Christian Billinger is the chairman of Billinger Förvaltning, a privately held investment company focused on owning high-quality businesses. For this episode, Christian has selected Terry Smith’s great book Investing for Growth. Our conversation covers a wide array of fascinating topics including market timing, traits of a successful investor, and how to go about selling a stock.

We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on August 17, 2022.

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Episode Chapters

(00:00) Intro by Eddie & Niklas

(01:34) How Christian’s passion for investing started

(02:40) Introduction to Investing for Growth and Terry Smith

(07:33) Highlights of the book

(09:40) Why low volatility stocks sometimes generate the highest return

(11:19) Timing the market

(12:40) The importance of return on capital for value creation

(13:38) When diversification becomes unnecessary

(15:11) How much to pay for high quality

(17:33) Three Steps to Heaven

(18:59) Terry Smith vs Warren Buffett

(26:32) Investing lessons from Tour de France

(29:01) Critique against value investing (and special situations)

(31:12) The Art of Selling

(39:22) When to buy high-quality companies cheap

(42:52) Traits of a successful investor

(49:38) Christian’s best investment and the lessons from it

(54:09) Book recommendations

(56:52) Final remarks

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Books Mentioned

Investing for Growth - Terry Smith
Quality Investing - Lawrence Cunningham
Capital Returns - Edward Chancellor

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Companies Mentioned

TCI (Tele-Communications Inc)
AKO Capital
Fundsmith
Tesco
IBM
Berkshire Hathaway
Markel Capital
Lindsell Train
Kimberly-Clark
SGS
Domino’s Pizza
Meta
Paypal
Diageo
Davide Campari
Rémy Cointreau
LVMH
Hermès

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More on Christian

Billinger Förvaltning: https://www.billingerforvaltning.se/

LinkedIn - https://www.linkedin.com/in/christian-billinger-41688087/

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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: 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: 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

#32 Christian Billinger on Investing for Growth

Investing by the Books