RWH023: Defensive Investing In Dangerous Times W/ Guy Spier

<p>William chats with renowned hedge fund manager Guy Spier. Since launching the Aquamarine Fund in 1997, Guy has beaten the S&amp;P 500 by 200 percentage points &amp; the MSCI World index by 364 percentage points. He’s also the author of “The Education of a Value Investor.” In this conversation, Guy speaks candidly about the challenges he’s facing, including his fear that Russia’s war in Ukraine could escalate, creating a systemic risk for investors. He explains how he’s positioning his portfolio to survive &amp; prosper in these perilous times, &amp; he shares practical advice on how to maintain equanimity amid all this uncertainty.</p><p><br></p><p><strong>IN THIS EPISODE YOU’LL LEARN:</strong></p><p>00:00 - Intro</p><p>03:56 - How living in a calm &amp; predictable environment helps Guy Spier to invest better.</p><p>12:04 - How he resisted the temptation to buy overvalued tech stocks during the recent bubble.</p><p>26:11 - Why we must beware of the psychological effects of rapidly rising or falling stock prices.</p><p>30:04 - Why Guy refuses to invest in any business that can’t fund all of its growth internally.</p><p>44:18 - How going to Berkshire Hathaway’s annual meeting helps to reinforce rational behavior.</p><p>53:57 - What Warren Buffett told Guy Spier &amp; Mohnish Pabrai about the perils of debt.</p><p>1:13:04 - Why Guy regards the war in Ukraine as a potentially systemic threat to investors.&nbsp;</p><p>1:11:56 - Where he’s investing in order to survive &amp; prosper in these times of heightened risk and why he’s invested heavily in China, despite the political &amp; economic dangers.</p><p>1:13:55 - Why he’s avoiding weaker countries, including Indonesia &amp; the Philippines.</p><p>1:15:01 - How he wrestles with the tricky question of whether to trim or hold his winners.&nbsp;</p><p>1:18:17 - Why he’ll never short another stock.</p><p>1:19:31 - How he constructs a portfolio that helps him to maintain his emotional equilibrium.</p><p>1:43:35 - Why he diverged from Mohnish on the risks &amp