Investing by the Books

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.
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Our conversation with Rupal Bhansali was recorded on 15 December 2025.
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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
(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
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Books Mentioned
Non-Consensus Investing – Rupal Bhansali
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More on Rupal Bhansali
Book Website: https://nonconsensusinvesting.com/
Double Duty Money Management: https://doubledutymm.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

This episode features the US-based portfolio manager Ryan Bunn. We discuss Philip Carret's classic investment book 'The Art of Speculation', which influenced later legends like Warren Buffett and Philip Fisher. We conclude that Carret’s nearly 100-year-old insights – including his ‘Twelve Commandments for Speculation’ – remain remarkably relevant today.
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Our conversation with Ryan Bunn was recorded on 11 November 2025.
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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
(00:49) Welcoming Ryan Bunn
(01:02) Ryan’s path to investing
(02:57) Collecting books
(03:54) Introducing ‘The Art of Speculation’
(04:51) Why is it worth reading?
(05:53) The author – who was Philip Carret?
(07:04) Carret’s books
(08:21) Which investors did Carret inspire?
(09:29) Carret – the OG compounder king
(11:40) When speculation becomes investing
(14:47) Ryan’s top 3 of the ‘Twelve Commandments for Speculation’
(20:44) Thoughts on valuation and leverage
(22:41) Market cycles
(24:02) Carret’s ideas about technical analysis haven’t aged as well
(25:30) How the market and investing have changed
(26:14) What Ryan would like to speak to Carret about
(28:15) Ryan as an investor and his firm Reference Equity
(32:06) Investing in small caps globally
(35:24) Concentration, position sizing, and turnover
(37:48) Patience in real-life investing
(39:18) Forced selling
(42:18) Ryan’s daily life as an investor
(43:12) Reading decisions and habits
(46:50) Ryan’s reading suggestions
(48:25) Writing ambitions
(50:13) Concluding remarks
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Books Mentioned
The Art of Speculation – Philip Carret
Buying a Bond – Philip Carret
A Money Mind at Ninety – Philip Carret
Books by Leo Tolstoy
Creating Shareholder Value – Alfred Rappaport
What I Learned About Investing from Darwin - Pulak Prasad
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More on Ryan Bunn
LinkedIn: https://www.linkedin.com/in/ryanbunn/
Reference Equity Website: https://www.referenceequity.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 Ethan Everett is an investment analyst in the US and author of 'The Investment Philosophers'. We discuss the book, in which he connects philosophical ideas from thirteen thinkers, including Spinoza, Hume, and Kierkegaard, to modern investing practices. The conversation also touches on his grandfather's influence as a former student of Benjamin Graham and Ethan's future book projects, connecting law and martial arts to investing.
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Our conversation with Ethan Everett was recorded on 22 October 2025.
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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
(00:53) Welcoming Ethan Everett
(02:23) Ethan’s way to investing
(06:48) Discovering philosophy
(08:37) How “The Investment Philosophers” came about
(10:45) Criteria for selecting the 13 philosophers in the book
(12:42) Lessons from Baruch Spinoza
(22:42) David Hume
(28:28) Søren Kierkegaard
(35:28) Ethan’s evolution as an investor
(39:31) Company example: Mattel
(43:26) Ethan’s role as an Investment Analyst at Galvin, Gaustad & Stein
(46:10) Lessons from Ethan’s grandfather, a student of Benjamin Graham
(48:46) Ethan’s AI start-up Collexity
(53:05) Reading suggestions
(57:23) Writing ideas
(01:00:43) Concluding remarks
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Books Mentioned
The Investment Philosophers – Ethan Everett
The Intelligent Investor - Benjamin Graham
The Money Game - Adam Smith (George Goodman)
Essays – Michel de Montaigne
The Gay Science – Friedrich Nietzsche
Ethics – Baruch Spinoza
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Companies Mentioned
Mattel
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More on Ethan Everett:
LinkedIn: https://www.linkedin.com/in/ethan-everett-cfa-esq-404362156/
Collexity: https://collexity.ai/
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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

We are joined by the US investor Ryan Floyd from Barca Capital to discuss ‘A Time of Gifts' by Patrick Leigh Fermor. The book chronicles Fermer's journey as an 18-year-old Englishman walking through Europe in 1933-1934. While it’s not a typical investing book, we uncover numerous lessons for investors, including the value of observation and action.
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Our conversation with Ryan Floyd was recorded on 21 October 2025.
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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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(00:00) Intro by Eddie
(01:29) Welcoming Ryan Floyd
(01:51) Ryan’s path to investing
(04:54) What “A Time of Gifts” is about
(06:24) What the book’s title means
(08:13) Structure of the book
(11:01) About the author
(13:08) Inspiration for investors
(15:31) Ryan in the real world
(18:56) Optimism vs. pessimism
(24:17) Activity vs inactivity
(26:50) Dealing with losses
(32:54) Entrepreneurial spirit
(36:15) Creating Barca Capital
(39:37) Geographies of interest
(42:17) Portfolio concentration
(45:54) Ryan’s investor traveling
(50:31) Ambitions for Barca Capital
(52:12) Favorite books
(56:53) Writing ideas
(58:15) Concluding remarks
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Books Mentioned
A Time of Gifts – Patrick Leigh Fermor
Deep Survival – Laurence Gonzales
The House of Rothschild 1 & 2 – Niall Ferguson
Books by Nassim Taleb
Malcolm Gladwell
Daniel Kahneman
Histories – Herodotus
Political Order in Changing Societies – Samuel P. Huntington
Democracy in America – Alexis de Tocqueville
The Old Regime and the Revolution – Alexis de Tocqueville
Albion's Seed – David Hackett Fischer
Books by Robert Caro
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Movies Mentioned
Top Gun
Rushmore
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More on Ryan Floyd:
Substack: https://detachednotes.substack.com/
Barca Capital Website: https://www.barcacapital.com/
LinkedIn: https://www.linkedin.com/in/ryanf2
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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

Lars Stenlund co-founded the Swedish firm Vitec Software in 1985. For 35 years, he served as its CEO, and since 2021, he is the Chairman. In this interview, Lars shares his lessons and personal reflections from the journey with Vitec. The basis for our conversation is the book “Driven by Curiosity: Vitec – The First 40 Years”, published in 2025.
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Our conversation with Lars Stenlund was recorded on 10 September 2025.
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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
(01:18) Welcoming Lars Stenlund
(01:41) Growing up and role models
(04:05) Study decisions
(04:46) About the book “Driven by Curiosity”
(08:05) The early days of Vitec
(14:29) Organic growth journey
(16:16) IPO, failing in Germany, and starting with M&A
(17:58) Competitive situation for acquisitions
(19:03) SaaS in 1995
(21:15) Earnings stability vs. volatility
(22:25) How to measure success
(24:09) People and decentralization
(26:48) Acquisitions in practice
(27:32) Funding
(29:59) Geographic expansion
(30:53) Mistake 1: don’t kill a working software
(33:42) Mistake 2: avoid creating a monopoly
(35:34) The worst advice Lars ever got
(36:07) Transition from CEO to Chairman
(37:19) Selecting his successor
(38:19) Avoiding group thinking in the board
(40:13) Current commitments besides Vitec
(41:48) Umeå’s importance for Vitec and vice versa
(44:25) Golfing and the relation with Olov, co-founder of Vitec
(46:05) Spending habits
(47:25) Lessons from decades of technology shifts
(51:22) Time horizon on product development
(53:12) Curiosity today
(54:13) Reading recommendations and one title to avoid
(57:52) Concluding remarks
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Books Mentioned
Driven by Curiosity – Patrick Syrén
The Wisdom of Crowds – James Surowiecki
Good to Great – Jim Collins
Marionetterna [in Swedish] – Ingrid Carlberg
Lord of the Flies – William Golding
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Companies Mentioned
Boliden
Vitec Software
Knowit
Constellation Software
IBM
Microsoft
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More on Lars Stenlund & Vitec Software:
Company Website: https://www.vitecsoftware.com/en/
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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_
—————————————
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