What happens when a young Wall Street investment banker spends a small fortune to have lunch with Warren Buffett? He becomes a real value investor. In this fascinating inside story, Guy Spier details his career from Harvard MBA to hedge fund manager. But the path was not so straightforward. Spier reveals his transformation from a Gordon Gekko wannabe, driven by greed, to a sophisticated investor who enjoys success without selling his soul to the highest bidder. Spier's journey is similar to the thousands that flock to Wall Street every year with their shiny new diplomas, aiming to be King of Wall Street. Yet what Guy realized just in the nick of time was that the King really lived 1,500 miles away in Omaha, Nebraska. Spier determinedly set out to create a new career in his own way. Along the way he learned some powerful lessons which include: why the right mentors and partners are critical to long term success on Wall Street; why a topnotch education can sometimes get in the way of your success; that real learning doesn't begin until you are on your own; and how the best lessons from Warren Buffett have less to do with investing and more to do with being true to yourself. Spier also reveals some of his own winning investment strategies, detailing deals that were winners but also what he learned from deals that went south. Part memoir, part Wall Street advice, and part how-to, Guy Spier takes readers on a ride through Wall Street but more importantly provides those that want to take a different path with the insight, guidance, and inspiration they need to carve out their own definition of success.
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A must read for Value Investors - great book
Yes. The book has some great lessons and insights from Guy's career. He is also very honest about his investing mistakes which adds to the learning experience (and hopefully helps the reader avoid making similar errors!)
I think the most interesting insights surround the things that Guy avoids doing - for example: daily use of Bloomberg terminals, engaging too closely with management (they are good salesmen), talking publicly about investments (as it creates attachments to a particular thesis which can be hard to move away from). Also how Guy uses investment checklists which cover everything he has learned both personally and from other investors - Buffett, Pabrai etc. Put in to practice, these checklists will avoid investment mistakes - so readers can take a lot from them. All of this is really practical advice which can be put in to practice easily.
I think it is important to be careful which investment books you read, there are a lot of them which can have a negative effects on your investing. This book is a particularly good one and although it is written in a very different style to others, it is right up there with other "must read" titles for Value Investors such as Common Stocks Uncommon Profits (Fisher), Essays of Warren Buffett (Cunningham), Intelligent Investor (Graham/Dodd), Margin of Safety (Klarman), Competition Demystified (Greenwald).
Life story of a hedge fund manager
Yes, as this is easy to listen in a car, while gardening etc.
no, but the performance was OK
This book is what the title suggests - the author talks about his life story how he came out of first class universities, got burnt in an investment bank and started his hedge fund. To a great extent it is about the people inspired him (such as Warren Buffet) as a role model in investment and life.
Personally I was looking for a book on value investment - the book did not offer much in that subject.