In this first episode of Inflection Conversations, we sit down with Anders Björkstål to trace the path that shaped him into one of the most thoughtful small cap investors in the industry. From his early years in Sweden to managing capital at institutional funds in London, Anders shares how he built his investing craft from the ground up, and why his edge has come from looking where others don’t, thinking independently, and staying disciplined for longer than most.

We talk about the moments that sharpened his philosophy: managing a student fund, learning hard lessons from early mistakes, developing a framework for spotting exceptional capital allocators, and understanding why corporate governance and founder culture matter so much in small caps. This is a conversation about patience, judgment, and what it really means to know what you own.

For founders, there’s a lot here beneath the surface of public markets investing: what great investors notice, how long-term trust is built, and why the best businesses so often come back to aligned leadership, disciplined capital allocation, and a culture that compounds quietly over time.

Chapters

(00:00) Introduction

(05:05) Formative Experiences as an Investor

(12:42) Managing the University Student Fund

(20:14) Compounding at 50% as an Investor

(24:19) Corporate Governance in Sweden

(33:35) Biggest Investing Mistake

(40:13) Biggest Investing Win

(47:09) Corporate Governance in Small Caps

(58:21) How Your Investment Philosophy Evolves Over Time

(01:03:34) The 3 Stages of an Investor

(01:08:23) The Issue With Not Knowing What You Own

(01:16:21) Quick-fire Questions

Connect

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