What has a bar to do with finding investment ideas? Guy Spier on idea generation, process & research

At the beginning of October 2019, we had the chance for a series of interviews with Guy Spier of Aquamarine (www.aquamarinefund.com and www.guyspier.com) in Zurich. In this part of the interview, you can learn more about Guy Spier's research process.
Here is the transcript of the conversation: www.good-investing.net/2021/0...
Here you can find part one: • How did Mohnish Pabrai...
00:00 Start
00:27 Where do you get your ideas from?
10:46 How much time does Guy Spier spend thinking?
15:38 How many companies do you research every year?
20:47 When to research a company deeper
24:47 How long does it take for Guy Spier to buy into a stock?
30:50 How does Guy Spier limit his holdings?
33:05 When do you sell a stock?
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
#investmentresearch #process #investing
More
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
⭕ Apply to the Plus community: good-investing.net/plus/
🙏🏻 Join the Supporters Club: good-investing.net/supporters...
📈 IB - our recommended broker *: good-investing.net/ib/
↗️ Smartbroker - our recommended broker for Germans *: good-investing.net/smartbroker/
📶 TIKR - our data tool *: tikr.com/goodinvesting
📃 Disclaimer: good-investing.net/imprint/di...
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
Affiliate Link = *

[@GoodInvestingTalks]

Here is the transcript of our conversation: www.good-investing.net/2021/08/10/guy-spier-aquamarine-capital-investment-ideas/

[@ChrisBatz]

This is my all-time favorite interview of Guy Spier. The amount of wisdom packed into 35 minutes is extraordinary. This not necessarily new to Guy but especially so in this episode he’s genuine and insightful. Thank you Guy.

[@chuckmartin935]

I got hooked on this dude's wisdom ever since listening to his awesome Google talk.

[@polocuinn7585]

Just discovered his audiobook - education of a value investor. Listened to it twice in a row, great practical wisdom applicable to so many areas of life (not just investing). He such a humble guy and appears to have great ethics. Thank you!

[@petelipson3769]

Thank you so much Guy. I just finished up my second degree ,a Bachelor science in accounting. I've been trying to think through and put my finger on the connection; on a deeper level, between accounting and good stock market investing. He hits the nail on the head at 16 to 17 minutes into this video! Thank you sir for the clarity.

[@SFreedberg1]

Absolutely phenomenal interview. So many pearls of wisdom. Definitely worth taking notes when listening to Guy.

[@JaesWOverley]

I look forward to this second video interview with Guy. The questions previously listed look like a great conversation to watch. Thank you for meeting and interviewing him for us.

[@watchdog3640]

Great interview. Thank you and thanks to Guy for giving us retail investors some valuable insights in his craft. My key takeaways: better leave your stock portfolio alone most of the time and generally prefer compounders to non-compounders.

[@amirjon]

On rebalancing: “Selling your winners and holding your losers is like cutting the flowers and watering the weeds.” Peter Lynch. Buffett once called Lynch and asked him if he could use the quote in his annual report!

[@evenbetter098987]

Dear Mr Spier, thank you for participating on the call and for your book. Q1: Bill Ackman considers Berkshire under valued. How do you value BRK in terms of method / formula? Q2: You wrote about how you use thank you notes to initiate a relationships and your great friend Mr Pabrai in your book. What else can you tell us about establishing and maintaining friendships in the investment community? Especially, how does one avoid smartassery and oneupmanship. Q3: What is the most rewarding business/investing periodical you read? Q4: Do you speed read? Any advice on reading faster and remembering more? Q5: You write that Warren Buffett said he was never wrong in valuing businesses - what do you think he meant by that and do you think he is right? Q6: What are 4-5 businesses whose annual reports you would recommend studying (apart from BRK), especially companies employing high levels of debt or real estate firms. Q7: Can you give us some more detail on Charlie Mungers mental models (apart from the latticework of mental models, and books about munger)? How we can learn about them and is there a good list you have seen? Q8: You talk about your struggle with being competitive and maybe also getting recognition and status. Can you share some thoughts on this and how to deal with this in a productive way? Thank you and all the best, André

[@JayBuff19]

Thank you for your time and for Guy's time and sharing. Great wisdom from this man.

[@antonhermansyah]

Thank you for the interview... and in 5:45 Glad that he mentioned my market, Indonesia...

[@binoybhatt]

Wow Amazing , loved this interview .... thank you for such a wonderful knowledge.

[@aksjefokus3821]

Looking forward to this one, thanks to both parties!

[@AWILGEGE]

I am from Indonesia, investor to... I like it, you say it and here many thing growth moat industry at growth country...

[@mohamedmadkour6926]

Thank you so much so an interesting interview and I believe it was awesome because you asked the right questions and thanks to Guy for being very honest and open for sharing his wiseness

[@michaelmasa8389]

I am also looking forward!

[@drspahkle]

Amazing interview! Thanks for this.

[@InvestingEducation]

Lookin forward to learnin from a good money manager

[@aksjefokus3821]

Who said fish where the fish are? Dan Bilzerian or Charlie Munger? ;) Great interview, as always.

[@jasongore4190]

Did you get a chance to take down the name of some of them books ?

[@AnkurParikh81]

You had me at Dan Bilzerian.... I can't recollect anything you said after that.

[@theusualyt]

cheeeers his candor is awesome

[@persistentone3448]

Guy talks about using net expert networks to obtain information about specific markets. Which networks is he using?

[@madhav5378]

Ed Sheeran teaching how to invest...? Is it just me?

[@GoodInvestingTalks]

Yes. It is just you ;)

[@fling1990]

Biggest takeaway: Dan Bilzerian is a legend - even guy spier respects him

[@GoodInvestingTalks]

This says more about you as about Guy ;)

[@loveanimals-0197]

FOr someone coming out of college, with a wife and a kid, what sort of cars would you recomment in the USA? There are always one or othe other issues with any car here. Do you have any suggestions?

[@GoodInvestingTalks]

I can only recommend German cars 😅

[@loveanimals-0197]

@@GoodInvestingTalks Why is that? And which one.

[@GoodInvestingTalks]

@@loveanimals-0197 Sorry. Just a joke as a German. I have 0 clue about cars.

[@tango4ever244]

anyone have up to date 10 year returns for this guy? seems his AUM has been stuck around 250mn for years..

[@sebfox2194]

Maybe he has purposely limited his assets under management? Some managers do this for specific reasons.

[@vinothkumar1509]

nick sleep was one of the investors mentioned. could you please the name of the other investor he mentions?

[@praneethchathuranga5876]

Bill ackman

[@Murciful]

thats a lot of books.

[@tamashbeen6610]

He just copies positions of Buffett mostly.

[@sebfox2194]

If that's what he did to get to where he is, then maybe you should do the same?

[@JP-lk1dz]

The problem is equity listed markets have created a fragmented ownership model, as if the owner of a business does not have responsibility in the guidance of the company. It is not a case the most successful companies are those whose founder remain a majority shareholder. This paradox is becoming more and more evident with index funds who have the majority of shares in any listed companies, yet don’t have any skills or experience to provide guidance to the company. Are we really sure equity listed markets add value to our society? In 18th century following the South Sea Bubble, England banned listed equities, company shares were “privately” owned and England prospered for decades.

[@GoodInvestingTalks]

I think equity markets add value - but often a lack of ownership reduces this value add.

[@JP-lk1dz]

@@GoodInvestingTalks how is that compared to privately owner companies. Before answering think about the success of Ferrero, Lego, IKEa, Aldi, all big fours and so on... would being listed add any value? i don't think so

[@grizz112]

I hope none of his investments are in the hospitality industry because he's got no idea how bars work

[@fcaspergerrainman]

Can I be honest? He is a good “talker”…not a good investor, look at his track record…look at the numbers, for real. Just because someone can blah blah blah and met Buffett once doesn’t mean he is a good investor…sorry too blunt but it’s fact

[@ScalperSpecltr]

Total waste of my time. These copy at managers have become so pervasive

[@GoodInvestingTalks]

Got your point. But it is interesting to read it on KZbin where a lot of people watch videos for "inspiration" 😅.