William chats with renowned hedge fund manager Guy Spier. Since launching the Aquamarine Fund in 1997, Guy has beaten the S&P 500 by 200 percentage points & the MSCI World index by 364 percentage points. He’s also the author of “The Education of a Value Investor.” In this conversation, Guy speaks candidly about the challenges he’s facing, including his fear that Russia’s war in Ukraine could escalate, creating a systemic risk for investors. He explains how he’s positioning his portfolio to survive & prosper in these perilous times, & he shares practical advice on how to maintain equanimity amid all this uncertainty...
William chats with renowned hedge fund manager Guy Spier. Since launching the Aquamarine Fund in 1997, Guy has beaten the S&P 500 by 200 percentage points & the MSCI World index by 364 percentage points. He’s also the author of “The Education of a Value Investor.” In this conversation, Guy speaks candidly about the challenges he’s facing, including his fear that Russia’s war in Ukraine could escalate, creating a systemic risk for investors. He explains how he’s positioning his portfolio to survive & prosper in these perilous times, & he shares practical advice on how to maintain equanimity amid all this uncertainty.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:56 - How living in a calm & predictable environment helps Guy Spier to invest better.
12:04 - How he resisted the temptation to buy overvalued tech stocks during the recent bubble.
26:11 - Why we must beware of the psychological effects of rapidly rising or falling stock prices.
30:04 - Why Guy refuses to invest in any business that can’t fund all of its growth internally.
44:18 - How going to Berkshire Hathaway’s annual meeting helps to reinforce rational behavior.
53:57 - What Warren Buffett told Guy Spier & Mohnish Pabrai about the perils of debt.
1:13:04 - Why Guy regards the war in Ukraine as a potentially systemic threat to investors.
1:11:56 - Where he’s investing in order to survive & prosper in these times of heightened risk and why he’s invested heavily in China, despite the political & economic dangers.
1:13:55 - Why he’s avoiding weaker countries, including Indonesia & the Philippines.
1:15:01 - How he wrestles with the tricky question of whether to trim or hold his winners.
1:18:17 - Why he’ll never short another stock.
1:19:31 - How he constructs a portfolio that helps him to maintain his emotional equilibrium.
1:43:35 - Why he diverged from Mohnish on the risks & rewards of investing in Turkey.
1:59:08 - What Guy & Mohnish have learned from the stunning success of their friend Li Lu.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Listen to William Green’s 2022 interview with Guy Spier on How to Build Enduring Wealth (RWH009) or watch the video.
- Listen to William’s 2022 interview with Guy on High-Performance Habits (RWH010) or watch the video.
- Listen to William’s interview with Ray Dalio on the “Richer, Wiser, Happier” podcast or watch the video.
- Guy Spier’s book, “The Education of a Value Investor” – Read reviews of the book.
- Guy Spier interviews William Green about his book, “Richer, Wiser, Happier.”
- Subscribe to Guy Spier’s Free Newsletter.
- Guy Spier’s podcast and website.
- William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
- William Green’s Twitter.
NEW TO THE SHOW?
- Check out our We Study Billionaires Starter Packs.
- Browse through all our episodes (complete with transcripts) here.
- Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
- Enjoy exclusive perks from our favorite Apps and Services.
- Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
- Learn how to better start, manage, and grow your business with the best business podcasts.
P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!
SPONSORS
- Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.
- If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
- Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
- Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
- Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.
- Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
- Let an expert do your taxes from start to finish so you can relax with TurboTax.
- Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
- Support our free podcast by supporting our sponsors.
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
