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.

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Episode Chapters

Part 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

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Books Mentioned

• Business 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

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Companies Mentioned (in order of its first appearance)

• Volati
• American Express
• Ford
• Xerox
• Piggly Wiggly
• Tornum (part of Volati)
• Assa Abloy
• Nibe
• Salix (part of Volati)

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More on Patrik Wahlén

Twitter: https://twitter.com/PGWahlen

Volati: https://www.volati.se/en/about-volati.aspx

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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

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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_

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Disclaimer

Notice 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