How to Build Enduring Wealth w/ Guy Spier (RWH042)

[@WeStudyBillionaires]

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[@leonardhutchingsDownDirty]

Real Deal Here

[@milmac5052]

Two absolutely best human beings and great minds. Very informative piece. Thanks.

[@WeStudyBillionaires]

Appreciate the support! 🙏

[@scottinguito5997]

Wow, this is far more than investing advice. It's wisdom for life. "Now that you have money, are you going to have money complicate your life or simplify your life?"

[@WeStudyBillionaires]

Thank you so much! 💡

[@Darcy20003]

Listened to this multiple times already, great conversation and I love the way you both speak, elaborate, Authentic and informative in so many ways.

[@AS-yg5dt]

Enlightening discussion - on investing, relationships, life and so much more - thank you both for being so open and candid. A real gem 👍🏼🙏🏽

[@WeStudyBillionaires]

Wonderful! 🙌

[@Dividendflywheel]

Guy Spier is a very honest man. There are few men like him in the asset management business. If your goal is wealth preservation then his conservative portfolio and strategy works. If however you are in the accumulation phase where “portfolio growth” is the priority then I would look at other fund managers. This in no way diminishes what Mr Spier is doing. If you are 70 years old, and need 4% of your portfolio to meet your annual expenses in retirement. The 9% he generates is more than sufficient. Younger investors might need higher consistent returns to build their nest egg

[@WeStudyBillionaires]

Thank you for the kind words! 🙏

[@AmArJoT0o]

Thanks for sharing this conversation:)

[@WeStudyBillionaires]

Our pleasure! ♥

[@ngzixian2921]

Guy and William, hearing this all the way from Singapore. thanks for this beautiful conversion. i loved the part where Guy’s funds could trapped in Bears and it just reminds us that, at any given moment, our lives could dive into entropy. and i really love the ambience of podcast :) looking forward to part 2

[@WeStudyBillionaires]

Glad you enjoyed the interview! To clarify, we uploaded the full version here on KZbin and divided it into 2 parts for the podcast version. Thank you so much for watching! ♥

[@RicherWiserHappier]

Many thanks! Much appreciated.

[@value_investing]

Really enjoyed the talk while you two besties just sitting there chatting away. One of the greatest things about Guy is that in a world where almost everyone wears some sort of mask, he is the one who strives to remove all masks and be true to others, and most importantly, to himself. You're truly respected!

[@WeStudyBillionaires]

Thank you for the kind words! 🙏

[@foeppel]

Agreed

[@rokyericksonroks]

Love the perspective about shorting. (1:11:11) It doesn’t get talked about all that much, but shorting stocks is part of the game.

[@WeStudyBillionaires]

Glad you found the video helpful! 💡

[@gmgabrielmoura]

What a treat of an episode! Guy’s book did a lot for me and many others so thanks William for putting in those intense 3 months in it!

[@RicherWiserHappier]

Many thanks!

[@Bruce56]

Loved it as well. Great conversation!

[@WeStudyBillionaires]

Much appreciated! 🙏

[@RicherWiserHappier]

Thanks so much,@@Bruce56 -- warm wishes, William

[@obrYo]

Thank you both so much for this. It was a pleasure to listen to.

[@RicherWiserHappier]

Thanks so much. That's great to hear. Warm wishes, William

[@WeStudyBillionaires]

Our pleasure! 🎉

[@PradeepKanwar]

Brilliant & touching. Better understood by those with similar age & experiences

[@WeStudyBillionaires]

Glad you liked the episode! 🙏

[@royjones59344]

Really enjoyed the video. Creating an environment in which you can operate optimally is a great insight.

[@RicherWiserHappier]

Many thanks! Warm wishes, William

[@WeStudyBillionaires]

Glad you liked it! 💡

[@henrybuonaparte]

Great long form content! Thank you!

[@RicherWiserHappier]

Thanks a lot!

[@WeStudyBillionaires]

Glad you liked it! 💯

[@luispaz6908]

Whoopi Green. 😂 I love it. Omg, just started and its already great. 🤣🙏🏼

[@WeStudyBillionaires]

Hope you enjoy it! 💯

[@CompoundingwithGuyMatt]

Wide ranging conversation. Thanks for sharing! /G

[@WeStudyBillionaires]

Our pleasure! 🙌

[@RicherWiserHappier]

Thanks for listening! Warm wishes, William

[@lulo06]

Thank you both for sharing life wisdom. I cant help but laugh when I see that after this long discussion where both gentlemen are truly opening themselves to the audience, most comments are about the return on investment.

[@RicherWiserHappier]

Many thanks, @lulo06 for this thoughtful comment! Warm wishes, William

[@WeStudyBillionaires]

Thank you for the kind words! 🙏

[@foeppel]

This was incredible! Brought me back to Guy’s book. William and Guy should write more books together. When they were talking about what they should be remembered for I was thinking ‘You’re doing it right now and you don’t know it!’ They uncover the spiritual in the pursuit of the profane. Their deep friendship, connection through investing, and pursuits of enlightenment are really quite a unique combination. Perfect for those of us who can’t grok becoming a munk or human rights activist but want spiritual development all the same. Thanks as always @richerwiserhappier @GSpier12

[@WeStudyBillionaires]

So happy to hear you enjoyed the conversation! 🙌

[@ChristianSoschner]

Excellent content

[@WeStudyBillionaires]

Glad you enjoyed it! 🎉

[@RicherWiserHappier]

Thanks a lot, @ChristianSoschner. Warm wishes, William

[@philippkurz4327]

Thanks gentlemen.

[@WeStudyBillionaires]

Thank you so much for watching! 🙌

[@samsocial7513]

It is very nice. Love William, empathy is beautiful. Love Guy too, very sincere.

[@RicherWiserHappier]

Thanks so much! I'm so glad you enjoyed this conversation. Warm wishes, William

[@WeStudyBillionaires]

Happy to hear that! 🙌

[@ChristianSoschner]

26:00 it is totally intense. Abaolutely agree. Ex post everybody is an investment hero. In the midst of disaster it is challenging. Otherwise everybody would have bought Bitcoin and NVIDIA in 2010.😂

[@WeStudyBillionaires]

Thank you for sharing your insights! 🙏

[@bibbidi_bobbidi_bacons]

Thank you

[@WeStudyBillionaires]

Thank you so much for tuning in! 💯

[@AllGrindNoGimmics]

Why so many interviews with Spier?

[@WeStudyBillionaires]

He is a wealth of information and truly generous with sharing it. Hope you enjoyed the video! 💡

[@monturegal]

Less than 9% return per annum and giving in fees. Woah! 26 years compounding. Even bonds or the index funds would have beaten This guy!

[@RicherWiserHappier]

Thanks for watching. Just to clarify: the Aquamarine Fund averaged 9.0% a year from inception in September 1997 through the end of 2023, vs 8.3% a year for the S&P 500 and 7.1% a year for the MSCI World Index. This is after all fees and expenses. Cumulatively, the Aquamarine Fund returned 874.0% vs 716.6% for the S&P 500 and 502.6% for the MSCI World, beating the S&P 500 by 157 percentage points and the MSCI World index by 371 percentage points over that period of 26+ years.

[@RicherWiserHappier]

Thanks,@@David-jp3wc -- this doesn't include the impact of taxes. The fund has very low turnover, so it's not been a big issue. But I think you're totally right to point out the challenge facing active managers of beating the indexes after expenses and taxes -- it's tremendously difficult over the long run. It's much simpler just to buy a couple of index funds. That said, there are tricky questions there, too, since the S&P 500 index is now dominated by the magnificent seven, which are trading at something like 47x earnings, so index investors are betting that this kind of positive momentum will continue over the long run, which doesn't seem like a sure thing, by any means. Also, at what point will foreign indexes start to outperform and how much should one have in a foreign index fund? I own a couple of index funds from Vanguard and Schwab and have always done so, but I also own some actively-managed funds, so I guess I'm torn, personally, between these two approaches, both of which have their advantages and disadvantages. Warm wishes, William

[@theselftaughtspeculator6553]

You must be new to the business, nobody reports fees before expenses, it’s literally illegal.

[@angelsancheese]

Hahahaha I'm laughing at the babbel ad. When you said WSB sounds like Wall Street bets

[@intuitiveguy6487]

Asinine comes from "asino" that means "donkey".

[@RicherWiserHappier]

Interesting! Thanks for that. I have a strange love of etymology!

[@intuitiveguy6487]

@@RicherWiserHappier You are welcome, and thank you so much for your hard work Sir, this interview was amazing, loved it!

[@Cloninginvesting]

❤🤝🙏

[@WeStudyBillionaires]

Thank you for watching! 💡

[@Enjoyablewalks]

If someone invested on S and P index they would have made more money than investing with this fund.. I am sure the MER would have eaten any advantage..

[@RicherWiserHappier]

Thanks for your comment, @Enjoyablewalks. Just for the sake of clarity: the Aquamarine Fund's net return since its inception in September 1997 through the end of February 2024 was 872.5% versus 730.3% for the S&P 500 and 510.0% for the MSCI. This return is AFTER all fees and expenses. So, it's truly not accurate to say that investors would have made more money investing in the S&P 500 because they actually would have made 142.2 percentage points more in the Aquamarine Fund, which is not an insignificant margin of outperformance. In reality, the MSCI is almost certainly a more appropriate benchmark than the S&P 500 because the Aquamarine Fund has significant investments in places like India, China, and Switzerland. If you compare it to the MSCI, then the Aquamarine Fund outperformed the MSCI by 362.5 percentage points over those 26 1/2 years -- again, a pretty solid margin of outperformance. That said, I think it's TOTALLY legitimate to conclude that active investing is simply too difficult---especially after fees and taxes--and that it's easier just to own index funds and really hold them for the long term. Personally, I'm happy to own a couple of index funds, but I'm also happy to own some actively-managed funds as long as their expenses are reasonable and the manager's incentives seem aligned with their investors' best interests. I totally agree with what I think is your underlying point, which is that investing in the S&P 500 is a very legitimate choice and may be the smartest move for most investors. As Howard Marks once said to me, "most investors should index most of their money." My one reservation is that the S&P 500 seems to be heavily dominated these days by megacap growth stocks that seem relatively expensive. That makes me a little wary. Warm wishes, William

[@JWSpaceX]

less than 9%. why shouldn't I just stick with S&P500 ?

[@larrygerry985]

You basically should just ETF it

[@nobobonobo]

So he can collect management fees

[@Yu10l10]

True, in 30's it took nearly a decade to recover back to its price when the s&p corrected. There is a high likelihood were coming upto a situation like that. I'm out of index's and in cash/individual stocks growing year over year. You can buy a great business at a discount, you can't when it's an index.

[@jackwilliamburgess]

They said 9% a year was the returns, vs 8.3% for S&P since inception. So if you had wanted to underperform relatively, sure you could have brought the S&P

[@ragulsiddarth705]

The performance appears lower end of mediocrity. Still in the less than 5 percentage of hedge fund robbery who don't even beat the index with so much fees and commissions.

[@TheCheapGamer]

I am a better investor that this 🤡

[@johnnymartinARTIST]

he is too exhausting to listen to...just make the point and maybe vary your pitch and inflection . Wow!

[@KamilMauel]

Only because of the relatively delightful 2000-2003 and 2006-2007 Guy beat the S&P500TR. That should no longer be advertised since it has no relevance to the current times.2014-2023 both BRK and SPY tripled white Guy not even doubled. He has been beaten by the market 6 years in a row now! Lost the edge at least a decade ago. Happens to everyone except Buffet.

[@lordabhikingfisher8087]

both of then are not aware of what they are doing except for living on top of each other... does not give us confidence in their ability to give advise. Just buy SPY and you will beat this guy hands down. Just mumbo jumbo for nothing.

[@RicherWiserHappier]

You're probably right. I was joking with my daughter over dinner that she should use that phrase on my gravestone one day: "Just mumbo jumbo for nothing." It has a nice ring to it. Warm wishes, William

[@dali8444]

😂