Zurich-based author and investor Guy Spier (@GSpier), the founder and CEO of Aquamarine Capital, joins Julia La Roche one episode 78.
In 2008, Guy and his friend Monish Pabrai bid just over $650,000 for a charity lunch with Warren Buffett. That meal with the Oracle of Omaha was a transformative experience for Guy, which he wrote about in his book, “The Education of a Value Investor,” which has sold more than 40,000 copies and has also been translated into Hebrew, German, Japanese, Korean, Polish, Mandarin and Spanish.
Guy completed his MBA at the Harvard Business School, class of 1993, and holds a First Class degree in PPE (Politics, Philosophy, and Economics) from Oxford University, where he studied at Brasenose College with British Prime Minister David Cameron. After completing his MBA, Guy started the Aquamarine Fund, an investment vehicle inspired by the original 1950s Buffett partnerships and run with a close replication of the original Buffett partnership rules. The focus is on investing for long-term capital appreciation and capital preservation by running a portfolio of equity investments with the goal of acquiring companies with outstanding long-term economics at a reasonable price and where there is a sufficient margin of safety between the company’s market price and its intrinsic value. Typical investors include high net-worth individuals, family offices, and private banks.
0:00 Show open
1:50 Welcome, Guy Spier
3:00 Started as a Gordon Gekko wannabe, found a ‘lifeline’ through Buffett
6:13 Reading about Warren Buffett
9:47 The pilgrimage to Omaha
11:00 Power of sending thank-you notes
17:00 Handwritten notes from Buffett
18:09 Bidding on lunch with Buffett
22:30 Lunch with Buffett was “transformational.”
27:44 The inner scorecard
30:00 Deep fear ahead of meeting Buffett
34:06 How much does the macro matter?
37:28 Siren songs of the hyped stocks
40:25 Writing with William Green
44:26 Why he changed his mind about not talking to company management
49:20 New investment process checklist items
54:15 Debt
57:10 Buffett spends time thinking about the downside
1:01:20 Content diet for investing
1:08:40 Surrounding yourself with a mastermind group
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#132 Morgan Housel: Save Like A Pessimist And Invest Like An Optimist
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#130 Dr. Charles Calomiris On Fiscal Dominance And The Return of Zero-Interest Bank Reserve Requirements
#129 Fundstrat's Tom Lee, Analyst Who Nailed The 2023 Stock Market Rally, Shares His 2024 Market Outlook
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#123 Cullen Roche On Inflation, Why The Fed Won't Cut Rates Soon, And Is The S&P 500 Broken?
#122 Charles Payne On The Bifurcated Economy, Being An Unbreakable Investor, And The Roaring 2020s
#121 Raoul Pal: Get Ready For ‘Macro Summer’ — Falling Rates, Falling Inflation, And Growth Picking Up
#120 Dr. Gary Shilling On Recession Risk, Inflation, Rate Cuts, And Bonds
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