Guy Spier: Our brains didn’t evolve for a modern economy
To be a successful stock picker over a long period of time, not only do you have to be a scrupulous researcher, you also have to guard against powerful human emotions.
In this podcast, famed value investor Guy Spier talks through how his investment process has developed over the past two and half decades and why he’s feeling more optimistic in the current market rout than he has in previous crises.
In conversation with the IC’s Mary McDougall, he talks through his investment thesis in some key holdings, explains why he bought and sold Twitter and questions whether fear and concern over China has sparked more critical stories about the investment case, or if it reflects a genuine underlying reality.
They discuss the benefits that can be gleaned from studying your heroes, the challenges and opportunities presented by feelings of envy and the extent to which fund management is an attractive way to live a life.
Guy has managed Aquamarine Fund since 1997, achieving annualised returns of 9.5 per cent since its launch, compared with 8.1 per cent for the S&P 500 Index and 3.6 per cent for the FTSE 100 Index.
Timestamps:
00:00 - Intro
02:27 - Outlook for your investments
07:03 - Reassessing the portfolio
09:04 - How much emphasis on macro factors
11:09 - Getting exposure to good ideas
15:25 - Investing in China
19:01 - Owning and selling Twitter
23:43 - Practical tips for emulating investor role models
27:34 - Investor biases/psychology
32:56 - Dealing with envy
36:29 - Investment rules to follow
40:17 - Why are you a fund manager?
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Пікірлер: 7
One way to avoid being influenced by a salesman's pitch or someone who purchases an ad on a newsletter with the intent to pump and dump would be to write just the ticker of the company and nothing else on a notepad along with the tickers of other companies you intend to look at later. Then in a month or so, when you're making your way through your backlog of companies to evaluate, you will either not remember what the sales pitch was, or as your memory of it will have faded, it will no longer be a fresh bit of information so it will be less likely to trigger a FOMO emotional wave.
Superb interview and great questions as ever from Mary, matched only by the refreshingly honest, reflective and insightful views of the guest. Really sorry that Mary is leaving, she has been such a great host, with an incredible knack for crafting the questions the audience was thinking of. Bravo!
Fantastic interview. Thanks for uploading!
Good luck with the new job, Mary. You're a good interviewer, maybe that was false modesty at the beginning? Guy Spier is an engaging subject for an interview, I enjoyed listening
Great interview, really interesting and thought provoking ideas. Love listening to great investors like Guy, so much value to unpack. Good luck with new job Mary, have enjoyed your interviews, hopefully IC can keep bar as high as you set it.
So glad she did not ask me about Tesla, Bitcoin or Crypto.
Fucking love guy. Have a nice day guy.