Investing by the Books

Brett Gardner is an investment analyst at the US-based investment partnership Discerene Group and, since about a week, a published author with his book Buffett’s Early Investments. The focus of our conversation is Brett's book, where he has uncovered a few of Buffett’s investments in the 1950s and 1960s that until now have been rather unknown.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 teamThis episode was recorded on October 9, 2024. The video was unfortunately not recorded due to technical issues.—————————————Episode Chapters(00:00) Introduction by Eddie & Niklas(01:34) Introduction to Brett (04:21) Buffett’s Early Investments(08:47) How the investments were selected(15:30) Marshall-Wells: The first investment(20:52) Philadelphia and Reading (27:36) Walt Disney Productions(36:10) Can Buffett compound $1 million at 50% per year?(39:18) Brett’s current role at Discerene Group(40:53) Two lesser-known book recommendations(45:37) Final remarks—————————————Books MentionedA Random Walk Down Wall Street - Burton Malkiel The Making of an American Capitalist - Roger LowensteinThe Intelligent Investor - Benjamin GrahamSecurity Analysis - Benjamin GrahamSnowball - Alice SchroederBuffett’s Early Investments - Brett Gardner Poor Charlie’s Almanack - Peter KaufmanDamn Right! - Janet LoweThe Halo Effect - Phil RosenzweigGood Strategy Bad Strategy - Richard Rumelt The Crux - Richard Rumelt Titan: The Life of John D. Rockefeller, Sr - Ron Chernow —————————————Companies MentionedAT&TCoca ColaBritish Columbia PowerMarshall-WellsPhiladelphia and Reading Walt Disney ProductionsAmerican ExpressBerkshire Hathaway—————————————More on BrettTwitter/X - @brettgardner_10LinkedIn - Brett GardnerE-mail - [email protected] —————————————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

Simon Kold is the founder of the Denmark-based investment firm Kold Investments and was previously at Novo Holdings, one of the world’s largest investment organizations. Our conversation focuses on Simon’s upcoming book, On the Hunt for Great Companies, which details how to determine business quality. We cover the aspects we find the most interesting and encourage everyone to buy the book and read it in full. The book will be released on 29 October 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. 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 teamThis episode was recorded on September 11, 2024.—————————————Episode Chapters(00:00) Introduction by Eddie & Niklas(01:38) Welcoming Simon(05:35) On the Hunt for Great Companies and inspirations(12:58) Thoughts on the book’s structure(15:54) How to evaluate passion among management(20:20) Evaluating communication(28:46) Focusing on disadvantages to evaluate moats(36:28) Tapeworms vs Honeybees(43:08) Predicting demand(47:05) Views on cyclical companies(52:32) Is Simon focusing on large or small companies(54:11) Kold Investments - Simon’s investment company(01:00:14) Position sizing(01:04:28) What differentiates Simon’s fund(01:05:45) Future writings? (01:07:46) Book discussions—————————————Books MentionedOn the Hunt for Great Companies - Simon Kold (to be released on 29 October 2024)The Little Book that Builds Wealth - Pat DorseyThe Five Rules for Successful Stock Investing - Pat Dorsey7 Powers: The Foundations of Business Strategy - Hamilton HelmerPoor Charlie’s Almanack - Charlie Munger, John CollisonThe Outsiders - Will ThorndikeMichael O'Leary: Turbulent Times for the Man Who Made Ryanair - Matt CooperFactfulness - Hans RoslingSuperforecasting - Philip TetlockThe Checklist Manifesto - Atul GawandeDeep Survival - Laurence GonzalesThe Quest of the Simple Life - William J DawsonParnassus on Wheels - Christopher MorleyThe Clock of the Long Now - Stewart Brand—————————————Companies MentionedAlibabaArmTSMCASMLRyanairJohn Deere—————————————More on SimonPersonal website: https://www.simonkold.com/LinkedIn - Simon KoldKoldinvestments.dk—————————————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

Moritz Sitte is the investor at Antheia AB, a private investment firm founded by Daniel Ek. Moritz has previously worked as an investment manager at Baillie Gifford in Edinburgh for twelve years. We speak about The Clock of the Long Now and discuss topics such as investment philosophy, reframing one’s state of mind, and balancing the long with the short term. 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 teamThis episode was recorded on August 14, 2024.—————————————Episode Chapters(00:00) Introduction by Eddie & Niklas(01:20) Welcoming Moritz(04:56) The Clock of the Long Now(15:54) Connecting the book’s guidelines to investing(18:59) Handling the daily noise while keeping a long-term view(22:26) What’s a long-term view in investing?(28:38) Balancing the long and short term(33:03) Scenarios vs forecasts(35:52) Final lessons from the book(37:20) The investment philosophy at Antheia(45:45) The Goldberg principle(48:44) Going lower down in the organisation to understand the culture(52:48) Limitations in Antheia’s investment approach(54:21) How is Moritz evaluated(58:38) Moritz’s biases(01:03:08) Book discussions—————————————Books MentionedThe Clock of the Long Now: Time and Responsibility - Stewart BrandThe Great Depression: A Diary - Benjamin RothThe Creative Act: A Way of Being - Rick Rubin—————————————Companies MentionedUnileverCostcoAdyenJP Morgan—————————————More on MoritzLinkedIn—————————————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

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 teamThis 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 MentionedThe Smart Money Method - Stephen Clapham—————————————Companies MentionedDiageoAdyenHermesBurberry—————————————More on StephenBehind the Balance Sheet Twitter/XLinkedIn—————————————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