My First Million The Guy Who Studied Buffett for 25 Years
Guy Spier, a dedicated value investor with 25 years of experience studying Warren Buffett, shares invaluable insights on investing. He emphasizes the importance of community learning through his group, 'the Posse,' and how meaningful discussions spark innovative ideas. Spier recounts transformational lessons from early investments, including the pitfalls of greed and the power of gratitude. He highlights the significance of personal connections, long-term strategies, and the emotional elements that influence investment decisions.
01:21:49
The Posse
- Guy Spier joined a group of Warren Buffett enthusiasts called the Posse.
- They met weekly, sharing and debating stock ideas, leading to valuable insights and connections.
Farmer Mac
- Guy Spier presented a stock idea, PharmaMac, to the Posse, believing it was the next Freddie Mac.
- Bill Ackman, after hearing the idea, informed Spier he shorted PharmaMac because it was "borderline fraudulent."
Reverse Engineering Success
- Study successful investors to learn their strategies and apply them to your own investments.
- Look for similar investment situations and try to reverse-engineer their success.
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Intro
00:00 • 2min
The Formation of a Value Investing Network
01:38 • 2min
The Importance of Collaborative Investment Discussions
03:36 • 3min
Lessons from Early Investments
06:29 • 19min
Transforming Arrogance into Connection
25:02 • 4min
From Greed to Gratitude
29:00 • 14min
Investing Insights: From Stumbles to Strategies
43:21 • 14min
The Power of Pilgrimage: Learning from Legends
57:09 • 4min
The Psychology of Investing
01:01:31 • 18min
#24
• Mentioned in 213 episodes
Influence
The Psychology of Persuasion
Robert Cialdini
In this highly acclaimed book, Dr. Robert B. Cialdini explains the psychology behind why people say yes and how to apply these insights ethically.
The book outlines six universal principles of influence: Reciprocation, Commitment and Consistency, Social Proof, Liking, Authority, and Scarcity.
The new and expanded edition includes a seventh principle, Unity, along with new research, insights, and examples.
Cialdini uses memorable stories and relatable examples to make the subject accessible and easy to understand, helping readers become more skilled persuaders and defend themselves against unethical influence attempts.
#1584
• Mentioned in 15 episodes
Unshakeable
Your Financial Freedom Playbook
Tony Robbins
Unshakeable is a comprehensive guide to personal finance and investing.
Written by Tony Robbins and Peter Mallouk, the book provides a simple, actionable plan to deliver true financial freedom.
It is divided into three sections: 'Wealth: The Rule Book' which explains the rules of the financial world, 'The Unshakeable Playbook' which offers strategies for investing and maintaining investments, and 'The Psychology of Wealth' which discusses the psychological aspects of wealth and happiness.
The book includes insights from top investors and practical advice on avoiding financial loss, managing taxes, and diversification.
It also emphasizes the importance of psychology in investing and provides techniques for maintaining a positive mindset during economic downturns.
#15
• Mentioned in 246 episodes
How to Win Friends and Influence People
Dale Carnegie
First published in 1936, 'How to Win Friends and Influence People' by Dale Carnegie is a timeless guide to improving interpersonal skills.
The book is divided into four main sections: Six Ways to Make People Like You, Twelve Ways to Win People to Your Way of Thinking, and Nine Ways to Change People Without Giving Offense or Arousing Resentment.
Carnegie's principles emphasize the importance of genuine interest in others, active listening, and avoiding criticism and argument.
The book offers practical advice on how to build strong relationships, communicate effectively, and influence others by aligning their self-interest with yours.
It has been a cornerstone of personal development and business success for generations.
#298
• Mentioned in 49 episodes
Fooled by randomness
the hidden role of chance in life and in the markets
Nassim Nicholas Taleb
In 'Fooled by Randomness', Nassim Nicholas Taleb discusses the pervasive influence of chance and randomness in our lives and financial markets.
The book argues that humans tend to underestimate the role of luck and overestimate the role of skill, leading to biases such as hindsight bias, survivorship bias, and the narrative fallacy.
Taleb emphasizes the importance of recognizing and coping with uncertainty, and he critiques the tendency to seek deterministic explanations for random events.
The book is part of Taleb's Incerto series, which also includes 'The Black Swan', 'The Bed of Procrustes', 'Antifragile', and 'Skin in the Game'.
#19
• Mentioned in 227 episodes
Good to Great
Why Some Companies Make the Leap... and Others Don't
Jim Collins
In 'Good to Great,' Jim Collins and his research team investigate why some companies achieve long-term greatness while others do not.
The book identifies key concepts such as Level 5 Leadership, the Hedgehog Concept, a Culture of Discipline, and the Flywheel Effect.
These principles are derived from a comprehensive study comparing companies that made the leap to greatness with those that did not.
The research highlights that greatness is not primarily a function of circumstance but rather a result of conscious choice and discipline.
The book provides practical insights and case studies to help businesses and leaders understand and apply these principles to achieve sustained greatness.
#566
• Mentioned in 32 episodes
Power Vs. Force
The Hidden Determinants of Human Behavior
David R. Hawkins
In 'Power vs.
Force,' David R. Hawkins explores the nature of true power and force, arguing that power is whole, positive, and wholesome, while force is partial, selfish, and negative.
The book introduces a hierarchical scale of consciousness, ranging from 1 to 1000, where levels below 200 are considered negative and those above 200 are positive.
Hawkins uses concepts from particle physics, nonlinear dynamics, and chaos theory, as well as Applied Kinesiology, to support his research.
The book is divided into three parts, discussing the process of achieving one’s ultimate potential, the distinction between power and force in various aspects of life, and the evolution of human consciousness.
It emphasizes the importance of integrity, understanding, and compassion in enhancing one’s level of consciousness and leading a more fulfilling life.
#75
• Mentioned in 122 episodes
Poor Charlie's Almanack
The Essential Wit and Wisdom of Charles T. Munger
Charles T. Munger
Peter D. Kaufman
Originally published in 2005, Poor Charlie's Almanack is a collection of eleven talks delivered by Charles T. Munger between 1986 and 2007.
Edited by Peter D. Kaufman, this book draws on Munger's extensive knowledge across various fields to provide a framework for rational and rigorous approaches to life, learning, and decision-making.
It is renowned for its sharp wit and rhetorical flair, making it an essential read for investors, entrepreneurs, and anyone seeking to enhance their wisdom and critical thinking skills.
#853
• Mentioned in 24 episodes
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.
Episode 626: Shaan Puri ( https://x.com/ShaanVP ) talks to Guy Spier ( https://x.com/GSpier ) about everything he’s learned from studying the greatest value investors of all time.
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Show Notes:
(0:00) The Posse
(5:41) Farmer Mac
(17:30) Lessons from going to 9 Tony Robbins seminars
(28:57) Handwritten notes from Warren Buffett
(42:00) Don’t study lottery winners
(59:22) Berkshire vs Index
(1:05:13) Finite vs infinite games
(1:13:26) Be a promiscuous reader
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Links:
• Get our business idea database here https://clickhubspot.com/mfm
• VALUEx - https://www.valuex.ch/
• Aquamarine - https://www.aquamarinefund.com/
• Guy’s book - https://tinyurl.com/47zvxatr
• Power vs Force - https://tinyurl.com/2fn9peya
• Influence - https://tinyurl.com/3z2vyfdt
• Shareholder Letters - https://www.berkshirehathaway.com/letters/letters.html
• Poor Charlie’s Almanack - https://tinyurl.com/bdf6pcww
—
Check Out Shaan's Stuff:
Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd
—
Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com
• Hampton Wealth Survey - https://joinhampton.com/wealth
• Sam’s List - http://samslist.co/
My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano