The Education of a Value Investor

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

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

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

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

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

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

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...

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

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

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)

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?

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

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

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

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)

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

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)

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)

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)

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)