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Investing by the Books

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Investing by the Books
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  • #74 Stephen Penman: Financial Statement Analysis for Value Investing
    In this episode, we have the pleasure of welcoming back Stephen Penman, professor emeritus of accounting and security analysis at Columbia Business School. Stephen has been elected into the Accounting Hall of Fame and is also a distinguished author. We discuss his latest book, in which he shows how accounting helps you, how it doesn't help you, and how to use it when evaluating investments. Stephen also shares his insights on hurdle rates, the development of accounting, and the possible impact of AI.Our conversation with Stephen Penman was recorded on 18 August 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 & Martin(01:24) Welcoming Stephen(01:56) Keynote at climate change conference(02:58) Intro to Stephen’s latest book(04:39) Co-author Peter Pope(07:02) Investing by the book(10:03) Cash flow valuation(11:43) Ignore information at your peril (14:49) The required return – a personal matter(19:46) Fantasy thinking(20:18) The hurdle rate of fund managers(22:57) M&A accounting(27:37) Good vs. Bad thinking(30:04) Reverse engineering (33:48) Stephen’s current engagements(36:54) Development of accounting(43:20) Impact of AI on accounting(45:21) Stephen’s own investments(48:30) Book recommendations(52:01) New writing projects(55:32) Concluding remarks—————————————Books & Articles MentionedFundamental Statement Analysis for Value Investing – Stephen Penman & Peter PopeAccounting for Value – Stephen PenmanA Proposal for Goodwill Accounting – Stephen PenmanExpectations Investing - Michael Mauboussin & Alfred RappaportBooks about the enlightenment – Smith, Hume, BakerBooks by Anthony Trollope—————————————More on Stephen PenmanBook website: https://www.penmanpope4value.com/ Papers at SSRN: https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=15046 Columbia Business School: https://business.columbia.edu/faculty/people/stephen-penman LinkedIn: https://www.linkedin.com/in/stephen-h-penman-80004628b/ —————————————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
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  • #73 Klaus Kleinfeld: Leading to Thrive
    Klaus Kleinfeld has been the global CEO of two Fortune 500 companies – Siemens and Alcoa. In this episode, we have the pleasure of discussing his book 'Leading to Thrive', where Klaus shares his lessons from heading big organizations, but also on how to live a good life.Our conversation with Klaus Kleinfeld was recorded on 24 July 2025.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, 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 to Klaus Kleinfeld(01:06) Welcoming Klaus(01:32) Growing up in Germany(03:50) First job and the perception of money(08:47) How “Leading to Thrive” came about(11:26) Part 1: Mastering the inner game(17:46) Managing energy as a leader(22:30) The misconception of work-life balance(25:10) Part 2: Mastering the outer game(27:21) How Klaus became CEO of two Fortune 500 companies(31:17) The dynamics of Boards(38:23) The role of a leader(41:03) Advice for analysts & investors when speaking to management(43:18) Klaus’ current engagements (47:19) Future ambitions(48:58) Book recommendations(51:30) Concluding remarks—————————————Books MentionedLeading to Thrive – Klaus KleinfeldWinning – Jack WelchThe Five Dysfunctions of a Team – Patrick Lencioni—————————————Companies MentionedAlcoaSiemensOmni-Biotic—————————————More on Klaus KleinfeldWebsite: https://www.leading-to-thrive.com/LinkedIn: https://www.linkedin.com/in/klauskleinfeld/—————————————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
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  • #72 Alex Morris on Hit Refresh
    Alex Morris, founder of TSOH Investment Research, shares his insights from Microsoft’s CEO Satya Nadella's book 'Hit Refresh.' We discuss the importance of empathy in leadership, cultural transformation, and finding your edge in equity research.Our conversation with Alex Morris was recorded on 16 June 2025. After four great years, this episode marks the last one with Niklas as co-host. Eddie will continue Investing by the Books podcast with the same steadfast ambition: to invite masterminds to discuss books that help us think, invest, and live better.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—————————————Episode Chapters(00:00) Intro and Farewell to a Co-Host(01:45) Welcoming Alex Morris(04:06) Transitioning to ‘Hit Refresh’(05:54) Satya Nadella as an Author(08:56) Satya Nadella's Leadership Style(10:53) Exploring the Concept of 'Hit Refresh'(15:38) The Significance of Succession in Leadership(17:30) Cultural Transformation in Microsoft(19:10) Incentivizing Change: Lessons from Nadella(21:57) Leadership Vision(23:22) Microsoft's Three Tech Bets(26:49) Researching Large Caps(29:33) The Science of Hitting(34:19) Fixed Mindset vs. Growth Mindset (Netflix Example)(37:35) Alex’ Investable Universe(41:05) Active Research Techniques(43:08) The Future of Equity Analysts(45:57) Buffett and Munger Unscripted(49:33) Exploring Other Book Ideas(51:21) Influential Figures in Investing(54:29) Concluding remarks—————————————Books MentionedHit Refresh – Satya NadellaBerkshire Hathaway Shareholder LettersLessons from the Titans – Carter Copeland, Rob Wertheimer, and Scott DavisBuffett and Munger Unscripted – Alex MorrisThe Essays of Warren Buffett – Lawrence CunninghamOne Up on Wall Street – Peter LynchMy Father's Business – Cal Turner, Jr.One Buck at a Time – Macon Brock—————————————Companies MentionedMicrosoftAmazonDisneyNetflixCava ChipotleDollar TreeFive Below—————————————More on Alex MorrisWebsite: https://thescienceofhitting.com/X: https://x.com/TSOH_Investing—————————————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
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  • #71 Lodewijk Petram: The World's First Stock Exchange
    Economist and financial historian Lodewijk Petram discusses his book, "The World's First Stock Exchange," which focuses on the Dutch East India Company in the seventeenth century. We delve into the origins of the stock market, an IPO in 1602, and the similarities between historical and modern investor behavior.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 14 May 2025.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas(01:22) Get to know Lodewijk Petram(03:33) How the book came about(05:37) The Confusion of Confusions – the world’s first stock market book from 1688(11:02) Which was the world’s first stock exchange?(14:14) The business of the Dutch East India Company(19:54) The first IPO – year 1602(25:16) Life as an investor in the 17th century(30:34) Fraud and insider trading(33:34) The informational edge(37:18) Spicy dividends(39:37) Emotional investors(43:05) The tulip mania(48:29) Naked short-selling in the 1600s(54:53) The evolution of the Dutch East India Company(58:01) Looking back at 2025, in year 2425(01:01:23) Newspapers were old news already in the 1600s(01:02:45) The Huygens Institute for the History of the Netherlands(01:05:08) Lodewijk’s other research work (01:08:38) A financial history book recommendation(01:09:37) Handling financial crises(01:12:02) Concluding remarks—————————————Books MentionedThe World’s First Stock Exchange – Lodewijk PetramConfusion de Confusiones – Joseph de la VegaTulipmania: Money, Honor, and Knowledge in the Dutch Golden Age – Anne GoldgarThe Great Crash 1929 - John Kenneth GalbraithDe vergeten bankencrisis (in Dutch) – Lodewijk Petram—————————————More on Lodewijk PetramLinkedIn: https://www.linkedin.com/in/lodewijkpetram/Website: https://www.worldsfirststockexchange.com/Profile at the Huygens Institute: https://www.huygens.knaw.nl/en/medewerkers/lodewijk-petram-2/—————————————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
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  • #70 Laurence Endersen: The Compounder's Element
    We are happy to have Laurence (Lar) Endersen on the podcast. Lar is an experienced and thoughtful investor based in Ireland, where he heads his private investment firm Capstrive. Lar is also the author of books such as 'Pebbles of Perception'. We discuss his latest title – The Compounder's Element – a valuable and entertaining gem on long-term investing.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 April 9, 2025.—————————————Episode Chapters(00:00) Intro by Eddie & Niklas(01:22) Get to know Lar Endersen(06:08) How The Compounder’s Element came about(08:16) Choosing the patient path(13:41) The path must match our personality(16:26) Explaining the title – what is the compounder’s element?(19:05) Great business models such as Privileged Perch, High ROIC Cookie Cutter(25:22) Cash – a safety or comfort blanket?(33:31) How to disrupt compounding(40:02) Managing your own money vs. for others(47:50) Investing in public vs private companies(54:09) Lar’s private investment firm – Capstrive(58:08) Holdings and position sizing(01:01:58) Lar the author – Pebbles of Perception(01:04:05) More books on the horizon?(01:06:43) Concluding remarks—————————————Articles & Books MentionedThe Compounder’s Element – Laurence EndersenAtomic Habits – James ClearAntifragile – Nassim TalebComplexity Investing – NZS CapitalPioneering Portfolio Management – David SwensenMarket Wizards – Jack SchwagerPebbles of Perception – Laurence EndersenThe Outsiders – William ThorndikeThe Intelligent Fanatics – Sean Iddings & Ian Cassel—————————————Companies Mentioned(21:37) Microsoft, Stripe(22:50) Walmart, McDonald's, Starbucks, Action(24:00) Roper(26:04) Berkshire Hathaway—————————————More on Laurence EndersenWebsite: https://endersen.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
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Investing by the Books is a podcast to educate sophisticated and aspiring investors. We believe books are an excellent source for timeless knowledge, enhanced through deep conversations with authors and other guests. Host: Eddie Palmgren. Producer: Eddie S. Ahlgren Twitter: @IB_Redeye
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