To the investing audience, Guy Spier, CIO of Aquamarine funds, needs no introduction. From meeting Warren Buffett accidentally by attending a class just because had a hots for a girl to spending upward of $ 300,000 to have lunch with Warren and then submerging himself in learning the wisdom, he is a fun guy to talk to and a wise gentleman to learn from. I had a great time recording this podcast but not only for usual investing lessons but some deep and interesting life lessons
Following are few quotes which I had picked from his fascinating book “The Education of a Value Investor”.
Interesting snippets in the podcast:
[2:56]: We are all students & are life long learners.
[5:16]: What is Value Investing – from the point of view of Real time world ?
[6:02]: Anyone who thinks they can avoid the downs, is living in another reality.
[6:57]: Romance with Value Investing & How did the lunch with Buffett fit in it ?
[9:26]: Most of the times, Map is not the entire territory. View on EMH, US [elections & Donald Trump.
[16:55]: Thought process while writing check of $650,000 for the Lunch with Buffett. Was it a multibagger after 8 years ?
[29:31]: What parameters you give importance while looking at companies ?
[40:54]: One of the screen includes, look for companies which increase the Sales & decrease the number of shares outstanding over a period of 5 years.
[47:10]: Has Moat investing became a difficult experience in the last few years ?
[56:30]: Case study of Verisign as an emergence of new moat.
[1:11:50]: How did you handled the debacle of Horse Head Holdings & what are the Anti-Fragile strategies you follow ?
[1:26:16]: Learning from previous mistakes & how did his checklist changed accordingly over the years ?
[1:30:22]: About building positions & view on averaging up ?
[1:37:41]: Focus on the things that aren’t changing in the changing world.
[1:42:55]: About publishing Indian version of his book.
With that introduction.. let’s listen to Guy Spier !!!
Also Streaming on (click on below images to redirect to Stoic Podcast channels),
Book written by Guy Spier: