In this episode, William Green chats with renowned hedge fund manager Guy Spier, who has run the Aquamarine Fund since 1997. This conversation has been split into two episodes. Here, in Part 1, Guy discusses the art of compounding wealth over decades, drawing on lessons he’s learned from Warren Buffett, downhill ski racers, & his own mistakes. This is an unusually candid conversation between William & Guy—old friends who collaborated on Guy’s classic book, “The Education of a Value Investor.”
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
04:07 - Why it’s so intense for Guy Spier & William Green to collaborate
10:19 - How telling the truth changed Guy’s life
17:53 - Why the Global Financial Crisis terrified him
24:52 - Why it’s hard to invest rationally in the real world of chaos & confusion
29:25 - How Guy deals with his emotions when making investment decisions
35:03 - Why his default position is to hold his stocks indefinitely & resist meddling
38:48 - Why he didn’t sell his stake in Alibaba
42:01 - Why he’s pleased with & disappointed by his investment returns
46:32 - Why his mission is long-term compounding without catastrophe
55:06 - What Guy learned from investing in a company that went bankrupt
57:57 - What the fastest skiers can teach us about success & survival
1:00:02 - How excessive risk destroyed a fund manager he once knew
1:04:13 - What we can learn from Warren Buffett about financial resilience
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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