The Art of Value Investing - An Interview with Guy Spier
The Manual of Ideas submits:
Guy Spier of Aquamarine Capital is a noted value investor and speaker on investment management. Guy’s willingness to share his insights with fellow value investors reminds us of Buffett’s penchant for sharing his wisdom with those eager to benefit from it. Last November, Guy spoke on global value investing at the Darden Value Investing Conference in Charlottesville, Virginia. This past May, he was at the Value Investing Congress in Pasadena, California, making a case for global for-profit education providers Estácio (Brazil: ESTC3) and Raffles Education (Singapore: E6D). Earlier this month, Guy presented at the Value Investing Seminar in Molfetta, Italy, highlighting an opportunity in London Mining (Oslo Axess: LOND). His speech was entitled, Navigating Between Fear & Greed Using Checklists.
On The Investment Process
The Manual of Ideas: Your fund has outperformed the market indices by a wide margin since inception, posting a cumulative net return of 115% from September 1997 through June 2009, compared to cumulative returns of 9% for the Dow Jones Industrial Average, 0% for the S&P 500 Index and -13% for the FT 100. Do you use short-selling or leverage in the portfolio and how concentrated is your fund typically?
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