We welcome back Chris Mayer to unpack his new book, The Investor’s Odyssey. How does it build upon the lessons of 100 Baggers? We dive into the realities of brutal stock drawdowns, the mechanics of compounders, and how Chris is leveraging AI in his investing process.

Stick around to the end for some fun detours into Homer, translations, and Christopher Nolan!

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Our conversation with Chris Mayer was recorded on 18 May 2026.

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For more info about the podcast, make sure to follow us on X: https://x.com/IB_Redeye. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team

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Episode Chapters

(00:00) Intro by Eddie

(01:30) Welcoming Chris

(01:47) When did Chris become an investor?

(05:02) Quick recap – the past 5 years

(06:19) Intro to The Investor’s Odyssey

(07:16) 100 Baggers vs The Investor’s Odyssey

(08:12) Chuck Akre’s impact on Chris

(11:10) The OG Odyssey

(12:48) On a plane to Omaha…

(15:16) Drawdowns and volatility

(17:28) Chris’ worst drawdown

(18:15) Resisting the Sirens

(20:07) Don’t check stock prices too frequently

(22:19) Focus on the business

(24:08) Pay attention to language

(25:47) What Chris likes about the Serial Acquirers model

(28:11) Lessons from Halma

(29:11) Diversification or a black box?

(31:17) Business survival

(33:02) Fund survival

(34:13) Chris’ use of AI

(35:27) The investable universe

(36:23) Idea generation

(37:29) Geographical exposure

(38:29) Position sizing and riding winners

(40:44) Chris’ investor ambitions for the next 10-20 years

(41:51) What Chris has read lately

(45:53) The best translation of the Odyssey

(47:13) Christopher Nolan’s new movie… The Odyssey

(48:11) Writing another book?

(48:36) Concluding remarks

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Books Mentioned

• The Investor’s Odyssey – Chris Mayer
• 100 Baggers – Chris Mayer
• Dear Fellow Time-Binder – Chris Mayer
• 100 to 1 in the Stock Market – Thomas Phelps
• Odyssey – Homer
• The Odyssey – Robert Fitzgerald translation
• The Odyssey – Robert Fagels translation
• The Odyssey – Emily Wilson translation
• Iliad – Homer
• Amusing Ourselves to Death – Neil Postman
• Lessons from Century Club Companies – Vicki TenHaken
• Plato: Complete Works
• Silent Investor, Silent Loser – Martin Sosnoff
• Humble on Wall Street – Martin Sosnoff
• Ludwig Wittgenstein: The Duty of Genius – Ray Monk
• The Odyssey – Daniel Mendelsohn
• An Odyssey – Daniel Mendelsohn

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Companies Mentioned

• Teqnion
• Berkshire Hathaway
• Apple
• Meta
• Halma

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Movies Mentioned

• O Brother, where art thou? (2000)
• The Odyssey (2026)

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More on Chris Mayer

X: https://x.com/chriswmayer

Woodlock House Capital website: https://www.woodlockhousefamilycapital.com/

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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_

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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

Our guest for this episode is Thomas “Tom” Russo, a respected global value investor and the managing member of Gardner, Russo & Quinn in the US. Tom has over 40 years of track record as a professional investor and is known for his focus on consumer goods and companies with the capacity to reinvest and the capacity to suffer. In the conversation, Tom brings up two classic books: “Common Stocks and Uncommon Profits” by Phil Fisher, and “Richer, Wiser, Happier” by William Green.

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Our interview with Tom Russo was recorded on 8 May 2026. Leading the conversation is Christian Billinger, investment manager of Billinger Förvaltning. Christian heads his family office Billinger Förvaltning and has done a number of interviews on this podcast, including episode 8 with Lawrence Cunningham and episode 55 with Edward Chancellor.

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For more info about the podcast, make sure to follow us on X: https://x.com/IB_Redeye. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team

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Episode Chapters

(00:00) Intro by Eddie

(01:09) Christian welcomes Tom

(01:36) Introducing the books for this episode

(02:29) Common Stocks and Uncommon Profits

(04:07) Richer, Wiser, Happier (and Money Masters)

(07:37) Takeaways from Omaha 2026

(13:27) Consumer goods investing

(20:27) Consumer goods concerns today vs late 1990s

(23:49) Underinvestments or fundamental behavior shifts?

(25:57) Kit Kat brand example, and good flow in AB InBev

(28:41) Consumers talk lean but eat fat – misperceptions?

(30:56) Coping as an investor in a tough market (Heineken example)

(35:36) When to give up as an investor

(41:32) Focus and brand equity (Campari, Diageo)

(43:31) International growth and competition (Brown-Forman, Unilever)

(47:59) Expanding the investable universe (Alphabet, Eurofins Scientific, Sunbelt Rentals)

(51:59) Netflix case

(55:19) Selling a great business?

(57:46) Bad stewards of capital (Adelphia Communications)

(01:00:06) Good stewards of capital (Richemont)

(01:04:06) Tom’s investment research process

(01:08:02) Most important questions to ask management

(01:10:40) Capital cycle

(01:12:57) Supply vs. demand

(01:14:54) Capital cycle of the spirits industry

(01:17:16) Investment philosophy – Phil Fisher vs. Ben Graham

(01:20:06) Highlights from 40+ years of investing

(01:23:03) How to give back

(01:27:31) Thank you

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Books Mentioned

• Common Stocks and Uncommon Profits – Phil Fisher
• Richer, Wiser, Happier – William Green
• Money Masters – John Train

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Companies Mentioned

• Amazon
• Berkshire Hathaway
• Gen Re
• Nestlé
• Estée Lauder
• Diageo
• Weetabix
• Harley Davidson
• Brown-Forman
• Guinness
• Grand Metropolitan
• Heineken
• AB InBev
• Kirin
• Snow Beer
• Baidu
• Pernod Ricard
• Sazerac Company
• Campari Group
• Unilever
• Martin Marietta Materials
• Alphabet
• Eurofins Scientific
• Sunbelt Rentals
• Visa
• Netflix
• The E.W. Scripps Company
• Comcast
• Adelphia Communications
• Richemont
• Uber
• DoorDash
• Oracle
• Anthropic
• Jim Beam (Suntory Global Spirits)
• Freddie Mac
• Fannie Mae

—————————————

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

Jeff Totten, founder and CEO of the US-based holding company Evergreen Services Group, is a thoughtful and driven entrepreneur with an investor mindset. We discuss 'Built from Scratch', written by the founders of Home Depot, which offers numerous lessons on decentralization, funding, and capital allocation.

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Our conversation with Jeff Totten was recorded on 10 April 2026.

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For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team

—————————————

Episode Chapters

(00:00) Intro by Eddie

(00:57) Welcoming Jeff

(01:17) Entrepreneurial and investing background

(03:58) The founding of Evergreen Services Group

(05:50) Growing families, scaling Evergreen

(06:47) Intro to Built from Scratch

(07:58) When Jeff came across the book

(09:03) Role models for Evergreen

(10:14) Evergreen’s verticals

(12:02) Pivotal moments

(14:35) Funding a young company

(17:17) Corporate culture – rolling snowballs

(21:15) Decentralization

(24:52) Evaluating performance

(26:39) Customer service, always worth it?

(28:21) Jeff’s time allocation

(30:15) Acquisitions: Inspiration and criteria

(38:20) Redeploy vs. distribute capital

(40:35) Staying private or going public?

(42:01) Leverage of the business

(43:55) Home Depot after the book

(45:37) Legacy and succession planning

(48:58) Jeff’s favorite books

(51:45) Writing habits and ambitions

(52:30) Concluding remarks

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Books Mentioned

• Built from Scratch – Bernard Marcus, Arthur Blank
• The Snowball – Alice Schroeder
• The Outsiders – William Thorndike
• Made in America - Sam Walton
• The Compounders – Oddbjørn Dybvad, Kjetil Nyland, Adnan Hadziefendic
• 100 Baggers – Chris Mayer
• The Money Masters – John Train

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Companies Mentioned

• Evergreen Services Group
• Home Depot
• Berkshire Hathaway
• Constellation Software
• Swedish serial acquirers
• Transdigm

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More on Jeff Totten

• Evergreen Services Group: https://www.evergreensg.com/
• Jeff’s LinkedIn: https://www.linkedin.com/in/jeffhtotten/

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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 episode features Ehsan Ehsani, an investor at Crescendo Partners in New York and an adjunct professor at Columbia Business School. We discuss his book 'Finding Value in Numbers’, in which Ehsan emphasizes the importance of building a personalized investment framework.

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Our conversation with Ehsan Ehsani was recorded on 9 March 2026.

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For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team

—————————————

Episode Chapters

(00:00) Intro by Eddie

(00:46) Welcoming Ehsan

(02:52) Introducing Ehsan’s book ‘Finding Value in Numbers’

(05:23) Foreword by Mario Gabelli

(06:30) Part 1: Is the opportunity investable?

(08:44) Part 2: Is the valuation attractive?

(16:23) Part 3: Is there a path to profits?

(18:21) Soft vs. hard catalysts

(24:42) Part 4: Do we have a winning game plan?

(26:07) System dynamics

(31:21) Intangible value

(33:40) Building your framework

(35:06) Qualitative aspects – people

(37:38) Ehsan’s role at Crescendo Partners

(40:45) Ehsan’s work at Columbia Business School

(42:16) Personal investing

(44:50) Having a process vs. following it – RPF

(49:52) Ehsan’s reading suggestions

(51:42) Writing ambitions

(52:19) Concluding remarks

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Books Mentioned

• Finding Value in Numbers – Ehsan Ehsani
• Expectations Investing – Alfred Rappaport & Michael Mauboussin
• The Power Broker – Robert Caro
• Endurance – Alfred Lansing
• The Essays of Warren Buffett – Lawrence Cunningham

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Companies Mentioned

• GE
• Google (Alphabet)
• Meta
• Accenture
• McKinsey
• Einride

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More on Ehsan Ehsani

• LinkedIn Newsletter ‘Value Hedgehog’: https://www.linkedin.com/newsletters/7099112971280203776/
• Columbia Business School: https://business.columbia.edu/faculty/people/ehsan-ehsani

—————————————

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 UK-based portfolio manager Andrew Hollingworth, founder of HollAnd Advisors, joins Eddie to discuss the book '1929' by Andrew Ross Sorkin. The conversation covers parallels to the 2008 financial crisis, how Andrew deals with market distress, and a couple of strong reading recommendations.

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Our conversation with Andrew Hollingworth was recorded on 13 January 2026.

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For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team

—————————————

Episode Chapters

(00:00) Intro by Eddie

(00:47) Welcoming Andrew

(01:09) Andrew’s path to professional investing

(02:04) Introducing the book ‘1929’

(03:42) The author – who is Andrew Ross Sorkin?

(04:44) What differentiates this book from others about the crash

(05:51) Surprises in the book

(07:14) Why the extreme greed, why then

(09:58) Character 1: The big banker – Charles “Sunshine Charlie” Mitchell

(11:44) Character 2: Stock astrologist Evangeline Adams

(12:53) The lack of financial institutions

(14:04) Churchill’s optimism

(15:32) Parallels to 2008 and banking regulations

(16:31) Trust

(17:58) Anything that could’ve made the book better?

(18:29) Andrew’s firm HollAnd Advisors

(19:18) Andrew’s investment philosophy

(20:45) Evaluating businesses and people

(22:22) Portfolio concentration

(23:29) Ideal holding period

(25:02) Trimming

(26:02) Dealing with market distress

(27:52) Managing cash

(28:53) The risk of withdrawals

(30:18) Ambitions for the next 5-10 years

(31:44) Andrew’s reading suggestions

(34:10) Writing ambitions

(35:54) Concluding remarks

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Books Mentioned

• 1929 - Andrew Ross Sorkin
• Too Big Too Fail - Andrew Ross Sorkin
• 7 Powers – Hamilton Helmer
• Zero to One - Peter Thiel
• The Outsiders - William Thorndike
• Titan: The Life of John D. Rockefeller, Sr. – Ron Chernow
• Still Life – Sarah Winman

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Companies Mentioned

• Wise
• Meta

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More on Andrew Hollingworth

• LinkedIn: https://uk.linkedin.com/in/andrew-hollingworth-035781129
• HollAnd Advisors: https://hollandadvisors.co.uk/

—————————————

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

Eddie has the pleasure of speaking to Rupal Bhansali, author of ‘Non-Consensus Investing’ and a seasoned investor with over 30 years of experience. We discuss her journey from growing up in a stockbroker's family in India to becoming a CIO managing billions of dollars in New York. The conversation covers several themes from her book, including risk management, crowded trades, and the importance of independent thinking.

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Our conversation with Rupal Bhansali was recorded on 15 December 2025.

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For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team

—————————————

Episode Chapters

(00:00) Intro by Eddie

(01:03) Rupal’s path to investing

(08:43) Introducing the book: Non-Consensus Investing

(09:53) Contrarian vs. Non-Consensus Investing

(10:56) How the book came about

(14:34) Rupal’s view on risk

(19:42) Crowded trades

(27:47) Why a competitive advantage is not enough

(30:57) The myth of pricing power.

(32:53) Rupal’s research process

(35:20) Most common behavioral bias

(36:47) Patience

(37:51) Would Rupal like to change anything in the book?

(38:22) Rupal as an investor and her firm

(40:28) How to manage your days and measure success

(42:12) 100 Women in Finance

(45:24) Rupal’s reading suggestions

(46:00) Another book by Rupal?

(46:13) Concluding remarks

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Books Mentioned

• Non-Consensus Investing – Rupal Bhansali

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More on Rupal Bhansali

• Book Website: https://nonconsensusinvesting.com/
• Double Duty Money Management: https://doubledutymm.com/

—————————————

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 episode features the US-based portfolio manager Ryan Bunn. We discuss Philip Carret's classic investment book 'The Art of Speculation', which influenced later legends like Warren Buffett and Philip Fisher. We conclude that Carret’s nearly 100-year-old insights – including his ‘Twelve Commandments for Speculation’ – remain remarkably relevant today.

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Our conversation with Ryan Bunn was recorded on 11 November 2025.

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For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team

—————————————

Episode Chapters

(00:00) Intro by Eddie

(00:49) Welcoming Ryan Bunn

(01:02) Ryan’s path to investing

(02:57) Collecting books

(03:54) Introducing ‘The Art of Speculation’

(04:51) Why is it worth reading?

(05:53) The author – who was Philip Carret?

(07:04) Carret’s books

(08:21) Which investors did Carret inspire?

(09:29) Carret – the OG compounder king

(11:40) When speculation becomes investing

(14:47) Ryan’s top 3 of the ‘Twelve Commandments for Speculation’

(20:44) Thoughts on valuation and leverage

(22:41) Market cycles

(24:02) Carret’s ideas about technical analysis haven’t aged as well

(25:30) How the market and investing have changed

(26:14) What Ryan would like to speak to Carret about

(28:15) Ryan as an investor and his firm Reference Equity

(32:06) Investing in small caps globally

(35:24) Concentration, position sizing, and turnover

(37:48) Patience in real-life investing

(39:18) Forced selling

(42:18) Ryan’s daily life as an investor

(43:12) Reading decisions and habits

(46:50) Ryan’s reading suggestions

(48:25) Writing ambitions

(50:13) Concluding remarks

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Books Mentioned

• The Art of Speculation – Philip Carret
• Buying a Bond – Philip Carret
• A Money Mind at Ninety – Philip Carret
• Books by Leo Tolstoy
• Creating Shareholder Value – Alfred Rappaport
• What I Learned About Investing from Darwin - Pulak Prasad

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More on Ryan Bunn

• LinkedIn: https://www.linkedin.com/in/ryanbunn/
• Reference Equity Website: https://www.referenceequity.com/

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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

Our guest Ethan Everett is an investment analyst in the US and author of 'The Investment Philosophers'. We discuss the book, in which he connects philosophical ideas from thirteen thinkers, including Spinoza, Hume, and Kierkegaard, to modern investing practices. The conversation also touches on his grandfather's influence as a former student of Benjamin Graham and Ethan's future book projects, connecting law and martial arts to investing.

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Our conversation with Ethan Everett was recorded on 22 October 2025.

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For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team

—————————————

Episode Chapters

(00:00) Intro by Eddie

(00:53) Welcoming Ethan Everett

(02:23) Ethan’s way to investing

(06:48) Discovering philosophy

(08:37) How “The Investment Philosophers” came about

(10:45) Criteria for selecting the 13 philosophers in the book

(12:42) Lessons from Baruch Spinoza

(22:42) David Hume

(28:28) Søren Kierkegaard

(35:28) Ethan’s evolution as an investor

(39:31) Company example: Mattel

(43:26) Ethan’s role as an Investment Analyst at Galvin, Gaustad & Stein

(46:10) Lessons from Ethan’s grandfather, a student of Benjamin Graham

(48:46) Ethan’s AI start-up Collexity

(53:05) Reading suggestions

(57:23) Writing ideas

(01:00:43) Concluding remarks

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Books Mentioned

• The Investment Philosophers – Ethan Everett
• The Intelligent Investor - Benjamin Graham
• The Money Game - Adam Smith (George Goodman)
• Essays – Michel de Montaigne
• The Gay Science – Friedrich Nietzsche
• Ethics – Baruch Spinoza

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Companies Mentioned

• Mattel

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More on Ethan Everett:

• LinkedIn: https://www.linkedin.com/in/ethan-everett-cfa-esq-404362156/
• Collexity: https://collexity.ai/

—————————————

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

We are joined by the US investor Ryan Floyd from Barca Capital to discuss ‘A Time of Gifts' by Patrick Leigh Fermor. The book chronicles Fermer's journey as an 18-year-old Englishman walking through Europe in 1933-1934. While it’s not a typical investing book, we uncover numerous lessons for investors, including the value of observation and action.

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Our conversation with Ryan Floyd was recorded on 21 October 2025.

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For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team

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(00:00) Intro by Eddie

(01:29) Welcoming Ryan Floyd

(01:51) Ryan’s path to investing

(04:54) What “A Time of Gifts” is about

(06:24) What the book’s title means

(08:13) Structure of the book

(11:01) About the author

(13:08) Inspiration for investors

(15:31) Ryan in the real world

(18:56) Optimism vs. pessimism

(24:17) Activity vs inactivity

(26:50) Dealing with losses

(32:54) Entrepreneurial spirit

(36:15) Creating Barca Capital

(39:37) Geographies of interest

(42:17) Portfolio concentration

(45:54) Ryan’s investor traveling

(50:31) Ambitions for Barca Capital

(52:12) Favorite books

(56:53) Writing ideas

(58:15) Concluding remarks

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Books Mentioned

• A Time of Gifts – Patrick Leigh Fermor
• Deep Survival – Laurence Gonzales
• The House of Rothschild 1 & 2 – Niall Ferguson
• Books by Nassim Taleb
• Malcolm Gladwell
• Daniel Kahneman
• Histories – Herodotus
• Political Order in Changing Societies – Samuel P. Huntington
• Democracy in America – Alexis de Tocqueville
• The Old Regime and the Revolution – Alexis de Tocqueville
• Albion's Seed – David Hackett Fischer
• Books by Robert Caro

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Movies Mentioned

• Top Gun
• Rushmore

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More on Ryan Floyd:

• Substack: https://detachednotes.substack.com/
• Barca Capital Website: https://www.barcacapital.com/
• LinkedIn: https://www.linkedin.com/in/ryanf2

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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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/X: 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/X: 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

Lars Stenlund co-founded the Swedish firm Vitec Software in 1985. For 35 years, he served as its CEO, and since 2021, he is the Chairman. In this interview, Lars shares his lessons and personal reflections from the journey with Vitec. The basis for our conversation is the book “Driven by Curiosity: Vitec – The First 40 Years”, published in 2025.

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Our conversation with Lars Stenlund was recorded on 10 September 2025.

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For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team

—————————————

Episode Chapters

(00:00) Intro by Eddie

(01:18) Welcoming Lars Stenlund

(01:41) Growing up and role models

(04:05) Study decisions

(04:46) About the book “Driven by Curiosity”

(08:05) The early days of Vitec

(14:29) Organic growth journey

(16:16) IPO, failing in Germany, and starting with M&A

(17:58) Competitive situation for acquisitions

(19:03) SaaS in 1995

(21:15) Earnings stability vs. volatility

(22:25) How to measure success

(24:09) People and decentralization

(26:48) Acquisitions in practice

(27:32) Funding

(29:59) Geographic expansion

(30:53) Mistake 1: don’t kill a working software

(33:42) Mistake 2: avoid creating a monopoly

(35:34) The worst advice Lars ever got

(36:07) Transition from CEO to Chairman

(37:19) Selecting his successor

(38:19) Avoiding group thinking in the board

(40:13) Current commitments besides Vitec

(41:48) Umeå’s importance for Vitec and vice versa

(44:25) Golfing and the relation with Olov, co-founder of Vitec

(46:05) Spending habits

(47:25) Lessons from decades of technology shifts

(51:22) Time horizon on product development

(53:12) Curiosity today

(54:13) Reading recommendations and one title to avoid

(57:52) Concluding remarks

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Books Mentioned

• Driven by Curiosity – Patrick Syrén
• The Wisdom of Crowds – James Surowiecki
• Good to Great – Jim Collins
• Marionetterna [in Swedish] – Ingrid Carlberg
• Lord of the Flies – William Golding

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Companies Mentioned

• Boliden
• Vitec Software
• Knowit
• Constellation Software
• IBM
• Microsoft

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More on Lars Stenlund & Vitec Software:

• Company Website: https://www.vitecsoftware.com/en/

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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