RWH009: How to Build Enduring Wealth w/ Guy Spier (Part 1)

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Business, Education, Investing

4.6 • 3.6K Ratings

🗓️ 10 July 2022

⏱️ 112 minutes

🔗️ Recording | iTunes | RSS

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Summary

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. SPONSORS Support 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.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:03.0	Hi everyone, I'm delighted to introduce today's guest, Guy Speer, who's one of my closest
0:07.5	friends.
0:08.5	Guy is a renowned hedge fund manager who's been running the Aquamanine Fund for almost
0:12.6	25 years.
0:14.1	During that time, he's beaten the market by a little under 250 percentage points.
0:18.7	Guy and I first met when we were students at Oxford way back in our youth, but we really
0:23.5	became friends when we were both living in New York back in the 1990s.
0:27.4	I ended up investing in his fund more than 20 years ago, not realizing that I was actually
0:32.6	one of his first investors.
0:34.6	I'm now an advisor to his firm and I still own the fund all these years later.
0:38.8	I've often told him that I regarded as a 40 year investment.
0:43.0	But what really deepened our relationship is the fact that I helped Guy to write his
0:46.8	book, the education of a value investor, I basically lived with him for several months
0:51.8	during that period.
0:53.2	So as you can imagine, this episode is really a candid conversation between two very old
0:58.9	friends.
1:00.3	As you'll hear, we talk in depth about a problem that all of us have to confront as investors,
1:05.7	which is that everything changes and you can never truly predict what the future holds.
1:11.3	We've seen this very dramatically in the last couple of years.
1:14.4	Before that, everything looked sunny and great and investors were writing the tide of a
1:19.2	massive bull market than COVID broke out, Russia invaded Ukraine, inflation went nuts,
	...

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