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Guy Spier is a Swiss-American value investor, fund manager, and author who has become one of the most respected figures in the modern value investing community. Here's who he is:
Guy Spier was born in 1966 in South Africa, educated at Oxford and Harvard Business School, and initially worked on Wall Street before experiencing a crisis of conscience about the financial industry's practices. In 1997, he founded Aquamarine Capital Management in Zurich, where he manages a concentrated portfolio using deep value investing principles inspired by Warren Buffett and Charlie Munger. His fund has delivered strong long-term returns by focusing on undervalued companies and maintaining extremely low portfolio turnover.
Spier is known for his transformation from a Wall Street investment banker focused on quick profits to a patient, principle-driven investor who emphasizes character and long-term thinking. He famously paid $650,263 to have lunch with Warren Buffett in 2008, an experience that profoundly influenced his investment philosophy and life approach. His investment style emphasizes buying quality businesses at reasonable prices and holding them for extended periods.
Beyond fund management, Spier has become an influential voice in the value investing community through his writing, speaking, and mentorship. He's known for his intellectual honesty, willingness to share his mistakes, and focus on the behavioral and psychological aspects of investing. His approach combines rigorous fundamental analysis with insights from psychology and philosophy, making him a thoughtful commentator on both investing and life.
Guy Spier's Best Quotes
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"The goal is not to be right all the time, but to be less wrong than the market."
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"Investing is not about being clever; it's about being disciplined and patient."
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"The best investment advice I can give is to invest in yourself first - in your knowledge, your character, and your network."
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"When you change your environment, you change your behavior. This applies powerfully to investing."
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"The market is not a casino, but if you treat it like one, it will take your money like one."
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"Great investors are not born; they are made through years of learning from mistakes."
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"The lunch with Warren Buffett was expensive, but the lessons were priceless."
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"Concentration is the key to building wealth, but diversification is the key to preserving it."
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"In investing, your worst enemy is often yourself - your emotions, your biases, your impatience."
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"The best time to learn about an investor is not when they're winning, but when they're losing."
Written Works
The Education of a Value Investor: My Transformative Quest for Wealth, Wisdom, and Enlightenment
Spier's memoir and investment philosophy book chronicles his journey from a morally conflicted Wall Street banker to a principled value investor. The book provides intimate details about his transformation, including his famous lunch with Warren Buffett, and explains how he redesigned his life and investment process to align with his values. It combines personal storytelling with practical investment advice, showing how behavioral changes can improve investment results.
Aquamarine Capital Annual Letters
Spier's annual letters to investors are widely regarded as among the most thoughtful and educational in the investment management industry. These letters provide transparent analysis of portfolio performance, detailed explanations of his investment decisions, and candid discussions of mistakes and lessons learned. His letters often explore the psychological aspects of investing and include book recommendations and philosophical insights.
"The Art of Investing" Essays and Blog Posts
Through various platforms, Spier has written extensively about the craft of investing, covering topics like portfolio construction, the importance of checklists, and how to create an environment conducive to good decision-making. His essays often draw parallels between investing and other disciplines, showing how insights from psychology, philosophy, and other fields can improve investment outcomes.
"Learning from Buffett" Commentary and Analysis
Spier has written detailed analyses of Warren Buffett's investment approach, drawing on his personal interactions with Buffett and extensive study of Berkshire Hathaway. His writings explore how to apply Buffett's principles in different market environments and how individual investors can adapt the Berkshire approach to their own circumstances.