Investing by the Books

Matt Franz from Eagle Point Capital joins the podcast to share his investing lessons from Richard Feynman. Feynman was a curious adventurer, who won the Nobel Prize for Physics in 1965, but probably also would’ve been a great investor.—————————————Our conversation with Matt Franz was recorded on 29 Sept 2026. The thumbnail image was generated with AI.—————————————For more info about the podcast, 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(00:50) Welcoming Matt(01:16) Matt’s background(09:31) Introducing the book Surely You’re Joking Mr. Feynman(11:54) Explaining the book’s title(13:45) Feynman’s character(15:19) Matt’s curiosity (17:20) Multidisciplinary vs. Domain expert(22:06) Separate knowledge and predictions…(26:10) … in investing(27:54) Lindy effect(28:44) Cockroach-like businesses(30:56) The importance of why(34:21) Curiosity and culture in a business(39:58) Feynman’s courage to speak the truth (42:58) Two common truths to be skeptic about in investing(46:39) What would’ve made Feynman a great investor?(51:21) Feynman’s struggles as an investor(52:54) "The first principle is that you must not fool yourself — and you are the easiest person to fool."(55:35) Matt’s firm Eagle Point Capital(01:00:10) Investment philosophy development(01:02:16) Daily life as an investor (01:04:30) Ambitions for the next decade(01:07:37) Reading recommendations (01:10:46) Writing and book ideas(01:11:22) Concluding remarks—————————————Books MentionedSurely You’re Joking Mr. Feynman – Ralph Leighton and Richard FeynmanBuffett’s Shareholder LettersInvesting: The Last Liberal Art – Robert HagstromHoward Mark’s memosNomad Letters – Nick SleepMarket Wizards’ booksThe Alchemy of Finance – George SorosA Man for All Markets – Edward ThorpThinking, Fast and Slow – Daniel KahnemanRon Chernow’s booksBooks about: Copart, Dominos Pizza, Tractor Supply, AMEXEndurance – Alfred Lansing—————————————Companies MentionedVisaBerkshire HathawayBrookfield CorporationVitec SoftwareToyota—————————————More on Matt FranzSubstack: https://eaglepointcapital.substack.com/Website: https://www.eaglepointcap.com/—————————————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/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_—————————————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

Eddie speaks to the US-based microcap investor Ian Cassel about his new book – Stock Picker. Ian shares his personal journey of becoming a full-time private investor and his lessons from 25+ years of investing in tiny, often overlooked companies. —————————————Our conversation with Ian Cassel was recorded on 24 Aug 2026.—————————————For more info about the podcast, 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(01:41) Welcoming Ian(02:14) Catching up the past 3 years(02:53) Why Ian wrote Stock Picker(04:02) Ian’s upbringing – “blue-collar rich”(08:23) Early days in the stock market(13:50) From $8,000 portfolio to a full-time private investor(21:44) Why you’re not an idiot for investing in microcaps(25:46) The discovery phase of a microcap, and the second wave(33:27) From 100% story stocks to a broad palette (36:49) When to meet management and what to ask(40:01) Common mistakes when talking to management(41:08) How to avoid dilution(43:35) Benefits of having 2-4 stocks in the portfolio (45:45) Ian’s worst loss in the portfolio(48:20) How to handle losses emotionally(51:13) Ian’s firm Intelligent Fanatics Capital Management(54:37) Investing team and being a “value-added investor”(57:25) Restrictions in the fund – geography or sectors?(58:35) The role of institutions in microcaps(01:01:57) Holding period expanding(01:05:03) Watching stock prices daily(01:08:15) Reading habits and 3 books Ian’s reading now(01:11:43) New book ideas(01:12:49) Concluding remarks—————————————Books MentionedStock Picker – Ian CasselIntelligent Fanatics – Ian Cassel & Sean IddingsGolf Is Not a Game of Perfect – Bob RotellaMarket Wizards: The Next Generation – Jack D. SchwagerJesse Livermore: World's Greatest Stock Trader – Richard SmittenWarren’s Mistakes – Porter StansberryOther sources mentionedRedeye Quality Microcap Report Q2 2024Investing by the Books, episode 1 with Sean IddingsInvesting by the Books, episode 47 with Ian Cassel—————————————Companies MentionedXM Satellite RadioSirius Satellite Radio ZAGGGoroElectronic Game Card—————————————More on Ian CasselX: https://x.com/iancasselMicroCapClub: https://microcapclub.com/ PlanetMicroCap: https://planetmicrocap.com/ IFCM: https://if.capital/ —————————————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/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_—————————————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

Eddie’s guest in this episode is Mark Wallace, a UK-based investor at Rothschild & Co Wealth Management with 30+ years of experience. Mark has selected the 1952 biography “Duveen: The Story of the Most Spectacular Art Dealer of All Time”, which explores the life of the legendary Joseph Duveen. Duveen’s ruthless focus on quality, patient holding periods, and strong relationships parallel the strategies of today's best business collectors. Tune in to find out why this captivating historical tale is an absolute gold mine of lessons for long-term investors.—————————————Our conversation with Mark Wallace was recorded on 8 July 2026. The background image of the thumbnail was generated with AI.—————————————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—————————————Episode Chapters(00:00) Intro by Eddie(00:52) Welcoming Mark(01:34) Mark’s passion for investing(02:12) Becoming a professional investor(04:16) Introducing the book – Duveen(06:21) Who was Joseph “Joe” Duveen?(10:03) One of the original quality investors(11:34) Patience and conviction(13:03) Duveen’s clients(14:45) Questionable business practices (15:52) Accumulators vs. Collectors(18:57) Risks of art dealing (and investing)(22:59) Mark’s role at Rothschild & Co(23:50) Investment philosophy(24:29) Research process(25:20) Geographical exposure(25:54) Portfolio management lessons(27:42) AI usage (28:59) Comparison with the market in the late 1990s(29:44) Inventory – the basement of investments(31:13) Mark’s art collecting(32:05) Were “Duveens” good investments?(33:27) Duveen’s impact on the US society(34:47) Legacy – Duveen and Mark(35:39) Mark’s interests in life(36:42) Book recommendations(38:07) Reading habits and note taking(39:13) Writing ambitions(01:16) Concluding remarks—————————————Books & Articles MentionedDuveen: The Story of the Most Spectacular Art Dealer of All Time – S.N. BehrmanArt Dealers: The Other Vincent van Gogh – ⁠Horizon Research GroupBuffett’s Shareholder LettersBorn to Be Wired – John MaloneAfter I Was Sixty – Roy ThomsonThe Formula – Joshua Robinson and Jonathan Clegg—————————————Companies MentionedBristol Oil & MineralsBooking.comAmazonJohn Deere—————————————More on Mark WallaceLinkedIn: https://www.linkedin.com/in/wallace-c-mark/—————————————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/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_—————————————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

Eddie sits down with the author Neeraj Khemlani and the investor Matt Ankrum to break down their new book "The Coffee Can Investor". We explore Matt’s strategy of actively passive investing and his search for 100-baggers, as he is building a 5 million dollar coffee can portfolio for his daughters.—————————————Our conversation with Neeraj Khemlani and Matt Ankrum was recorded on 24 June 2026.—————————————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—————————————Episode Chapters(00:00) Intro by Eddie(00:51) Welcoming Neeraj and Matt (01:09) Matt and Neeraj’s paths to investing(04:45) Intro to The Coffee Can Investor(06:47) How Neeraj and Matt met(07:40) Defining a coffee can portfolio(13:19) $5 million coffee can(14:54) Actively passive investing(17:11) Criteria for Matt’s coffee can(18:59) Geographical exposure(20:12) Matt’s investing process(24:46) Investing mistakes(29:01) Diploma – one of the companies in Matt’s coffee can(35:09) The power of compounding(39:53) Valuation – how important?(41:54) 3 more companies in the coffee can(43:59) Position sizing(46:31) Trimming or not?(47:55) B2B vs. B2C(51:05) Discussing investments in the family(55:35) Revealing the coffee can(01:01:25) Matt’s family office – Ankrum Capital(01:03:45) Risks of coffee can investing(01:05:07) What Neeraj’s doing when not writing books(01:06:34) Book recommendations(01:14:19) A sequel to The Coffee Can Investor?(01:16:39) Concluding remarks—————————————Books MentionedThe Coffee Can Investor – Neeraj Khemlani100 Baggers – Chris Mayer100 to 1 in the Stock Market – Thomas Phelps7 Powers – Hamilton HelmerThe Outsiders – William ThorndikeThe Investment Biker – Jim RogersEngines That Move Markets – Alasdair NairnThinking, Fast and Slow – Daniel Kahneman—————————————Companies MentionedFastenalDiplomaHearst CorporationDisneyESPNFitchKobalt MusicAlibaba—————————————More on Neeraj Khemlani and Matt AnkrumNeeraj on LinkedIn: https://www.linkedin.com/in/neeraj-khemlani-05478b4/Matt on LinkedIn: https://www.linkedin.com/in/matthew-ankrum-cfa-06602213/—————————————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/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_—————————————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 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!—————————————Our conversation with Chris Mayer was recorded on 18 May 2026.—————————————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—————————————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—————————————Books MentionedThe Investor’s Odyssey – Chris Mayer100 Baggers – Chris MayerDear Fellow Time-Binder – Chris Mayer100 to 1 in the Stock Market – Thomas PhelpsOdyssey – HomerThe Odyssey – Robert Fitzgerald translationThe Odyssey – Robert Fagels translationThe Odyssey – Emily Wilson translationIliad – HomerAmusing Ourselves to Death – Neil PostmanLessons from Century Club Companies – Vicki TenHakenPlato: Complete WorksSilent Investor, Silent Loser – Martin SosnoffHumble on Wall Street – Martin SosnoffLudwig Wittgenstein: The Duty of Genius – Ray MonkThe Odyssey – Daniel MendelsohnAn Odyssey – Daniel Mendelsohn—————————————Companies MentionedTeqnionBerkshire HathawayApple MetaHalma—————————————Movies MentionedO Brother, where art thou? (2000)The Odyssey (2026)—————————————More on Chris MayerX: https://x.com/chriswmayer Woodlock House Capital website: https://www.woodlockhousefamilycapital.com/ —————————————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/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_—————————————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

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.—————————————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.—————————————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—————————————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—————————————Books MentionedCommon Stocks and Uncommon Profits – Phil FisherRicher, Wiser, Happier – William GreenMoney Masters – John Train—————————————Companies MentionedAmazonBerkshire HathawayGen ReNestléEstée LauderDiageoWeetabixHarley DavidsonBrown-FormanGuinnessGrand MetropolitanHeinekenAB InBevKirinSnow BeerBaiduPernod RicardSazerac CompanyCampari GroupUnileverMartin Marietta MaterialsAlphabetEurofins ScientificSunbelt RentalsVisaNetflixThe E.W. Scripps CompanyComcastAdelphia CommunicationsRichemontUber DoorDashOracleAnthropicJim Beam (Suntory Global Spirits)Freddie Mac Fannie Mae—————————————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/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_—————————————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

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.—————————————Our conversation with Jeff Totten was recorded on 10 April 2026.—————————————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—————————————Books MentionedBuilt from Scratch – Bernard Marcus, Arthur BlankThe Snowball – Alice SchroederThe Outsiders – William ThorndikeMade in America - Sam WaltonThe Compounders – Oddbjørn Dybvad, Kjetil Nyland, Adnan Hadziefendic100 Baggers – Chris MayerThe Money Masters – John Train—————————————Companies MentionedEvergreen Services GroupHome DepotBerkshire HathawayConstellation SoftwareSwedish serial acquirersTransdigm—————————————More on Jeff TottenEvergreen Services Group: https://www.evergreensg.com/Jeff’s LinkedIn: https://www.linkedin.com/in/jeffhtotten/—————————————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/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_—————————————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 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.—————————————Our conversation with Ehsan Ehsani was recorded on 9 March 2026.—————————————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—————————————Books MentionedFinding Value in Numbers – Ehsan EhsaniExpectations Investing – Alfred Rappaport & Michael MauboussinThe Power Broker – Robert CaroEndurance – Alfred LansingThe Essays of Warren Buffett – Lawrence Cunningham—————————————Companies MentionedGEGoogle (Alphabet)MetaAccentureMcKinseyEinride—————————————More on Ehsan EhsaniLinkedIn Newsletter ‘Value Hedgehog’: https://www.linkedin.com/newsletters/7099112971280203776/Columbia Business School: https://business.columbia.edu/faculty/people/ehsan-ehsani—————————————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/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_—————————————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

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.—————————————Our conversation with Andrew Hollingworth was recorded on 13 January 2026.—————————————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—————————————Books Mentioned1929 - Andrew Ross SorkinToo Big Too Fail - Andrew Ross Sorkin7 Powers – Hamilton HelmerZero to One - Peter ThielThe Outsiders - William ThorndikeTitan: The Life of John D. Rockefeller, Sr. – Ron ChernowStill Life – Sarah Winman—————————————Companies MentionedWiseMeta—————————————More on Andrew HollingworthLinkedIn: https://uk.linkedin.com/in/andrew-hollingworth-035781129HollAnd Advisors: https://hollandadvisors.co.uk/—————————————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/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_—————————————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

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. —————————————Our conversation with Rupal Bhansali was recorded on 15 December 2025.—————————————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—————————————Books MentionedNon-Consensus Investing – Rupal Bhansali—————————————More on Rupal BhansaliBook Website: https://nonconsensusinvesting.com/ Double Duty Money Management: https://doubledutymm.com/ —————————————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/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_—————————————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