Grafter Posted June 26, 2025 Posted June 26, 2025 (edited) Creating a place holder for this upcoming book. It was written by Oddbjørn Dybvad, one of the principals of REQ, a Nordic fund. It was just listed for pre-order at Amazon, with an expected publish date of 9/2/25. It is through a self-publisher, so only a kindle version is available so far, but I've pre-ordered it. I got interested in Mr. Dybvad, from @John Hjorth posts about his other book, Investing in Value Creators, which is currently out of print (which I believe was in the Good to Great book thread). His firm has multiple shareholder letters out on their website at https://req.no/investments-listed-equities/ (Lessons from Acquistion driven Compounders and Deep Dive). As well as was a guess on the Investing by the Books podcast, https://www.youtube.com/watch?v=eIMThphZFDg which was worth a listen. Edited September 23, 2025 by Grafter
John Hjorth Posted June 26, 2025 Posted June 26, 2025 Great, thank you for posting, @Grafter, I personally hope this book wil become available in a physical version, too.
schin Posted June 29, 2025 Posted June 29, 2025 On 6/26/2025 at 3:50 PM, Grafter said: Creating a place holder for this upcoming book. It was written by Oddbjørn Dybvad, one of the principals of REQ, a Nordic fund. It was just listed for pre-order at Amazon, with an expected publish date of 9/2/25. It is through a self-publisher, so only a kindle version is available so far, but I've pre-ordered it. I got interested in Mr. Dybvad, from @John Hjorth posts about his other book, Investing in Value Creators, which is currently out of print (which I believe was in the Good to Great book thread). His firm has multiple shareholder letters out on their website at https://req.no/investments-listed-equities/ (Lessons from Acquistion driven Compounders and Deep Dive). As well as was a guess on the Investing by the Books podcast, https://www.youtube.com/watch?v=eIMThphZFDg which was worth a listen. @Grafter @John Hjorth - I'm intrigued. What is Mr. Dybvad's performance through the years? What makes him noteworthy?
John Hjorth Posted June 29, 2025 Posted June 29, 2025 (edited) On 6/26/2025 at 9:50 PM, Grafter said: Creating a place holder for this upcoming book. It was written by Oddbjørn Dybvad, one of the principals of REQ, a Nordic fund. It was just listed for pre-order at Amazon, with an expected publish date of 9/2/25. It is through a self-publisher, so only a kindle version is available so far, but I've pre-ordered it. I got interested in Mr. Dybvad, from @John Hjorth posts about his other book, Investing in Value Creators, which is currently out of print (which I believe was in the Good to Great book thread). His firm has multiple shareholder letters out on their website at https://req.no/investments-listed-equities/ (Lessons from Acquistion driven Compounders and Deep Dive). As well as was a guess on the Investing by the Books podcast, https://www.youtube.com/watch?v=eIMThphZFDg which was worth a listen. On 6/27/2025 at 12:03 AM, John Hjorth said: Great, thank you for posting, @Grafter, I personally hope this book wil become available in a physical version, too. 1 hour ago, schin said: @Grafter @John Hjorth - I'm intrigued. What is Mr. Dybvad's performance through the years? What makes him noteworthy? @schin, Here, for my part personally, only a partly answer from me to your question no. 2, and some general [and evasive?] comments related to your question no. 1. - - - o 0 o - - - Your question no. 1 : I don't know, really. And to me, that does not really matter. To, me, personaly, It's about his investment approach, and how he thinks about investing. His investment style is similar to the style applied by Christoffer Mayer [author of '100-baggers', intiated and described earlier by Thomas Phelps in '100 to 1 In the Stock Market']. It's likely a bit too risky to me, at least I personally consider it so. It's about things like i.e. fast moving, ferocious Swedish serial acquirers, with lots of debt and intangibles on group level, GARP investing on steroids. [I.e. Lifco AB and such, but not a thing like Storskogen AB]. Your question no. 2 : Oddbjørn Dybvad is quite mathematical in his thinking, expressed in his first book. That has a lot of appeal to me, as a guy who joined Business Economics [at [now] University of Southern Denmark, then Odense University], never reading a book, just always joining the lessons, listening intensely, the rest of the time, just working trying to keep up with wild personal comsumption, partying, chasing women, lots of booze in weekends, when ever there were an occation, with an obscene capital allocation to motorcycles, leaving the university first in class, being really sloth. The material part of my professors were Economics professors based on underlying math, which made the trick. Oddbjørn Dybvad is such a guy, too. It also does not harm in any way, that he p2p appears very pleasant and forthcoming. Edited June 29, 2025 by John Hjorth
Eldad Posted June 30, 2025 Posted June 30, 2025 (edited) On 6/26/2025 at 2:50 PM, Grafter said: Creating a place holder for this upcoming book. It was written by Oddbjørn Dybvad, one of the principals of REQ, a Nordic fund. It was just listed for pre-order at Amazon, with an expected publish date of 9/2/25. It is through a self-publisher, so only a kindle version is available so far, but I've pre-ordered it. I got interested in Mr. Dybvad, from @John Hjorth posts about his other book, Investing in Value Creators, which is currently out of print (which I believe was in the Good to Great book thread). His firm has multiple shareholder letters out on their website at https://req.no/investments-listed-equities/ (Lessons from Acquistion driven Compounders and Deep Dive). As well as was a guess on the Investing by the Books podcast, https://www.youtube.com/watch?v=eIMThphZFDg which was worth a listen. Great thank you, will look to get it. They did a 300+ page study on Serial acquirers I think in 2023 that is very good and free. On a side note on REQ, the REQ global compounders fund already has an 8.16% weighting to Roko. Roko just went public in March. The only names with a bigger weighting are Lifco and CSU at 8.25% and 8.68%. Edited June 30, 2025 by Eldad
John Hjorth Posted July 21, 2025 Posted July 21, 2025 On 7/1/2025 at 12:18 AM, Eldad said: ... They did a 300+ page study on Serial acquirers I think in 2023 that is very good and free. ... Thank you, @Eldad, Here is a link to it : REQ Capital [December 2023] : The Deep Dive intoShareholder Value Creation by Acquisition-Driven Compounders :
John Hjorth Posted September 2, 2025 Posted September 2, 2025 (edited) I stumbled on this post on LinkedIn, by Oddbjørn Dybvads colleague Adnan Hadziefendic today, book now available at Amazon and Adlibris, links in the post : - - - o 0 o - - - Edit : Book page on REQ website [with links to where to get it] First I tried to order it at Adlibris [Sweden] , demanded Swedish zip-code to accept order, then created website access to the Swedish Amazon website , just find the book ripped away in a rush on release day, marked as '1st' on 'Best sellers' list! *Sigh!* . Then finally found it at Danish Saxo.com - my favorite online book store, where I have free postage, and delivery to the door - DKK 304,75! - Now I'm happy again! - - - o 0 o - - - Next, the Lady of the House heard about all my troubles, then she threatened to file for divorce, if did I not soon got my book hoarding under control! , then I replied : 'Nope, it's out of the question! ... You see, I'm not married to you !'. <end of conversation> Edited September 2, 2025 by John Hjorth
John Hjorth Posted September 13, 2025 Posted September 13, 2025 On 7/21/2025 at 5:35 PM, John Hjorth said: Thank you, @Eldad, Here is a link to it : REQ Capital [December 2023] : The Deep Dive intoShareholder Value Creation by Acquisition-Driven Compounders : Here, also attached : REQ Capital -Deep-Dive-Acquisition-driven-Compounders-December-2023 - 20250913.pdf
John Hjorth Posted September 15, 2025 Posted September 15, 2025 (edited) @Grafter, Please add Kjetil Nyland and Adnan Hadziefendic as co-authors in this topics topic title, thank you in advance. Edited September 16, 2025 by John Hjorth
John Hjorth Posted September 19, 2025 Posted September 19, 2025 (edited) Investing by the Book Podcast by Redeye [September 18th 2025] : #75 Adnan Hadžiefendić & Oddbjørn Dybvad: The Compounders YouTube : Investing by the Book by Redeye [September 18th 2025] : #75 Adnan Hadžiefendić & Oddbjørn Dybvad: The Compounders Edited September 19, 2025 by John Hjorth
John Hjorth Posted September 22, 2025 Posted September 22, 2025 On 9/19/2025 at 8:56 AM, John Hjorth said: ... YouTube : Investing by the Book by Redeye [September 18th 2025] : #75 Adnan Hadžiefendić & Oddbjørn Dybvad: The Compounders Episode chapters according to YouTube comments : (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
formthirteen Posted September 23, 2025 Posted September 23, 2025 Quote all profiled companies except Constellation Software experienced multiple 50%+ drawdowns. Quote The authors calculate that a company reinvesting 80% of capital at 25% returns for ten years justifies a 121x P/E ratio while generating 8% investor returns. Thanks @John Hjorth
Kizion Posted October 3, 2025 Posted October 3, 2025 (edited) Bought physical copy of the book on Amazon.co.uk (living in Belgium) last week, but decided yesterday to purchase a Kindle (hate struggling with a book in bed, no lights required to read, etc). The physical copy was delivered today and wanted to return it so I could buy it on Kindle instead. When trying to return it I get following message: "We are processing your refund. You don't need to return the item back to us!" Well that's nice! Edited October 3, 2025 by Kizion
John Hjorth Posted October 3, 2025 Posted October 3, 2025 3 minutes ago, Kizion said: Bought physical copy of the book on Amazon.co.uk (living in Belgium) last week, but decided yesterday to purchase a Kindle (hate struggling with a book in bed, no lights required to read, etc). The physical copy was delivered today and wanted to return it so I could buy it on Kindle instead. When trying to return it I get following message: "We are processing your refund. You don't need to return the item back to us!" Well that's nice! Well, that certainly must be said! Typical behavior among Norwegians [very funny- and strange-talking still, however!] and Swedes [even funnier and more strange-talking compared to Norwegians still, however!] I hope you'll enjoy it, @Kizion!
John Hjorth Posted January 9 Posted January 9 REQ - www.req.no [January 2026] : Investing with insight - Full Year Investment Report 2025
UK Posted January 10 Posted January 10 14 hours ago, John Hjorth said: REQ - www.req.no [January 2026] : Investing with insight - Full Year Investment Report 2025 Good read, thanks!
John Hjorth Posted January 10 Posted January 10 (edited) You're welcome @UK!, Thank you! - O_O : Where did you get that from? I have really been wondering about it! Edited January 10 by John Hjorth
UK Posted January 10 Posted January 10 10 minutes ago, John Hjorth said: You're welcome @UK!, Thank you! - O_O : Where did you get that from? I have really been wondering about it! Its on their website: https://www.nordnet.no/fond/liste/req-global-compounders-a-nok-44bc95a3, but I too struggled a little to find this:)
John Hjorth Posted January 10 Posted January 10 Copycated your proces, @UK, and found the REQ Nordic Compounders here : https://www.nordnet.no/fond/liste/req-nordic-compounders-a-nok-a93a82b3
John Hjorth Posted January 10 Posted January 10 (edited) John, The nitpicker here, [<- ] From @UKs post above, here, wholeheartedly, to avoid any confusion, while it's also funny! : From my post above : , especially : So, first 'Smoke', then next 'Röko' : Google Translate : English to Danish : 'to smoke' -> 'at ryge' Danish to Swedish : 'at ryge' -> 'å røyke', Danish to Norwegian : 'at ryge' -> 'att röka' - - - o 0 o - - - <Begin>John, imposing 'maximum CofB&F self moderation level, to keep up appearance : 'LOL! ... *chuckle* .... <really can't help it! > .... Haha!! !'.</End> - - - o 0 o - - - Some times, even if your eyes are OK, you may be misguided, just by looking at the screen of a device! Edited January 10 by John Hjorth
UK Posted January 10 Posted January 10 3 minutes ago, John Hjorth said: John, The nitpicker here, [<- ] From @UKs post above, here, wholeheartedly, to avoid any confusioin, while it's also funny! : From my post above : , especially : So, first 'Smoke', then next 'Röko' : Google Translate : English to Danish : 'to smoke' -> 'at ryge' Danish to Swedish : 'at ryge' -> 'å røyke', Danish to Norwegian : 'at ryge' -> 'att röka' - - - o 0 o - - - <Begin>John, imposing 'maximum CofB&F self moderation levell, to keep up appearance : 'LOL! ... *chuckle* .... <really can't help it! > .... Haha!! !'.</End> - - - o 0 o - - - Some times, even if your eyes are OK, you may be misguided, just by looking at the screen of a device! Google translate:). Good catch!
jfan Posted January 12 Posted January 12 REQ-Acquisition-driven-Compounders-July-2025.pdfThis is their new 2025 slide deck updating their 2023 presentation
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