Investing by the Books

Robert Hagstrom is a distinguished author and investor with 35+ years of experience in the equity market. Our conversation centers around his gem "The Last Liberal Art", explaining how disciplines such as biology, philosophy, and psychology can help us improve as investors. We also gain new reading inspiration as well as advice for younger listeners.The episode was recorded on February 2, 2022. For more info about the podcast, go to the episode page.—————————————Episode Chapters(00:00) Intro to Robert Hagstrom and the book(07:07) Benefits of learning from several disciplines(13:06) Biology - Complex adaptive systems(17:32) Physics - Market predictions(19:32) Disciplines for ”The Last Liberal Art 2”(20:48) Sociology - Self-organization vs. Central banks(24:22) Psychology - Myopic loss aversion, irrationality, mistakes(32:03) Philosophy - Pragmatism and Wittgenstein’s Theory of Language(36:51) Multidisciplinary money management(40:28) Book inspiration and advice for younger people—————————————Books MentionedInvesting: The Last Liberal Art - Robert HagstromBooks by Daniel Kahneman & Amos Tversky The Wisdom of Crowds - James SurowieckiTractatus - Ludwig WittgensteinPhilosophical Investigations - Ludwig Wittgenstein (posthumous)Narrative Economics - Robert ShillerThe Metaphysical Club - Louis MenandOliver Wendell Holmes - Stephen BudianskyImmunity to Change - Lisa Laskow Lahey & Robert KeganBooks by Michael MauboussinBooks about Sherlock Holmes - Sir Arthur Conan DoyleStrategic Intelligence for American World Policy - Sherman KentArguably - Christopher Hitchens—————————————More on Robert HagstromEquityCompass: https://equitycompass.com/Books: https://www.amazon.com/kindle-dbs/entity/author/B000AP8X3Q—————————————About the podcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-booksTwitter: https://twitter.com/IB_Redeye—————————————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

Dennis Jean-Jacques is a savvy investor and the author of "The 5 Keys to Value Investing". We discuss core concepts from the book, investment principles, and his lessons from decades of managing money. Jean-Jacques is President and Chief Investment Officer of Ocean Park Investments, an asset management firm based on the US east coast.The episode was recorded on January 10, 2022. For more info about the podcast, go to the episode page.—————————————Episode Chapters(00:00) Intro to Dennis Jean-Jacques(08:32) Intro to The 5 Keys to Value Investing (14:31) Catalysts to drive stock prices(19:28) Madame Index vs Coffee Can(26:56) Investment horizon(28:20) Insights on stock market evolution(32:09) Small Cap vs Large Cap(33:50) Business track records(38:34) Importance of ROCE source(44:29) Investment lessons(48:47) The right stocks for the right investor(52:22) Strategies at Ocean Park Investments(53:28) Sustainable investments and disruption(1:01:40) Investment principles(1:06:03) Most common biases(1:08:15) Emotional discipline (1:11:23) Reading recommendations —————————————Books MentionedThe Innovator's Dilemma - Clayton Christensen The Buffett Partnership LettersInvestment letters by Howard Marks, John Rogers, Bruce Greenwald, Michael MauboussinCreating Shareholder Value - Alfred RappaportExpectations Investing - Michael Mauboussin & Alfred RappaportThe Last Liberal Art - Robert HagstromThe Psychology of Risk - Ari Kiev Margin of Safety - Seth Klarman—————————————More on Dennis Jean-JacquesLinkedIn: https://www.linkedin.com/in/j-dennis-jean-jacques-3679abbOcean Park Investments: https://oceanparkinvestments.com/Article on MOI Global: https://moiglobal.com/how-to-become-a-catalyst-and-milestone-focused-investor/—————————————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

Patrik Wahlén is the Co-Founder and Chairman of the Swedish industrial group Volati. We have the pleasure to discuss one of his favorite books, featuring several timeless Wall Street stories. Besides the lessons from John Brooks and the stock market, we talk about how to build a lasting serial acquirer and what you can learn from English soccer clubs.The episode was recorded on December 20, 2021. For more info about the podcast, go to the episode page.—————————————Episode ChaptersPart 1: Lessons from Business Adventures(00:00) Intro to Patrik Wahlén and ”Business Adventures”(01:56) Buffett’s AMEX investment and risks (04:13) Lessons from the first flash crash (05:43) Patrik’s most common biases(06:25) Big bets: Ford’s Edsel failure(09:44) Diversification and philanthropy: Xerox(12:51) Overconfidence and frugality: Clarence Saunders (15:34) Finding your passion: David Lilienthal Part 2: Building a Lasting Serial Acquirer(16:27) Patrik Wahlén and Volati(17:57) Building a lasting serial acquirer(28:10) Lessons from soccer(30:54) Book recommendations—————————————Books MentionedBusiness Adventures - John Brooks (1969)Confusion of Confusions - Joseph de la Vega (1688)Expectations Investing - Michael Mauboussin & Alfred Rappaport (2021)The House of Morgan - Ron Chernow (1990)All books by Peter Bevelin—————————————Companies Mentioned (in order of its first appearance)VolatiAmerican ExpressFordXeroxPiggly WigglyTornum (part of Volati)Assa AbloyNibeSalix (part of Volati)—————————————More on Patrik WahlénTwitter: https://twitter.com/PGWahlenVolati: https://www.volati.se/en/about-volati.aspx—————————————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

Chris Mayer is an expert on stocks that return 100 times or more. In a thoughtful conversation with many company examples, we talk about how to identify 100-baggers and their common characteristics. Chris also shares his portfolio strategy and the mindset needed to reach superior investment results.For more info about the podcast, go to the episode page.—————————————Episode ChaptersPart I: INTRO(00:00) Intro to Chris and 100-Baggers(03:15) A favorite 100-bagger story(05:23) The two routes to 100-bagger status(06:50) The twin engines(08:14) Chris’s investor evolution Part II: PEOPLE(13:13) Owner-operators and incentives(18:58) Capital allocation decisions(21:12) Business culture(24:50) The most important question to management (competition)(26:58) Companies checking all the People’s boxes Part III: BUSINESS(29:18) Business models for the next 50 years(29:55) Growth(33:09) Moats (37:00) Size and industry(38:26) Holding companies/Serial acquirersPart IV: STRATEGY(48:33) Where to start looking for 100-baggers(50:05) Sosnoff’s Law(50:53) Valuation (52:11) Portfolio construction(55:07) Kelly criterion (56:47) Position size(58:33) Selling and switching a position(1:00:47) The Coffee Can approach(1:05:10) Cash positionPart V: MINDSET(1:07:21) Personal traits to realize 100-baggers(1:10:51) How to improve patience (1:14:27) Most common biases(1:16:16) Learning from success and failure(1:20:03) Books to find & hold on to 100-baggers (1:22:29) Chris’s upcoming book—————————————Articles & Books Mentioned100-Baggers - Chris Mayer Humble on Wall Street - Martin T. Sosnoff (1975)Silent Investor, Silent Loser - Martin T. Sosnoff (1987)Coffee Can Approach - Robert G. Kirby (1984)How Do You Know - Chris Mayer (2018)—————————————Companies Mentioned (in order of its first appearance)Monster BeverageMcDonald'sStarbucksBrown & BrownDomino’s PizzaCopartInsurance Auto Auctions ODFLBerkshire HathawayLifcoAddtechLagercrantzBergman & BevingDanaherConstellation SoftwareNibeAssa AbloyFranklin ResourcesWix.comXeroxKodak NokiaValeant—————————————More on Chris MayerBooks: https://www.amazon.com/Christopher-W-Mayer/e/B001IGOH5E?ref=sr_ntt_srch_lnk_2&qid=1641899969&sr=1-2Twitter: https://twitter.com/chriswmayerBlog: https://www.woodlockhousefamilycapital.com/blog —————————————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

Bethany McLean is one of the world’s most prominent financial and investigative journalists. In this episode, we revisit her masterpiece on Enron, the Wall Street darling that suddenly imploded in 2001. We focus on timeless insights and discuss charismatic leaders, breakpoints, math, narratives, lessons from a day with Buffett, and much more. For more info about the podcast, go to the episode page.—————————————Episode Chapters(00:00) Intro to Bethany McLean(05:50) Intro to Enron and The Smartest Guys in the Room (08:42) Enron vs Tesla(10:39) The characters at Enron(13:26) From math to investigative journalism(17:49) Breakpoints of frauds and market excesses(24:55) Lessons from Bethany’s day with Buffett(28:06) Investigative work and story-telling(35:30) Carol Loomis, the goddess of Fortune(37:24 Leader qualities and open-mindedness (46:30) Bethany’s next book (47:57) Reading habits and book recommendations—————————————Articles Mentioned20 Lessons from Enron - Niklas Sävås (2019): http://www.investingbythebooks.com/columns/2019/8/19/twenty-lessons-from-enron—————————————Books MentionedThe Smartest Guys in the Room - Bethany McLean & Peter Elkind (2003)The Revolt of the Public and the Crisis of Authority - Martin Gurri (2014)The Aristocracy of Talent - Adrian Wooldridge (2021)Dune books - Frank Herbert—————————————Movies MentionedThe Smartest Guys in the Room - Alex Gibney (2005)—————————————More on Bethany McLeanTwitter: https://twitter.com/bethanymac12Podcast, "Capitalisn’t": https://www.chicagobooth.edu/review/capitalisnt—————————————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

We believe that a multidisciplinary approach is essential for every long-term investor. One of the most practical books we have found on the topic is “An Investment Thinking Toolbox”, by Daniel Sun Zhang, published in 2021. In this episode, we have the author on the show to discuss some of the 11 most important mental models for investors, the compounding machines called serial acquirers, and Zhang’s role as Director of Acquisitions at Teqnion.For more info about the podcast, go to the episode page.—————————————Episode Chapters(00:00) Intro to Daniel Zhang & ”An Investment Thinking Toolbox”(09:48) Intro to Mental Models(13:40) Circle of Competence(17:32) Unknown Unknowns(24:34) Anchoring & Chris Sacca(30:16) Survivorship Bias(41:07) The seven sins of Confirmation Bias(52:08) Serial acquirers & Teqnion (1:01:14) Daniel’s role as Director of Acquisitions(1:07:40) Using mental models when buying private companies(1:15:02) Reading inspiration for life and investing—————————————Books MentionedAn Investment Thinking Toolbox - Daniel Sun Zhang (2021)Buy "An Investment Thinking Toolbox" in the Nordics: https://www.adlibris.com/se/bok/an-investment-thinking-toolbox-9789188849960Buy "An Investment Thinking Toolbox" outside the Nordics: https://www.amazon.co.uk/dp/9188849961/ref=cm_sw_r_cp_api_glt_fabc_BNJ1AR0DRFC63FP5XGN1 Brief Answers to the Big Questions - Stephen Hawking (2018)Buffett's Shareholder Letters: https://www.berkshirehathaway.com/letters/letters.htmlBooks by Nassim Taleb:Fooled by Randomness (2001)The Black Swan (2007)The Bed of Procrustes (2010)Antifragile (2012)Skin in the Game (2018)Before the Coffee Gets Cold - Toshikazu Kawaguchi (2015)—————————————Companies MentionedAmazonBerkshire HathawayTeqnion—————————————More on Daniel Sun ZhangLinkedIn: https://se.linkedin.com/in/daniel-zhang-31900b26Teqnion: https://www.teqnion.se/—————————————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

Michael Mauboussin is a thought-leader on decision-making, the role of complexity in markets, and most topics related to investing. His latest contribution to the investor community is the updated version of "Expectations Investing", published in 2021. To us, the book is a must-read and our conversation with Michael is both an introduction to the big concepts as well as an in-depth exploration into the art of valuing stocks.For more info about the podcast, go to the episode page.—————————————Episode Chapters(00:00) Intro to Mauboussin & Expectations Investing(04:05) Michael’s motivation to educate (05:35) Reading stock prices for better returns(08:39) Expectations Investing - more useful than ever(11:58) Earning the right to use valuation multiples(15:46) Is long-termism an edge?(19:12) Expectations Investing: Step 1 - Price-implied expectations(36:46) Expectations Investing: Step 2 - Most important triggers(1:01:07) Expectations Investing: Step 3 - Buy and sell decisions(1:08:38) Portfolio concentration and small caps investing(1:13:49) The concepts of real options and reflexivity(1:20:48) Overprecision and confirmation bias(1:25:48) Automation vs human judgement in the investing process(1:29:19) Gary Klein’s pre-mortem(1:33:28) Michael’s work in progress(1:36:53) Three life-changing books—————————————Articles & Books MentionedExpectations Investing - Michael Mauboussin, Alfred Rappaport (1st Edition 2001, updated 2021)More Than You Know - Michael Mauboussin (2006)Think Twice - Michael Mauboussin (2009)The Success Equation - Michael Mauboussin (2012)Creating Shareholder Value - Alfred Rappaport (1986)Expert Political Judgment - Philip Tetlock (2005)The Base Rate Book - Michael Mauboussin (2016)The Impact of Intangibles on Base Rates - Michael Mauboussin (2021)Measuring the Moat - Michael Mauboussin (2016)Gambling with the House Money and Trying to Break Even - Richard H. Thaler, Eric J. Johnson (1990)Dollars and Sense - Dan Ariely, Jeff Kreisler (2017)Public to Private Equity in the United States - Michael Mauboussin (2020)Do Stocks Outperform Treasury Bills? - Hendrik Bessembinder (2017) An Engine, Not a Camera - Donald Alexander Mackenzie (2006)Noise - Daniel Kahneman, Olivier Sibony, Cass R. Sunstein (2021)Complexity - M. Mitchell Waldrop (1993)Consilience - Edward O. Wilson (1999)—————————————Companies MentionedAmazonBerkshire HathawayCostcoDomino’s Pizza ShopifyTesla—————————————More on Michael MauboussinAbout: http://michaelmauboussin.com/Expectations Investing: https://www.expectationsinvesting.com/Twitter: https://twitter.com/mjmauboussin—————————————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

Erik Sprinchorn is one of Sweden's most successful investment managers. Our conversation centers around a book on self-justification and cognitive biases, vital concepts for every investor. Erik Sprinchorn is a portfolio manager at TIN Fonder, focusing on profitable growth companies within technology and innovation.For more info about the podcast, go to the episode page.—————————————Episode Chapters(00:08) Who is Erik Sprinchorn?(02:58) What is "Mistakes Were Made (But Not by Me)" about?(11:13) Most common biases and how to handle them?(13:36) What is an investor mistake?(16:21) Advice from the book for investors?(25:21) Examples of mistakes, and coping strategies(30:16) Mitigating cognitive dissonance(39:04) Personal lessons from the book(42:33) Summary and book recommendations—————————————Books MentionedMistakes Were Made (But Not by Me): Why We Justify Foolish Beliefs, Bad Decisions, and Hurtful Acts - Carol Tavris & Elliot Aronson (1st Edition 2007)Influence: The Psychology of Persuasion - Robert Cialdini (1st Edition 1984)Everything by Nassim Nicholas Taleb:Fooled by Randomness (2001)The Black Swan (2007)The Bed of Procrustes (2010)Antifragile (2012)Skin in the Game (2018)—————————————More on Erik SprinchornAbout Erik and TIN Fonder: https://tinfonder.se/en/erik-sprinchorn-eng/Twitter: https://twitter.com/ESprinchorn—————————————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

This episode features the eminent Professor Lawrence Cunningham and his book Quality Investing from 2016. What is his view on the topic today, how do you identify quality companies, and what enables them to outperform? Leading the conversation is Christian Billinger, investment manager of Billinger Förvaltning and part of Investing by the Books website.For full show notes and info about the podcast, go to the episode page.—————————————Episode Chapters(00:07) - Intro by Eddie & Niklas(02:55) - Amendments of the book since 2016?(07:25) - Is quality investing overcrowded?(13:43) - How to identify quality companies?(22:57) - Quality, a hybrid of growth and value(26:16) - Quality companies = gems hiding in plain sight?(31:31) - What enables quality companies to outperform?(38:51) - Higher presence of quality companies in certain geographies, sectors, or market caps?(44:57) - Small-cap quality investing(49:10) - Downside protection in quality investing(50:54) - Great quality investors of today(54:24) - A second quality investing book?—————————————More on Lawrence CunninghamAbout: https://www.law.gwu.edu/lawrence-cunninghamWebsite: https://qualityshareholdersgroup.com/Twitter:https://twitter.com/cunninghamprof—————————————More on Christian BillingerInterview on MOI Global: https://moiglobal.com/christian-billinger-interview-201905/ Billinger Förvaltning: https://www.billingerforvaltning.se/—————————————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 invite a money manager to share insights from one of his favorite investing-related books. Our guest is the brilliant Henrik Andersson, manager of the Global Equity Fund at Didner & Gerge and a founding member of Investing by the Books. Henrik's choice is "The Essays of Warren Buffett" by Lawrence Cunningham, a classic piece with timeless wisdom for both junior and senior investors.For more info about the podcast, go to the episode page.—————————————Episode Chapters(00:08) Intro to Henrik Andersson(02:09) Intro to The Essays of Warren Buffett(06:53) Henrik’s favorite chapter (09:27) Becoming a better investor(11:00) Shareholder letters vs. The Essays(13:30) Businesses emulating Berkshire(18:58) Dealing with mistakes of omission(21:13) Qualities of manangement(23:28) Least relevant parts of the book(24:56) IPOs and M&A(27:26) Market temperature and expected returns(30:25) Active management(32:34) Book recommendations—————————————Articles and Books MentionedThe Essays of Warren Buffett - Lawrence Cunningham (1st Edition 1997)Top 50 Investment Books: http://www.investingbythebooks.com/best-investment-books-everBerkshire Hathaway's Shareholder Letters: https://www.berkshirehathaway.com/letters/letters.htmlDo Stocks Outperform Treasury Bills? - Hendrik Bessembinder (2017) https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447—————————————Companies/Investors MentionedBerkshire Hathaway - Warren BuffettBrookfield Asset Management - Bruce FlattMarkel Corporation - Tom Gayner—————————————More on Henrik AnderssonAbout Henrik Andersson: http://www.investingbythebooks.com/who-we-areAbout Didner & Gerge: https://www.didnergerge.se/brief-in-english/Didner & Gerge Global Fund (in Swedish): https://www.didnergerge.se/vara-fonder/global/—————————————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