Investing by the Books

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.—————————————Our conversation with Andrew Hollingworth was recorded on 13 January 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(00:47) 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—————————————Books Mentioned1929 - Andrew Ross SorkinToo Big Too Fail - Andrew Ross Sorkin7 Powers – Hamilton HelmerZero to One - Peter ThielThe Outsiders - William ThorndikeTitan: The Life of John D. Rockefeller, Sr. – Ron ChernowStill Life – Sarah Winman—————————————Companies MentionedWiseMeta—————————————More on Andrew HollingworthLinkedIn: https://uk.linkedin.com/in/andrew-hollingworth-035781129HollAnd Advisors: https://hollandadvisors.co.uk/—————————————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

Eddie has the pleasure of speaking to Rupal Bhansali, author of ‘Non-Consensus Investing’ and a seasoned investor with over 30 years of experience. We discuss her journey from growing up in a stockbroker's family in India to becoming a CIO managing billions of dollars in New York. The conversation covers several themes from her book, including risk management, crowded trades, and the importance of independent thinking. —————————————Our conversation with Rupal Bhansali was recorded on 15 December 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(01:03) Rupal’s path to investing(08:43) Introducing the book: Non-Consensus Investing(09:53) Contrarian vs. Non-Consensus Investing (10:56) How the book came about(14:34) Rupal’s view on risk (19:42) Crowded trades(27:47) Why a competitive advantage is not enough(30:57) The myth of pricing power.(32:53) Rupal’s research process(35:20) Most common behavioral bias(36:47) Patience(37:51) Would Rupal like to change anything in the book? (38:22) Rupal as an investor and her firm (40:28) How to manage your days and measure success(42:12) 100 Women in Finance(45:24) Rupal’s reading suggestions(46:00) Another book by Rupal?(46:13) Concluding remarks—————————————Books MentionedNon-Consensus Investing – Rupal Bhansali—————————————More on Rupal BhansaliBook Website: https://nonconsensusinvesting.com/ Double Duty Money Management: https://doubledutymm.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

Ryan Bunn, a seasoned portfolio manager and founder of Reference Equity, dives into the timeless wisdom of Philip Carret's classic, 'The Art of Speculation'. He highlights Carret’s influential ideas on investing, emphasizing his principles of diversification and the importance of understanding market cycles. Bunn also reflects on the evolution of speculation and investing, sharing his top three commandments for modern investors. With insights that still resonate today, Bunn connects Carret's philosophy to the investment strategies of legends like Warren Buffett.

Ethan Everett, an investment analyst and author of The Investment Philosophers, delves into the fascinating intersection of philosophy and investing. He discusses influences from thinkers like Spinoza, Hume, and Kierkegaard, revealing how their ideas can enhance investment strategies. Ethan shares insights on managing emotional bias through pre-mortems and the importance of pursuing passions in investing. He also touches on lessons from his grandfather, a student of Benjamin Graham, and his innovative AI startup, Collexity, aimed at revolutionizing equity research.

Ryan Floyd, founder of Barca Capital and an expert in emerging markets, shares his insights inspired by Patrick Leigh Fermor's 'A Time of Gifts,' which chronicles a young man's journey through Europe in the 1930s. They explore the pivotal lessons for investors on the importance of observation and timely action. Floyd highlights the balance between optimism and pessimism, the value of firsthand experiences in decision-making, and the significance of learning from losses. His entrepreneurial spirit and focus on global investment opportunities shine through in this engaging conversation.

Lars Stenlund, co-founder of Vitec Software and former CEO, shares insights from the company’s 40-year journey. He discusses the importance of curiosity as a driving force behind Vitec's success. Key topics include lessons learned from acquisitions, managing earnings volatility, and the pitfalls of discontinuing successful software. Lars also reflects on leadership transitions and the need for diverse board dynamics. Plus, he highlights the relevance of AI in enhancing operational efficiency and his enduring interest in popular science.

Fund managers Adnan & Oddbjørn from REQ Capital discuss their brand new book, The Compounders. The book highlights the journeys of nine companies from Sweden, North America, and the UK that have been exceptional compounding machines.—————————————Our conversation with Adnan Hadžiefendić & Oddbjørn Dybvad was recorded on 3 September 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(00:53) Catching up with Oddbjørn(01:42) Adnan’s journey into investing(05:10) Overview of The Compounders (06:43) The writing process of the book(08:24) Core principles of compounding(10:10) Serial acquirers vs Compounders(12:18) Metaphor of the African Tree(13:35) Selection of the nine companies in the book(18:39) Surprises during the writing process(21:36) What to avoid(25:17) Long-term survival(27:29) Organic growth (30:41) Investment Philosophy of REQ(32:18) Corporate Governance’s role(34:05) How much should you pay for exceptional companies?(36:00) Building conviction(38:44) Humility as investors(40:51) Avoiding overconfident operators(41:59) Frugality and motivation(44:15) REQ to start a compounder?(45:21) Book recommendations(46:59) Daily life as fund managers(49:27) New book projects? (50:13) Concluding remarks—————————————Books MentionedThe Compounders – Oddbjørn Dybvad, Kjetil Nyland, Adnan HadžiefendićInvesting in Value Creators – Oddbjørn DybvadThe Outsiders – William ThorndikeCreating Shareholder Value – Alfred RappaportBerkshire Hathaway’s Shareholder Letters – Warren BuffettPoor Charlie's Almanack – Charlie Munger, Peter Kaufman—————————————Companies MentionedAddtechAmetekBergman & BevingBerkshire HathawayConstellation SoftwareHeicoIndutradeITWJudges ScientificLagercrantzLifco—————————————More on Adnan & OddbjørnREQ's website: https://req.no/ Adnan’s LinkedIn: https://www.linkedin.com/in/adnanhadziefendic/ Oddbjørn’s LinkedIn: https://www.linkedin.com/in/oddbj%C3%B8rn-dybvad-01575883/ —————————————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 Penman, a renowned professor emeritus at Columbia Business School, brings his expertise in accounting and security analysis. He shares insights from his latest book that delves into how accounting supports investment evaluations. The conversation touches on the importance of patience in value investing, skepticism towards traditional valuation models, and the evolution of accounting practices, especially in light of climate change and AI's future impact. Penman also reflects on his own investment philosophy and offers valuable book recommendations.

Klaus Kleinfeld, former CEO of Siemens and Alcoa, shares wisdom from his book 'Leading to Thrive.' He discusses how his upbringing in Germany shaped his leadership style and the critical role of energy management in productivity. Klaus emphasizes the importance of work-life integration and effective communication between CEOs and boards. He also explores diverse ventures in health and technology, advocates for morning routines, and highlights impactful leadership literature, making this conversation a treasure trove for aspiring leaders and entrepreneurs.

In this engaging discussion, Alex Morris, founder of TSOH Investment Research and author of 'Buffett & Munger Unscripted', shares valuable insights from Satya Nadella's 'Hit Refresh'. He emphasizes the role of empathy in leadership and the cultural transformation at Microsoft under Nadella. Morris dives into the necessity of adaptive leadership and discusses the relevance of finding your edge in equity research. Additionally, he explores the shift towards a growth mindset in the investment landscape, highlighting the importance of continuous learning in the ever-evolving market.