RWH042: Survive & Thrive w/ Guy Spier: Part 1

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We Study Billionaires - The Investor’s Podcast

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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 1, Guy discusses the art of compounding wealth over decades, drawing on lessons he’s learned from Warren Buffett, downhill ski racers, & his own mistakes. 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

04:07 - Why it’s so intense for Guy Spier & William Green to collaborate

10:19 - How telling the truth changed Guy’s life

17:53 - Why the Global Financial Crisis terrified him

24:52 - Why it’s hard to invest rationally in the real world of chaos & confusion

29:25 - How Guy deals with his emotions when making investment decisions

35:03 - Why his default position is to hold his stocks indefinitely & resist meddling

38:48 - Why he didn’t sell his stake in Alibaba

42:01 - Why he’s pleased with & disappointed by his investment returns

46:32 - Why his mission is long-term compounding without catastrophe

55:06 - What Guy learned from investing in a company that went bankrupt

57:57 - What the fastest skiers can teach us about success & survival

1:00:02 - How excessive risk destroyed a fund manager he once knew

1:04:13 - What we can learn from Warren Buffett about financial resilience



Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



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