The Education of a Value Investor (Guy Spier)

In this episode, Guy Spier and Jeremy Deal speak about Hamilton Helmer’s Seven Powers and how Deal uses the framework in his own investment research as well as some of the major takeaways from this research. Finally, they discuss LinkedIn usage, informational podcasts and CEOs they both admire.

Full transcript available here: https://aqfd.docsend.com/view/agr4ggjf2rsuijbu

Contents:

Transitioning to Europe (00:01:29)

Accessing Investment Research (00:06:12)

Major Takeaways (00:16:30)

Hamilton Helmer’s Seven Powers (00:24:29)

The Past is Not Representative of the Future (00:32:11)

Ad-Tech (00:47:19)

Admirable CEOs (00:54:15)

Ninad Shinde grew up in India, studied and worked in the United States, before moving to London, where he still lives and works as a consultant to private equity firms.

He talks to Guy Spier about his education, his work on lab-on-a-chip devices, about the evolution of the private equity space and about one of his big interests, the cloud / software as a service business.  

You can find the talk by Professor Carlotta Perez here: https://youtu.be/dhNd3tVR1hI

And another good talk with Professor Carlotta Perez is here: https://youtu.be/TRUlHfPLnjE

Full transcript available here: https://aqfd.docsend.com/view/z9gjdur3ukppeiay

Contents:

(00:00:00) Crossing Three Continents

(00:06:42) Lab-On-A-Chip Devices

(00:12:20) The Perks of Being an Indian

(00:21:54) Shifting Towards the World of Finance

(00:31:29) The Evolution of Private Equity Firms

(00:44:57) The New Economy

(01:01:17) Heuristics for Choosing the Right Businesses

(01:14:25) How to Find the Future A-Team?

(01:24:58) Charlie Munger and Cryptocurrencies

(01:33:11) Other Resources and Contacts

In this conversation, Joe Chapman talks to me about his squash career, Chapman Property Group and master-planned communities.

University of Rochester

www.rochester.edu/

Michael Rizzo http://www.sas.rochester.edu/eco/people/faculty/rizzo_michael/index.html

Journal Monetary Economics

www.journals.elsevier.com/journal-of-monetary-economics

Wikipedia Page

https://en.wikipedia.org/wiki/Joe_Chapman

BVI Olympic Committee

http://bviolympics.org/joe-chapman/

Full transcript available here: https://aqfd.docsend.com/view/2fvsz6stqz4gfimh

Contents:

From the British Virgin Islands to the University of Rochester (00:43)

A Career in Squash (02:49)

Hurricane Irma: What is There to Be Learned? (06:48)

Chapman Property Group: Structure and Future Ideas (09:18)

Successful Models of Urban Environment (15:18)

Master-Planned Communities (21:17)

Arthur Fine is a lawyer and one of the directors of Aloha Medical Mission (“AMM”), a non-profit volunteer organization based in Honolulu, Hawaii, which provides free health care to underserved people in the Pacific, Asia and Hawaii and does surgical missions in the developing world (alohamedicalmission.org). His wife, Marjorie Fine, is a general surgeon and a volunteer at AMM.

Mr. Fine talks to Georgina Godwin about his and Marjorie’s early life, their careers and their work at Aloha Medical Missions.

Full transcript available here: https://aqfd.docsend.com/view/vju2ccuhsy7ztf9w

Contents:

Balancing Family and Career (00:00)

Marjorie Fine, a Brilliant Mind (04:43)

Aloha Medical Mission (09:25)

About the Missions (16:57)

The Incredible Power of Volunteers (25:09)

How Can AMM Adapt to Covid-19? (33:02)

Introducing Georgina Godwin - who will be doing some of the interviews and hosting.  

In this episode Guy Spier interviews Georgina Godwin, who will conduct some of the interviews going forward. She discusses her start as a radio host, working at Monocle, and the importance of asking about interviewees early influences.

More about Georgina Godwin here:

HTTP://www.twitter.com/georginagodwin

Or find her on Monocle Radio

HTTP://www.monocle.com/radio/

Full transcript available here: https://aqfd.docsend.com/view/xjmvtyqynv4rjr58

Contents:

Meeting Georgina Godwin (01:33)

Ending Up in Radio (04:14)

Feeling Antipathy Towards Women Who Choose Not to Work (07:41)

Monocle Organization (09:48)

Events Pivoting to More of a Digital Presence (13:36)

Importance of Early Influences (17:01)

Sachin Khajuria is an investor and the author of the book “Two and Twenty: How the Masters of Private Equity Always Win”. He holds two degrees in Economics from the University of Cambridge.

Sachin talks to Guy Spier about his education, career, and the characteristics and future of the private equity world. He also touches on topics such as distressed investing, fee structures, and the importance of a multicultural background.

Full transcript available here: https://aqfd.docsend.com/view/m7jv4zsqpfv47nue

Contents:

(00:00:00) A Career in Private Equity

(00:08:11) Elite Education vs. Learning by Doing

(00:15:40) How Can Low and High Fee Structures Coexist?

(00:24:50) Winner Takes All Structures

(00:32:20) On the Inside of the Deals

(00:45:12) Distressed Investing: Both Sides of the Coin

(00:58:16) Advantages of a Multicultural Identity

Jo Boaler is a British author and Professor of Mathematics Education at Stanford University. Jo is involved in promoting reform mathematics and equitable mathematics classrooms, and thereby fulfils a role of communicating to broader society outside of academics. Beside her new book Math-ish, she is also the author of the books Limitless Mind, The Elephant in the Classroom and other books on learning and education. 

Jo talks to Guy about visual approaches to teaching maths, covering the role of a growth mindset in learning maths, which can be developed from early on. They also touch on the importance of talent and genes versus the mindset we approach things with and on some barriers in teaching.

Full transcript available here: https://aqfd.docsend.com/view/g7uc3eypdnvhz7fr

Contents:

(00:00) Introduction of Jo Boaler 

(01:52) Teaching Mathematics: A Visual Approach 

(10:16) The Illusion of Knowledge 

(20:33) Developing a Growth Mindset 

(26:02) Lessons Outside of Mathematics 

(30:51) Genes vs. Mentality 

(38:40) Differences Between the UK and the US 

(43:45) Gender Barriers 

(48:10) Further Resources 

John Zolidis is an equity analyst and a registered investment advisor, President, and Founder of Quo Vadis Capital Inc. 

He talks to Guy Spier about what made him found his own company, about the retail sector, and the battle between physical stores and Amazon. John also shares why he is fascinated with the Chinese market, as well as gives some insight into a company he has been following.

Full transcript available here: https://aqfd.docsend.com/view/mx8ghkc4wihjuwu5

Contents:

(00:00:00) Introduction 

(00:07:55) Life in Southampton, New York

(00:11:22) The Flaws of Sell-Side Research

(00:25:29) About the Retail Sector

(00:30:17) Difficulties in Apparel Retail

(00:47:21) Physical Stores vs. Amazon 

(00:58:54) The French Luxury Sector and Big Surface Stores 

(01:06:00) Investing in China: How to Minimize the Risks? 

(01:17:33) Transition Between Research and Investment Management

A few months ago, Lory Spier was invited to give the prize-giving-day speech to graduating students at the Dragon School in Oxford. In this interview, she talks to Georgina Godwin about growing up in Mexico, her working experiences and life in her twenties, as well as meeting Guy and eventually settling down in New York. 

At the end of the episode, Lory reads out the speech that she gave at the Dragon School, which allows the listeners to truly get a sense of what Lory’s core values are, and what she and Guy try to pass onto their children.

Full transcript available here: https://aqfd.docsend.com/view/ir5vd3z47zzbbwxz

Contents:

Growing Up in Mexico (00:00)

From Architecture to Radio and Television (07:24)

The Love Story of Lory and Guy (11:11)

Teachers’ and Schools’ Impact on Children (17:58)

What is Special About the Dragon School (22:53)

Lory’s Prize-Giving-Day Speech (27:45)

This is a repost of episode RWH023 of The Investor’s Podcast Network. Please check out the original episode here:  

https://youtu.be/G1yQcykKYJg

If you’d like to hear more of William Green’s interviews on the “Richer, Wiser, Happier” podcast, then please check them out here:  

https://www.theinvestorspodcast.com/richer-wiser-happier/

We discussed many things that are so relevant to today's environment including  

- attending the Berkshire Hathaway meeting

- the influence of Warren Buffett

- stocks like Spotify, Roku, Twilio

- investing in China

and so much more...

Francisco Negrin is a creative director working in opera, as well as shows and other events.

He talks to Guy Spier about his early life, his career in opera and the meaning of his sets, as well as the business leadership that is part of his work behind the scenes. 

Contents:

(00:00:00) The Early Life of Francisco Negrin

(00:16:06) Blending into Cultures

(00:27:51) The Relevance of Opera

(00:36:45) Tools to Convey the Message of a Piece

(00:48:16) Is Opera a Popular Art Form?

(00:59:03) Business Leadership Behind the Scenes

(01:06:42) Personal Professional Mission

(01:11:49) Important Pieces of Art

Ricardo Fernandez is the Founder and Managing Partner of Signal Capital, an alternative asset management company. He grew up in Brazil, studied in Spain and in the United States, and holds an MBA from IESE and an AMP from Harvard Business School. Mr. Fernandez talks to Guy Spier about his education, career, and gives an inside look at the opportunities and life in Brazil.

Full transcript available here: https://aqfd.docsend.com/view/jdercs4hnems94m4

Contents:

The Influence of Family (00:00:00)

Comparing Different Parts of Brazil (00:11:11)

Starting in the Alternatives Investing Space (00:16:08)

The Partnership with Hamilton Lane (00:25:53)

Macroeconomics in Brazil (00:39:44)

Opportunities Behind Secondary Investments (00:57:10)

Balancing Independence and a Relationship with the Institutional World (01:05:44)

In this engaging podcast, Howard Marks, co-founder of Oaktree Capital, and Guy Spier, founder of Aquamarine Capital, share invaluable investment wisdom with Roi Lipovetzky, a former MBA student and current investment professional at Oakmount Capital.

The conversation explores key principles of successful investing, such as mastering market cycles, second-level thinking, risk management, and the importance of long-term, contrarian positions. Howard reflects on his experience through major market events, while Guy emphasizes the need for emotional discipline and unconventional thinking.

A key theme in their discussion is the importance of being true to oneself, especially in a world that often values conformity. Both Howard and Guy highlight the value of making independent decisions and staying grounded in one’s own principles, rather than trying to please others or follow popular trends.

With years of collective experience, Howard and Guy provide deep insights into the mindset needed for lasting success in investing and life.

Full transcript available here: https://aqfd.docsend.com/view/2nv2iqixj8rm7bb7 

Contents:

(00:00) A Journey of Learning: Insights from Howard Marks, Guy Spier an Roi Lipovetzky 

(03:20) Focusing on Excellence: Howard Marks on Building Oaktree for the Long Term

(07:19) Writing for Investors, Not for Entertainment

(18:09) Honesty, Risk and Purpose 

(27:23) The Value of Fun: Howard Marks on Enjoyment, Work, and Investing 

(33:38) Risk, Resilience, and Staying True to Your Principles 

(41:12) Closing Reflections: The Power of Truth and Clarity 

Simon Kold is a Danish entrepreneur and investor who’s making waves in the financial world with his firm, Kold Investments. Before founding Kold Investments, Simon spent over a decadeatNovo Holdings, a powerhouse investment firm managing around €150billionin assets. His approach to investing is anything but ordinary. Simon runs a single-strategy, concentrated public equityfirm that focuses on companies with network effectsandscale advantages, a strategy that sets him apart from the crowd. He’s all about finding businesses that have the power to grow and dominate in their sectors.

Full transcript available here: https://aqfd.docsend.com/view/akcftczb463rhcam

Contents:

(00:00:01) Stand-Up, Fall Down, Get Back Up: Lessons from Comedy and Life

(00:13:47) From Stand-Up to Stocks: The Unlikely Path

(00:30:30) Falsification, Not Verification: Rethinking Investment Strategies

(00:53:30) Tattooed in Business: The Long-Term Rewards of Relentless Commitment

(01:02:57) The Evolving Landscape of Business: Insights on Leadership and Network Effects

(01:20:47) Demutualization: Unlocking Hidden Value in Financial Infrastructure

(01:26:07) Network Effects, Brand Identity, and the Global Shifts Reshaping Investments

(01:37:33) Investing in Relationships: Timing, Goodwill, and Business Success

Ben Feder is an investor and games executive, currently managing partner at TIRTA Ventures. He is also the author of the book Take Off Your Shoes: One Man's Journey from the Boardroom to Bali and Back. Ben formerly served as the CEO of Take-Two Interactive and was President of International Partnerships for North America at Tencent Games.

Ben talks to Guy about his early career in the media industry, the time he was part of the successful takeover of Take-Two Interactive, and his newly launched venture capital firm TIRTA. Some other topics include video games, artificial intelligence, and the world of streaming.

Full transcript available here: https://aqfd.docsend.com/view/vst3ch75vk2n2sdv

Contents:

(00:00:00) Introduction 

(00:02:19) The Start of a Successful Career 

(00:08:13) Choosing Between Business School and a Ph.D. 

(00:11:36) How to Be a Good Leader 

(00:18:36) The Takeover of Take-Two Interactive 

(00:26:23) Streamers vs. Owners of Content 

(00:29:41) Should Authors Self-Publish? 

(00:38:00) The World of Video Games 

(00:47:13) Artificial Intelligence as a Productivity Tool 

(00:55:02) TIRTA’s Place in the Venture Capital Space 

(00:59:59) Some Thoughts on Psychotherapy 

(01:03:47) Jewish Identity and Interconnectedness 

Luca Dellanna is a management advisor and an author from Turin, Italy. His books cover topics ranging across management, human behavior, and economics. He talks to Guy Spier about his early career, his research on ergodicity and some topics from his other books, including autism and the difference of decision making and action taking in our brains.

Full transcript available here: https://aqfd.docsend.com/view/r5q6w9tq7e2b8aqb

Contents:

(00:00:00) Introduction 

(00:07:38) The Concept of Ergodicity 

(00:14:31) Extrapolation Over Time Horizons 

(00:21:22) Luck or Skill? 

(00:24:50) Maximizing the Worst Outcome 

(00:31:32) Uncertainty and Risk Management 

(00:39:09) Diversification as a Practical Tool 

(00:43:09) Personal Knowledge Management Tools 

(00:48:56) Decision Making vs. Action Taking 

(00:58:09) Autism and the Idea of the Magnifying Glass 

(01:02:54) Luca’s Professional Career 

(01:08:38) The History of Turin

Margaret Van was born in a Shanghainese family in Hong Kong. From early on, she has had a deep interest in other cultures, which has also led her to learn various languages with the main goal of being able to communicate with people from all over the world. Since 2005, Ms. Van has embarked on a new chapter as she discovered the practice of mindfulness. She is now a certified teacher and continues her journey of evolving every day.

Full transcript available here: https://aqfd.docsend.com/view/qbgj5u3aps5pc7hh

Contents:

Introduction (00:00)

The Birth of a Multi-Cultural Identity (06:44)

Nepal: A Life-Changing Trip (15:55)

From Canada to Hong Kong Through Singapore (21:23)

Discovering the World of Mindfulness (24:44)

In this conversation Grant Schreiber talks to Georgina Godwin about growing up in South Africa, his books, Real Leaders magazine and his future plans.

Full transcript available here: https://aqfd.docsend.com/view/7xek49puhrabuxsq

Contents:

Early Life and Education under Apartheid (01:51)

Business Regulations in South Africa (06:51)

The Books: Healing Through Humour (09:03)

Becoming Global Citizens (11:02)

Real Leaders: What Makes Them Stand Out? (14:29)

Sustainability Under the Loop (19:54)

Future Plans (23:45)

The Power of Networking and Personal Connections (25:27)

In this call Georgina Godwin and Amanda Pullinger discuss the advantages of having a diverse workplace, and the opportunities presented by having more women take leading roles in finance. Amanda Pullinger, CEO of 100 Women in Finance, uses her experience to predict what proportion women will make up the finance sector by 2030.

Full transcript available here: https://aqfd.docsend.com/view/cjy2hevj6jpyu9zm

Contents:

About Amanda Pullinger (00:00)

Pursuing a Career After University (07:51)

Women Underrepresented in Finance (11:41)

Lack of Diversity in the Workplace (15:01)

100 Women in Finance (18:43)

Openness to Political Debate (30:12)

How Will a Biden Administration Affect the World of Finance? (33:02)

Thoughts on Brexit (37:06)

Michael McCloskey is the founder and president of GreensKeeper Asset Management. He is one of those rare-to-find people who has a flair for both numbers and writing. In fact, he has a BSc in mathematics, as well as both a JD and an MBA degree. Michael has worked as an investment banker and has a lot of experience in the securities industry. Today, he lives in Mississauga, Canada with his wife and two daughters.

Michael McCloskey talks to Guy Spier about how he became a value investor and the principles he learned from Buffett and Munger along the way, such as sharing wisdom. He speaks fondly about family values and teaching, mentioning his alumni at GreensKeeper with particular joy. Michael then takes the listener through the research report on Visa he recently produced, while giving an insight into the whole credit cards and payment networks industry. Finally, he reflects upon his days of studying mathematics, as well as on the topic of writing books.

Full transcript available here: https://aqfd.docsend.com/view/zbmpr7ckcys75i2k

Contents:

Who is Michael McCloskey? (00:00:00)

The Connection to Berkshire Hathaway (00:05:29)

Importance of Family (00:14:54)

The GreensKeeper Alumni (00:24:49)

A Research Report on Visa (00:30:52)

Risks in the World of Payment Networks (00:45:18)

Buy Now Pay Later Plans (01:08:55)

A Detour About AmEx and Mastercard (01:22:38)

What is Inspiring About Mathematics? (01:36:52)

The Art of Writing Books (01:44:45)

In this conversation between Guy Spier and Eric Schaanning, the discussion revolves around the intricacies of asset-liability management (ALM) and interest rate risk, particularly in the banking sector. Eric shares insights from his experience, explaining key concepts like the economic value of equity (EVE), DV01 (the sensitivity of a bank's net present value to interest rate changes), and various risk management techniques used by banks.

The conversation explores how different banks, depending on their lending structures (e.g., fixed-rate vs. floating-rate loans), manage interest rate risk. Eric discusses the role of macro and micro hedging, highlighting that while macro hedging is used to offset risks from a portfolio of loans, micro hedging targets individual debt issuance with specific interest rate swaps. The conversation also touches on the concept of "equity term out," referring to how a bank's equity is handled from an interest rate risk perspective.

Guy draws a parallel to value investing and mentions how understanding banking risk management, such as interest rate risk, is valuable for investors, especially when evaluating financial institutions. He mentions the importance of having a clear understanding of how these risks could impact stock prices and the economic health of banks.

The discussion ends with reflections on how understanding these concepts can enhance an investor's decision-making, particularly in evaluating the risks and opportunities in the banking sector. Eric emphasizes the importance of thinking about balance sheets over time and how these insights apply not only to banks but also to individuals managing their own finances. Finally, Eric shares resources like LinkedIn and his personal Google site for further learning.

William Green talks to Guy Spier about his new book, Richer, Wiser, Happier. He shares the long journey he has been on, before finally reaching the confidence and courage to publish his own book, which is full of insights from extraordinary people on how to think better, invest better and live more wisely. Mr. Green believes in compounding goodwill and does not hold back from sharing with the listeners' wonderful ways to become a mensch and live a much happier life.

Full transcript available here: https://aqfd.docsend.com/view/9zh4znveqda63arq

Contents:

Introduction (00:00:00)

The Journey to Becoming a Writer (00:03:42)

How to Be Helpful Through Writing? (00:08:42)

Replacing Fear Through a Sense of Service (00:14:50)

The Birth of Richer, Wiser, Happier (00:22:03)

The Art of Distilling the Essence (00:30:30)

Concealed Truths: How to Aspire to a Better Life? (00:44:03)

The Rewards of Being a Mensch (00:59:02)

William Green’s Journey of Transformation (01:13:44)

A Final Thought: Tasting the Benefit of Simple Ideas (01:22:46)

The book is available to buy here:
www.amazon.com/Richer-Wiser-Happ…1618847240&sr=8-2

Brian Murray is a partner in Glancy Prongay & Murray, a class action litigation firm with offices in New York and Los Angeles. He talks to me about contingency lawyers, Robinhood and the history and importance of arbitration clauses.

Full transcript available here: https://aqfd.docsend.com/view/erfj4tazu4zf7qpz

Contents:

The Benefits of Working with Contingency Lawyers (00:00)

Class Actions and Mass Actions: How Do They Differ? (11:54)

Process of Review of a Legal Case (21:53)

GameStop and Robinhood: The Obstacles to a Class Action (26:47)

Is There a Future Without Arbitration Clauses? (39:39)

The Law is Not Flawless (46:17)

An Introduction to Litigation Funding (50:29)

The Newest Addition to the Supreme Court (54:03)

In this conversation Aaron Edelheit and I talk about modern approaches to value investing, Twitter, his book and American home.  

Full transcript available here: https://aqfd.docsend.com/view/gu8jh94rj4cemuu5

Contents:

Modern Approaches To Value Investing (00:41)

Twitter as a Curation Tool (03:15)

Twitter: The Teenage Years (16:47)

Expanding the Twitter Ecosystem (19:43)

Jack-of-All-Trades Investors (33:29)

The Birth of a Value Investor (37:45)

Business vs. Investing (39:25)

Every Day and Twice on Sunday (41:51)

Delayed Shareholder Gratification (48:43)

Daniel Simons and Christopher Chabris are professors of psychology, both experts in the fields of cognitive science and experimental psychology. They are also known as the co-authors of the famous book The Invisible Gorilla, and the inventors of the homonymous psychological experiment. 12 years from the release of their first book they have partnered again, co-writing Nobody's Fool: Why We Get Taken In and What We Can Do about It. This book illustrates through a series of stories why we fall victim to deception and provides practical tools to help the reader know when to question their beliefs.

In this conversation, Simons and Chabris give the listener a taste of their new book. They provide insights on how we can arm ourselves against stories that do not reflect reality and how to improve our ability to realize when we are in front of a critical decision. Topics discussed also include social pressure, manifesting, self-help books, and chess. 

Full transcript available here: https://aqfd.docsend.com/view/58jfj8tt73uqqajy

Contents:

(00:00:01) From “The Invisible Gorilla” to “Nobody’s Fool”

(00:04:30) When Should We Question Our Intuition?

(00:20:29) The Power of a Good Partnership

(00:23:54) The Time-Reversal Heuristic 

(00:31:48) When the Story is Nicer Than Reality 

(00:49:13) Social Pressure: A Potent Tool 

(00:55:57) Luxury Goods and the Concept of Familiarity 

(01:01:00) Manifesting: Is it Harmless? 

(01:06:53) How to Approach Self-Help Books 

(01:11:01) The Fields of Psychology 

(01:19:35) On Chess, Bridge, and Poker 

Milo Jones is political scientist, a business school professor focusing on intelligence analysis and geopolitics, and has served as an officer in the US Marine Corps. He is currently based in Warsaw, Poland, but he spends plenty of time travelling around the world. Milo is also the author of the book Constructing Cassandra: Reframing Intelligence Failure at the CIA, 1947-2001.

He talks to Guy Spier about the conclusions of his book, insights for investors from the intelligence community and the concept of OODA loops. Milo Jones also explains the idea of how “the digital retrieves the medieval” and discusses possible outcomes of the war in Ukraine. 

Full transcript available here: https://aqfd.docsend.com/view/2ixfuarfgxp6z2y4

Contents:

(00:00:00) From the Upper East Side to the US Marine Corps

(00:07:44) The Reason Behind Intelligence Failures

(00:16:59) Insights for Investors from the Intelligence Community

(00:22:12) OODA Loops

(00:32:29) Structured Analytic Techniques

(00:48:44) When the Narrative Takes Over

(00:56:34) “The Digital Retrieves the Medieval”

(01:11:13) What Can the West Do About Russia?

Christina Patterson is a journalist, writer, broadcaster, and coach. A former columnist at The Independent, today Christina writes for the Daily Mail, Observer Magazine and The Telegraph, and reviews for The Sunday Times. She is also a regular guest on the Sky News press preview. 

Christina talks to Guy Spier about her books and the journey of her and her family’s life, which effectively inspired them. Other topics include psychotherapy, writing and poetry, as well as the importance of speaking our parents’ mother tongues. 

Full transcript available here: https://aqfd.docsend.com/view/2qfv9ccrixrjbb5w

Contents:

(00:00:00) Two Books, One Courageous Author

(00:07:12) The Life Behind the Memoir

(00:13:23) Why Do We Long for Self-Help Books?

(00:25:04) The Discovery of Swedish Roots

(00:36:24) Commitment to Truthfulness

(00:44:42) Conversation as a Healer

(00:50:26) The Dark Side of the Church

(00:58:52) Therapy and Alternative Medicine

(01:10:01) How to Master Writing

(01:20:51) Poetry: The Purest Form of Literary Art

(01:23:53) Looking Towards the Future

(01:29:30) On the Love for Italy

Morgan Housel is the New York Times Bestselling author of The Psychology of Money and Same as Ever and a popular finance blogger. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He is also a partner at The Collaborative Fund and serves on the board of directors at Markel. 

He talks to Guy Spier about the concept of writing for oneself, the slow way to approach reading and how to help the process of connecting ideas. Other topics discussed include skiing, beauties of the United States and the importance of sample size.

Full transcript available here: https://aqfd.docsend.com/view/4u4kmcmsm3k8rccq

Contents:

(00:00:00) The Beauty and the Dangers of Skiing

(00:04:58) Insights from Same as Ever

(00:09:55) Selfish Writing

(00:18:53) Ways to Approach the Writing Process

(00:23:17) Inner Scorecard

(00:30:45) Connecting Ideas

(00:38:18) The Art of Reading Slowly

(00:41:31) Fiction vs. Nonfiction

(00:52:11) The Importance of Sample Size

(00:54:19) Everyone is on their Own Path

(00:59:43) Poetry

(01:07:15) The United States and New York City

Tobias Carlisle, an Australian investor and founder of Acquirers Funds, LLC, also shares his personal journey—from his beginnings as a corporate advisory lawyer in Australia to his transition into investing inspired by Warren Buffett. His career spans roles as an activist hedge fund analyst and general counsel, leading up to his authorship of Deep Value, Quantitative Value, and Concentrated Investing.

Full transcript available here: https://aqfd.docsend.com/view/ziv6die4mhrta2ud

Contents:

(00:00:01) The Journey from Australia to the States 

(00:03:20) A Career Start in Law

(00:07:01) The Transition to Investing

(00:14:46) Exchange traded Funds vs. Mutual Funds

(00:27:31) The Important of Risk of Ruin

(00:31:12) On Tobias’s Books

(00:36:33) The Disciple of Writing

(00:45:26) Tobias on His Portfolio Construction

(00:58:17) Historical Fictions

I got together with my friend Dante Albertini of Omaha Capital and a group of Peruvian investors to discuss our impressions of the 2020 Berkshire Hathaway Annual General Meeting. We also discussed the world economy, the state of the markets, and coronavirus.

More about Dante Albertini here: 

https://www.linkedin.com/in/dante-albertini-8387491/?originalSubdomain=pe

Full transcript available here: https://aqfd.docsend.com/view/h6m5vjp4dewnp9b7

Contents:

Covid’s Impact on the Economy (00:01:15)

Long-Term Holding Expectations (00:08:00)

Lessons from Bad Investing Experiences (00:16:33)

Warren Buffet Lunch Photographs (00:23:04)

Quantitative Easing (00:29:16)

Impact of Trump & Adjusting to Covid (00:36:16)

China vs US (00:45:09)

Making Investment Decisions (00:50:34)

Managing Information Overload (00:58:06)

Going from Success to Significance (01:07:28)

Vanessa Stelling is the author of the book Julian and I: A Mother’s Journey Through Regressive Autism, a deeply personal narration of the fears, the struggles and the evolution that she went through by raising her autistic son. She talks to Georgina Godwin about the book, about her journey with Julian and about where they are in their lives today.

Full transcript available here: https://aqfd.docsend.com/view/shb62r2mt3m5yfmn

Contents:

A Pregnancy in the Aftermath of 9/11 (00:00)

From New York to Switzerland: A Journey in Search of Answers (08:21)

Day-To-Day Challenges of Autism (11:58)

Seeing Life Through Julian’s Eyes (14:47)

The Art of Communicating Without Language (20:32)

Embracing Diversity (27:08)

Guenther Dobrauz is a half-Swiss, half-Austrian lawyer, Leader of PwC Legal Switzerland, and a member of PwC’s Global Legal Leadership Team. In the past he has co-run one of the first Swiss venture funds. He is also the author of 10 books.

He talks to Guy Spier about regulatory law in Switzerland, his work at PwC, and his Austrian origins. Blockchain technology and circular economy are two of the main topics, being the focus of Exelixis Capital, an investment entity co-founded by Guenther Dobrauz, Sebastian von Doering and Michael Dieckell.

Full transcript available here: https://aqfd.docsend.com/view/t3awk5yugdv8i7hb

Contents:

(00:00) Thinking Outside of the Box 

(09:08) About PwC 

(13:30) The Austrian Origins of Guenther Dobrauz 

(18:19) Blockchain Technology and Cryptocurrencies 

(23:36) The Founding of Exelixis Capital 

(30:14) How to Choose the Right Opportunities? 

(35:34) Books, Vinyl Records and Custom Motorcycles 

(41:38) Lessons for Professional Success 

Georgina Godwin interviews Philippe Taieb, an accomplished and respected consultant and coach with a unique experience of working both in the corporate world as a consultant at Braxton Associates, a strategy consulting firm, and in the social impact sector, for The Nature Conservancy, the world’s largest environmental non profit, a role he was recruited for from Harvard Business School.

Philippe discusses his upbringing in France, as the son of Tunisian immigrants and the origin of his Arabic name, Taieb. Armed with a very common Christian first name, he believes that as an immigrant family his parents wanted him to have a good start in life but also blend in and integrate in Paris, a very diverse city, with people from all backgrounds and origins. History then repeated itself, when Philippe himself became an immigrant when he moved to America 23 years ago to grab the opportunities that America offered.

Philippe is a very passionate individual and his passions originate from his background and his keen awareness from his youth about equality and social justice. This ingrained ethos and the skills Philippe’s business education has given him, means he can apply that to the social impact sector to help organisations maximise their social impact instead of maximising just their profits. When he made the transition from the corporate world of the Harvard Business School to the social impact arena of The Nature Conservancy, he was in a unique position to start mentoring. 

Philippe’s business expertise led him into the coaching work he does with leadership and career development, making people realise their potential, working with them to try to understand where they want to go and how to help them get there. 

Philippe’s passions away from the workplace are art and dance, which he believes should be a component of the fabric of any society. From gazing at Rosko’s at the National Gallery, going to the Opera in Paris or watching dance groups in Boston, he has immersed himself in the arts wherever he has lived in the world. 

            Finally, Philippe addresses the question about being interviewed rather than being the interviewer. He reflects on the positives of self reflection and that as long as you keep your integrity, work hard, continue to keep your goals in mind and be very aware of what’s going on around you, you will be fine.

Full Transcript available here: https://aqfd.docsend.com/view/mj5gye4qgui5cu58

Contents

About Philippe Taieb (00:00)

Philippe’s Identity and Roots (01:26)

Life in America as an Immigrant (06:56)

Philippe’s Passions and Career (10:00)

The Non Profit Economy (12:52)

Thoughts on Another Passion - Dance and the Arts (21:06)

Harvard Business School Students – have they become less arrogant? (27:12)

The Future of Politics in France (31:04)

I have known Diana Wais for more than 20 years. If I had not met Diana, I would not have met my wife, Lory. And even if I had met Lory, without Diana's help and counselling, we would not have stayed married - I am sure.

This was my first stab at a podcast - and was recorded more than two years ago - i.e. in 2018 or before.

In this call, Guy Spier interviews Diana Wais to understand the real-world applications of her ‘emotional laws’ concept. She explains the reasons for which they should be taught in schools, especially given their impact on interpersonal relationships.

Full transcript available here: https://aqfd.docsend.com/view/s46i2x9q48j7ayih

Contents:

Studying Emotional Patterning (00:32)

Redirecting Intellect (06:19)

Emotional Laws (09:14)

Application of Therapeutic Processing (12:56)

Adam Mead is a practicing capital allocator, the CEO and Chief Investment Officer of Mead Capital Management, an investment management business he founded in 2014. He recently published a book, The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece, which provides a comprehensive and detailed history of Berkshire Hathaway to date. Mr. Mead talks to Guy Spier about the extensive research for his book and shares some valuable lessons that he learned through the process.

Full transcript available here: https://aqfd.docsend.com/view/n7zmwj8y4aj3ea3u

Contents:

Introduction (00:00)

What Has Not Been Written About Berkshire Hathaway (03:41)

Behind the Scenes of the Research Process (15:35)

Insightful Lessons About Businesses (32:36)

Cryptocurrencies: With Them or Against Them? (43:44)

A Future in the Community of Learning and Teaching (51:38)

Eric Schaanning is a dynamic figure in financial risk management, known for his innovative approach to navigating the complexities of market and valuation risk. Leading these critical functions for Nordea Group, Eric blends a wealth of experience with a forward-thinking mindset. His career spans impressive roles, including overseeing risk management for UBS and Credit Suisse in Zurich, where he dealt with the high-stakes world of managing risk across massive deposit and loan portfolios.

Full transcript available here: https://aqfd.docsend.com/view/bxtu77b955d6grcy  

Here's a link to the presentation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5007032

Contents:

(00:00:00) Asset Liability Management & Interest Rate Risk in the Banking Book  

(00:06:03) A Case Study in Interest Rate Risk and Asset-Liability Mismatches

(00:14:24) Liquidity, Insolvency, and Interest Rate Risk  

(00:20:15) The Mechanics of Bank Balance Sheets

(00:32:24) Bank Balance Sheets, Loan Reporting, and Equity Capital  

(00:49:28) Exploring the Dynamics of Fractional Reserve Banking, Interest Rate Risk, and Regulatory Frameworks

(01:03:30) From Pillar One to Pillar Three: Regulatory Safeguards and Banking Risk

Hermann Peterscheck used to make games at a company called Riot. Now he manages Hypernormal Capital which involves a lot of reading, some writing and the occasional investment decision.

hypernormalcapital.com/

www.linkedin.com/in/hermannpeterscheck

twitter.com/petershk 

Q3 Letter to Partners

He is my go-to expert in the gaming industry. We talked about Nintendo, League of Legends, Games Workshop, Tencent and more.
Contents:
• Hermann’s first exposure to games (03:15)
• Childhood experiences programming (04:15)
• Finding his passion in life and work (08:30)
• Breaking into the industry (10:00)
• Loses first gaming industry job when his company is bested by online gaming (14:00)
• Passion and career choices (17:26)
• Adventure and success with Riot Games (21:13)
• Ignorance and passion: The “magical combination” (22:03)
• From the beginning: Hermann joined Riot Games in 2009, at 33 (23:08)
• For many years, Riot Game’s League of Legends was world’s top game (27:13)
• Stratospheric growth of Riot Games under the aegis of Tencent (34:17)
• Investing in U.K. company “Gamestop” (41:56)
• Further adventures in investing (51:00)
• Investing in Nintendo (54:41)
• The Disney juggernaut (58:00)
• The curious “suicide contraption” that besets some companies (1:00:25)
• More on Gamestop (1:08:57)
• Hermann talks about what’s important in life (1:13)

Access the Transcript here: https://aqfd.docsend.com/view/ud6vfpscrkydcuhe

Gautam Baid, CFA, is the author of the international best-seller The Joys of Compounding. He is also the Founding Creator at Chapter, a revolutionary learning platform. Previously, Gautam served as a portfolio manager at an SEC-registered investment advisor based in Salt Lake City, Utah.

Mr. Baid talks to me about growing up in India, moving to the United States, changing careers, and how he found his calling in life. He also shares his future projects and important lessons on compounding.

Full transcript available here: https://aqfd.docsend.com/view/jc6uj72qud3gkiyp

Contents:

Growing Up in India (00:00:00)

A New Beginning: From Investment Banking to the Graveyard Shift (00:06:47)

The Power of Passion (00:10:49)

Becoming a Portfolio Manager (00:17:15)

The Capture Habit (00:21:17)

The Birth of The Joys of Compounding (00:25:15)

The Next Chapter (00:35:13)

How to Walk the Talk (00:45:27)

China vs. India from an Investment Perspective (00:57:54)

In this episode, Guy Spier talks to William Oliver and William Barnes, the founders of In Practise, a research network with a slightly different business model compared to other companies in the primary research business. They give valuable insights on the primary research industry and on topics such as how to conduct high-quality conversations and what part of management to interview when researching a company. 

Full transcript available here: https://aqfd.docsend.com/view/tw73wc9ef3gp3t4a

Contents:

Introducing William Oliver and William Barnes (00:00:00)

The Primary Research Industry (00:05:54)

The Beauty of Learning in Public (00:14:30)

Why Aren’t Investor Relations Enough? (00:24:34)

What is High-Quality Conversation? (00:34:47)

Top Management vs. Mid-Level Management (00:46:47)

The Pitfalls of Conducting Primary Research (00:54:36)

Who Should Be a Part of the In Practise Community? (01:06:15)

In this episode, we continue our exploration of financial risk management with Eric Schaanning, a thought leader in the field. Following his dynamic insights from the previous discussion, Eric delves into the intricacies of treasury functions within major banks and their critical role in risk management. Together with Guy Spier, they unravel how a small treasury team, despite its size, manages significant financial risks compared to the larger pool of relationship managers.  

Listeners will gain a clear understanding of complex concepts like yield curves and risk spreads, as Eric adeptly explains their implications in today's banking landscape. The duo examines the Basel Committee on Banking Supervision (BCBS) scenarios for interest rate shocks, pondering whether current banking models can adequately address extreme interest rate fluctuations.  

As they venture into discussions on net interest income (NII) and the economic value of equity (EVE), Eric shares his expertise on how these concepts can be applied to personal finance, making the conversation relevant for individuals navigating their own financial landscapes. With an engaging blend of practical knowledge and theoretical insight, this episode offers valuable perspectives that push the boundaries of traditional risk management. Tune in for another captivating dialogue that not only expands your understanding of financial systems but also equips you with practical tools for managing your financial future!

Full transcript available here: https://aqfd.docsend.com/view/dyu45ikdqvarwf5p

Here's a link to the presentation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5007032

Contents: 

(00:00:00) Navigating Interest Rate Risks: A Deep Dive into Bank Balance Sheets

(00:08:57) Measuring Interest Rate Risk: Insights into NII, EVE, and Bank Profitability

(00:17:09) Banking on Transparency: The Impact of Regulatory Frameworks opn Financial Institutions  

(00:31:18) Gap Risk in Banking: Insights from the Delta EVE Measure and Silicon Valley Bank

(00:39:56) From Crisis to Regulation: The Evolution of Interest Rate Risk Management

(00:53:52) Balancing Act: Large Banks, Regulation, and Operational Challenges  

(00:59:21) Bridging Capital and Growth: Perspectives on Modern Banking  

(01:23:55) Treasury Functions Unveiled: The Backbone of Risk Management in Banking  

(01:29:02) Understanding Interest Rate Shocks: A Comprehensive Look at the BCBC Scenarios

Olaf Hein is the CEO of Elbstein AG, a publicly traded German holding company. He talks to Georgina Godwin about his early life and education and the evolution of his career in the financial industry. Mr. Hein also shares some advice based on his decades-long stock market experience.

Here's an interview by Smart Investor who interviewed Olaf Hein about real estate shares and interesting niches within the real estate market:
aqfd.docsend.com/view/3y9bb9hvnz9yck2d

Full transcript available here: aqfd.docsend.com/view/ub7ptyhqcumqpv63

Contents:

Early Life and Education (00:00)
The Years in America (04:33)
From Rags to Riches (09:03)
The Birth of Elbstein AG (16:24)
The Essence of the Stock Market (19:59)
A Reading List (23:58)
Olaf Hein’s Guiding Principles in Business (28:09)

Lauren Templeton is the founder and CEO of Templeton & Phillips Capital Management. Investing runs in Lauren's blood, as she is the great niece of Sir John Templeton. She reflects on their work together, as well as on the impact of her father on Lauren's journey in investing. Lauren also gives some insight into the perks of working with her husband, Scott Phillips.

Transcript available here: https://aqfd.docsend.com/view/z5j2t67cqmbnn7ba

Manos Papatheofanous was born and raised in Greece, before moving to London to study computer science 31 years ago. Throughout his career he has worked various jobs in banks and proprietary trading desks, in asset management firms and in hedge funds, and has also completed a degree from London Business School of Master’s in Finance. Two years ago, Mr. Papatheofanous joined CPP Investments, the investment arm of the Canadian Pension Plan, which manages about 500 billion dollars for approximately 20 million Canadian pensioners.

Full transcript available here: https://aqfd.docsend.com/view/93wembq2jwh6pxb8

Contents:

Working at the Canadian Pension Plan (00:00:00)

The CPP’s Investment Strategy (00:09:21)

The Challenges and Advantages of Being Big (00:16:54)

Connections Between the Labour Market, Inflation and Globalization (00:28:00)

The Federal Reserve’s Influence on Inflation (00:41:46)

The Goal of Negative Interest Rates (00:50:53)

Cryptocurrencies or Crypto Assets? (00:56:13)

Book Recommendations and Getting in Touch (01:06:55)

What happens when a thoughtful investor sits down with a contrarian academic for a free-flowing, two-hour conversation? In this wide-ranging episode, Guy Spier reconnects with his former professor, Amar Bhidé, who’s the Professor of Health Policy at Columbia University Medical Center, for a dialogue that blurs the lines between economics, storytelling, philosophy, and life itself.

They begin by reflecting on paths taken—and those deliberately left behind. Professor Bhidé shares how a winding career through finance, policy, and academia has shaped his unconventional views on business education and the role of theory.

At the heart of the conversation is a simple but profound distinction: risk versus uncertainty. But this is no dry academic discussion. Instead, it opens into a deeper exploration of how we make decisions, how we explain the world, and why models often fail to capture what matters most.

Stories play a starring role—stories in business, in investing, in life. The two explore why narratives move us, how they can deceive, and what they reveal about human nature. From entrepreneurs to generals, from investors to doctors, Professor Bhidé argues that judgment and imagination remain our most vital tools.

There are digressions, of course—beautiful ones. Into mythology and scripture, literature and logic. Into why certain minds captivate us, and why what we choose to read says something about how we choose to live.

This isn’t a podcast about one big idea—it’s about many. And the spaces between them. It’s about learning to see and finding meaning—quietly, sometimes stubbornly—just beyond the known.

Full transcript available here: https://aqfd.docsend.com/view/g2vwrtr7yiq9cwnp

(00:00:00) Setting the Stage: Uncertainty, Progress, and a Life’s Work  

(00:06:21) A Distinction That Matters  

(00:14:46) The Power of Plausibility: How Investors Use Stories to Decide  

(00:22:20) Data Can’t Dream: Why Judgment and Imagination Still Rule  

(00:28:34) First Principles, Human Realities: Rethinking How We Know   

(00:47:55) More Than Facts: How Stories Shape Action and Identity  

(00:55:49) Duty Without Reward: Eastern Philosophy Meets the Business Mind  

(01:03:27) Happy with Small Takes: Reflections on Power, History, and the Self

(01:10:36) Books, Minds, and Conversations That Stay With You  

Georgina Godwin interviews Jehangir Appoo, an incredibly accomplished cardiothoracic surgeon. Among his accolades, are two fellowships, the first from the Royal Brompton Hospital, Imperial College, London and the second from the University of Pennsylvania. He has also held the position of Clinical Associate Professor of Cardiac Surgery at the University of Calgary, helping establish an artificial heart programme and performing Alberta’s first artificial heart device implant.  

Jehangir discusses his fascinating journey, which began as a well-travelled youngster living in at least 7 countries before the age of 18, finally settling in Canada.

Medicine was an unusual choice of career for a young man who hated the sight of blood. After a chance encounter with the Dean of his Medical School, near the Taj Mahal, he offered Jehangir some wise words, ‘once you see the light don’t turn your back upon it’. As his plane took off to return home, the decision was made that his future lay in cardiac surgery.

Sadly, after a long and illustrious career at the frontline of cardiac surgery, issues with Jehangir’s neck, forced him to stop operating. He was determined that his new career would need to have an on-going impact in health care and what followed was two completely different worlds colliding, digital technology and medicine.

Jehangir heads up a capital fund called AOIT Health. His aim is to be part of the evolution of how AI is used for medical diagnosis using machine learning technologies. Using his experiences at the front line of health care, his aim is to develop machine learning in an environment that can make a significant change; to the way medicine is practiced.

Jehangir is also involved in a non-profit organisation called Creative Destruction Lab, a partnership with scientists coming out of Universities, business schools, venture capital and entrepreneurs with the goal of building businesses. The idea being to take a project from the lab and build it into a big business, which is the whole basis of innovation and venture capitalism.

Finally, Jehangir addresses the positive impact that the pandemic has brought by integrating digital technology into health care. Virtual care had never been done before but now it has been accepted as a legitimate form of medical care, the whole space has opened up to remote patient monitoring, COVID has brought 2030 a decade early, accelerating digital technology investment in health care and rethinking how healthcare can work in the future.

Full transcript available here:  https://aqfd.docsend.com/view/7wfqnk9sauntku4y

Contents:

About Jehangir Appoo (00:00)

Journey to Cardiothoracic Surgery (03:08)

Thoughts on Healthcare Around the World (08:32)

Professional Accomplishments (10:58)

Career Change – Healthcare Meets Technology (13:26)

COVID and Digital Technology (20:07)

Jeffersonian Meals (24:33)

Thoughts on Exciting Developments in Healthcare (28:24)

David Sumpter is a professor of applied mathematics at the University of Uppsala, in Sweden, and the author of a wonderful book called The 10 equations that Rule the World.

He talks to Guy Spier about the various applications of mathematics in practical areas of our day-to-day life, such as social media algorithms, graph theory, Bayes’ theorem, and even vaccinations.  

Full transcript available here: https://aqfd.docsend.com/view/8sw5qidsc44bzkr2

Contents:

Pure Mathematics vs. Applied Mathematics (00:00)

Graph Theory and its Applications (10:39)

The Advertising Equation in Social Media (17:11)

Taking Control of the Algorithms that Control Us (20:11)

“Fluffy Science” vs. Empirical Studies (25:02)

From the Kelly Criterion to Bayes’ Theorem (32:22)

Mathematics Behind Vaccination Hesitancy (41:55)

Jackie Shoback is a Harvard graduate who has spent the last 25 years of her career as general manager and C-suite executive, with a lot of experience in launching, scaling and growing businesses from startup up through multiple billion dollars. She talks to Guy Spier about co-founding her new venture firm, balancing family and a professional career and the future of digital identity.

Full transcript available here: https://aqfd.docsend.com/view/cpvr23pqya95q9mz

Contents:

Staples: A Journey of Incredible Growth (00:00:00)

The Changes in Financial Services (00:18:42)

Boston: A Magnet for Talent and Financial Expertise (00:32:44)

Integrating Work and Family (00:51:43)

Timing is Everything (01:01:22)

The Future of Digital Identity (01:09:46)

The Power of Personal Connections (01:26:41)

In this gripping segment, Eric Schaanning and Guy Spier delve into the complex world of interest rate risk, revealing how seemingly straightforward banking practices can quickly turn into high-stakes dilemmas. Schaanning breaks down how banks forecast deposit behaviours, merging historical trends with expert judgment. He explains that as interest rates fluctuate, customer preferences shift dramatically—rising rates lure them into term deposits for better returns, while declining rates send them back to the safety of site deposits.

But the intrigue doesn’t stop there. The duo uncovers the hidden layers of behavioural modelling in assessing credit risk, identifying subtle signals that may indicate a customer’s financial distress. Changes in spending habits and payment timing can serve as critical warning signs, shedding light on the delicate balance banks must maintain to safeguard their portfolios. Spier interjects with essential advice for individuals grappling with financial strain, emphasizing the power of communication and proactive payment management.

As the conversation reaches its climax, Schaanning reveals a shocking twist: a seemingly lucrative fixed-rate loan could morph into a devastating loss due to unexpected interest rate spikes. With banks grappling to adapt in an ever-shifting economic landscape, the stakes are higher than ever. This tantalizing cliffhanger sets the stage for their next discussion, where risk management strategies and survival tactics will be put to the test in the face of looming financial uncertainties.

Full transcript available here: https://aqfd.docsend.com/view/jtbtn9zjhaebq9eh

Here's a link to the presentation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5007032

Contents:

(00:00:00) Why banking Regulations Matter: A Dinner Table Explanation

(00:08:50) Calculating Net Interest Income with a Simple Example

(00:14:22) Fixed vs. Floating Rate Loans: Cash Flow Dynamics

(00:22:19) Balance Sheet Management: Shifting Between Income and Capital

(00:29:47) Interest Rate Swaps and Market Liquidity 

(00:37:57) Exploring Risk Measurement and Gap Profiles in Banking 

(00:40:52) Navigating Liquidity Risk and Redemption Dynamics in Investment Funds 

(00:48:24) Understanding Interest Rate Risk and Behavioural Modelling in Banking

Mark Bitz is an entrepreneur, author and community leader. In his latest book, Winning Practices of a Free, Fit, and Prosperous People, and in his course, his aim is to make people aware of the essential practices that should flow through populations, be mastered and subsequently transmitted in order to evolve a superior set of software that enables them to really flourish in their environment.

He talks to Guy Spier about the winning practices, his idea of a cultural council in the United States, international affairs and the importance of an honest rule of law. 

Full transcript available here: https://aqfd.docsend.com/view/pkiww39rnr4w2ryc

Contents:

The Influence of Various Cultural Packages (00:00)

A Winning Practice: DNA Fidelity (00:12:33)

International Affairs and Interference (00:24:016)

The Importance of an Honest Rule of Law (00:30:46)

Role of Religion in Transmitting Culture (00:37:34)

The Idea of a Cultural Council (00:44:10)

China from a Different Point of View (00:57:12)

The United States’ Ability to Reboot (01:07:16)

Calls to Action (01:17:44)

Yishai Kiczales is an Israeli film critic, songwriter and lecturer, who currently lives in Zurich with his family. He writes for the daily newspaper Israel Hayom, and his third solo album, "Inside Yishai Kiczales", will be released on May 22. He talks to me about classic books and movies, about the recent changes in the world of cinema, and highlights some things the streaming services are missing. 

Full transcript available here: https://aqfd.docsend.com/view/jmvgmsxhb8vupfze

Contents:

Ulysses by James Joyce: A Rock in a Mountain of Classics (00:01:45)

Should One Read the Classics? (00:10:20)

Christopher Nolan’s Best Movies (00:13:32)

The Movie Classics and Their Origin (00:21:21)

How to Escape the Algorithm? (00:27:49)

Past and Future Changes in the Movie World (00:37:44)

Building Bridges Through Cinema (00:52:31)

The Struggle of Creating Art (00:58:47)

Eitan Chitayat leads Natie, a creative branding agency based in Tel Aviv.  

I originally met Eitan at the founding of the Entrepreneurs Organization chapter in Tel Aviv. When it comes to branding, he's a creative genius. He's also the author of the extraordinary "I'm that Jew" viral youtube video that got more than 10 million hits on various social channels

I'm that Jew
Eitan on twitter
Natie
Blog Post
Episode Transcript

Key moments
Leveraging technology to connect with clients (8:25)
About that friend in Paris…during those three days of terror (10:25)
Behind the scenes of the video production (12:53)
Releasing the awe-inspiring video (16:33)
Jewish advocacy (21:24)
Eitan’s brand strategy (24:53)
Articulating the story everyone wants to hear (31:42)
Why is there so much noise in the world? (42:37)
How the Golden Rule can motivate people to act like a human being (46:33)
Benefits of avoiding negativity on social media (51:41)
Teaching the children well (52:52)
Eitan’s heroes: Tanenbaum and Collins (56:26)
Spotlighting individuals who he admires (58:47)
The impact Dana Satterwhite had on Eitan (1:02:32)
The marvelus sound of silence (1:04:14)
The magic touch of a sister (1:05:29)
Keats and Tolkien as great writers (1:09)

In this conversation Kevin Schawinski talks to me about galaxies’ transition process, quantum mechanics and machine learning. He also goes into detail about his Galaxy Zoo citizen science project and about Modulos.

Other relevant links here:  

https://twitter.com/kevinschawinski  

ch.linkedin.com/in/kevin-schawinski-517b2a74  

de.wikipedia.org/wiki/Kevin_Schawinski  

https://skyandtelescope.org/sky-and-telescope-magazine/galaxy-zoo-a-citizen-science-project/

Full transcript available here: https://aqfd.docsend.com/view/a8j8qtx74gky7vhj

Contents:

From Cornell University to Balliol College, Oxford (01:54)

The Mechanisms Behind Galaxies’ Transition Process (06:26)

Quantum Mechanics: The Many-Worlds Interpretation (19:23)

The Limits of the Laws of Nature (33:53)

Galaxy Zoo: A Citizen Science Project (44:11)

The Difficulties Of Machine Learning Technology (54:01)

Modulos: Building a Universal Tool (1:03:25)

Powerful Algorithms Behind Social Media (1:15:40)

What Can Switzerland and the UK Learn From Each Other? (1:29:56)

Jeff Henriksen is the co-founder and CEO of Thorpe Abbotts Capital, a value oriented hedge fund based in Charlottesville, Virginia. In this short interview, Jeff talks about his experience of attending the executive MBA programme in Oxford, leading to him staying to teach a valuation course to graduates. Other topics include gaining a behavioral edge in investing, and the advantages of a price to book strategy. 

Transcript is available here: https://aqfd.docsend.com/view/zts7etxhxifcwp86

Discussing Warren Buffett's 2015 Annual Letter with Carol Massar and Noah Buhayar

Introduction, Camilla Cavendish

My conversation with Camilla Cavendish took place before the coronavirus – and hence in another world. Yet despite reminding us of cherished, past habits like routine trans-Atlantic travel – resident in London, she is a fellow at Harvard, and normally flies over every six weeks – the discussion was remarkably prescient.

This should not be surprising: Camilla is a high-flying author, journalist, policy expert and – as Baroness – a parliamentarian in the British House of Lords. Currently a columnist for The Financial Times, chair of the 2013 Cavendish Review into health care in Britain and previously with the Number 10 Policy Unit under Prime Minister David Cameron, she is the author of Extra Time: 10 Lessons for an Ageing World, an exceptional book looking at the implications of our increased life expectancy.

As Camilla – an old classmate of mine from Oxford – explained from the outset, her journalistic, policy and humanitarian passions have coalesced into a specialization on public health, which could hardly be more urgent and essential in these challenging times. When Harvard Medical School asked her to give a lecture on journalism and public policy, all three strands came together, and as she says, “I suddenly felt as if my life made sense almost for the first time in my career.”

Back in November 2019 when we spoke, anticipating the British election and with Brexit still unresolved, we could not anticipate the global turmoil we face today. Yet Camilla was excoriating about US health care – facing “catastrophic” health issues, “shocking” in the number of people without coverage, and “extremely expensive and not saving people’s lives”. She hailed the NHS as Britain’s Holy Grail, with its admirable universal care, but unequipped for preventing illness and “sagging under the weight of incredible, exponentially increasing demand”.

Camilla emphasized the threat of a determined, despotic China, and bemoaned America’s retreat from the values it has historically sought to project around the world. Against rising strains of populism in both the US and the UK, she underlined her faith that a pragmatic, “more rational and evidence-based” politics would emerge, driven by increasing engagement from both business leaders and the emerging generation.

So many of Camilla’s remarks presaged the Covid crisis. But it was not all policy and politics, as we discussed the pleasure (for her, not me!) of writing, the vital importance of exercise, her favorite music (see below), and her guilty reading pleasure (you’ll have to see the full interview for that).

When I get the chance to follow up with her, I’m looking forward to asking Camilla to provide an update on her views on the impact of the pandemic and the murder of George Floyd and on the prospects for political regeneration from that.

See below for a number of links relating to Camilla’s work and interests.

Link to Transcript here:
https://aqfd.docsend.com/view/dq43impw5bk5pxmu

Works:

Financial Times Column

https://www.ft.com/camilla-cavendish

Extract from Extra Time:

https://www.weforum.org/agenda/2019/11/why-we-should-take-advantage-of-our-extra-time/

Purchase Extra Time:

https://dauntbooks.co.uk/shop/books/extra-time/ (break the Amazon habit, why not!)

The Cavendish Review: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/236212/Cavendish_Review.pdf

Rachmaninoff’s Second Concerto:

https://www.gramophone.co.uk/features/article/the-best-recordings-of-rachmaninov-s-piano-concerto-no-2

Ikigai & the Language of Longevity

https://message-house.co.uk/blog/ikigai-the-newest-language-of-longevity

This conversation was with Naama Baram - who is the General Manager of Teva Pharmaceuticals in Switzerland.

Full transcript available here: https://aqfd.docsend.com/view/agf6a952mbzupdb9

Teva and the Pharma Industry
https://tevapharm.com/
https://twitter.com/bnaama
https://www.linkedin.com/in/naama-bar-am/
https://www.instagram.com/p/BbZqLWpB4OF/?igshid=53huznuez7i

Meditation
https://plumvillage.org/about/thich-nhat-hanh/biography/
https://www.eckharttolle.com/

Poetry
Maria Wislawa Szymborska
https://www.brainpickings.org/2017/10/23/wislawa-szymborska-pi/

Teva Background: 00:48:500
Teva and generics soon to come off patent: 03:05:500
Teva Copaxone 04:38:000
Teva R&D efforts: 06:42:500
Teva R&D budget allocation: 07:51:000
Investment stages in clinical trials: 09:400:500
Teva R&D budget decisions: 10:53:500
Evaluating Teva for investment: 11:11:500
Teva Remicade: 12:23:500
Worlds of healthcare services and devices: 15:17:500
Pharma industry and covid19: 17:06:400
Naamas' family life work balance: 19:50:000
Key things about meditation: 21:56:000
Mediation routine: 23:00:000
Difference between daydreaming and meditation: 24:13:200
Meditation Resources:
Thich Nhat Hanh: 25:30:000
Eckhart Tolle author of The Power of Now and A New Earth: 25:42:500
Naamas' poetry journey: 26:23:000
Favourite Poets:
Maria Wisława Anna Szymborska: 27:32:000
Bible poems: 28:43:000
Whose texts should be in the Bible if it were to be rewritten:
Yehuda Amichai: 29:06:900
Rumi: 29:21:400
Hafez: 29:34:500
Companies & CEO admiration: 30:32:500

Is now the time to invest?  

That's the question that I asked  Matthew Peterson.  

The Covid-19 pandemic is raging. Countries are locked down, shelter-in-place orders have been issued, and market prices have collapsed with unprecedented volatility. Guy poses on the record questions and Matthew shares a rare message with all investors not to miss this opportunity.

Matthew Peterson is the managing partner of Peterson Capital Management, a concentrated, long term, public equity fund.

Full transcript available here: https://aqfd.docsend.com/view/c7i6zkyp6uhk7wu3

Executives Referenced:

Charlie Munger https://en.wikipedia.org/wiki/Charlie_Munger

John Malone https://en.wikipedia.org/wiki/John_C._Malone

Peter Kaufman http://latticeworkinvesting.com/2018/04/06/peter-kaufman-on-the-multidisciplinary-approach-to-thinking/

Guy Spier https://en.wikipedia.org/wiki/Guy_Spier

Businesses Discussed:

Daily Journal https://journaltech.com/

Berkshire Hathaway https://berkshirehathaway.com/

Glenair https://www.glenair.com/

Books Recommended:

Commons Stocks and Uncommon Profits by Philip Fisher https://www.amazon.com/Uncommon-Profits-Writings-Investment-Classics-ebook/dp/B00XCC5Y0O

A Man for All Markets by Edward Thorp https://www.amazon.com/Man-All-Markets-Street-Dealer/

Whitepaper:

With Whom I would Invest by Guy Spier https://aqfd.docsend.com/view/8ambrx27xjnmtp43

Content

0:56 - A Message for Investors

2:38 - Regret Minimization

4:46 - With Whom I Would Invest

5:29 - Admirable Business Managers

10:22 - Recommended Books

11:40 - Getting Connected

12:12 - Final Words

In this conversation, I talk to Marcelo Lima who is the CEO of Heller House Capital management about how we should open up in the aftermath of coronavirus.

Full episode summary here: 
https://www.guyspier.com/conversation-with-marcelo-lima-on-coronavirus/

or PDF here: 
https://aqfd.docsend.com/view/x75c8hw26i6v6s74

Contents:

Marcelo on flipping the economy switch to “On”  (05:28)
Tracking the COVID-19 trends (6:38)
Tapping into the Twittersphere (13:40)
Comparing Washington State to European countries (15:10)
Thoughts on managing the risk and reopening society (16:51)
Marinating on Winston Churchill’s adversity and resiliency (30:27)
Marcelo on the Gell-Mann Amnesia effect (31:44)
Promoting the examination and acceptance of alternative viewpoints (32:28)

Email Update April 2020 by Guy Spier