#82 Ehsan Ehsani: Finding Value in Numbers

Apr 7, 2026

Ehsan Ehsani, investor at Crescendo Partners and Columbia Business School adjunct, and author of Finding Value in Numbers. He explains building a personalized investment framework. Conversations cover what makes an opportunity investable, a three-part valuation approach, spotting catalysts vs time traps, sizing and portfolio game plans, and valuing intangibles and people.

53:28

forum

Ask episode

web_stories

AI Snips

view_agenda

Chapters

menu_book

Books

auto_awesome

Transcript

info_circle

Episode notes

question_answer

ANECDOTE

Activist Engagement Sparked Career Change

Ehsan transitioned from management consulting to investing after witnessing an activist reshape a company’s capital allocation and governance.
That experience motivated him to pursue activist and value-oriented investing professionally.

volunteer_activism

ADVICE

Anchor Your Framework On Solid Facts

Prefer robust, near-fact components when building your framework and discount emotional or hearsay inputs.
Use solid quantitative techniques so your framework holds up under stress and produces reliable conclusions.

volunteer_activism

ADVICE

Screen Opportunities With An Investable Filter

Quickly screen opportunities by asking if a security is mispriced or a good business to narrow a 20,000-stock universe.
Use that investable filter before deeper analysis to avoid wasting time on low-probability ideas.

Get the Snipd Podcast app to discover more snips from this episode

Ehsan’s background and path to investing

00:46 • 2min

chevron_right

Book purpose: building a personal investment framework

02:57 • 2min

chevron_right

Mario Gabelli foreword and connection

05:23 • 1min

chevron_right

Part 1 — Is the opportunity investable?

06:30 • 2min

chevron_right

Part 2 — Valuation approach and balance-sheet start

08:45 • 6min

chevron_right

Origins of his valuation method

14:30 • 2min

chevron_right

Part 3 — Identifying a path to profits

16:35 • 2min

chevron_right

Hard vs soft catalysts and timing risks

18:21 • 6min

chevron_right

Part 4 — Crafting a winning game plan

24:42 • 1min

chevron_right

Applying system dynamics to markets

26:07 • 5min

chevron_right

Valuing intangibles: R&D, customers, people

31:22 • 2min

chevron_right

Building your framework: what matters

33:41 • 2min

chevron_right

Evaluating people: management and employees

35:18 • 2min

chevron_right

Ehsan’s roles at Crescendo and Columbia

37:39 • 5min

chevron_right

Personal investing and evolving focus

42:16 • 3min

chevron_right

Following your process under pressure (RPF)

44:50 • 5min

chevron_right

Reading recommendations and influences

49:45 • 3min

chevron_right

Future writing plans and closing thoughts

Finding Value in Numbers

Ehsan Ehsani

Ehsan Ehsani's Finding Value in Numbers offers a structured four-part framework to evaluate investment opportunities, covering investability, valuation, catalysts and game plans. The book blends practical valuation techniques—starting from balance sheet reproduction value, economic profit (EVA), and growth—with qualitative analysis of intangibles and people. It emphasizes building a personalized process that investors will follow under pressure and provides step-by-step quantitative examples for students and practitioners. Ehsani draws on his experience at Crescendo Partners and as an adjunct professor at Columbia Business School to bridge academic concepts and real-world investing. The book aims to help investors zoom in on what matters and make disciplined go/no-go decisions.

#3261

• Mentioned in 14 episodes

Expectations Investing

Reading Stock Prices for Better Returns

Michael J. Mauboussin

Alfred Rappaport

#729

• Mentioned in 47 episodes

The essays of Warren Buffett

Lessons for Corporate America

Warren Buffett

This book is a comprehensive collection of Warren Buffett's annual letters to Berkshire Hathaway shareholders, edited by Lawrence A. Cunningham. It provides valuable insights into Buffett's investment philosophy, corporate management, and business strategies. The letters are organized into thematic chapters, making it easier for readers to understand Buffett's views on various topics such as value investing, executive compensation, and market fluctuations. The book is praised for its clarity, wisdom, and practical advice, making it a definitive source for understanding Buffett's approach to business and investing.

#152

• Mentioned in 140 episodes

The Power Broker

Robert Moses and the Fall of New York

Robert Caro

This book is a monumental biography of Robert Moses, who was the single most powerful man in New York City and State during his time. It explores how Moses accumulated and wielded power, shaping the city through his public works projects, including highways, bridges, and parks. The book delves into Moses's early life, his idealistic beginnings, and his transformation into a powerful figure who dominated New York's politics without ever being elected. It also highlights the social and environmental impacts of his projects and his eventual fall from power. The biography is renowned for its detailed and nuanced portrayal of power dynamics in urban politics.

#551

• Mentioned in 58 episodes

Endurance

Shackleton's Incredible Voyage

Alfred Lansing

This book details the almost two-year struggle for survival of the 28-man crew of the Endurance, which was beset and eventually crushed by ice floes in the Weddell Sea during the Imperial Trans-Antarctic Expedition of 1914-1917. The crew drifted on ice floes, salvaged lifeboats, and eventually reached Elephant Island. Shackleton then led a perilous journey to South Georgia Island to secure rescue, culminating in one of the most remarkable survival stories in history. Lansing's narrative is based on extensive research, including interviews with surviving crew members and access to their diaries and personal accounts.

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 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

—————————————

Companies Mentioned

GE
Google (Alphabet)
Meta
Accenture
McKinsey
Einride

—————————————

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

—————————————

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

Home Top podcasts Popular guests Top books