Investing Prudently In Perilous Times w/ Guy Spier (RWH023)

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William Green chats with renowned hedge fund manager Guy Spier. Since launching the Aquamarine Fund in 1997, Guy has beaten the S&P 500 by 200 percentage points & the MSCI World index by 364 percentage points. He’s also the author of “The Education of a Value Investor.” In this conversation, Guy speaks candidly about the challenges he’s facing, including his fear that Russia’s war in Ukraine could escalate, creating a systemic risk for investors. He explains how he’s positioning his portfolio to survive & prosper in these perilous times, & he shares practical advice on how to maintain equanimity amid all this uncertainty. 
 
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:01:00 - How living in a calm & predictable environment helps Guy Spier to invest better.
00:09:42 - How he resisted the temptation to buy overvalued tech stocks during the recent bubble.
00:24:57 - Why we must beware of the psychological effects of rapidly rising or falling stock prices.
00:29:18 - Why Guy refuses to invest in any business that can’t fund all of its growth internally.
00:40:11 - How going to Berkshire Hathaway’s annual meeting helps to reinforce rational behavior.
00:50:34 - What Warren Buffett told Guy Spier & Mohnish Pabrai about the perils of debt.
01:01:35 - Why Guy regards the war in Ukraine as a potentially systemic threat to investors. 
01:11:09 - Why he’s invested heavily in China, despite the political & economic dangers.
01:11:20 - Where he’s investing in order to survive & prosper in these times of heightened risk.
01:13:39 - Why he’s avoiding weaker countries, including Indonesia & the Philippines.
01:14:54 - How he wrestles with the tricky question of whether to trim or hold his winners. 
01:19:34 - How he constructs a portfolio that helps him to maintain his emotional equilibrium.
01:26:52 - Why he’ll never short another stock.
01:44:14 - Why he diverged from Mohnish on the risks & rewards of investing in Turkey.
01:58:19 - What Guy & Mohnish have learned from the stunning success of their friend Li Lu.

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📖 BOOKS MENTIONED:
- The Education of a Value Investor by Guy Spier: https://amzn.to/3ZPYi70

Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀

▶️ RELATED EPISODES:
- (RWH009) How to Build Enduring Wealth: https://link.chtbl.com/RWH009
- (RWH010) High-Performance Habits: https://link.chtbl.com/RWH010

💡 OTHER RESOURCES
- Guy's podcast and website: https://www.guyspier.com/
- Guy's Free Newsletter: https://www.guyspier.com/newsletter/
- Guy's interview w/William Green: https://www.guyspier.com/conversation-with-william-green/
- Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a special $140 discount: https://bit.ly/3WG6WU3

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On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life.

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WHO I AM:
I’m William Green, the author of Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life 📘. Over the last quarter of a century, I’ve interviewed many of the world’s best investors, exploring in depth the question of what qualities and insights enable them to achieve enduring success 💰.

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