A reading club with a view to the future

081 Guy Spier: The Education of a Value Investor

The author shares his journey from being a greedy, profit-driven investor to a value investor who prioritizes long-term growth and relationships.

Duration: 06 hours
28 minutes
Read on Audible
Previous book
Next book
Guy Spier: The Education of a Value Investor

Summary

Guy Spier shares his experiences and insights from his transformation from a short-term profit-driven investor to a value investor who prioritizes long-term growth and relationships. He explains how he learned from his mistakes and the value of self-reflection and continuous learning.

About

Title: The Education of a Value Investor

Author: Guy Spier

Publishing Year: 2014

Publisher: St. Martin's Press

Length in Hours: 6 hours and 28 minutes

5 main ideas

  1. Value investing is not just about making money, but also about building relationships and investing in companies that have long-term growth potential.
  2. Learning from mistakes and taking a long-term perspective are essential to becoming a successful value investor.
  3. Avoiding herd mentality and sticking to one's principles can be challenging, but it is necessary for long-term success.
  4. Understanding the motivations and intentions of the companies and people that one invests in can help to make more informed investment decisions.
  5. Continuous learning, self-reflection, and personal growth are critical to becoming a successful value investor.
Guy Spier: The Education of a Value Investor

5 funny quotes

  1. "After a few years in the investing game, you realize that just because you're investing in a great business doesn't necessarily mean you'll make money."
  2. "The challenge with investing is that you have to be right about the future. And the future is very hard to predict."
  3. "If you invest in a company you don't understand, you are playing a game you cannot win."
  4. "Value investing is like being the designated driver. You might miss out on all the fun, but at least you won't crash the car."
  5. "If you want to be a good investor, you have to learn to be comfortable being uncomfortable."

5 thought-provoking quotes​

  1. "The value investing approach has been responsible for generating some of the greatest fortunes on the planet."
  2. "The great investors always see the big picture."
  3. "Charlie Munger has always been an advocate of getting as many mental models as possible."
  4. "The price you pay for a stock matters a lot."
  5. "A focus on price, rather than value, is a major driver of inefficiency in the market."

5 dilemmas

  1. Balancing the desire to invest in great businesses with the need to invest at a reasonable price.
  2. Deciding when to sell a stock that has performed well versus holding on for even greater gains.
  3. Navigating the tension between short-term market volatility and long-term investing success.
  4. The challenge of avoiding "value traps," or companies that look cheap but actually have underlying problems.
  5. The ethical questions that arise when investing in certain industries, such as tobacco or defense.

5 examples

  1. Warren Buffett, who is widely regarded as one of the most successful investors of all time.
  2. Charlie Munger, Buffett's long-time business partner and fellow value investor.
  3. Benjamin Graham, who is often referred to as the father of value investing.
  4. David Einhorn, who famously shorted Lehman Brothers before the financial crisis.
  5. Michael Burry, who is best known for predicting the subprime mortgage crisis and profiting from it.

Referenced books

  1. "The Intelligent Investor" by Benjamin Graham
  2. "Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor" by Seth A. Klarman
  3. "Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger" by Charles T. Munger
  4. "The Essays of Warren Buffett: Lessons for Corporate America" by Warren Buffett and Lawrence A. Cunningham
  5. "Common Stocks and Uncommon Profits and Other Writings" by Philip Fisher

Share a quote

"If you invest in a company you don't understand, you are playing a game you cannot win."

Guy Spier: The Education of a Value Investor

Curated audiobooks for your lifelong learning and inspiration.

Become a NextBook Insider

Join our community to access exclusive content, comment on stories, participate in giveaways, and more.

Close