Once in Golconda - John Brooks Business Adventures - John BrooksThe Go-Go Years - John Brooks Against the Gods - Peter L. Bernstein Fooled by Randomness - Nassim Nicholas TalebPoor Charlie’s Almanack - Peter D. KaufmanDamn Right! - Janet Lowe The Snowball - Alice Schroeder The Warren Buffett Way - Robert G. HagstromThe Making of an American Capitalist - Roger Lowenstein The Most Important Thing - Howard Marks Millionaire Teacher - Andrew Hallman The Little Book that Builds Wealth - Pat DorseyInvestors Manual - NAICInvestment Biker - Jim Rogers The Education of a Value Investor - Guy Spier Financial Shenanigans - Howard Schilit The Interpretation of Financial Statements - Benjamin GrahamWarren Buffett and the Interpretation of Financial Statements - David Clark and Mary BuffettThe Black Swan - Nassim Nicholas TalebA Random Walk Down Wall Street - Burton G. Malkiel The Outsiders - William Thorndike Thinking, Fast and Slow - Daniel KahnemanInfluence - Robert Cialdini The Complete Financial History of Berkshire Hathaway - Adam Mead The Five Keys to Value Investing - Dennis Jean-Jacques100 Baggers - Chris Mayers —————————————Other resources Berkshire Hathaway’s annual shareholder letters Howard Marks’ memos —————————————More on Mark TwitterWebsite—————————————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

Gregory Zuckerman is an investigative reporter at The Wall Street Journal and the author of several books. Since he joined The Journal in 1996, he has received the Gerald Loeb award three times. The focal point for our discussion is his book The Man Who Solved the Market, which tells the story of how Jim Simons launched the quant revolution and created the greatest money-making machine in financial 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 December 20, 2022.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas(02:33) How Gregory got interested in finance and journalism (10:28) Introduction to Rennaisance(13:50) Do what you love(17:50) Why Renaissance survived and others didn’t (20:49) The irony of emotions(23:26) Remaining humble (27:02) How Renaissance gets an edge in the market(31:09) The most durable inefficiencies (30:59) Employee compensation at Renaissance(41:42) Handling tougher periods (44:10) If he could, would Gregory invest in Medallion? (45:57) The performance of the fund after the book’s release (47:06) Pros and cons of quant investors(52:31) Gregory’s Modus Operandi (01:01:20) Book recommendations —————————————Books MentionedThe Man Who Solved the Market - Gregory Zuckerman The Greatest Trade Ever - Gregory ZuckermanA Man For All Market - Ed ThorpBeat the Dealer - Ed Thorp—————————————Companies Mentioned Renaissance Technologies —————————————More on GregoryTwitterLinkedIn—————————————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 none other than Adam Seessel. Adam started as a journalist before venturing into finance through a job at Wall Street. He is the author of ‘Where the Money Is’ and the founder of Gravity Capital Management. Our conversation focuses on his approach to value investing, which draws upon classical concepts and updates them to fit the digital businesses of today.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 team This episode was recorded on December 12, 2022.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas(02:44) How Adam got started with investing (04:18) Why write another book on value investing? (09:01) The evolution of value investing(16:32) The metrics that are relevant in digital businesses(24:28) Skepticism towards growth and momentum investing(26:30) How to evaluate the quality of a digital company(31:34) Are network effects overrated? (34:57) Brands as the weakest competitive advantage(40:46) Business quality is the most important aspect (42:47) Why DCFs don’t work (47:11) How to allocate your time between evaluating price and quality(53:05) Why Adam started Gravity Capital Management (01:00:21) The most costly cognitive biases (01:02:19) Thoughts on books —————————————Books MentionedWhere the Money Is - Adam Seessel —————————————Companies MentionedEvolutionAmazonApple MetaYahooNetflix—————————————More on AdamLinkedIn—————————————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

Carter Johnson, manager of MCJ Capital Partners, discusses the book 'Distant Force' about Teledyne's success as a serial acquirer. They cover topics like dividend policies, working with incentives, and understanding serial acquirers. Carter also talks about MCJ Capital Partners and the importance of reinvestment opportunities. They share unique book recommendations for investors.