The Education of a Value Investor | Guy Spier | Talks at Google
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- Опубликовано: 21 сен 2014
- The Education of a Value Investor: My Transformative Quest for Wealth, Wisdom, and Enlightenment
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.
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.
Thanks man
3 Ideas to take away: 10:22
Checklist for Investing: 28:04
I'm more impressed with his honesty and humility than anything having to do with money. Thanks for sharing your journey.
yo, Brother Augustine, how do you do, love your channel
Ἐν ἀρχῇ ἦν ὁ Λόγος 🙏🏻
Read his book. It's even more humble and wholesome.
This is something that is seen on many great investors. They have insights into their own psyche and they have tricks that force (or rather "encourage") them to stay rational when emotions would direct their actions towards something less than optimal. Many of the rules of investing he had there were tricks like that. Honesty to oneself is an important attribute to them and they are smart enough to know that honesty to others does not really cost anything to them either - not that many of them would care even if it did cost, dishonesty is just not a good way to live your life. I find these presentations to be very interesting and rewarding from this perspective towards one's own mental biases.
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.
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Amazing talk. I love you man!
An inspirational book Guy, that reminds people what matters in life. Well done.
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.
Guy, thank you for writing this book. It is fantastic!
The talk is more valauble to life than to invstements.. I liked it
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.
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.
What an incredible talk,Guy Spier.Thanks for sharing this.Am getting hold of your book today.
Listening to the same video second time and it is just as much enjoyable as it was first time.
The way he writes about Buffett is beautiful
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
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.
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.
Great talk. Thanks so much to Spier and Google.
Wonderful book Guy! Taught me so much. Thanks for the valuable lessons.
Looking forward to reading this book, hear many great things about Guy Spier.
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.
Very Humbling & Genuine so far these days 👍
vangurde index has done the job. pick the right index. how they are constructed is important. S&p or dowzone index.
Thanks to Google for sharing such bright minds opening up. I learned a lot especially through Guy’s humility.
Legendary investor! Luv his book!
Thank you Guy spier for the wonderful talk
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!
Are you now a portfoilo Investor?
I checked his linkedin -actually he is a portfolio risk associate, congratulation
Love Guy. Love his book
This guy is incredibly insightful. Great talk.
Great Talk! Its totally interesting to see someone totally honest about their shortcomings. We all have them.
Incredible talk!
Great talk.. great book.
Profound.Greetings from Kerala.💕💕👌👌👌
Thank you, especially what u said to reduce envy resonated with me. I used to be envious of few people. But, it always fascinated me that I am always in a calm place whenever im with my current boyfriend, I wouldnt change the time I spend with him for anything.
The envy answer was brilliant and so simple. Just envy yourself and no one else. That's the only healthy envy
Fabulous book.
Thank you Mr. Spiers!
Came right from the 💓! Thanks for the video.
It is funny how he talks about Amazon like it is a missed investment but if he had just bought it at the time it would have been an easy ten bagger.
I guess no one is perfect after all.
thing is at the time it was still a miss , so regardless of the current opportunity the fact that he missed it when it was cheaper is a hugh miss because without a doubt returns increase at a decreasing rate
Great introductions
Great talk wealth of information.
cash level should be in the portfolio-- there is no answer.
in the middle of the range i am trying to minimize the transactional costs.
This guy the Switzerland Buffett, a legend! He bid 600 000$ on a Dinner with Buffett!
i can not predict the market in the short run about the market. if see something i like i invest and if i dont see somthing which i like i build the cash.
What have in unsophisticated but it probably works.
If you applied the same method but you look for value meaning what is going to offer you the best buying price you would have far greater investment outcome.
Anyone can help finding the books he is referencing at the beginning of the talk?
@Guitar pie Education of a value investor by guy spier amazon.com
outer world and inner would should be same.
Awesome... markets arent that efficient after all.
i went to oxford but my life was wrong till i followed warren buffet 24 mins in
41:20 "All emotions are a call to action."
This guy is really cool and funny
buying the future is not a good things to do. it does not often turn on that way.
54:41 He meant "Alex Bossert"
Who’s Guy Spier?
Weird that he went from Harvard and Oxford unis to work at a spivvy little fourth-tier brokerage house. Why not a proper firm?
If this is a sales call, I'm really sorry, but I will not be able to buy your product; because you're selling it to me. HAHAHA
you cant know about a business 100%. sso you can say it is probably under valued at $50 or it is probably over valued at $200. and in the middle of the range i am dealing with uncertainty. so i can increase my probability of my success.
I think him is probably a neo libro
sell me the information and i evaluate and make a decision. i dont buy on sale speech.
What accent is this?
No nobody, but, me can keep me safe, I'm on my way.
I’ll chalk this one up to WHITE NOISE.
"Last few yaas"
so much ramble
lol Gustavo, that's absolutely right. Just be glad you are not my wife - she has to listen to my drivel on a regular basis...
skip to 10:00 mins
Great investor but his mind is still full of pseudoscience bullshit. I learned a lot from his book but hated the parts where he glorifies the scammer "Tony Robbins" and when he reveals his belief in the laws of attraction "The secret".
lol Corega111 i loved this comment. yes - there is still a lot of bullshit in my mind - I'm a work in progress - but delighted that you learned from the book all the same.
This pseudocience is still helping thousand of people to advance and especially get rid of toxic habits... but it's also requires a good dose of humulity.
The super cactus osmotically depend because needle subsequently wrestle beside a breakable sarah. public, industrious zone
5:10 This should have been where you stop watching. He's an unethical man. Him and Pabrai are horrible "investors". I have yet to see either one of them come up with a good, and original investment idea.
Their whole point is they are using ideas of value investing set down decades ago. They come right out and say that basically every time they are interviewed or give a talk.
I find this guy terrible!! Stays 18 months at a chop shop then says "America and global capitalism has to answer this..." Nope. You have to answer that. Then when he talks like he has seen the light and knows everything. I think he comes across as humble but in reality is pretty narcisstic.
talks like a born rich bored guy
There is no such thing as value investing. There is opportunity investing. Warren talks about buying companies that are excellent, have smart and moral management, have a competitive advantage, and are selling for a very good price. WHY would ANYBODY sell such a company unless they have some problems (divorce, too many greedy people in family, etc...) this is not Value investing, this is opportunity investing. I do the same, but I have info from banks which companies have problems with cashflow, so I come in and make offers. I buy companies for 4-5 ebitda cash and debt free. Once I make them free of all debts, I sell them 8-9 ebitda. Idiots can do this, you just need money, and I am lucky my family has given me 100m euro to invest of their money. They think I am smart, but I am really not, I am just a used car sales man in a fucking Kiton suit.
there you go, i said it.
+49fiori Hey man, I am very interested in putting your capital to work if you want that. I have a business, economics, investments and software engineering background and currently own a game development business aldo.leka@live.com
1st 10 minutes are bullshit. It is waste of people's time.
Get to the fucking point already!