Abstract: Linear recommenders and topic models are similar in that they implicitly learn from co-occurrences of items. However, there has been little study of how these two model families are related. In this work, we show that, under a latent-factor model of the user-item interactions, the latent topics can be discovered from the weight matrix of a closed-form linear autoencoder. These topics provide a basis for interpreting the recommendations, and can be obtained directly from the trained recommender without additional training. Building on our analysis, we further propose novel item and user normalizations that prevent popular items and very active users from dominating the topics. Our experiments on six public datasets demonstrate that our method achieves significantly higher topic quality than every dedicated topic model and matches or exceeds the best linear autoencoder on all six datasets, while its recommendation performance is competitive with the best tuned recommender.