We Study Billionaires - The Investors Podcast

In this episode, William Green chats with renowned hedge fund manager Guy Spier, who has run the Aquamarine Fund since 1997. This conversation has been split into two episodes. Here, in Part 1, Guy discusses the art of compounding wealth over decades, drawing on lessons he’s learned from Warren Buffett, downhill ski racers, & his own mistakes. This is an unusually candid conversation between William & Guy—old friends who collaborated on Guy’s classic book, “The Education of a Value Investor.” IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 04:07 - Why it’s so intense for Guy Spier & William Green to collaborate 10:19 - How telling the truth changed Guy’s life 17:53 - Why the Global Financial Crisis terrified him 24:52 - Why it’s hard to invest rationally in the real world of chaos & confusion 29:25 - How Guy deals with his emotions when making investment decisions 35:03 - Why his default position is to hold his stocks indefinitely & resist meddling 38:48 - Why he didn’t sell his stake in Alibaba 42:01 - Why he’