Guy Spier (born February 4, 1966) is a Zurich-based investor. He is the author of The Education of a Value Investor.[2] Spier is the manager of the Aquamarine Fund with $350 million in assets.[3] He is well known for bidding US$650,100 with Mohnish Pabrai for a charity lunch with Warren Buffett in 2008.[4] In 2009, he was featured in The Checklist Manifesto, by Atul Gawande regarding his use of checklists as part of his investment process.[5] He is the brother of Tanya de Jager and the grandson of Selmar Spier, the German-Israeli jurist, historian, foreign correspondent and farmer.
In 1990, Spier was offered places both in the Joint Business and Economics PhD program and at the MBA Program at Harvard. He opted to do the MBA and, in 1993, he completed his MBA. Contemporaries at HBS include Mark Pincus, Chris Hohn and Sherry Coutu.[citation needed]
In his book, Spier writes that although he interviewed with white-shoe firms like Goldman Sachs and J. P. Morgan during his last year at Harvard Business School, he turned down these firms to work for the lesser-known D.H. Blair. There, as a Vice President, he sought funding for new technology startups. Spier subsequently described this experience as "not dissimilar" to the movie Wolf of Wall Street. It was a career decision that he quickly came to regret.[7]
Upon leaving investment banking, Spier founded the Aquamarine Fund, an investment partnership inspired by, and styled after, Warren Buffett's 1950s investment partnerships. Spier continues to manage the fund today, and it had $300 million in AUM as of June 2021.[3]
Spier follows closely Warren Buffett's principles on value investing and capital allocation. However, he also admits that value investing has changed over time as the popularity of the style means that generally fewer opportunities are available to investors. Ideas that will work would still be around, but the successful value investor of today has to look further and sometimes think outside the box.[8] More recently, Spier has eschewed all forms of activism, stating, "My goal as an investor is to compound money for my shareholders, not to pick unnecessary fights or conduct myself like an avenging moral crusader."[9][10]
Spier has regularly advocated for probity and modesty in the management of financial firms. In 2008, Spier published a paper along with Peter Sinclair and Tom Skinner on "Bonuses, Credit Rating Agencies and the Credit Crunch" which argued that part of the cause of the 2008 crisis was short-termism leading to the miscalculation of bonuses at credit rating and other financial firms.[11] He has also strongly advocated in favor of zero management fees when it comes to professional investment management.[12] Spier has advocated for Switzerland to become a centre of true investing excellence, writing "while Switzerland's biotech, health and technology clusters are extraordinarily well developed, Swiss private banking still has a long way to go".[13]
In 2014, Palgrave MacMillan published The Education of a Value Investor which narrates Spier's early career struggles in investment banking on Wall Street and his transformation into a value investor. The book has sold more than 175,000 copies in English and has been translated into Spanish, German, Japanese, Korean, Chinese, Polish, Hebrew, and Vietnamese.
In 2016, Spier, along with Phil Town and Matthew P. Peterson, successfully petitioned Judge Sontchi at the Delaware Court of Bankruptcy to form an official committee of equity holders of Horsehead Corporation which had filed for bankruptcy earlier that year.[18]
In 2019, in a YouTube interview with Tilman Versch of ValueDACH, Spier likened the art of stock picking to "drunks in bars"[19] also referencing Dan Bilzerian.
Spier hosts an annual investment conference in Klosters called "VALUEx". Attendees have included Joe Chapman and Richard Reese, the former CEO of Iron Mountain.[20]
Spier is an occasional financial commentator in the media.[21]
In 2022, the final Glide Foundation charity lunch with Warren Buffett sold for $19,000,100[22] which is thirty times more than the sum that Spier and Pabrai paid.
Guy Spier speaking with Niall Ferguson during the World Economic Forum
Non-profit contributions
In 1997, Spier spoke out in The Independent against the increasing intrusion of paparazzi in British public life, writing "...if such a regime had been in place before last weekend, every tabloid which published photographs of Princess Diana and Dodi on their summer holidays would have been required to pay the resulting profits to them. I do not think that it would take too fine a legal mind to distinguish between public events, such as speeches and hospital visits, and private events, such as a ski trip with one's children or a ride in a car with a friend.[23]" In 2002, writing in the Financial Times, Spier questioned the motives of the directors of the Hershey Trust Company for selling out their stake asking, "Why would anybody in their right mind want to trade a significant share of Hershey, with its excellent characteristics, for an insignificant share of a hotchpotch of US business, probably chosen by some adviser who is better at getting selected than at delivering investment performance?[24]".
"Investors like myself are looking for such jurisdictions and regions – where there is a government that takes intelligent decisions and allocates resources rationally.
The UK used to be such a country. But increasingly it is deviating from that path. Despite having a well-educated labour force, plenty of capital and the intangible infrastructure of a developed country, it is slipping down the ranks.".[25]
Spier regularly addresses students and other audiences including MIT,[26] Ivey School of Business,[27] Harvard Business School, and Google.[28]
From 2000 to 2005, Spier served as the President of the Oxford Alumni Association of New York with the close support of Amanda Pullinger. Under his and Pullinger's leadership, the association grew to over 5,000 members and was a pioneer in bringing an American style approach on alumni relations to a British university.[29][30] From 2007 to 2009, Spier served on the advisory board of the Dakshana Foundation.[31]
Spier has frequently promoted India as an attractive investment destination. In an interview with the Economic Times of India he stated "I think that India is going to be an exciting place to be for the next 50 years."[32]
In 2011, Spier founded the VALUEx conference in Klosters. In 2017, Spier joined the newly formed board of the Swiss Friends of Oxford University.[33][34] He also serves on the board of UN Watch and on the advisory boards of Horasis and World Minds.[35] He is also a member of the International Council of the Global Leadership Foundation, which was founded by Nobel Peace Prize winner F. W. de Klerk.
Warren Edward Buffett is an American businessman, investor, and philanthropist who currently serves as the co-founder, chairman and CEO of Berkshire Hathaway. As a result of his immense investment success, Buffett is one of the best-known investors in the world. As of March 2024, he had a net worth of $134 billion, making him the seventh-richest person in the world.
Li Lu is a Chinese-born American value investor, businessman and philanthropist. He is the founder and chairman of Himalaya Capital Management. Prior to immigrating to America, he was one of the student leaders of the 1989 Tiananmen Square student protests. In 2021, he also co-founded The Asian American Foundation and serves as its chairman.
Benjamin Graham was a British-born American financial analyst, investor and professor. He is widely known as the "father of value investing", and wrote two of the discipline's founding texts: Security Analysis (1934) with David Dodd, and The Intelligent Investor (1949). His investment philosophy stressed independent thinking, emotional detachment, and careful security analysis, emphasizing the importance of distinguishing the price of a stock from the value of its underlying business.
Value investing is an investment paradigm that involves buying securities that appear underpriced by some form of fundamental analysis. All forms of value investing derive from the investment philosophy taught by Benjamin Graham and David Dodd at Columbia Business School in 1928 and subsequently developed in their 1934 text Security Analysis.
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Growth investing is a type of investment strategy focused on capital appreciation. Those who follow this style, known as growth investors, invest in companies that exhibit signs of above-average growth, even if the share price appears expensive in terms of metrics such as price-to-earnings or price-to-book ratios. In typical usage, the term "growth investing" contrasts with the strategy known as value investing.
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David M. Einhorn is an American investor, hedge fund manager, and amateur poker player. He is the founder and president of Greenlight Capital, a "long-short value-oriented hedge fund".
Mohnish Pabrai is an Indian-American businessman, investor, and philanthropist. He was born in Bombay (Mumbai), India, on June 12, 1964. He is the founder and managing partner of Pabrai Investment Funds, a value-oriented investment firm that manages over $1 billion in assets.
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Alice Schroeder is an American executive, financial journalist, and author who was Berkshire Hathaway's leading sell-side insurance analyst at Morgan Stanley and later became Warren Buffett's appointed biographer. Schroeder remains a widely-regarded insurance expert, having most recently served as a Non-Executive Director on the Board of Prudential PLC. In the first week of October 2008, she published The Snowball: Warren Buffett and the Business of Life, a New York Times bestseller. As a project manager for the US Financial Accounting Standards Board, she oversaw the release of SFAS No. 113, a critical change in US reinsurance accounting regulations. Since 2008, Schroeder has worked as a columnist for Bloomberg News.
Mr. Market is an allegory created by investor Benjamin Graham to describe what he believed were the irrational or contradictory traits of the stock market and the risks of following groupthink. Mr. Market was first introduced in his 1949 book, The Intelligent Investor.
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Ole Andreas Halvorsen is a Norwegian billionaire hedge fund manager. He is the CEO and a co-founder of the Connecticut-based hedge fund, Viking Global Investors. Viking had $24 billion under management as of October, 2017. Halvorsen has consistently ranked among the top earning hedge fund managers, placing 11th in Forbes' 2012 rankings and 9th in 2015, according to Institutional Investor's Alpha.
Francisco García Paramés is a Spanish fund manager. In 1989 he incorporated Bestinver Asset Management, from Acciona.
Stig Brodersen is a Danish investor, author, and former college professor. He is the owner of the investment company Stig Brodersen Holding, and the co-founder and show host of The Investors Podcast.
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