The Education of a Value Investor | Guy Spier | Talks at Google
241,151
Published 2014-09-22
About the Book:
What happens when a young Wall Street investment banker spends a small fortune to have lunch with Warren Buffett? He becomes a real value investor. In this fascinating inside story, Guy Spier details his career from Harvard MBA to hedge fund manager. But the path was not so straightforward. Spier reveals his transformation from a Gordon Gekko wannabe, driven by greed, to a sophisticated investor who enjoys success without selling his soul to the highest bidder. Spier’s journey is similar to the thousands that flock to Wall Street every year with their shiny new diplomas, aiming to be King of Wall Street. Yet what Guy realized just in the nick of time was that the King really lived 1,500 miles away in Omaha, Nebraska. Spier determinedly set out to create a new career in his own way. Along the way he learned some powerful lessons which include: why the right mentors and partners are critical to long term success on Wall Street; why a top-notch education can sometimes get in the way of your success; that real learning doesn’t begin until you are on your own; and how the best lessons from Warren Buffett have less to do with investing and more to do with being true to yourself. Spier also reveals some of his own winning investment strategies, detailing deals that were winners but also what he learned from deals that went south. Part memoir, part Wall Street advice, and part how-to, Guy Spier takes readers on a ride through Wall Street but more importantly provides those that want to take a different path with the insight, guidance, and inspiration they need to carve out their own definition of success.
About the author:
Guy Spier is a Zurich based investor. In June 2007 he made headlines by bidding US$650,100 with Mohnish Pabrai for a charity lunch with Warren Buffett. Since 1997 he has managed Aquamarine Fund, an investment partnership inspired by, and styled after the original 1950′s Buffett partnerships.
Prior to starting Aquamarine Fund, Spier worked as an investment banker in New York, and as a management consultant in London and Paris.
Mr. Spier completed his MBA at the Harvard Business School, class of 1993, and holds a First Class degree in PPE (Politics, Philosophy and Economics) from Oxford University. Upon graduating, he was co-awarded the George Webb Medley prize for the best performance in that year in Economics. While at Oxford he was a contemporary of David Cameron at Brasenose and attended economics tutorials with him.
Spier is the CEO of the Spier family office. He also serves on the advisory board of Horasis, and is a co-host of TEDxZurich.
Spier is a member of YPO, EO, Zurich Minds and the Latticework Club.
Aquamarine has offices in New York, London and Zurich where Mr. Spier currently resides with his wife Lory and their three children, Eva, Isaac and Sarah.
All Comments (21)
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Video Summary: Compound interest is 8th wonder of the world. Compound at any rate, over long period of time, it gets large very very quickly. Compound goodwill and it gets large too. Listen to Charlie Munger talk "24 standard causes of Human misjudgment". Schldein talks about pschology of human judgement -Power of reciprocation. Meeting good people is compounded by human good will you do yourself. real world does not like complexities. Crashes in market, avalanches. I learned more about how economic works by studying complexity idea from Bill Miller Great book by Holldobler and Wilson: Journey to the ants. Thinking about the world as an ant colony or rain first. Fiction to say we are rational, we are rational in limited circumstances. I think Im a better investor that I know I am not rational and this is something I have to deal with. Anthony Robbins "Matching and Mirroring" or Cloning by Mohnish Pabrai. Even if we do a small fraction of our ideal investor gets us where we need to be in terms of profits. Still be yourself while modeling your ideal. Guy's investments rules: 1. Stop checking the stock prices 2. If someone tries to sell you something, don't buy it 3. Dont talk to management 4. Gather investment research in right order 5.Discuss investment ideas only with people who have no axe to grind. 6.Never buy or sell stocks when the market is open. 7.If a stock tumbles after you buy it don't sell it for 2 years. 8.Dont talk about your current investments.
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I'm more impressed with his honesty and humility than anything having to do with money. Thanks for sharing your journey.
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I am amazed that this talk isn't popular. But at the same time I feel lucky that I am one of the few lucky people to watch it. . Amazing talk. I love you man!
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An inspirational book Guy, that reminds people what matters in life. Well done.
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whenever i looked for an answer outside of my self i dont get a good answer. the minute i look for an answer inside myself the world change.
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I can really see myself reflected in this talk. I’m still 20 and very tempted to go down the “get money and hustle route” but sometimes I take a step back and see exactly what he drew out in this talk.
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The talk is more valauble to life than to invstements.. I liked it
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Guy, thank you for writing this book. It is fantastic!
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Hi Guy! I just read your book and it really impress me on the leasons you share. I wish ever reach half of what you learnt and share in it. So thankful to you for sharing your wisdom.
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The honesty you had and telling us the true feelings you had is completely awesome and along with that you gave us what to do with envy. Thank you very much
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Emotions are a call to action! Thanks Guy <3
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What an incredible talk,Guy Spier.Thanks for sharing this.Am getting hold of your book today.
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Listening to the same video second time and it is just as much enjoyable as it was first time.
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An inspiring talk that left me refreshed and more at peace. I have envy I need to deal with, and I also hold Warren Buffett and Tony Robbins as role models. I'm happy to add Guy to the list as well. Thank you for some good habits, especially the thank you note.
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The way he writes about Buffett is beautiful
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try not to trade when the market is open . decide at night what you gonna do then put the order . decide in the quite moments.
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I want to become a Portfolio Manager some day and my faith in the industry has just been restored. Truly wonderful talk too. If I knew his address, I would have definitely sent a 'thank you' note!
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Really lovely book has changed my inner world of accepting who l am and willingness to study the life's W Buffet and C Munger.
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Great talk. Thanks so much to Spier and Google.
