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The Education of a Value Investor (Englisch) Gebundene Ausgabe – 16. September 2014

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Pressestimmen

"[Mr. Spier] is worth listening to. A graduate of Oxford University and Harvard Business School, he runs the Aquamarine Fund ...that has beaten the S&P 500 by an average of 4.9 percentage points annually. He believes that most investors pay attention to the wrong things and allow their minds to get hijacked by bad ideas. Individual investors are constantly being exhorted to try beating Wall Street at its own game of trading like crazy to chase whatever is hot. But why should you bother trying to play a game that even most professional players can't win? Instead, take a page from Mr. Spier's book and play by your own rules. The faster Wall Street runs, the more you should slow down and step back from that madness."--Jason Zweig, "The Wall Street Journal" "It is rare to find as readable a book on value investing as this one. It is even rarer to find these investing insights wrapped in a set of life lessons that you will find thought provoking, challenging and useful. Pick this book up and you won't put it down...you'll likely be a better person for it! --Len Schlesinger, Baker Foundation Professor, Harvard Business School""The Education of a Value Investor" offers a remarkably cost-effective education for any type of investor. And, oh, the lessons--of the forms of self-transformation, self-transcendence, and self-understanding that lead to investing success--stand to profit any reader, non-investors included.""" --Robert B. Cialdini, Bestselling Author of" Influence ""Our industry is extraordinarily competitive, and knowing oneself if a huge advantage. In this wonderful book, Guy allows us to understand his journey of discovering his way. This narrative gives us each the gift of helping us understand ourselves better-- helping us become better investors. I am both inspired and impressed by his example."--Lisa O'Dell Rapuano, founder, Lane Five Capital Management"Famed value investor Guy Spier has managed to write what is both a gripping memoir and a fascinating study of what it takes to succeed in investing and life. A must read!"--John Mihaljevic, CFA, Managing Editor, "The Manual of Ideas"""The Education of a Value" Investor is full of pearls of wisdom that can make you a better investor, and its honesty will inspire and surprise you. It's the best book I've read that shares both highly valuable investing lessons and a fascinating description of the journey from novice to master investor." --Ken Shubin Stein, MD CFA, Heilbrunn Center for Graham and Dodd Investing, Columbia Business School"Highly readable...offers practical tools for everyone"--James Mackintosh, "Financial Times
""The most interesting investment book this year"-Phil Demuth, Forbes.com

[Mr. Spier] is worth listening to. A graduate of Oxford University and Harvard Business School, he runs the Aquamarine Fund ...that has beaten the S&P 500 by an average of 4.9 percentage points annually. He believes that most investors pay attention to the wrong things and allow their minds to get hijacked by bad ideas. Individual investors are constantly being exhorted to try beating Wall Street at its own game of trading like crazy to chase whatever is hot. But why should you bother trying to play a game that even most professional players can't win? Instead, take a page from Mr. Spier's book and play by your own rules. The faster Wall Street runs, the more you should slow down and step back from that madness. "Jason Zweig, The Wall Street Journal"

It is rare to find as readable a book on value investing as this one. It is even rarer to find these investing insights wrapped in a set of life lessons that you will find thought provoking, challenging and useful. Pick this book up and you won't put it down...you'll likely be a better person for it! "Len Schlesinger, Baker Foundation Professor, Harvard Business School"

"The Education of a Value Investor" offers a remarkably cost-effective education for any type of investor. And, oh, the lessons--of the forms of self-transformation, self-transcendence, and self-understanding that lead to investing success--stand to profit any reader, non-investors included. "Robert B. Cialdini, Bestselling Author of Influence"

Our industry is extraordinarily competitive, and knowing oneself if a huge advantage. In this wonderful book, Guy allows us to understand his journey of discovering his way. This narrative gives us each the gift of helping us understand ourselves better-- helping us become better investors. I am both inspired and impressed by his example. "Lisa O'Dell Rapuano, founder, Lane Five Capital Management"

Famed value investor Guy Spier has managed to write what is both a gripping memoir and a fascinating study of what it takes to succeed in investing and life. A must read! "John Mihaljevic, CFA, Managing Editor, The Manual of Ideas"

"The Education of a Value" Investor is full of pearls of wisdom that can make you a better investor, and its honesty will inspire and surprise you. It's the best book I've read that shares both highly valuable investing lessons and a fascinating description of the journey from novice to master investor. "Ken Shubin Stein, MD CFA, Heilbrunn Center for Graham and Dodd Investing, Columbia Business School"

Highly readable offers practical tools for everyone "James Mackintosh, Financial Times"

The most interesting investment book this year. "Phil Demuth, Forbes.com""

Über den Autor und weitere Mitwirkende

Guy Spier has run the Aquamarine Fund for 17 years, achieving an impressive record of market-beating returns. An ardent disciple of Warren Buffett, Guy launched the fund with $15 million in assets, closely replicating the approach of Buffett's original partnerships. Guy was educated at Oxford University, where he was a tutorial partner of the current British Prime Minister David Cameron and came top of his class in economics. After a stint in management consulting, he attended Harvard Business School, then worked as an investment banker before starting his own fund. He is a regular commentator in the media, having appeared on CNN, CNBC, Bloomberg Television, and Fox Business News.


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Von SL am 29. April 2015
Format: Kindle Edition Verifizierter Kauf
Sehr interessant: Guy Spier beschreibt seine Lebensgeschichte und seine Entwicklung als Investor, hier geht es nicht nur ums Investieren, sondern vor allem um die Suche nach dem Umfeld und der Tätigkeit, die am besten zu einem passt.

Nur 4 Sterne, weil es relativ wenige neue Erkenntnisse bzgl. Investments liefert (zumindest wenn man die Klassiker zum Thema bereits kennt).
Kommentar 5 Personen fanden diese Informationen hilfreich. War diese Rezension für Sie hilfreich? Ja Nein Feedback senden...
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Format: Gebundene Ausgabe Verifizierter Kauf
Pro:
- Teil sehr detailliert und lebhaft erzählt
- viele kleine Tipps wie sich selbst persönlich weiterentwickeln kann
- zeigt auf, wie ein Value Investor agiert
- Sympathische Geschichte, weil er viele Fehler aufzeigt, die er gemacht hat

Contra:
- Guy Spier ist keine Größe im Fondsgeschäft; Sein Fonds hat aktuell weniger als 500 Mio. Euro - Im Vergleich zu anderen Fonds (z.B. Bridgewater) ist das sehr klein
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Format: Gebundene Ausgabe Verifizierter Kauf
Sensationelles Buch, nicht nur der value Gedanke sondern auch die Lebenseinstellung von Guy Spier kommen hier perfekt rüber + unzählige Buch und Blog Tipps
sehr kurzweilig und unterhaltsam geschrieben
für mich das besten Buch im breiten Themenbereich Value Investing - ich habe noch nicht alles durch, aber folgende Bücher fand ich außerdem sehr spannend

Howard MARKS - the most important thing (seine memos sich auch super) , Joel GREENBLATT (alle von ihm), dhando investor
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Format: Gebundene Ausgabe
It was a so great pleasure for me to read this book and see Guy Spier’s openness across his life, his habits, and how he changed it. I discovered a lot thoughts and situations from Guy which resemble with my experiences in the past, independently if it happened in my job or in my private life. I am sure you will also find parallels in your and Guy’s life and you will see how other people handled some situations in investing. I wished Guy had written this book 10 to 15 years ago.

For everybody who is interested in investing and finance you have to read this book. Guy’s book helps also to find the right books in this big jungle of investing books. You will find a lot of good other books to find the right way for successful investing. You will not discover techniques and tools to find undervalued shares but you will get a lot of the right hints for further books and literature which will help you to learn the right techniques and also to get the right mindset for value investing.

This is particularly true for people in Germany where you get a lot of bad literature about investing and I have not seen Guy’s book in any bookshelves of big and good bookstores in Munich. I have to say that I found Guy’s book randomly on a trip to New York in mid September this year. In one of my first days I discovered Guy’s book randomly in the Posman bookstore at the Grand Central Station. First of all I thought this is a kind of a book from somebody who wants to make money with the story of value investing and Warren Buffett. Very soon after I have read some paragraphs I discovered somebody in this book who tells honestly how he has discovered the world of Warren Buffett and value investing and how he has transferred value investing in his life. Guy published a lot of hints for advanced literature. I thought these are enough reasons for buying Guy’s book. And I’m so happy to get a book with Guy’s original signature.
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Die hilfreichsten Kundenrezensionen auf Amazon.com (beta)

Amazon.com: HASH(0x9d14d834) von 5 Sternen 308 Rezensionen
76 von 86 Kunden fanden die folgende Rezension hilfreich
HASH(0x9d0440d8) von 5 Sternen Interesting book, but not quite what I expected 22. August 2014
Von Andy Wallace - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe Vine Kundenrezension eines kostenfreien Produkts ( Was ist das? )
I am a retired financial advisor, and a long time value investor. When I ordered this book, I expected the author to share some ideas that would enhance my understanding of value investing. I guess I should have read the product description of the book posted on Amazon. That would have clued me in to the fact that this book is more of a memoir of the life and personal growth of a fallen Master of the Universe.
It was a quick read, and I enjoyed read of some of the life lessons Spier learned on his transformative quest for wealth. I have shared this book with 2 of my sons, just starting out in their careers. Spier offers some good advice that I wish I had learned early in my career. I believe my sons can learn a lot from this book, if only they'd put down their damn smart phones and pick up a book!
33 von 39 Kunden fanden die folgende Rezension hilfreich
HASH(0x9d044cf0) von 5 Sternen They may not achieve Buffett-status but they stand a good chance of beating 90% of professional investors after fees 25. November 2014
Von Steve Bradshaw - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
I will definitely read this book again, slowly, considering all the life changes I want to make.

This is the most honest and open account of an investor coming of age I have come across. It deals directly with a lot of the in-the-weeds difficulties of staying disciplined, setting up the factors that will prevent known psychological traps and investing boldly as a contrarian. Spier has an extremely insightful perspective on what has led to Buffett's investing prowess. In moulding himself after the legendary investor he shows how it's possible for anyone to similarly set the odds up in their favor. They may not achieve Buffett-status but they stand a good chance of beating 90% of professional investors after fees, an approach that will surely lead to considerable wealth over a lifetime.

Similar to Guy, I experienced rapture when I first read the Intelligent Investor as well as Lowenstein's biography on Buffett. While I have implemented much of the teachings in my own investing strategy over the past six years, I now wish I'd been even more fanatical. For instance, Spier has set rules for himself such as always reading primary sources first, only checking stock prices once a week, never reading sell-side research and not talking about current investments. He has also worked hard to surround himself with high-quality likeminded investing peers. Well, I plan to remedy things, starting with attending the Berkshire annual meeting this year...

What's amazing about Graham, Buffett, Pabrai, Spiers, Dremen, Klarman, Watsa, Greenblatt, Gaynor, Einhorn and all the other great value investors is that they each publicly lay out their approach in detail (usually updated quarterly or annually), they each announce their specific holdings (on 13fs each quarter) and they each consistently beat the market by a wide margin and for long periods of time. Yet despite this, value investing continues to represent a small minority of the overall fund management business and few people succeed in copying value strategies successfully.

And the irony is it's such a simple approach! Invest in high-quality businesses that you understand with wide moats and good cashflow characteristics when they're going cheap. I.e. be greedy when others are fearful and fearful when others are greedy. Most investors think they understand this already.

The problem is that many cognitive biases remnant from our days on the savanna work against us at times of great fear and great greed, preventing us from sticking to methods that work over long periods of time but often appear to be broken in real time.

That's why this book is so important. Understanding our own cognitive biases and setting up an environment which will enhance rational thinking is where the rubber hits the road and what distinguishes great investors. It's no accident that Buffett holes up in Kiewit Plaza, reads sec filings all day, trades seldom and surrounds himself with individuals like Munger, Gates and Katherine Graham. He's nailed it.

Therefore, do not take this book lightly! It gets to the heart of what makes an investor great.
42 von 51 Kunden fanden die folgende Rezension hilfreich
HASH(0x9d044564) von 5 Sternen Great value investing and life lessons 2. August 2014
Von Sidarta Tanu - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe Vine Kundenrezension eines kostenfreien Produkts ( Was ist das? )
The Education of a Value Investor by Guy Spier is a fun value investing book to read. He talks about his life, his career, and the pursuit of happiness/peacefulness. He explains how meeting and learning from Warren Buffett and Mohnish Pabrai changes his perspective on life and makes him a better investor. He candidly talk about his failures and believe those moments are where he learn the most and shapes the person he is today. The book also covers case studies of some of his investments (such as CarMax, Farmer Mac, Tupperware, etc), including the investment thesis, the outcome, and the lesson learned. His goal is no longer to be Gordon Gekko or Warren Buffet, but to be the best version of Guy Spier that he can be. :)

Here are some of my takeaways from this book:
- Authenticity and self-awareness are keys for success
- Align interest with investor (set fair compensation structure)
- Don't live beyond our means or fall into debt
- Live by your internal scorecard (have independent mind)
- Maximizing return is not everything
- True value investor is more than just about investing (It's also a way of life)
- Keep an open mind and learn from others (think what Warren would do)
- Never do anything that will taint our reputation

Sidarta Tanu
29 von 36 Kunden fanden die folgende Rezension hilfreich
HASH(0x9d044e04) von 5 Sternen Find the right role models 10. September 2014
Von investingbythebooks - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
“Hang out with people better than you, and you cannot help but improve”. This book by one of the most prolific second-generation Buffetteers is about building the appropriate investment foundation, about setting up the right environment, about the triumphs of an inner scorecard over an outer one (or as Buffett would have put it: “Would you prefer to be considered the best lover in the world and know privately that you are the worst – or the other way around?”). First and foremost however, it is about the importance of finding the right role models. Guy Spier has – in collaboration with William Green who has evidently done a masterful job with the prose – written one of the most personal books in the financial arena ever. It can be found in the same corner of the room as Tony Robbin’s Awaken The Giant Within, Edwin Lefèfre’s Reminiscences of a Stock Operator and Poor Charlie’s Almanack, openly sharing lessons learned and human misjudgements, with curiosity and authenticity.

Rarely has a book about investing been more highly touted pre-publication, at least within financial circles. A 2008-lunch with Buffett, stellar investment results over 17 years and a well-read piece in Wall Street Journal by Jason Zweig will do that. A plea to those of you ready to move on to more contrarian pastures: please stay around. Mr. Spier’s journey – chaptered in chronological order – is one of rebooting himself from his own version of Dante’s Inferno and not only paying lip service to good advice, but also physically enacting them. End result: a truer value investor in every sense of the words. The author writes about “a meaning that goes beyond money, professional advancement, or social cachet”. Being a Buffett-learner myself since the mid-90s, I fully embrace the notion that those who merely see Buffett as a great stock-picker are clearly missing the point. “The greatest lessons from Warren Buffett have less to do with investing and more to do with being true to yourself”. For sure, it is easier to speak with authority about these issues given a successful investment record – would anyone listen otherwise? But that misses the point. The great investors of our time did not suddenly open up to ideas like latticework of mental models, reciprocity or worldwide laws of life after their success. Those matters enabled success. Then of course, a wheel of success keeps spinning for longer than a broken one.

Being so open about his willingness to study Buffett, along with Munger, the Sequoia people, and friend-to-be Mohnish Pabrai, in order to reap the benefits from having them revolve around him like guiding planets, is a very likable aspect of the book. Despite Mr. Pabrai’s oft-quoted line of “I have never had an original idea in my life”, copying has always come with a bad breath in the world of investing. But I dare to say that few of us have really considered the genius behind that quote. The strength of the text is found exactly in those parts, about the importance of role models and adapting the lessons to your own mental wiring. That last bit is crucial. “Cloning” a great investor in order to improve your own results is not about buying the same stocks and then leave the office. To that regard, you have accomplished little. The world of finance is full of Buffett-extremes: Apostles preaching the virtues of Coca-Cola or Wells-Fargo without knowing a thing about their businesses, but also Despisers that regularly call out “he’s finished”. Spier shows how a true role model can work instead: by inspiring for betterment, sharing instead of taking, learning the mechanics of how they work instead of staring at the outcome.

Can a good book review be mostly rave, little critique? To some extent, the latter is considered posher, more admirable. But when confronted with work that exerts influence beyond the pages, it is of equal importance to shout out about the excellence. Cognizant of Mr. Spier’s investment record, there will certainly be cries about the lack of fortune’s formulas and stock-tips. Rest assured that impression would be massively false. You just have to read between the lines. Or send Mr. Spier a handwritten thank-you note. The results may surprise you.

This is a review by investingbythebooks.com
16 von 20 Kunden fanden die folgende Rezension hilfreich
HASH(0x9d0470b4) von 5 Sternen Found it Difficult to Relate to the Author 21. September 2014
Von M. Jensen - Veröffentlicht auf Amazon.com
Format: Kindle Edition
I found this to be a rather odd book. The author apparently had no moral or ethical role models in his youth because a lot of this book is about how amazed he was to learn about Warren Buffett and Mohnish Pabrai and discover that one can succeed in business by behaving in an upright moral and ethical manner. If you actually believe being deceitful and underhanded is a legitimate long term approach to success in business then this book may be of some value to you by showing you an alternate path. I'd guess though that the majority of people in the value investing game already get this. As far as actual value investing advice goes, it offers tidbits like: don't invest in a company whose CEO is going through a bitter divorce. The author came to this conclusion when he took the CEO out to lunch and the CEO began screaming at him. He later found out the CEO was going through a divorce. If you think tips like that might be useful to your investing career, then, again, this book might be of value to you. He also explains how, in an effort to improve his investment results, he moved to Zurich to get away from the madness of New York and turned off his Bloomberg terminal in order to reduce information overload. I doubt most readers will have a Bloomberg terminal to shut off, nor will moving to an expensive foreign city be a viable option in their own quest for "alpha."

To be fair, the book is decently written and mildly entertaining. I found the author's telling of his decision to write thank you notes every day, and the benefits he reaped from this exercise, to be inspiring.

But overall, for me personally, I found it very difficult to relate to this guy or draw a whole lot of meaning from the life experience that he shares.
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