Risk avoidance, living well and why you should own "glacier" stocks with Guy Spier

Guy Spier is a value investor best known for partnering with Mohnish Pabrai and paying $651k to have lunch with Warren Buffett. Guy’s $250k share was clearly a brilliant investment as he explains in our discussion. And he talks about how Buffett helped him to grow as a person in ways he didn’t even want to grow.
Remarkably, Guy also explains why he was an idiot (his words) to write one of his investing rules in his book 8 years ago because he has completely changed his mind. He talks about how his father entrusted his life savings to a relatively young and totally inexperienced Guy. That has coloured his approach to running his fund which is focused on the avoidance of risk.
HIGHLIGHTS:
00:00 Introduction
04:00 Did you always want to be an investor?
10:45 Studying at Oxford University with David Cameron and at Harward with Chris Horn and Bill Ackman
17:50 How Guy met his wife and why they moved to Zurich
19:30 Guy’s first job at DH Blair and why he didn’t like it
26:25 Guy’s insight into his father’s bank account and finding surprise fees
27:30 Guy’s father entrusted him with $1 mln to invest
30:00 Why investors need to understand their relationship with money
36:50 Lunch with Warren Buffet and the learnings about growth and pain
43:00 Warren Buffet’s mind has a higher clock speed than the majority of people
48:00 Nick Sleep invites Guy to Goodwood Circuit
51:05 Why Guy works without an analyst and how he finds the time to do it all
56:30 On checking stock prices less often
1:05:00 Why overly complex ideas don’t work, Value Investing Club
1:10:10 Why balance sheet analysis is important and why it has been neglected
1:16:20 Assessing management- Why has Guy changed his view on this since publishing his book
1:26:00 Guy’s book recommendation
1:27:00 On meeting a former intelligence officer
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Like and share your thoughts in the comments below!

[@archbpc]

One of the best interviews with Guy Spier I have listened too, very interesting. Really good to hear you challenge his ideas and responses to questions, digging into his investing philosophy. Great value and thank you for posting.

[@BehindtheBalanceSheet]

thanks so much for the kind words - really glad you liked it.

[@richardemslie4721]

Thanks for a very interesting podcast. Thinking about the benefits I have got out of some things I have paid to go on and do, I think Guy's point about taking advantage of lottery ticket opportunities is very true. Some people won't do things with no guaranteed payoff as they are obsessed with not spending money; while others with a greater growth mentality and willingness to be lifelong learning machines will be prepared to do things and invest in themselves even if the immediate pay-off might not be clear. The more good people you can interact with the more you can probably benefit and the more luck, knowledge and opportunities you may create for yourself.

[@BehindtheBalanceSheet]

thanks for the kind words - yes, what you say makes a lot of sense

[@dave8212]

Thanks to you both, really enjoyed this interview 👍💛

[@BehindtheBalanceSheet]

Thanks so glad you enjoyed. Please tell your friends...

[@simmonds3930]

Really enjoy listening to Guy Spier. I always come away learning something new from his stories and from his current reading list!

[@BehindtheBalanceSheet]

Thanks glad you enjoyed

[@royjones59344]

Excellent interview

[@BehindtheBalanceSheet]

Thanks glad you enjoyed

[@SPLUGA]

I love hearing GuySpiers. It is a regular reminder that there is little/no value and only a well conveyed narrative. The free marketing made after Dinner w Bufet is a genius piece. Besides that, there is little/nothing. :) Yet, if people like to pay for that let them eat cake. :-)

[@BehindtheBalanceSheet]

Guy has a v good track record. I think his views on creating the right investing environment are interesting and original. Thanks for the feedback

[@SPLUGA]

@@BehindtheBalanceSheet what an interested party with significant conflicts of interest thinks is secondary to me (and should be to everyone w a brain:unfortunately there is little of that here) .

[@SPLUGA]

@@BehindtheBalanceSheet Real thing is how much overperformance over the SP500 did GuySpiers score. Then we speak facts. Else you are part of the theater game

[@BehindtheBalanceSheet]

@@SPLUGA I really don’t understand your comments. What is your issue?

[@BehindtheBalanceSheet]

@@SPLUGA I don’t now that number off the top of my head but I believe it’s a decent number. But if you don’t believe in Guy’s investment credentials (which is a view you are perfectly entitled to), then don’t listen to his interviews. There are lots of great interviews with great investors.