Investing by the Books

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
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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

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
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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

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
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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
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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
—————————————
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

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
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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
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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
—————————————
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

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
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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/
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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