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.

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.BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Related Episode: Part 2 of William Green's interview with Guy Spier - High-Performance Habits - RWH010. Stig and Preston interview Guy Spier about his book, “The Education of a Value Investor.” Stig and Preston interview Guy Spier about his $650,100 lunch with Warren Buffett.  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. William Green’s Twitter. Our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Check out our favorite Apps and Services. SPONSORSSupport our free podcast by supporting our sponsors: Bluehost Fintool PrizePicks Vanta Onramp SimpleMining Fundrise TurboTax HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

William chats with renowned hedge fund manager Guy Spier. Since launching the Aquamarine Fund in 1997, Guy has beaten the S&P 500 by 200 percentage points & the MSCI World index by 364 percentage points. He’s also the author of “The Education of a Value Investor.” In this conversation, Guy speaks candidly about the challenges he’s facing, including his fear that Russia’s war in Ukraine could escalate, creating a systemic risk for investors. He explains how he’s positioning his portfolio to survive & prosper in these perilous times, & he shares practical advice on how to maintain equanimity amid all this uncertainty.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro03:56 - How living in a calm & predictable environment helps Guy Spier to invest better.12:04 - How he resisted the temptation to buy overvalued tech stocks during the recent bubble.26:11 - Why we must beware of the psychological effects of rapidly rising or falling stock prices.30:04 - Why Guy refuses to invest in any business that can’t fund all of its growth internally.44:18 - How going to Berkshire Hathaway’s annual meeting helps to reinforce rational behavior.53:57 - What Warren Buffett told Guy Spier & Mohnish Pabrai about the perils of debt.1:13:04 - Why Guy regards the war in Ukraine as a potentially systemic threat to investors. 1:11:56 - Where he’s investing in order to survive & prosper in these times of heightened risk and why he’s invested heavily in China, despite the political & economic dangers.1:13:55 - Why he’s avoiding weaker countries, including Indonesia & the Philippines.1:15:01 - How he wrestles with the tricky question of whether to trim or hold his winners. 1:18:17 - Why he’ll never short another stock.1:19:31 - How he constructs a portfolio that helps him to maintain his emotional equilibrium.1:43:35 - Why he diverged from Mohnish on the risks & rewards of investing in Turkey.1:59:08 - What Guy & Mohnish have learned from the stunning success of their friend Li Lu.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Listen to William Green’s 2022 interview with Guy Spier on How to Build Enduring Wealth (RWH009) or watch the video. Listen to William’s 2022 interview with Guy on High-Performance Habits (RWH010) or watch the video. Listen to William’s interview with Ray Dalio on the “Richer, Wiser, Happier” podcast or watch the video. Guy Spier’s book, “The Education of a Value Investor” – Read reviews of the book. Guy Spier interviews William Green about his book, “Richer, Wiser, Happier.” Subscribe to Guy Spier’s Free Newsletter. Guy Spier’s podcast and website. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. William Green’s Twitter. SPONSORSSupport our free podcast by supporting our sponsors: Bluehost Fintool PrizePicks Vanta Onramp SimpleMining Fundrise TurboTax Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

IN THIS EPISODE, YOU'LL LEARN: 00:02:04 - How Guy Spier deals with the many competing demands on his time and energy. 00:03:07 - Why it’s vital to have clarity about your life mission and to structure your life around it. 00:09:00 - Why it’s helpful to write your own obituary or funeral speech. 00:09:59 - What strategies help Guy to focus better and handle the challenge of having ADHD. 00:11:53 - How to construct an environment that enables you to think calmly and deeply. 00:26:22 - How Guy structures his reading and why he routinely sends notes to his “future self.”  00:30:43 - Why he owns a minuscule quantity of about 100 stocks. 00:32:28 - Why he believes the real key to learning is to nurture relationships with the right people.  00:37:04 - What guiding principles help him to decide how to manage his time.  00:40:06 - Why he reads great novels and studies mathematics, instead of living a narrower life. 00:45:48 - What you should optimize for in life. Hint: it’s not money. 00:54:47 - What advice Guy has on how to compound goodwill. 01:03:07 - Why the best path to success and happiness is to focus heavily on lifting up other people. 01:15:36 - What he learned from Jordan Peterson about the unexpected power of telling the truth.  *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Related Episode: Part 1 of William Green's interview with Guy Spier -  How to Build Enduring Wealth - RWH009. Stig and Preston interview Guy Spier about his book, “The Education of a Value Investor.” Stig and Preston interview Guy Spier about his $650,100 lunch with Warren Buffett.  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. William Green’s Twitter. Our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Check out our favorite Apps and Services. SPONSORSSupport our free podcast by supporting our sponsors: Bluehost Fintool PrizePicks Vanta Onramp SimpleMining Fundrise TurboTax HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

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.

Guy Spier, successful value investor, discusses the importance of environment design in investing and how simplicity is key. He shares stories about his university connections, including David Cameron and Chris Hohn, and explains why his father trusted him with his life savings. The highlight is his lunch with Warren Buffett.

Stig Brodersen chats with Guy Spier. Guy Spier has had a profound impact on the value investing community. As with Warren Buffett, many investors first find Guy Spier to learn how to invest. But while you might come for the investing lessons, you stay for the life lessons.IN THIS EPISODE, YOU'LL LEARN: 02:13 - How to use envy as a positive force in your life. 09:43 - Which idea that Guy Spier had to let go of in his evolution as a value investor. 15:03 - Why Guy Spier thinks that Charlie Munger is right and wrong about bitcoin being rat poison. 15:49 - How to know which habits to clone and which not from heroes like Charlie Munger. 25:29 - Why you can be a value investor and invest in bitcoin.  40:05 - How to struggle well in life and investing? 54:29 - How does the shorter tenure in the S&P500 change how Guy Spier thinks about compounders. 01:00:09 - Which investing knowledge Guy Spier would like to acquire if it didn’t require any time. 01:07:19 - Why the best way to achieve success is to deserve it. 01:15:03 - How and why you should be authentic and vulnerable. *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Stig and Preston’s interview with Guy Spier on his book, The Education of a Value Investor. Stig and Preston’s interview with Guy Spier about his lunch with Warren Buffett.  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.  NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORSSupport our free podcast by supporting our sponsors: Bluehost Fintool PrizePicks Vanta Onramp SimpleMining Fundrise TurboTax HELP US OUT!What do you love about our podcast? Here’s our guide on how you can leave a rating and review for the show. We always enjoy reading your comments and feedback!Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Renowned hedge fund manager Guy Spier shares insights on compounding wealth, emotional decision-making in investments, and lessons learned from Warren Buffett. Discussions include the importance of holding stocks long-term, dealing with personal emotions, and learning from investment mistakes.

Guest Guy Spier, value investor and hedge fund manager, discusses lunch with Warren Buffett, value investing, managing a hedge fund, Berkshire after Buffett, the bull case for Ferrari, and more!

In this conversation, Guy Spier, an esteemed investor whose fund has outperformed the S&P 500 since 1997, delves into the art and science of investing. He discusses how royal families can teach us about business moats and the necessity of embracing risk. Spier also reflects on distinguishing luck from skill in investment success and the importance of personal authenticity. Additionally, he explores the psychological complexities of investing and shares insights on managing community dynamics and fostering genuine relationships in the finance world.