Will There Ever Be Another Warren Buffett? | TCAF 107

On episode 107 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Guy Spier to discuss: lunch with Warren Buffett, value investing, managing a hedge fund, Berkshire after Buffett, the bull case for Ferrari, and much more!
Thanks to Public for sponsoring this episode. Visit public.com/compound for more information on how to earn 5+% interest with a treasury account on public.
More from Guy:
www.guyspier.com/
00:00 - Cold Open
07:36 - The Education of a Value Investor
10:48 - A Solid Punch in the Face
15:58 - Guy's Story
24:19 - Lunch with Warren Buffett
37:15 - Will there be another Warren Buffett?
49:56 - Value Investing in 2023
01:01:10 - What is Guy doing differently?
01:07:18 - Markets and Nvidia
01:16:13 - Navigating difficult times
01:26:15 - Favorites
👕 Check out The Compound shop: www.idontshop.com
🎙️ Listen to our podcasts:
The Compound and Friends: link.chtbl.com/compoundandfri...
Animal Spirits: link.chtbl.com/animalspirits
Ask The Compound: link.chtbl.com/askthecompound
The Compound Newsletter: email.thecompoundnews.com/sub...
Instagram: / thecompoundnews
Twitter: / thecompoundnews
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ritholtzwealth.com/advertisin.... Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.
Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ritholtzwealth.com/podcast-yo...
#thecompound #investing #stockmarket

[@TheCompoundNews]

Thanks to Public for sponsoring this episode. Visit public.com/compound for more information on how to earn 5+% interest with a treasury account on public.

[@real.mannie]

We need a Public version in Canada gents!

[@unai2]

Guy Spier!! Such a great and humble guest!! 😍🙌🏻

[@yankeedoodle6293]

Humble ?

[@unai2]

@@yankeedoodle6293 Don't you think so? I would say he really is. Just admitting he cannot be as a great investor as Buffett is being humble

[@hamiltod74]

Lol. Humble? This was the worst TCAf episode. Guy is running micro hedge fund (less than $300M AUM) and he’s from old mone Europe. Complete joke

[@lemanhadjiyeva6277]

One of the greatest finance podcasts for the last couple of years! Love the duo of Josh & Michael! The last, but not the least so many insights from Guy Spier! Indeed a very special guest!

[@Markviews2020]

One of my favorites! As an asset allocator for my household, I enjoyed the honesty and humility of Guy Spier. This year has been great. but the years that you don’t are just humiliating and frustrating.

[@cliffpeebles9705]

I love any discussion on "what is value?". It's like "what is life?". If you made money, it was a good value.

[@husknight]

Guy Spier's book is awesome. An awesome video to watch upon waking up on a Saturday morning on this side of the world. Please keep it up, Josh and Michael.

[@indermann9523]

Such a damn good episode of the best finance podcast.

[@zeus_2001]

1:15:45 "Wait, Red Bull's a car company now?!" Classic Batnick.

[@user-zr8wu5rp7k]

GOAT TCaF episode. The discussion on Value Investing was especially enlightening. It was a bummer when Batnick interrupted insisting on covering the latest noise in the market. Best of all no time was wasted trying to analyze charts. Fantastic guest and conversation. I will come back to this one often.

[@opreavaler988]

I never comment on youtube, but for me this is the best episode so far. Even if I'll make enough money to bid for a lunch, I'd be so anxious to meet Guy Spier.

[@bubbaburke]

I could listen to Guy for hours. A wonderful communicator.

[@TravelGuy7]

So the guy starts telling his story, then Josh hits that damn sound board and proceeds to cut him off saying how much he wants to hear the story. Then proceeds to talk about himself. I love all of the shows on the compound but this one took too long to get going. Good episode eventually though. Not hating, just some constructive criticism.

[@cyrusfryback6807]

I think it’s Duncan with the sound effects, whoever it is, absolute garbage. I love all other aspects of the show, Michael, Josh, the whole team, etc. but the sound effects have to go, the laughing ones, explosion ones, etc. so bad, all of em

[@no_goo]

@@cyrusfryback6807 ha no thats Josh w the sound fx.

[@cyrusfryback6807]

@@no_goo so bad, either way, so bad

[@jgardner2508]

Guy had many interesting things to say, however this is the one of few interviews where Josh and Micheal interrupted before Guy could fully answer. Great guest. Stop interrupting the guest!

[@PacificOutspread]

I've been waiting for this show like all my life. Guy Spier at the Compound! 😲 I still cannot fathom it. Such a fantastic show! Thank you guys so much! 🥰

[@TheCompoundNews]

THANK YOU! - JB

[@djs8465]

great guest, love the podcast every week, this was the most you two ever interrupted a guest. let the guy answer the question!

[@py8130]

need to justify and prove - identity psychology.

[@Riverdragon32]

YOOO Guy Spier! I love listening to him and Mohnish

[@TheSecurityILikeBest]

Holy shit, a REAL guest!!! Awesome!

[@imranmajid2494]

Guy Spier in the house! Great investor.

[@MikeBarnhill]

Yeahhh I love Guy Spier! Can’t wait to listen. His recent book is awesome!

[@Stavros_Steve_Deriziotis]

Great guest! I seriously wasn’t expecting to take away this much from a simple discussion about the importance of learning ways to genuinely network, thanks again guys for another awesome episode! All the Best,

[@thomasmerrill3585]

What a really good human being you can gain so much insight in your life by guests like him

[@brianschlottman9681]

I listened earlier, came back for review (didn't miss charts tonight). Thoughtful discussion.

[@baumulrich]

even just a brief barry interlude is absolutely priceless. What a cold open! wow

[@amdave76]

Did Josh really say he thought Chamath was going to be another Buffett? LOL. Get episode

[@conradhenninger2209]

Having Guy this week was a welcomed change to help us slow down and take some time to think about our portfolio, investments, methodology and LIFE.

[@jogrin]

Barry needs his own boating podcast

[@smitd4ty]

Josh amazing shout-out for the EYL crew!

[@PhilSommer2]

I began my investment journey at the age of 33, primarily through hard work and dedication. I am to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.

[@alicebenard5713]

Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.

[@Jessicatorres_768]

This is superb! Information, as a noob it gets quite to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?

[@PhilSommer2]

Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $500k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.

[@brittanynicolette9473]

wow that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.

[@philipcollen482]

Do you mind sharing info on the adviser who assisted you? I’m 40 now and would love to grow my stock portfolio and plan my retirement.

[@stevecave3191]

Gentlemen…really loved the show. Keep it up

[@markkao9954]

Big fan of him, William Green (his ghost writer and author of Richer Wiser Happier) and Monish, they’d be great future guests

[@Lanark83]

Great to see Guy here. Not one I expected to on show. Well done guys!!

[@JohnSuarezPeristlyeWealth]

Shoutout to @michaelBatnick for quipping about J.T. Marlin. Epically well played, sir.

[@chuckdiezel7652]

A while back I asked for a value investor on the show, obviously you saw said comment and booked Guy. Really interesting episode! Just the right amount of interruptions 😂 thanks!

[@davidwelcker4747]

Great guest! Well done, Josh and Michael and crew!

[@ericagon1]

One of my favorite investors on my favorite finance channel. Well done guys!

[@SMTraz]

YEAH, new episode!

[@jonr7485]

Awesome show. I have always wanted this interview to happen. Hopefully, Guy can return! I have never seen Batnick engaged and quiet at the same time, Ha

[@nolanabell703]

Richer, Wiser, Happier is a FANTASTIC book

[@moosejoose4]

unbelievable guest quality 💯💯💯

[@SimonStormFrigon]

What a GUY #humble Spier's book is a must read. An awesome podcast to watch on a Saturday morning on this side of the world. Keep it up, Josh and Michael. You are guys are the $hit

[@JohnDavidRicker]

6:01 backpack of notes is mint

[@petez4608]

Guy Spier is one of the people that gets my undivided attention.

[@mgarizona9939]

So what a time to like and subscribe to my first watch of the compound this was an excellent interview . I really like that this interview seemed so unscripted came over easily watchable and genuine ! Thankyou much appreciated .

[@SauceyGames1]

Great episode with the GOAT SPIER! We need Mr Pabrai next!!! 🙏

[@talwarmeister]

I think you outdid yourselves. This episode was very informative. And the guest simply awesome.

[@TheCompoundNews]

Glad you enjoyed it!

[@nolanabell703]

Very good episode, hope he comes back on again

[@alfredgustafsson4708]

If they got Monish Pabrai on… I would literally cry tears of joy.

[@khamady]

Absolutely solid episode! Well done to all 👏

[@AricCramerAttorney]

Wow!!! Every week I think it can't be better. And every week it is the bomb! Love Guy and have read his book several times. Great work team!

[@christophergraciano315]

The cutoff tag team 😂

[@no_goo]

Hahaha best description I’ve seen yet of interrupting guests

[@bradrodrigues9032]

Love the boat talk open.

[@investwithjosh]

This is such an awesome interview with Guy! I hope one day I get to pick at his brain myself.

[@jminter]

Congratulations on the episode. Excellent guest!

[@howardcrabtree1440]

You guys did a better job of not constantly interrupting in this interview than you do, now, in the Spring of 2024. Great interview. Great guest. Well done. And, regarding his book recommendations on self-deception, if you want to see the headwaters of that genre, read Folly of Fools, by evolutionary biologist, Robert Trivers. For the cliff notes, just look up his lectures on youtube. I believe google hosted him several years ago.

[@sburson05]

Fantastic show, great work this week Josh, Michael & team

[@JohnDavidRicker]

5:37 big investfest plug lets go

[@mml1224]

UNIQUE character for sure, good job guys!

[@thesteadfastfiduciary]

Guy is an excellent guest! So based, realistic and down to earth. Great episode!

[@p6blue]

Love Guy Spier

[@chuckstu]

I agree that 'Richer, Wiser, Happier' by William Green is excellent.

[@johannjaeger]

I can't imagine anything more anachronistic than 'value investing'

[@johannjaeger]

This is painful to listen to.

[@cyrusfryback6807]

@@johannjaegerweird since he’s managing hundreds of millions of dollars and you’re a nobody.

[@anderson6379]

Never clicked select on my mouse 🖱 so quick. 👏👏👏 Well done guys. Some amazing guests recently

[@RohitAdukia]

Michael was hilarious today

[@grahamburton9937]

Incredible!! Anotha great one

[@thomasrust6637]

I wasnt a fan of guy before this, I am now. Excellent job by all.

[@dm8127]

Awesome Barry intro

[@cedariuswilliams2437]

Love the InvestFest/EYL plug in there! 💪🏾💪🏾💪🏾

[@Carnitas123]

What a great episode.

[@stevenlippold]

Barry needs to be on the show

[@DM20394]

Guy is a rockstar, awesome ep!

[@santaclaragreg]

Guy recommended having Christopher Mayer on the show, the author of "100 Baggers (Stocks That Return 100-To-1 And How to Find Them)". 100 Baggers is my second favorite Stock/Investing/Finance Book behind Psychology of Money. I hope you take Guy's advice and have Mayer on TCAF... Thanks!

[@hybin1716]

5:00 shout out to Shotty!!!! Can wait for them to make it to the compound.

[@alexNGMI]

too bad, there were a few times where the guest was about to say something interesting but got interrupted... 55:15 ... 01:06:54 ...

[@mf2825]

Fabulous one!❤

[@puro52]

holy f*ck, guy spier!. this is gonna be some amazing 90 minutes.

[@jimdemerath1032]

Always watch watching ..

[@ashishtiwari-ub4ey]

Great work as usual guys, tell me when are you going to get Mohnish Pabrai in your studio.

[@lurkingcaro]

That guy talks like the computer in courage the cowardly dog

[@royconago4655]

Anyone catch the name the guest mentioned @1:18:31 whose newsletter (over 300 pages) everyone should read?, thanks in advance

[@CalebGrady]

Chris Bloomstran

[@kevinbreeze5459]

23:50 Working on a stock for months. Meets all your criteria for an investment. A great long term investment. Buying a stock at the right time, and then selling it shortly thereafter 'cause it's gone up 40% quickly, are my biggest mistakes. I owned both Garmin and First Solar in the $30's. Many other companies too. Garmin's GPS patents are a perpetual annuity.

[@MrDW72]

We love you batman. Batnick ;P

[@mjhmn]

great guest

[@mmahan523]

Interesting and different perspective love the change of pace. I will dunk on the guy for saying bullet chess is the most intense adrenaline thing you’ve seen though haha

[@davidwilson9976]

Chart off

[@cliffpeebles9705]

Best charts ever!!!!

[@FredSox49]

Guy's comment about crapping underwritings reminded me of my days as an investor-relations consultant. Our agency's business development guy would sign up companies with D.H. Blair underwritings and similar types. We'd say, "He brings them in; we have to tout this s**t."

[@quinnkirsop]

Michael, go back and watch the video and count how many times you harshly transition (interrupt) your guest... Not sure you realize how obvious it is that you're clearly not listening to what he's saying right before you cut him off. Brutal, my guy, brutal.

[@EK-lp8od]

you are so wrong. He actually does a great job interacting with the guests and is a great listener. His partner actually is kind of rude to him at times. It's disappointing to hear.

[@quinnkirsop]

He does a great job at keeping things flowing and generally has good transitions, but this was rough. Maybe it's because the guest is so humble and nice these interuptions seem more egregious, but Michael interrupts EVERYONE, usually Ben (on Animal Spirits), lol. This is not a secret...

[@davidashcroft5602]

Elephant in the room: 👀 What happens to Berkshire? How can i put this 🤔.. When the "time comes"

[@HepCatJack]

I couldn't find anything on "Arnold Foldenberg" mentioned by Guy, is my spelling of the name wrong ?

[@CalebGrady]

Missed him saying the name but maybe Arnold Van Den Berg - big BRK investor

[@smallrossy]

It's Mercedes that's won a lot over the last decade and a half.

[@usazar]

Chamath is to Buffett what a firefly is to the Sun 🌞

[@miketaye]

Where is the Compound & Friends Mug shot photo in the background this week?

[@abeNpdx]

"NERD ALERT" -Michael 😂😂😂

[@dediudmarius]

Very good episode and I bought bought books he recommended. Who gets the commission? The Compound or Spier? 😂😂

[@andrewt9434]

people have an weird uncomfortable obsession with buffet

[@Tendomcgoobin]

💯

[@Bobventk]

Value vs Growth is a false dichotomy

[@JonathanPoland]

Would love to see a money manager that actually uses Buffett's partnership fee structure. 0% management fee, 20% of annual profits, 4% hurdle rate... which Buffett guaranteed in the beginning.

[@drew9312]

Great guest. Josh- please stop interrupting guest replies. It ruins the interview flow and at times we never get back to the point the guest was trying to make. It’s about the guest ...

[@tbates757]

Great interview and all but dudes portfolio just owns mostly Berkshire and stocks already in Berkshires portfolio.

[@MrPretends]

Confused at what was said at 1:02:34 , I must have misunderstood because what he said seems so unrealistic. Wants to see more cash generated from operations than income (net income)? I can see this happening for only a handful of companies and even than it’s rarely sustainable. To say “what the hell is going on” is so far-fetched to me. Seems like something an investor would say who has been an operator

[@McRuffster]

Batnick is the worst. His interruptions really ruin the podcast at times. He's great in conversational podcasts like Animal Spirits but he really makes these difficult to watch sometimes.