In this engaging discussion, Guy Spier, a renowned hedge fund manager and author, shares his journey shaped by his family's loss during the 1930s. He emphasizes the need for investors to recognize the instability of markets and discusses why he avoids Bitcoin and gold in favor of productive assets. Spier explores 'destination analysis' as a valuable tool for investment, highlighting the importance of aligning strategies with personal values. With insights on the economic high ground and the necessity of sizing bets correctly, he underscores the significance of authenticity in investing.
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Family History of Loss
Guy Spier's great-grandparents, German Jews, lost their businesses and properties in the 1930s.
They were forced to sell under duress due to Nazi persecution and fled to different countries.
insights INSIGHT
Restoring Family Fortune
Guy's life and career have been shaped by a subconscious desire to restore his family's lost fortune.
He realized this underlying motivation through self-reflection and his father's observations.
insights INSIGHT
Importance of Alignment
Aligning investment strategies with personal values and risk tolerance is crucial.
Guy's cautious approach reflects his deep-seated fear of losing everything.
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How the World's Greatest Investors Win in Markets and Life
William Green
In Richer, Wiser, Happier, William Green draws on interviews conducted over twenty-five years with many of the world’s greatest investors. The book highlights that the most successful investors are mavericks and iconoclasts who question conventional wisdom and think rationally, rigorously, and objectively. They maximize their odds of long-term success in markets and life by drawing insights from diverse fields such as neuroscience, economic history, psychology, philosophy, and more. Green explains how these investors can teach us not only how to become rich but also how to improve our thinking, decision-making, risk assessment, and resilience, and how to turn uncertainty to our advantage.
The education of a value investor
Guy Spier
In this book, Guy Spier narrates his early career struggles in investment banking on Wall Street and his transformation into a value investor. The book covers his experiences working at D.H. Blair, his education at Oxford and Harvard Business School, and the significant influences of Warren Buffett and Charlie Munger on his investment philosophy. It also emphasizes the importance of authenticity, continuous learning, and ethical considerations in investing. The book has been translated into several languages and has sold over 175,000 copies in English.
Zen mind, beginner's mind
Shunryū Suzuki
In 'Zen Mind, Beginner's Mind', Shunryu Suzuki explores the core principles of Zen Buddhism, focusing on the concept of 'shoshin' or 'beginner’s mind'. This mind is empty, free of the habits of the expert, and open to all possibilities. The book discusses various aspects of Zen practice, including zazen (sitting meditation), breathing techniques, and the importance of maintaining a non-dualistic and compassionate mindset. Suzuki uses simple language and everyday examples to illustrate how to apply Zen principles in daily life, emphasizing the need to approach each experience with freshness and openness, rather than preconceptions or a sense of achievement.
Emotional Intelligence
Why It Can Matter More Than IQ
Daniel Goleman
In 'Emotional Intelligence,' Daniel Goleman presents a compelling argument that emotional intelligence (EI) is crucial for success, happiness, and virtue. Drawing on research in psychology and neuroscience, Goleman explains how EI, which includes self-awareness, self-discipline, and empathy, shapes our destiny. The book details five key skills of emotional intelligence: self-awareness, managing emotions, motivation, recognizing emotions in others, and social skills. Goleman shows how these skills can be nurtured and strengthened throughout adulthood, benefiting our health, relationships, and work performance[2][3][4].
Who is Michael Ovitz?
Michael Ovitz
This memoir chronicles Michael Ovitz's journey from his early days as a guide at Universal Studios and a mailroom clerk at the William Morris Agency, to co-founding and leading the Creative Artists Agency (CAA). Ovitz recounts his role in transforming CAA into the most prominent talent agency, his dealings with megastars like Steven Spielberg, Tom Cruise, and David Letterman, and his impact on the Hollywood system. The book also covers his tenure as COO at Disney, his later ventures, and his reflections on his career and personal life[1][2][5].
IN THIS EPISODE, YOU'LL LEARN:
00:03:02 - How Guy Spier’s ancestors lost their family fortune and became refugees in the 1930s.
00:11:41 - How Guy was shaped by this story and embarked on a quest to restore their lost fortune.
00:24:20 - Why investors need to recognize that nothing is stable and everything changes.
00:28:12 - Why Guy settled in Switzerland and why he worries about the future of the U.S.
00:35:34 - Why he doesn’t like Bitcoin or gold, preferring to own “productive assets.”
00:45:11 - Why it’s critical to invest in a way that’s true to your own nature.
00:51:00 - Why so many highly intelligent and talented fund managers end up failing.
00:59:45 - How the crash of overvalued growth stocks proves again that “price really does matter.”
01:03:17 - Why Nick Sleep’s concept of “destination analysis” is such a valuable filter for investors.
01:14:08 - How to prosper by owning great businesses that occupy the “economic high ground.”
01:27:00 - Why it’s so important to size your bets correctly and not get too carried away.
01:36:31 - How Guy clones people like Warren Buffett and Mike Ovitz, yet tries to be true to himself.
01:44:34 - How Buffett taught him that every person is an equal soul and should carry equal weight.
01:48:38 - What Buffett figured out about the benefits of becoming more lovable and kinder.
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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