RWH009: The Secret To Building Long-Term Wealth w/ Guy Spier

William Green speaks with Guy Spier, a renowned hedge fund manager who has beaten the S&P 500 by almost 250 percentage points since launching the Aquamarine Fund in 1997. Guy is also the author of a classic memoir, “The Education of a Value Investor.” This conversation has been divided into two episodes. Here, in Part 1, Guy discusses how to build enduring wealth by investing in extraordinary businesses that will survive and prosper even in tumultuous times.

00:00:00 – Intro
00:04:13 – How Guy Spier’s ancestors lost their family fortune and became refugees in the 1930s.
00:13:57 – How Guy was shaped by this story and embarked on a quest to restore their lost fortune.
00:24:17 – Why investors need to recognize that nothing is stable and everything changes.
00:27:30 – Why Guy settled in Switzerland and why he worries about the future of the U.S.
00:35:20 – Why he doesn’t like Bitcoin or gold, preferring to own “productive assets.”
00:44:22 – Why it’s critical to invest in a way that’s true to your own nature.
00:52:44 – Why so many highly intelligent and talented fund managers end up failing.
01:01:26 – How the crash of overvalued growth stocks proves again that “price really does matter.”
01:06:14 – Why Nick Sleep’s concept of “destination analysis” is such a valuable filter for investors.
01:12:59 – How to prosper by owning great businesses that occupy the “economic high ground.”
01:25:58 – Why it’s so important to size your bets correctly and not get too carried away.
01:35:06 – How Guy clones people like Warren Buffett and Mike Ovitz, yet tries to be true to himself.
01:42:19 – How Buffett taught him that every person is an equal soul and should carry equal weight.
01:47:21 – What Buffett figured out about the benefits of becoming more lovable and kinder.

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– Richer, Wiser, Happier by William Green –
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W/ Guy Spier –
– TIP15: Lunch With Warren Buffett II – With Guy Spier –

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– Guy Spier’s Podcast and Website –

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