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

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 17 March 2024

⏱️ 112 minutes

🔗️ Recording | iTunes | RSS

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Summary

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. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. 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. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Wise NetSuite Fidelity TurboTax NDTCO Linkedin Marketing Solutions Fundrise Vacasa NerdWallet Babbel Shopify 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! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to TIP.
0:02.0	Hi folks, thanks so much for joining me for this special double episode of the
0:06.9	Rich or Wiser Happier podcast.
0:09.4	What you're about to hear is part two of my conversation with Guy Spear, who's the manager of the Aquamarine Fund
0:16.3	and the author of a classic book titled The Education of a Value Investor.
0:20.9	If you haven't listened to part one yet, it's worth going back and starting there.
0:25.0	Meanwhile, here in Part 2 of our conversation, Guy talks about some of the dumb self-defeating
0:31.0	investment mistakes that prevent many people from compounding
0:34.2	wealth successfully over the long run and he also mentions the type of companies
0:38.7	he specifically avoids. He also talks about the critical importance of building strong relationships as a key component of success in investing and life.
0:48.0	In the spirit of Charlie Munger, we also discuss the challenge of engaging in an open-minded way with people whose beliefs and perspectives
0:56.2	conflict with our own. And Guy talks about his ongoing quest to build a truly rich and meaningful life that goes way beyond money.
1:05.0	And of course we chat a bit about some books that have hopefully made us very slightly wiser.
1:10.0	I hope you enjoy our conversation. You're listening to the richer, wiser, happier podcast, where your host, William Green,
1:21.6	interviews the world's greatest investors and explores how to win in markets and life. Let's go back to this issue of the game that you're playing, which is the game that
1:40.5	I think a lot of our listeners and viewers ought to be playing is one of
1:44.3	long-term compounding without disaster so that you get to the finish line of being
1:50.3	securely rich like it's a sort of get rich, slow approach.
1:57.0	That requires you to avoid a lot of dumb behavior to think of it in Charlie Monger's terms like just avoiding
2:06.6	standard stupidities. So can you just rattle off for us some of the key things that you have to remove that are likely to interfere
2:17.0	with that long-term compounding journey.
2:20.0	What do you have to get rid of in order not to create catastrophe along the way?
	...

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