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Zusammenfassung von The Education of a Value Investor

Name: The Education of a Value Investor
Rating: 4.3 (137 reviews)
Author: Guy Spier

Guy Spier

My Transformative Quest for Wealth, Wisdom and Enlightenment

4.3 (137 Bewertungen)

20 Min.

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The Education of a Value Investor
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What’s in it for me? Find out how it’s possible to work in high finance without compromising your ethics.

If you had to put a price on it, how much would you pay to change your outlook, and your life, forever?

Guy Spier’s price was $650,100. And that was just to have lunch with business magnate and philanthropist Warren Buffett, a man he believed could provide him with the tools to transform himself from a ruthless and dissatisfied hedge-fund investor into a happy, grounded value investor.

Luckily for Spier, his instincts were right, and he left what must’ve been the most expensive meal of his life as a changed man.

Educated at Oxford University, Spier became a smart and ambitious hustler in the world of finance, and set off on what appeared to be a successful though unremarkable career.

The only problem was that he was intensely unhappy. He’d ended up spending most of this time in a working environment he absolutely loathed, leading him to compromise his ethics and become – what he calls – an inauthentic person.

What he did next amazed and surprised his colleagues and former school mates: he discovered a completely different business mentality for himself, which involved him breaking with many of the existing conventions of the finance world.

In these blinks, you’ll find out

why following your own business ethics always leads to happiness;
how sending thank-you cards to colleagues can transform your career;
why elite students often lack an essential ingredient for success; and
why it’s better for your life and career to stop being a taker and start being a giver.

An elite education can be an obstacle to dealing with problems in the real world.

For all the prestige of an elite education, this kind of schooling often teaches skills that simply cannot be applied in the real world.

For example, highly educated people from elite business schools didn’t see the recent 2007-2008 financial crisis coming. Why? Because there are some fatal flaws in the way that these institutions teach their students.

Elite business schools and universities help students to develop specific technical skills based on certain theories. Those theories, however, neglect to take the real world into account, and therefore do not apply to the actual business world.

Theories and economic models are created under the assumption that one will have the perfect amount of information. In reality, things aren’t nearly as neat.

Take the price of ham. In theory, it’s possible to work out how much ham should cost. You could look at how many stores sell it, how many pigs are slaughtered, what the demand is and then work out the ideal price.

But in no way will this price be matched in reality. There are just too many other factors that must be taken into consideration. For instance, stores in certain locations, such as train stations, will make their ham more expensive; and other stores will often have offers, making their ham cheaper.

Since it’s impossible to have all of this info at hand in the real world, the theories taught in elite schools never quite match the reality.

Elite education focuses too narrowly on rationality, neglecting the power of human instinct and critical thinking. Rational thinking is revered, while unconventional ways of thinking are condemned.

So if in your studies you come up with an idea or argument that differs radically from the norm, it’s likely you’ll keep it to yourself, as sharing it may result in you being accused of lunacy.

Additionally, if you happen to be a very rational thinker, an elite institution can make you feel sublimely intelligent. Many people with a first-class education think they know it all, and when they enter the world of work they ignore the sage advice of more experienced people, because they consider them to be inferior.

Some businesses can force their employees to challenge their ethics and morals.

You’re just out of college and have recently joined a big investment bank. Naturally, you want to make a good impression.

Yet, in the first week, you discover that the bank often makes money by cheating clients out of theirs.

Warren Buffett’s value-investing philosophy can help you avoid unethical behavior when investing.

Have you ever read a book that changed your life?

When the author became disillusioned in his job at D. H. Blair, he read Ben Graham’s The Intelligent Investor and Roger Lowenstein’s Buffett: The Making of an American Capitalist. What he read in those pages forever changed the way he would approach his job.

If you don’t want to be constrained by traditional practices, develop a positive attitude and go your own way.

Why is it that when we start a new project, it doesn’t take long before we’re tempted to give up? The simple answer is that we often have the wrong attitude towards it. The only way to succeed when we’re embarking on a new endeavor is to develop a positive attitude.

The most effective way to achieve this is to develop a more practical way of thinking: instead of just sitting back and waiting for your new project to magically grow from a seed into a mighty oak, you simply have to go for it and try out your idea.

Growing a social network can help to establish a strong foundation for a new business.

Which of the following approaches would you think is more effective? Building a social network made up of only strictly professional business contacts, or one that includes friendship, care and mutual favors?

If you answered the latter, you’re right. In fact, being authentic to each person you interact with and expressing your gratitude to those you work with will make others interested in your work. That means viewing and treating each contact as someone you can learn from, and expressing that relationship to him or her. By doing so, you will rapidly grow your social network.

Even a financial crisis can be a once-in-a-lifetime chance for a value investor.

Remember the financial crisis of 2007-2008, when panic and desperation spread through the financial world?

The unpredictability of financial crises is, of course, rather terrifying. But value investors can depend on their business philosophy when everyone else is panicking, and even generate future profits.

To become a successful value investor, you have to create the most efficient working environment for yourself.

How many times during your working day do you stop to check your email, or browse a favorite website?

Of course, getting distracted while at work is very common. But why is this especially true of those working in finance?

Create the right tools to deal with complexity and uncertainty.

As we’ve already seen, the human mind is often irrational. It’s good practice, therefore, to develop some tools to help you manage your mind.

Once you’ve created the ideal work environment for yourself, you have to develop investing tools – a set of rules and routines. These will help you to bring order and predictability to your working life.

After adopting the value-investing philosophy, you’ll become not only a better investor but also a better person.

After learning all about the value-investing philosophy, you’ll probably be wondering why the author is sharing these valuable “secrets” with us. Well, it’s because he wants to act in the spirit of the value-investing philosophy, and give something back.

So, how will the philosophy make you a better person?

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Worum geht es in The Education of a Value Investor?

In The Education of a Value Investor (2014), Guy Spier recounts his transformation from greedy hedge-fund manager on Wall Street to a successful value investor. Sharing the incredible story of his career and the wisdom he acquired along the way, Spier has some surprising insights concerning, what he sees as a false choice between leading an ethical life and a financially successful one. With great admiration, Spier also names the people who were most influential to his professional life, explaining the specific effect each of them had on his mindset and career.

Bestes Zitat aus The Education of a Value Investor

...One thing I came to realize was that my ivory tower education had left me dangerously exposed and vulnerable.

—Guy Spier

Wer The Education of a Value Investor lesen sollte

Anyone working as a hedge fund manager and frustrated with traditional business practices
Anyone interested in the value-investing philosophy
Anyone interested in the personal transformation of Guy Spier

Über den Autor

Guy Spier is an investor based in Zürich who ran the Aquamarine Fund for 17 years and became a leading figure in the value investors network. His work was inspired by Warren Buffet and Mohnish Pabrai, and he’s now a regular commentator for the financial media.

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