Investing by the Books

Eddie’s guest in this episode is Mark Wallace, a UK-based investor at Rothschild & Co Wealth Management with 30+ years of experience. Mark has selected the 1952 biography “Duveen: The Story of the Most Spectacular Art Dealer of All Time”, which explores the life of the legendary Joseph Duveen. Duveen’s ruthless focus on quality, patient holding periods, and strong relationships parallel the strategies of today's best business collectors. Tune in to find out why this captivating historical tale is an absolute gold mine of lessons for long-term investors.—————————————Our conversation with Mark Wallace was recorded on 8 July 2026. The background image of the thumbnail was generated with AI.—————————————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—————————————Episode Chapters(00:00) Intro by Eddie(00:52) Welcoming Mark(01:34) Mark’s passion for investing(02:12) Becoming a professional investor(04:16) Introducing the book – Duveen(06:21) Who was Joseph “Joe” Duveen?(10:03) One of the original quality investors(11:34) Patience and conviction(13:03) Duveen’s clients(14:45) Questionable business practices (15:52) Accumulators vs. Collectors(18:57) Risks of art dealing (and investing)(22:59) Mark’s role at Rothschild & Co(23:50) Investment philosophy(24:29) Research process(25:20) Geographical exposure(25:54) Portfolio management lessons(27:42) AI usage (28:59) Comparison with the market in the late 1990s(29:44) Inventory – the basement of investments(31:13) Mark’s art collecting(32:05) Were “Duveens” good investments?(33:27) Duveen’s impact on the US society(34:47) Legacy – Duveen and Mark(35:39) Mark’s interests in life(36:42) Book recommendations(38:07) Reading habits and note taking(39:13) Writing ambitions(01:16) Concluding remarks—————————————Books & Articles MentionedDuveen: The Story of the Most Spectacular Art Dealer of All Time – S.N. BehrmanArt Dealers: The Other Vincent van Gogh – ⁠Horizon Research GroupBuffett’s Shareholder LettersBorn to Be Wired – John MaloneAfter I Was Sixty – Roy ThomsonThe Formula – Joshua Robinson and Jonathan Clegg—————————————Companies MentionedBristol Oil & MineralsBooking.comAmazonJohn Deere—————————————More on Mark WallaceLinkedIn: https://www.linkedin.com/in/wallace-c-mark/—————————————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 sits down with the author Neeraj Khemlani and the investor Matt Ankrum to break down their new book "The Coffee Can Investor". We explore Matt’s strategy of actively passive investing and his search for 100-baggers, as he is building a 5 million dollar coffee can portfolio for his daughters.—————————————Our conversation with Neeraj Khemlani and Matt Ankrum was recorded on 24 June 2026.—————————————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—————————————Episode Chapters(00:00) Intro by Eddie(00:51) Welcoming Neeraj and Matt (01:09) Matt and Neeraj’s paths to investing(04:45) Intro to The Coffee Can Investor(06:47) How Neeraj and Matt met(07:40) Defining a coffee can portfolio(13:19) $5 million coffee can(14:54) Actively passive investing(17:11) Criteria for Matt’s coffee can(18:59) Geographical exposure(20:12) Matt’s investing process(24:46) Investing mistakes(29:01) Diploma – one of the companies in Matt’s coffee can(35:09) The power of compounding(39:53) Valuation – how important?(41:54) 3 more companies in the coffee can(43:59) Position sizing(46:31) Trimming or not?(47:55) B2B vs. B2C(51:05) Discussing investments in the family(55:35) Revealing the coffee can(01:01:25) Matt’s family office – Ankrum Capital(01:03:45) Risks of coffee can investing(01:05:07) What Neeraj’s doing when not writing books(01:06:34) Book recommendations(01:14:19) A sequel to The Coffee Can Investor?(01:16:39) Concluding remarks—————————————Books MentionedThe Coffee Can Investor – Neeraj Khemlani100 Baggers – Chris Mayer100 to 1 in the Stock Market – Thomas Phelps7 Powers – Hamilton HelmerThe Outsiders – William ThorndikeThe Investment Biker – Jim RogersEngines That Move Markets – Alasdair NairnThinking, Fast and Slow – Daniel Kahneman—————————————Companies MentionedFastenalDiplomaHearst CorporationDisneyESPNFitchKobalt MusicAlibaba—————————————More on Neeraj Khemlani and Matt AnkrumNeeraj on LinkedIn: https://www.linkedin.com/in/neeraj-khemlani-05478b4/Matt on LinkedIn: https://www.linkedin.com/in/matthew-ankrum-cfa-06602213/—————————————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

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!—————————————Our conversation with Chris Mayer was recorded on 18 May 2026.—————————————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—————————————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—————————————Books MentionedThe Investor’s Odyssey – Chris Mayer100 Baggers – Chris MayerDear Fellow Time-Binder – Chris Mayer100 to 1 in the Stock Market – Thomas PhelpsOdyssey – HomerThe Odyssey – Robert Fitzgerald translationThe Odyssey – Robert Fagels translationThe Odyssey – Emily Wilson translationIliad – HomerAmusing Ourselves to Death – Neil PostmanLessons from Century Club Companies – Vicki TenHakenPlato: Complete WorksSilent Investor, Silent Loser – Martin SosnoffHumble on Wall Street – Martin SosnoffLudwig Wittgenstein: The Duty of Genius – Ray MonkThe Odyssey – Daniel MendelsohnAn Odyssey – Daniel Mendelsohn—————————————Companies MentionedTeqnionBerkshire HathawayApple MetaHalma—————————————Movies MentionedO Brother, where art thou? (2000)The Odyssey (2026)—————————————More on Chris MayerX: https://x.com/chriswmayer Woodlock House Capital website: https://www.woodlockhousefamilycapital.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

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.—————————————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.—————————————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—————————————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—————————————Books MentionedCommon Stocks and Uncommon Profits – Phil FisherRicher, Wiser, Happier – William GreenMoney Masters – John Train—————————————Companies MentionedAmazonBerkshire HathawayGen ReNestléEstée LauderDiageoWeetabixHarley DavidsonBrown-FormanGuinnessGrand MetropolitanHeinekenAB InBevKirinSnow BeerBaiduPernod RicardSazerac CompanyCampari GroupUnileverMartin Marietta MaterialsAlphabetEurofins ScientificSunbelt RentalsVisaNetflixThe E.W. Scripps CompanyComcastAdelphia CommunicationsRichemontUber DoorDashOracleAnthropicJim Beam (Suntory Global Spirits)Freddie Mac Fannie Mae—————————————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

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.—————————————Our conversation with Jeff Totten was recorded on 10 April 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(00:57) 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—————————————Books MentionedBuilt from Scratch – Bernard Marcus, Arthur BlankThe Snowball – Alice SchroederThe Outsiders – William ThorndikeMade in America - Sam WaltonThe Compounders – Oddbjørn Dybvad, Kjetil Nyland, Adnan Hadziefendic100 Baggers – Chris MayerThe Money Masters – John Train—————————————Companies MentionedEvergreen Services GroupHome DepotBerkshire HathawayConstellation SoftwareSwedish serial acquirersTransdigm—————————————More on Jeff TottenEvergreen Services Group: https://www.evergreensg.com/Jeff’s LinkedIn: https://www.linkedin.com/in/jeffhtotten/—————————————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