The Education of a Value Investor

By: Guy Spier

 

Guy Spier runs and manages the Aquamarine Fund, he is a Warren Buffet style investor and has been consistently beating the market for the past two decades. I gained a lot practical trading knowledge as well as tips and tricks from reading this book. When reading this book, I had just recently started my portfolio and was still practicing learning how to pick stocks. This book taught me how to prioritize my investments and how I can learn from my mistakes. One of Spier's biggest recommendations is to make notes of every trade you make. I started doing so early on, and it has proven to be quite valuable. I write down my initial thesis before making the purchase, I track my sentiment as time passes and I also make sure to include my exit strategy and gauge my overall confidence in the trade I made.

 

When I make mistakes, I find it very beneficial to go over my notes again and see what I missed. Which catalysts did I forget to consider? Was my investment horizon too short? Did I not time the market correctly? Spier mentions frequently throughout the book, that mistakes can only be made once. When it comes to investing, practice sure does make perfect. 

Is this Book for You?

This book is great for new investors looking for motivation, tips and tricks. Spier does a great job of highlighting the most important skills necessary to manage a portfolio of stocks successfully. As said by Spier, temperament is more valuable than IQ when it comes to the market. 

  

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