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This commentary reflects the investment opinions and views of Phronimos Investments and should be read in the context of our investment strategy, which is intended for Wholesale and Sophisticated investors only. Any views or opinions expressed here are not intended as investment advice and do not take your personal circumstances into account. We strive to be factually accurate, but we do make errors from time to time. We typically comment only on securities that we currently own and therefore our interests may diverge from yours. Our views may also change with the passage of time, due to changing circumstances and security prices, and we make no commitment to update any previously expressed views. Please conduct appropriate research or consult a financial advisor before taking any action based upon anything you might read here.   

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a conversation with Guy Spier

  • Writer: Phronimos
    Phronimos
  • Jul 28
  • 1 min read

At some point in his or her investing journey every aspiring Value investor will stumble upon Guy Spier's book, The Education of a Value Investor. It is the story of Guy's discovery of and baptism into the Value investing philosophy, which led him to starting the Aquamarine Fund and having dinner with Warren Buffet. It is now firmly established in the canon of Value investing literature.


Most readers will come away with a renewed appreciation of and enthusiasm for the Value investing approach, but will also be inspired by Guy's commitment to giving back to others far more "value" in terms of his time, energy, experience and knowledge than he takes.


Any suggestion that this "giving back" is mere lip service is dispelled by my own experience when Guy kindly responded to a letter I wrote to him in 2018.


So it was a huge and unexpected pleasure to find myself, seven years later, in conversation with Guy about our investing at Phronimos, which spontaneously turned into a short podcast of sorts where we talked about everything from our longstanding investments in a Nigerian bank and US used car retailer, CarMax, to a fragrance company based in the south of France. Recording this was unplanned and not very polished (from my side at least!) but it was a heck of a lot of fun.


If you haven't read Guy's book, I highly recommend you do so. Who knows where it might lead.

And many thanks to Guy's team, David and Chantal, for organizing everything.




 
 
 

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