By Redeye AB
5
22 ratings
The podcast currently has 64 episodes available.
Stephen (Steve) Clapham is the founder of Behind the Balance Sheet, an investment research and investor training consultancy. He has 25 years of experience as an investment analyst and has been a partner and head of research at two multi-billion dollar hedge funds. We discuss his book, the Smart Money Method, how he trains finance professionals, and his investment philosophy.
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 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 July 17, 2024.
—————————————
Episode Chapters
(00:00) Introduction by Eddie & Niklas
(02:07) Introduction with Steve
(07:39) Steve’s early career
(11:29) Has finance become a more boring work environment?
(15:02) Steve’s investment philosophy over time
(22:48) Capital cycle investing
(26:29) Investing with crooks can be highly profitable
(29:30) How investors and finance professionals should learn today vs yesterday
(37:50) Exploiting the gap between perception and reality
(45:25) How to determine whether companies are over or under-earning
(51:48) Retesting the hypothesis after a decline
(58:57) The biggest skill shortage that Steve sees
(01:06:18) Key takeaway for someone entering the industry
(01:14:15) Impressive people that Steve has met
(01:20:04) The plan for Steve and his business
(01:25:42) How to get in touch with Steve
—————————————
Books Mentioned
—————————————
Companies Mentioned
—————————————
More on Stephen
—————————————
About the Podcast
Intro 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_
—————————————
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
Torbjörn Arenbo is the Chief Analyst and Head of Corporate Advisory Sweden at Danske Bank. He has 25 years of experience working as a corporate finance advisor, portfolio manager, and risk manager. Our conversation is centred around Torbjörn’s book Capital Allocation and Value Creation, published in 2023.
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 team
This episode was recorded on June 5, 2024.
—————————————
Episode Chapters
(00:00) Introduction by Niklas & Henrik
(02:25) Welcoming Torbjörn
(06:11) Sources of inspiration for Capital Allocation and Value Creation
(08:06) Who is the book for?
(10:10) Capital Allocation and Value Creation
(14:17) Different allocation practices based on the base rates for success
(19:58) The obsession for growth
(22:25) Capital allocation at Nibe
(25:15) Keeping managers on board after an acquisition
(26:33) The three value drivers
(29:53) Cost of capital
(32:40) Empirically, are managers good enough at capital allocation?
(36:56) Earnings quality
(41:17) Improving margins vs improving returns
(43:25) Henrik’s view on manager’s allocation capabilities
(46:47) How companies should handle challenging market situations
(51:55) Why Torbjörn quit his job as a portfolio manager
(53:47) Book discussions
—————————————
Books Mentioned
—————————————
Companies Mentioned
—————————————
More on Torbjörn
LinkedIn - Torbjörn Arenbo
—————————————
About the Podcast
Intro 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_
—————————————
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
Chris Waller is the Founder and Portfolio Manager of Plural Investing in New York. He previously worked in London at Goldman Sachs and holds an MBA from the Value Investing program at Columbia Business School. Our conversation is centred around the book “We Are Bellingcat” and covers how investors can deepen their research by better utilising open-source information.
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 team
This episode was recorded on April 17, 2024.
—————————————
Episode Chapters
(00:00) Introduction by Eddie & Niklas
(01:29) Introducing Chris and his passion for investing
(04:42) We Are Bellingcat
(16:05) How to find an informational edge
(21:12) Paying for data
(25:09) Seeking the truth, not agreement
(28:07) Looking for the other side of your thesis
(31:08) Weighing data points and a story by Chris
(39:07) Shorting stocks
(43:45) Parallels to sleuth investing
(47:24) Drawing the ethical line
(52:49) Plural Investing and investment philosophy
(01:04:28) Book discussions
(01:07:27) Mentors and role models
—————————————
Books Mentioned
—————————————
More on Chris
Plural Investing
—————————————
About the Podcast
Intro 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_
—————————————
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
This bonus episode features an interview with Eddie Palmgren – host of Investing by the Books – on Redeye Growth Day. Eddie shares some of his highlights and insights from the first three years of podcasting. The interviewer is Lars T. Andersson at Redeye.
This interview was recorded on May 30, 2024.
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.
—————————————
About the Podcast
Intro 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_
—————————————
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
In this episode we are joined by Staffan Salén – one of Sweden’s most prominent business men. The Salén family has a strong heritage spanning more than one hundred years, where Staffan and his brother Erik represent the third generation. In a fun and engaging conversation, we talk about banana boats, long-term investments, and high-speed lessons.
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 team
This episode was recorded on March 20, 2024.
—————————————
Episode Chapters
(00:00) Introduction by Eddie & Niklas
(02:10) Welcoming Staffan Salén
(04:45) The Salén Story
(07:49) Hands-off leadership in the early 20th century
(09:00) The Salén Spirit
(11:10) The family business during WWII and beyond
(18:23) Modern times and societal commentary
(21:18) What the Salén family considers important in early-stage ventures
(23:20) Staffan’s early career
(31:19) The Sagax investment
(38:02) The eWork investment
(41:57) The Green Landscaping investment
(46:44) Creating value from acquisitions
(50:45) What makes a good board?
(52:34) Measuring success
(54:30) The next generation of Salénia
(55:51) Views on life more generally
(01:01:00) Is there too much information available today?
(01:05:21) Book recommendations
—————————————
Books Mentioned
To receive a copy of "The Salén Story", contact [email protected] (limited availability)
—————————————
Companies Mentioned
—————————————
More on Staffan
—————————————
About the Podcast
Intro 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_
—————————————
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
How to invest in the best companies in the world? This is the topic for our episode with Pieter Slegers – founder of the investment newsletter Compounding Quality and previously a professional investor in Belgium. The book we discuss is The Art of Quality Investing, a new but timeless title that Pieter has collaborated on with its author Luc Kroeze.
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 team
This episode was recorded on April 22, 2024.
—————————————
Books Mentioned
—————————————
Companies Mentioned
—————————————
More on Pieter
Compounding Quality: https://www.compoundingquality.net/
LinkedIn: https://www.linkedin.com/in/pieter-slegers-649354248/
X: https://twitter.com/QCompounding
X: https://twitter.com/slegers_pieter
—————————————
About the Podcast
Intro 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_
—————————————
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
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 team
This 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 Mentioned
—————————————
Companies Mentioned
—————————————
More on JC
https://twitter.com/jcdeswaan
https://jcdeswaan.scholar.princeton.edu/
—————————————
About the Podcast
Intro 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_
—————————————
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
In today’s episode, Christian Billinger, a London-based investor who has joined the podcast before, is speaking with none other than Edward Chancellor. Edward is an author, finance journalist, and former hedge fund investment strategist. The discussion is centered around Chancellor’s book Capital Returns. It covers capital cycle investing and how investors can benefit from focusing on forecasting supply rather than demand.
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 team
This episode was recorded on Dec 15, 2023.
—————————————
Episode Chapters
(00:00) Introduction to today’s format by Eddie & Niklas
(02:33) Introduction by Christian
(07:43) Another lesson from the book
(10:15) Does capital cycle investing merge the growth and value dichotomy?
(13:21) Quality as a generator of Alpha
(15:38) Finding companies where the capital cycle doesn’t apply
(18:10) Does the framework also apply to the overall market?
(26:24) Applying the framework in a capital-light industry
(28:13) Obvious excesses in the current time
(33:30) Have the obvious excesses been fully compensated for?
(35:48) Fitting the narrow market rise into the framework
(42:38) Rounding off the discussion
—————————————
Books Mentioned
—————————————
More on Edward
—————————————
About the Podcast
Intro 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_
—————————————
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
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 team
This 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
—————————————
Companies Mentioned
—————————————
More on Tobias
X
Acquirer’s fund
Amazon book page
—————————————
About the Podcast
Intro 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_
—————————————
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
The podcast currently has 64 episodes available.
3,357 Listeners
909 Listeners
2,317 Listeners
773 Listeners
267 Listeners
153 Listeners
295 Listeners
194 Listeners
86 Listeners
71 Listeners
382 Listeners
94 Listeners
243 Listeners
35 Listeners
82 Listeners