The Education of a Value Investor

In this episode, Guy Spier speaks with Ritavan and Paaras about how businesses can unlock real value through data—not by chasing trends like AI or cloud, but by leveraging data purposefully. Ritavan shares insights from his book Data Impact, discussing how legacy companies often fall into the trap of tech commoditization.Learn how to:Use data leverage for outsized returnsPrioritize high-impact “leverage tasks” like dynamic pricingAvoid wasteful tech adoption and focus on differentiationApply real-world examples from Walmart, Octopus Energy, Bajaj Finance & more Full transcript available here: https://aqfd.docsend.com/view/sqgp7wsixsgvevsk Contents:(00:00:00) Introductions and First Impressions(00:05:25) Ritavan’s Journey and Cultural Insights(00:17:52) Writing “Data Impact” and Global Examples(00:29:18) Data Strategy for Legacy Businesses(00:41:32) Big Bets and Data as Leverage(00:50:30) Content Strategy and Power Laws

Amar Bhidé, Professor of Health Policy at Columbia University, offers a rich dialogue that intertwines finance, policy, and storytelling. He and Guy Spier explore the distinction between risk and uncertainty, emphasizing the importance of narratives in decision-making. Bhidé shares insights on how stories shape human perception and judgment, reflecting on personal experiences and historical influences. The conversation also touches on the role of spirituality in business and the impact of reading habits on knowledge acquisition, making for a thought-provoking journey through ideas.

In this engaging discussion, Eric Schaanning, an expert in asset-liability management from Credit Suisse and UBS, shares his wealth of knowledge on managing interest rate risk in the banking sector. He explains the importance of economic value of equity (EVE) and DV01, while highlighting different strategies like macro and micro hedging. The conversation also dives into innovations like reverse stress testing to identify vulnerabilities and the implications of interest rate fluctuations on banks' financial health, enlightening investors on evaluating risks in financial institutions.

Join Howard Marks, co-founder of Oaktree Capital, and Guy Spier, founder of Aquamarine Capital, as they share invaluable insights into successful investing. They discuss the necessity of second-level thinking and the importance of mastering market cycles. Howard reflects on navigating major market events while Guy emphasizes emotional discipline and authenticity. Together, they champion the significance of independent decision-making, prioritizing values over profits, and the role of resilience in achieving lasting success in both investing and life.

Eric Schaanning, an expert in asset liability management, joins Guy Spier to explore the intricacies of interest rate risk in banking. They discuss how interest rate fluctuations can significantly alter customer preferences, impacting deposit behaviors. Schaanning highlights the importance of behavioral modeling in assessing credit risk, revealing that changes in spending habits can signal financial distress. The conversation culminates with a shocking reminder that fixed-rate loans may turn perilous amid unexpected interest spikes, setting the stage for essential risk management strategies.

Eric Schaanning, a thought leader in financial risk management, joins Guy Spier to dissect the role of small treasury teams in managing significant banking risks. They tackle complex topics like yield curves and net interest income, relating them to personal finance strategies. The conversation also delves into Basel Committee scenarios for interest rate shocks and explores the implications for current banking models. Listeners will gain practical insights into asset liability management, bridging theoretical concepts to real-world financial navigation.

Eric Schaanning, an expert in financial risk management with notable leadership roles at Nordea, UBS, and Credit Suisse, dives into the intricacies of Asset Liability Management (ALM) and Interest Rate Risk in banks. He discusses how recent banking crises highlight the need for effective risk measurement strategies. Insights from case studies reveal the importance of liquidity management and the impact of interest rate fluctuations on financial stability. Schaanning also explores the challenges posed by low interest rates and regulatory frameworks affecting banking practices.

Simon Kold, a Danish entrepreneur and founder of Kold Investments, shares his unique investing philosophy shaped by over a decade at Novo Holdings. He discusses the parallels between stand-up comedy and investing, emphasizing resilience and adaptability. Kold highlights the importance of network effects and brand identity in today's business landscape and dives into the significance of nurturing relationships and timing in successful investments. His approach redefines traditional strategies, focusing on long-term commitment and understanding competitive advantages.

Tobias Carlisle, an Australian investor and the founder of Acquirers Funds, shares his compelling journey from corporate law to value investing, inspired by Warren Buffett. He discusses the importance of risk management and contrasts exchange-traded funds with mutual funds. Carlisle delves into his investment philosophy, emphasizing disciplined portfolio management and the struggles of behavioral biases. He also reflects on the challenges of writing and publishing, and shares insights into his literary inspirations, linking historical fiction to contemporary issues.

Jo Boaler, a British author and Stanford University Professor of Mathematics Education, dives into innovative math teaching strategies. She advocates for visual approaches that enhance comprehension and engagement. Jo discusses the importance of cultivating a growth mindset and how struggle plays a pivotal role in mastering math concepts. The conversation also touches on the cultural differences in education between the UK and US, as well as addressing gender disparities in academic environments. Join her in challenging traditional methods and empowering learners.