In this episode, William Green chats with renowned hedge fund manager Guy Spier, who has run the Aquamarine Fund since 1997. This conversation has been split into two episodes. Here, in Part 2, Guy shares insights on how to succeed over the long run by avoiding dumb investment behavior, building the right relationships, and recognizing our weaknesses. This is an unusually candid conversation between William & Guy—old friends who collaborated on Guy’s classic book, “The Education of a Value Investor.”
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
01:36 - What dumb investment behavior Guy Spier strives to avoid
05:12 - What type of companies he shuns
07:05 - Why good relationships are a key to financial & personal success
07:25 - Why we should be especially wary of leverage
15:46 - Why it’s vital to find “friends along the path” who support us emotionally
29:34 - Why it’s helpful to shine a light on our own weaknesses
41:18 - How he handles painful, contentious conversations
51:24 - How to engage with people whose beliefs & experiences differ from ours
1:07:05 - What role money does—or doesn’t—play in a rich & meaningful life
1:11:11 - What Guy learned from Warren Buffett’s exercise of writing your own obituary
1:31:39 - How reading great literature can make you wiser & happier
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
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