Valuing intangibles: R&D, customers, people

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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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

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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