Investing by the Books

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.
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Our conversation with Jeff Totten was recorded on 10 April 2026.
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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
(00:57) 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
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Books Mentioned
Built from Scratch – Bernard Marcus, Arthur Blank
The Snowball – Alice Schroeder
The Outsiders – William Thorndike
Made in America - Sam Walton
The Compounders – Oddbjørn Dybvad, Kjetil Nyland, Adnan Hadziefendic
100 Baggers – Chris Mayer
The Money Masters – John Train
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Companies Mentioned
Evergreen Services Group
Home Depot
Berkshire Hathaway
Constellation Software
Swedish serial acquirers
Transdigm
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More on Jeff Totten
Evergreen Services Group: https://www.evergreensg.com/
Jeff’s LinkedIn: https://www.linkedin.com/in/jeffhtotten/
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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 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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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
(00:46) 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
—————————————
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

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.
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Our conversation with Andrew Hollingworth was recorded on 13 January 2026.
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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
(00:47) 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
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Books Mentioned
1929 - Andrew Ross Sorkin
Too Big Too Fail - Andrew Ross Sorkin
7 Powers – Hamilton Helmer
Zero to One - Peter Thiel
The Outsiders - William Thorndike
Titan: The Life of John D. Rockefeller, Sr. – Ron Chernow
Still Life – Sarah Winman
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Companies Mentioned
Wise
Meta
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More on Andrew Hollingworth
LinkedIn: https://uk.linkedin.com/in/andrew-hollingworth-035781129
HollAnd Advisors: https://hollandadvisors.co.uk/
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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

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
—————————————
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

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
—————————————
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