In order to express their displeasure with the idea that muslims are violent, thousands of muslims around the world engaged in rioting, arson, mob savagery, flagburning, murder and mayhem, among other peaceful acts of nonviolence. My transformative quest for wealth, wisdom, and enlightenment. The enduring value of values by lawrence cunningham. I received the annual report for the aquamarine fund which was sent to me by guy spier who is the managing partner of the fund. In this fascinating inside story, guy spier details his career from harvard mba to hedge fund manager. Mar 30, 2011 since inception in september 1997, aquamarine returned a total of 221. What follows is a brief list of additional books that ive found intriguing and enriching for countless reasons. 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. In june of 2009, he moved to zurich, switzerland from new york city. Im a zurichbased investor and the author of the education of a value. In order for us to provide access, we need you to reconfirm the information below. The definitive book on value investing by benjamin graham is where it all started for me. For example, he felt selfconscious being in the presence of buffett since spier s aquamarine fund was, at the time, charging a management fee not. Guy was educated at oxford university, where he was a tutorial partner of the.
Since 1997, ive managed a privately offered investment fund known as the aquamarine fund. Aquamarine fund 2012 year end letter linkedin slideshare. Next up is guy spier of aquamarine fund who presented long posco. Apr 07, 20 aquamarine fund zurich march 12, 20dear partnerinvestment resultsin 2012, aquamarine fund returned 27. An interview in the aquamarine funds office in zurich. Guy spier on the power of thank you confidential 1 this article is authored by guy spier, chief executive officer of aquamarine capital. Recognize that youre not buffett and that youre not rational. Guys willingness to share his insights with fellow value investors reminds us of buffetts. My transformative quest for wealth, wisdom, and enlightenment, it was a quick yes. The managing partner of aquamarine fund is guy spier who is an ardent disciple of warren buffett, and closely follows buffetts principles on value investing and capital allocation.
But what i particularly liked about the letter is that, instead. Here, guy spier gives 9 rules for smarter investing. I had the privelege of conducting an interview with guy spier. Seek to run a concentrated portfolio of equity investments with the goal of acquiring companies with outstanding longterm economics at a reasonable price. Guy spier s value investing congress presentation the investment process. Guy spier talk with matthew peterson is now the time to invest. This is a phenomenal book and will, i believe, take its place alongside other classics of. This interview is being published in conjunction with the manual of ideas, which is a great value investing site run by run by my colleague, john mihaljevic. Published in 2014, the education of a value investor recounts spiers journey as a value investor. Education of a value investor spier, guy 0884879948829. The following message was written by guy spier of aquamarine capital, a horsehead holding shareholder, and im posting it with his permission if you are a shareholder of horsehead holdings, please read this carefully. 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. His primary responsibility is to research and generate investment ideas in order to enhance the performance of aquamarine fund inc. The education of a value investor is a revealing and detailed account of guy spier s journey of how he transformed into a better investor as well as a person.
I believe what guy wants is for his book to inspire people to look within and become the most authentic version of themselves. Guy spier is 45 years old and for the last 14 years has been the manager of aquamarine fund, an investment partnership. Guy spier has run the aquamarine fund for 17 years, achieving an impressive record of marketbeating returns. John mihaljevics new book the manual of ideas guy spier. May 07, 2015 the latest monthly issue of aaii journal has a great piece written up by guy spier manager of the aquamarine fund and author of the excellent book the education of a value investor. Guy spier s aquamarine capital portfolio value increased 2. Obviously one can learn much by studying guy as an investor. Jun 03, 2005 by guy spier jun 3, 2005 dan moore joined aquamarine llc as an analyst on june 1, 2005. Aquamarine fund founder guy spier wants university educators to search their souls for the role they play in the greed, superficiality and bad judgment among the bankers, brokers and capitalists on wall street. A, ferrari nv race, american express axp, fiat chrysler auto fcau, and bank of. Guy spier started his career as a harvard mba for an investment bank and later ended up as hedge fund manager of his own hedge fund, aquamarine fund. He manages his fund, aquamarine capital, from zurich, switzerland. Since 1997 he has managed aquamarine fund, an investment partnership inspired by, and styled after the original 1950.
Nov 19, 2014 guy spier has run aquamarine fund for the last 14 years. Guy follows closely buffetts principles on value investing and capital allocation. Guy spier cappuccino and conversation with guy spier. Aquamarine fund founder spier, widely known for his sharedvictory in the 2007 auction of a lunch appointment with warren buffett, showshow the legendary investor from omaha became an example, guide and mentor inhis own journey to master the secrets of value investing. Why guy spier rejected warren buffetts investment strategy. Five other books that deserve to be read and reread many times are seth klarmans margin of safety. Considered one of the greatest investors of our times, zurichbased fund manager guy spier is an example of the type of manager we would like to see more of in the asset management industry.
In 2006 guy, along with mohnish pabrai of pabrai funds, won the annual charitable auction for lunch with warren buffett. Guy spiers aquamarine fund produces great returns for 2011. Aquamarine fund founder and value investor guy spier, founder is questioning the value of and the number of financiers in the work force today, including himself. The above chart is from guy spier s 2014 letter i received in the mail. Book number 1 the education of a value investor by guy spier. Website, guy spier born february 4, 1966 is a zurichbased investor and author of a book on investing. His book goes into more detail on each of these topics and many more, but this provides a. Guy spier is a zurichbased investor and the author of the education of a. In 2009, i moved from new york to zurich, switzerland, where i live with my wife lory and our three children, eva, isaac and sarah. At the beginning of october 2019, we had the chance for a series of interviews with guy spier of aquamarine. Guy digs a little deeper and really gives an intimate account it exam braindumps of his thought processes and internal monologue, which exposes a vulnerability rarely ever shared. However, he has managed to deliver an enviable track record since founding the aquamarine fund in 1997. Guy spiers 9 rules for smarter investing begin to invest.
The education of a value investor by guy spier swell asset. In order for us to communicate with you on matters that relate to the fund, we need you to reconfirm your communication preference and your accreditation status. What i like about spiers approach is that he places great emphasis on simplifying and filtering out noise. I learned a lot about life, and investing, and i also met some great people.
Watch this advice of guy spier aquamarine funds youtube. A marketfolly reader recently reached out to aquamarine capitals guy spier about his new book, the education of a value investor. Sharing the incredible story of his career and the wisdom he acquired along the way, spier has some surprising insights concerning, what he sees as a false choice between leading an ethical life and a financially successful one. Guy spier aquamarines investing principles build my. Guy runs the aquamarine fund, which is closely modeled on the buffett partnerships of the 50s.
His methodical approach to investing and use of checklists was featured in atul gawandes the checklist manifesto. Im a zurichbased investor and the author of the education of a value investor, which was published in 2014. This blog receives commissions from affiliate links on amazon and also occasionally receives complimentary books from publishers, some of which. Aug 16, 2009 guy spier of aquamarine capital is a noted value investor and speaker on investment management. Riskaverse value investing strategies for the thoughtful investor. Indeed, it was only my meeting with mohnish pabrai, and our subsequent lunch with warren buffett that properly set me on that path. The education of a value investor is an honest and humble account of how guy spier went from being a greedy gordon gekko wannabe with questionable morals to a lowkey value investing manager whose life goal is to compound personal goodwill through honesty and kind gestures. I am extraordinarily fortunate to be able to count guy spier of aquamarine fund as one of my personal mentors.
World heritage encyclopedia, the aggregation of the largest online encyclopedias available, and the most definitive. This years lunch took place yesterday in manhattan. The education of a value investor by guy spier waterstones. The art of value investing an interview with guy spier.
So much so, that he ended up reorganizing the structure of his fund to remove this monitoring fee as well as far better align himself with his customers before. Articles and appearances aquamarine fund aquamarine fund. Since 1997, he has managed aquamarines privately offered investment funds. What i found very interesting about the report was a section which covered a set of principles which gives one great insights as to how the fund is managed as well as some of the principles learnt by guy spier who is a value investor and had lunch with warren buffett. The aquamarine fund headquarters are in zurich, where he currently resides with his wife lory and their three children. At aquamarine fund, the maximum fixed fee that you would pay is 1%, and many. The education of a value investor audiobook by guy spier. Jan, 2012 aquamarine fund is a long only global value fund. Guy presents eight rules that he adheres to as well as underscoring the importance of an investing. As an example, he felt selfconscious remaining in the existence of buffett given that spiers aquamarine fund was, at the time, billing a management cost not linked to performance.
Educated in economics at oxford university and harvardbusiness school, where. Guy spier has run aquamarine fund for the last 14 years. Guy spier is the manager of aquamarine fund, an investment partnership inspired by the original 1950s buffett partnerships with market beating returns. The largest five positions are berkshire hathaway brk. Spier is a hedge fund manager aquamarine capital who has patterned his fund after warren. I think that i might have served the world a lot better if i had gone and done engineering because i would have ended up maybe making something, spier says, and instead all i do is manipulate claims of society. Guy spier has run the aquamarine fund for the last 17 years. This is where the book differs from other value investing books. The education of a value investor by guy spier 16 minutes. Sep 09, 2014 guy spier has run the aquamarine fund for 17 years, achieving an impressive record of marketbeating returns. What i like about spier s approach is that he places great emphasis on simplifying and filtering out noise. Guy spier on checklists, books and his investment process.
Buffett doesnt hesitate to disengage himself from the world in order to avoid. So if you know of someone who you think would benefit from investing in aquamarine fund, please dont be shy. Book summary the education of a value investor digging. An interview with famed value investor guy spier the dough.
Focus is on investing for long term capital appreciation and capital preservation for investors. It is not unheard of in the fund management industry for investors to be charged 2% or even 34% of their assets for the privilege of having their assets managed by some bank employee. The portfolio is very concentrated with just 11 positions. How value investing has changed new strategies of successful value investors oct 05 2010 1 comment guy spier is the manager of aquamarine fund, an investment partnership inspired by the original 1950s buffett partnerships with market beating returns. Guy graciously agreed to answer the readers questions and to host it on marketfolly so everyone can learn from his experiences. The 10 investing principles of guy spier and aquamarine funds 1. Citing buffett, munger, and pabrai as major investment influences, youd be forgiven for thinking that guy spier sticks to warren buffetts moattype businesses. In the education of a value investor 2014, guy spier recounts his transformation from greedy hedge fund manager on wall street to a successful value investor. For those who dont know, guy spier is an investor born in 1966. But spier, who is a published author as of this year, says thats.
Aquamarine fund annual letter to partners value investing. The education of a value investor, guy spier shop online. Aquamarine is fairly restrictive with regards to who it manages money for, and fund information is only distributed by request. Thank you for helping us stay compliant with our regulators. Since 1997 he has managed aquamarine fund, an investment partnership inspired by, and. Since inception to the date of publication, the aquamarine fund returned 463. Pabrai, thank you so much for having me as a guest at your partnership meeting. Published in 2014, the education of a value investor recounts spier s journey as a value investor. The topic of compound interest is ignored or forgotten in the world of investing. Guy spier calls attention of horsehead holdings shareholders. Prior to starting aquamarine fund, spier worked as an investment banker in new york, and as a management consultant in london and paris.
1245 184 545 1070 343 751 572 598 1115 1338 1593 809 503 151 516 1045 1521 444 125 101 1157 1223 1559 821 594 1258 20 472 1304 40 962 442 917 159 950 1334