We Study Billionaires - The Investor’s Podcast Network RWH043: Survive & Thrive w/ Guy Spier: Part 2
In this engaging discussion, Guy Spier, a prominent hedge fund manager and co-author of "The Education of a Value Investor," shares invaluable investment wisdom. He warns against dumb investment behaviors and the perils of leverage while emphasizing the importance of cultivating strong personal relationships. Spier delves into self-reflection and personal growth as keys to navigating conflicts and improving interactions. He reflects on the role of money in a fulfilling life and the wisdom gained from literature, showcasing how introspection can lead to a richer existence.
01:47:23
Avoiding Catastrophe
- Avoid shorting stocks and using leverage to achieve long-term compounding.
- These strategies increase risk and can lead to significant losses.
Durable Assets
- Invest in durable assets that can withstand market fluctuations and unforeseen events.
- Avoid companies with assets that could disappear quickly, like those dependent on FDA approval.
Relationship Stability
- Prioritize strong relationships to support a successful investing journey.
- Relationship issues can cloud judgment and lead to irrational decisions.
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Intro
00:00 • 2min
Investing in Relationships and Wealth
01:36 • 27min
The Power of Personal Transformation in Relationships
28:42 • 4min
Navigating Conflicts Through Self-Reflection
32:54 • 38min
Empathy Amidst Distress and Sponsor Insights
01:10:57 • 5min
Exploring the Intersection of Wealth, Security, and a Meaningful Life
01:16:09 • 4min
The Quest for Meaningful Lives
01:20:21 • 29min
Reflections on Insight and Connection
01:49:40 • 2min
#29377
Doing Imago Relationship Therapy in the Space Between
Harville Hendrix
Helen LaKelly Hunt
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The book draws on unused archival materials, including the testimony of the killers themselves, to illustrate how ordinary Germans willingly participated in the persecution and murder of Jews during the Holocaust.
#9637
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The Red and The Black
Stendhal
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It is a satirical critique of French society and politics, reflecting Stendhal's own experiences and views on the era.
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Garry Kasparov
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Kasparov argues that Putin's aggressive policies are a result of Russia's economic struggles and the need to maintain power through nationalist propaganda.
The book urges the free world to take a strong stance against Putin's authoritarianism.
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Richer, Wiser, Happier
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.
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David Copperfield
Paul Lorain
Charles Dickens
A classic novel by Charles Dickens, following the life of David Copperfield from childhood to adulthood.
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Josh Waitzkin
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Waitzkin discusses how achievement is a function of a lifestyle that fuels a creative, resilient growth process.
He shares his methods for systematically triggering intuitive breakthroughs, honing techniques, and mastering performance psychology.
The book also emphasizes the importance of embracing defeat, making mistakes work for you, and turning weaknesses into strengths.
It is divided into sections that cover his rise in chess, his transition to Tai Chi, and the similarities in preparation and execution between the two disciplines.
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Swann's Way
Stephane Heuet
Marcel Proust
This graphic adaptation of Marcel Proust's 'In Search of Lost Time' presents the first volume, 'Swann's Way', in a compressed and visually engaging format.
The adaptation, likened to a 'piano reduction of an orchestral score', retains the fundamental architecture and themes of Proust’s work, including time, art, and the elusiveness of memory.
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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.
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Blair, his education at Oxford and Harvard Business School, and the significant influences of Warren Buffett and Charlie Munger on his investment philosophy.
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The Developing Mind
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Daniel Siegel
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It provides insights into promoting healthy development and resilience, even when early experiences are not optimal.
The third edition incorporates recent research findings and refines core hypotheses of interpersonal neurobiology.
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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