We Study Billionaires - The Investor’s Podcast Network

RWH043: Survive & Thrive w/ Guy Spier: Part 2

Mar 17, 2024

01:47:23

Snipd AI

Guy Spier, a renowned hedge fund manager, shares insights on avoiding dumb investment behavior, building strong relationships, recognizing weaknesses, and engaging with differing perspectives. He discusses the importance of emotional support, self-reflection, and the impact of literature on wisdom. The conversation dives into personal growth, financial security, and creating a meaningful life beyond financial success.

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Quick takeaways

Avoiding dumb investment mistakes is crucial for long-term compounding success.

Building strong relationships is vital for both investing and personal success.

Selecting stable companies is key for long-term financial growth.

Managing relationships influences investing success and decision-making.

Deep dives

Understanding the Impact of Avoiding Dumb Investing Mistakes

Avoiding dumb investment mistakes is crucial for long-term compounding success. Guy Speer discusses the importance of steering clear of self-defeating behaviors in investing that hinder growth over time. He emphasizes the significance of refraining from shorting stocks due to the risks involved and discourages leveraging portfolios, highlighting the need for a cautious approach to financial leveraging. By sharing his experiences and insights, Guy stresses the value of making wise investment decisions to achieve long-term financial growth.

Continuous Progress and Risk Avoidance

01:45

Importance of a Calm Foundation for the Unquiet Mind

01:00

Expanding the space between stimulus and response

01:28

Investing is a Game

00:35

Introduction

2min

Navigating Long-Term Compounding in Investing

26min

Navigating Relationship Dynamics Through Self-Improvement

5min

Navigating Relationships with Self-Awareness and Mindfulness

13min

Embracing Differing Perspectives

25min

Emphasizing Empathy and Compassion in Difficult Situations

5min

The Long-Term Compounding Journey and Creating a Meaningful Life

16min

Deciding What Life Should Be About

17min

Reflections and Gratitude Towards the End of a Conversation

3min

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 2, Guy shares insights on how to succeed over the long run by avoiding dumb investment behavior, building the right relationships, and recognizing our weaknesses. 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

01:36 - What dumb investment behavior Guy Spier strives to avoid

05:12 - What type of companies he shuns

07:05 - Why good relationships are a key to financial & personal success

07:25 - Why we should be especially wary of leverage

15:46 - Why it’s vital to find “friends along the path” who support us emotionally

29:34 - Why it’s helpful to shine a light on our own weaknesses

41:18 - How he handles painful, contentious conversations

51:24 - How to engage with people whose beliefs & experiences differ from ours

1:07:05 - What role money does—or doesn’t—play in a rich & meaningful life

1:11:11 - What Guy learned from Warren Buffett’s exercise of writing your own obituary

1:31:39 - How reading great literature can make you wiser & happier

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Related Episode: William Green’s 2023 interview with Guy Spier | YouTube Video.
Related Episode: William Green’s 2022 interview with Guy Spier | YouTube Video.
Related Episode: William Green’s interview with Daniel Goleman & Tsoknyi Rinpoche | YouTube Video.
Related Episode: William Green’s interview with Chris Davis | YouTube Video.
The Dishcast podcast with David Brooks on “Transcending Hate & Loneliness”.
Daniel Siegel’s book “The Developing Mind”.
Harville Hendrix’s book “Doing Imago Relationship Therapy in the Space-Between”.
Marcel Proust’s book “In Search of Lost Time”.
Guy Spier’s book, “The Education of a Value Investor" – read reviews of the book.
Subscribe to Guy Spier’s free newsletter.
Guy Spier’s podcast and website.
Guy Spier interviews William Green about his book, “Richer, Wiser, Happier”.
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
Follow William Green on X (AKA Twitter).
Check out all the books mentioned and discussed in our podcast episodes here.

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