Guy Spier (born February 4, 1966) is a Zurich-based investor. He is the author of The Education of a Value Investor.[2][3] Spier is the manager of the Aquamarine Fund with $400 million in assets.[4] He is well known for bidding US$650,100 with Mohnish Pabrai for a charity lunch with Warren Buffett in 2008.[5] In 2009, he was featured in The Checklist Manifesto, by Atul Gawande regarding his use of checklists as part of his investment process.[6] 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.[8]
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.[4]
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.[9] 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."[10][11]
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.[12] He has also strongly advocated in favor of zero management fees when it comes to professional investment management.[13] 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".[14]
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,[19] German,[20] Japanese,[21] Korean,[22] Chinese,[23] Polish,[24] Hebrew,[25] and Vietnamese.[26]
In 2016, Spier, along with Phil Town and Matthew Peterson, successfully petitioned Judge Sontchi at the Delaware Court of Bankruptcy to form an official committee of equity holders of head Corporation which had filed for bankruptcy earlier that year.[27][28]
In 2019, in a YouTube interview with Tilman Versch of ValueDACH, Spier likened the art of stock picking to "drunks in bars"[29] 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.[30]
Spier is an occasional financial commentator in the media.[31]
In 2022, the final Glide Foundation charity lunch with Warren Buffett sold for $19,000,100[32] which is thirty times more than the sum that Spier and Pabrai paid.
Guy Spier speaking with Niall Ferguson during the World Economic Forum
Public Commentary
Role of Paparazzi in British Public Life
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.[33]"
Hershey Trust
In 2002, writing for 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?[34]".
"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.".[35]
India's Sovereign Rating
In 2024 Spier joined V. Anantha Nageswaran in calling for a revision of India's current BBB- sovereign credit rating[36]
Arguing in an article for Horasis that, "India Deserves a Better Credit Rating and a Stronger Role for Local Rating Agencies".[37] Spier makes no secret of his investment in Care Ratings which stands to benefit from greater involvement of local ratings agencies in the rating of sovereign debt.[38][39]
Public Talks
Spier regularly addresses students and other audiences at universities including MIT,[40] Ivey School of Business,[41] Harvard Business School, Guanghua School of Management and Google.[42]
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.[43][44] From 2007 to 2009, Spier served on the advisory board of the Dakshana Foundation.[45]
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."[46]
In 2017, Spier joined the newly formed board of the Swiss Friends of Oxford University.[47][48] He also serves on the board of UN Watch and on the advisory boards of Horasis and World Minds.[49] 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.
Value investing community
Spier has been increasingly in the spotlight for more than a decade. In 2010, one episode of the documentary series 'Legends & Leaders in Hedge Funds and Finance,' directed by Matthias Knab, was focused on him and his investing style.[50] The website Dataroma tracks the portfolio of Guy Spier among other value oriented Superinvestors by extracting data from financial filings.[51]
Spier is known for mentoring young investors and being an active member of the value investing community.[52][53] He often engages with other investors through interviews, podcasts, and social media, fostering a sense of community and collaboration. His talks often focus on the psychological aspects of investing, ethical considerations, and the importance of continuous learning.
Spier organizes VALUEx BRK, which is organized in conjunction with the annual Berkshire Hathaway shareholder meeting in Omaha, Nebraska. Spier is known for founding the VALUEx conference in Klosters in 2011 and organizing it yearly.[54] It brings together a small group of value investors from around the world to discuss investment ideas, share insights, and network in an informal and collaborative setting.
A hedge fund is a pooled investment fund that holds liquid assets and that makes use of complex trading and risk management techniques to improve investment performance and insulate returns from market risk. Among these portfolio techniques are short selling and the use of leverage and derivative instruments. In the United States, financial regulations require that hedge funds be marketed only to institutional investors and high-net-worth individuals.
Warren Edward Buffett is an American businessman, investor, and philanthropist who currently serves as the chairman and CEO of Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world. As of October 2024, he had a net worth of $147 billion, making him the eighth-richest person in the world.
Benjamin Graham was a British-born American financial analyst, economist, accountant, 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. Modern value investing derives from the investment philosophy taught by Benjamin Graham and David Dodd at Columbia Business School starting in 1928 and subsequently developed in their 1934 text Security Analysis.
Ruane Cunniff LP, based in New York City, is the investment firm founded in 1969 by William J. Ruane, Richard T. Cunniff and Robert Goldfarb.
MBIA Inc. is an American financial services company. It was founded in 1973 as the Municipal Bond Insurance Association. It is headquartered in Purchase, New York, and as of January 1, 2015 had approximately 180 employees. MBIA is the largest bond insurer.
The Glide Foundation is a charity organization that helps the homeless, based in San Francisco, California, associated with devout Methodist Lizzie Glide and the Glide Church.
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.
William Albert Ackman is an American billionaire hedge fund manager who is the founder and chief executive officer of Pershing Square Capital Management, a hedge fund management company. His investment approach has made him an activist investor. As of June 2024, Ackman's net worth was estimated at $9.3 billion by Forbes.
ESL Investments is a privately held hedge fund based in Greenwich, Connecticut.
Seth Andrew Klarman is an American billionaire investor, hedge fund manager, and author. He is a proponent of value investing. He is the chief executive and portfolio manager of the Baupost Group, a Boston-based private investment partnership he founded in 1982.
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.
The Sohn Conference Foundation was founded in 2006 to raise money to support medical research, the development of research equipment, and programs to help children with cancer and other childhood illnesses. As of 2018 more than $85 million has been raised. The Sohn Conference was founded in 1995 in memory of Ira Sohn, a Wall Street professional, who died of cancer at the age of 29. At that time the conference raised money for Tomorrow's Children's Fund. The foundation has 501(c)(3) non-profit status.
Todd Anthony Combs is a former hedge fund manager and current investment manager at Berkshire Hathaway, who has been the chief executive officer (CEO) of GEICO since January 2020. Alongside Ted Weschler, he is frequently cited as a potential successor of Warren Buffett as the chief investment officer of Berkshire. In 2016, he was appointed board member of JPMorgan Chase.
Pershing Square Capital Management is an American hedge fund management company founded and run by Bill Ackman, headquartered in New York City.
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.
Jeffrey Glynn Tarrant was an American investor. He was the founder and chairman of MOV37 and Protégé Partners, firms specializing in identifying, seeding and early stage investing in investment funds. He was also a founding partner of film production company Candescent Films. He died from brain cancer in 2019.
Ted Weschler is an American hedge fund manager who is the current investment manager at Berkshire Hathaway. Alongside Todd Combs, he is frequently cited as a potential future Chief Investment Officer of Berkshire.
Himalaya Capital (Himalaya) is an American investment management firm based in Seattle, Washington. The firm takes a value investing approach in Asia companies mainly in China. It is founded by Li Lu who has been dubbed the "Chinese Warren Buffett".
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