The Education of a Value Investor: My Transformative Quest for Wealth, Wisdom, and Enlightenment Hardcover – 16 Sept. 2014

I am glad I bought this book on someone's recommendation. Read it once and loved it. Looking forward to read it once again when I have ME TIME 😆

This book is a biography of Guy Spier. It is a book of 2 halves, and the first half concerns itself with education & the move into the world of work. Spier comes from a relatively privileged background, but makes the most of this to get great qualifications. However he then takes his first role in a corrupt company, which tarnishes his reputation. Luckily for him, his wealthy parents and friends then set him up by investing significant sums for him to manage. He charges them way too much up front initially, and so is able to live a great lifestyle with no debts. So really a one in a million person - this isn't a rags to riches story! He then gets obsessed with Warren Buffet and through that meets some brilliant people, all of whom share their secrets and help him further. Only in the latter third of the book does Spier actually give readers some inkling of how he makes decisions - but even then it's sketchy, and the examples are very historic. There are some great observations on life in this book, but it left me cold towards Spier, and full of questions about process that the book did not answer.

This book is a frank honest account of how the author became a value investor. At times he is refreshingly honest in his journey of discovering how to be the best 'himself' rather than try to emulate anyone else. He sets out on a homage to Warren Buffet (or WEB as he is known to his fans) only to realise that for true success and to be comfortable inside himself he needs to not emulate WEB but rather be the best he can at being 'Guy Spier'.As a professional value investor myself (who ironically lives not far from where the author went to school) I found it a very good book. However I think the real depth of some of his points can only be appreciated after you have been an investor for a number of years yourself and had periods of self doubt and episodes that have led you to questioning your confidence.The discomfort of having an 'Ivy league' CV and then being pressurised to play in a dirty sandpit with bosses with less ethical integrity than a Silician Mafiosi is palpable. Having been on a somewhat similar path myself it made me smile - very few fund managers or investors will be as honest as he is.Some of the points (eg what is the ideal distance to travel to work) will only be appreciated by those who, like me, commute into the City every day.The most practical input of this book was to give me the self confidence not to be glued to a Bloomberg screen every moment of every day - which given I used a Bloomberg every day for 14 years (except my wedding day) is remarkable.Given the achievements of Guy Spier I think this is a truly humble and indeed humbling book. In an industry with so many individuals with confidence brimming on arrogance hearing the inner voice of another true value investor and understanding their journey of discovery is invaluable.For people early in their investing career I would warn that some of this book will only be appreciated once you have been through at least one cycle in the market and have some grey hair!

I can't remember how I heard about this book or Guy Spier and whether I heard about Guy Spier first or his book. However I think I will look back at the moment I finished reading this book as a life changing moment.Everybody who takes investing (and life?) seriously, even if they are not pure value investors (as I intend to be) should read this (and to be honest so should speculators/gamblers as it might save them a whole heap of money.)This is simply an amazing and inspiring book from which almost anybody can learn something about themselves. Mr Spier has said that this is probably his first and last book because he is not a natural author; I would beg to differ and hope it is not. I would also add that many people will think we have heard of Mr Spier because he paid $1.6m to have lunch with Warren Buffett but it is my belief that we would have heard of him anyway.The book is part autobiographical, part value investing guide and part self help book. If you are open to what Mr Spier has to say then you will find an awful lot to help you negotiate life. It is frank and honest and open. I am going to read it again after reading Security Analysis (which I had not had the courage to start until reading this book) and Margin of Safety. I would also watch many of the interviews/talks on YouTube (particularly the one given at the Googleplex just three months ago) to enhance your understanding about what Mr Spier has to say.Happy reading!

This an excellent book, its an open and honest account of the trials and tribulations of a value investor. The discussion of the problems and innate biases faced by investors and how to deal with them was incredibly educational and reassuring. I am a professional investor so I related to a great deal of the book but I believe it would be just as useful to a beginner in order to tackle the biases before they develop. The checklist element is also crucial to investment and is one of the most important points raised in the book. Other books I would recommend based on this are the Dhando Investor and the Checklist Manifesto.This book has given me the conviction to make active changes in my professional life and is a must read!

A really enjoyable read, and very illuminating. By telling the story of his personal journey, Guy brings to life what can be a turgid subject (even for those who practice it professionally). He tells it with striking humility and candour. Most investment books, and indeed most "self-help" books, are written by authors posing as teachers. Guy takes a different tack, exposing his frailties and shortcomings with brutal honesty, and inviting us to learn from his mistakes. This book should appeal to anyone interested in investing, and indeed to a much wider audience. Brokers, traders and any other members of the financial community who thrive on noise rather than substance, may want to give it a miss.