EDUCATION OF A VALUE INVESTOR PDF
The Education of a Value Investor: My Transformative Quest for Wealth, Wisdom, and Enlightenment Hardcover – September 9, He becomes a true value investor. Author Guy Spier started his career as a Gordon Gekko wannabe -- brash, short-sighted and entirely out for himself. Guy Spier. Author, Education of a Value Investor. The Education of a Value Investor. Marina Theodotou. American Management Association. Today's Presenter. Description 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.
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Guy Spier's book, The Education of a Value Investor, teaches us that we need to stop living our life through other people. The Education of a Value Investor Summary by Guy Spier does precisely what it promises – it shares the secrets of becoming a successful. Safal Niveshak writes about 5 big lessons on life an investing he re-learnt from Guy Spier's Education of a Value Investor.
Another thing you should do is find a good role model, which will teach you how you can approach the change and achieve your goal. Furthermore, make sure you persist in your projects. Many times you will be tempted to give up before the project ends, but it is all because you are approaching it the wrong way.
The right way to start a new project is by developing a positive attitude, and act, instead of waiting for the perfect conditions to come. Of course, during the process, you have to know your shortcomings and weak points, as well as negative emotions which may arise.
Once you notice something like that, like for example being driven by envy or anger, change your mindset. They may not have taught you in school how to become one, but you can learn yourself. Remember that being ruthless and successful and challenging your morals are two entirely different things. Whenever you are in a dilemma that challenges them, choose honesty. That is the only way to do it right. Do not let the pressure that comes with the job blind you.
Investing money is something you will surely do, but you need to go further and invest your time in people too. When you do this, when you give people attention, respect, and care, they will truly value you for what you are and not just your money. Good value investors stay calm during a financial crisis since they know that no matter the circumstances, there is always more money to be made. Like this summary? In fact, any example of sound morals and values is an example that should be celebrating it.
We believe that every investor should read this book and learn its lessons. It guarantees you success and peaceful sleep at night. But after a while, I came to believe that D. On one memorable occasion I was called into a meeting between the bank and an outfit looking to raise money for a cold fusion venture. Implicitly, what I meant was, Do you really expect me to keep a straight face and tell our salespeople that this crap is going to fly? Like the cold fusion nonsense, the probability that this thing would take flight was pretty low.
But this was the business of D.
To be fair, even though many of these opportunities turned out to be duds and eventually failed, the firm also scored a big hit every now and then. For example, it had taken public one of the first biotech companies, Enzo Biochem, at a time when it was unthinkable to do an IPO for a company without earnings. And from time to time,. But in between the good deals, the firm needed fodder to feed the money-making machine. Blair would take a healthy chunk of warrants in the companies that it financed.
And on the investment side, D. Blair was often the only market maker in the shares that it took public. With bid-ask spreads as high as 20 percent, there were fat profits to be made just buying and selling the companies that went public.
Like so many institutions on Wall Street, D. Blair had a nice edge on its clients. But generating trading volume in the stocks and getting a broader group of people interested in them required a lot of stage management. Dressing up an opportunity with questionable odds of success and turning it into something that the public was enthusiastic about buying was part of the role of D.
To make one of these deals succeed and to grease the wheels of finance, various people needed to play their part. The cold fusion and Cosmodrome deals were not going to earn any money soon, if ever.
But they did have sizzle. From an investment banking standpoint, this sort of price action would make the deal a runaway success—even if the company eventually failed. As the stock rose, the bank would cash in on the warrants and make a profit trading the shares.
If the company ultimately went bust, the shares would be broadly held, and it would not be D. Blair or its clients that bore the brunt of the loss. To get these sorts of situations going required aggressive salesmanship of every kind. Blair had a retail brokerage unit filled with hard-charging brokers who called clients from a boiler room on the 14th floor. They were physically and legally separated from the investment bankers like me, and they officially worked for another company.
While they were part of D. Our tiny team of bankers constituted the acceptable, respectable face of the company, while the brokers were the backroom boys, touting these dubious deals to unsophisticated retail investors. The 14th floor of D. Blair was a swirling sea of testosterone; someone once told me that hookers would sometimes go up there to reward the most successful salesman of the day. I had no direct dealings with these guys, but they depended on our investment banking team to come up with deals for them to tout.
The bankers could live with themselves because they were holed up in the handsome, wood-paneled cocoon of the second floor, while the really eye-opening activities went on 12 floors above. Still, the brokers needed us bankers as enablers.
It was only after a year or so at D. Blair that it really started to dawn on me that this was a big part of the role I was expected to play.
I was supposed to dress up the least sketchy of these deals in such a way that the downsides were heavily de-emphasized or ignored while the sizzle—the blue-sky upside—was highlighted. They had no use for a forensic arbiter who painstakingly researched an idea, examined the opportunity, and pronounced, as accurately and honestly as possible, what this thing really was.
In hindsight, I can see with clarity that the real value to the firm of my Oxford degree and my Harvard MBA was to adorn its deals and documents with my pristine credentials. I thereby provided a kind of Ivy League fig leaf.
In truth, everyone there was expecting me to play my part. The elephant in the room was an unspoken dialogue that went something like this:. Cold fusion company management: Execs of D. Blair, yes, we are bullshitting you. Moreover, think of the excitement that this thing will cause among investors and the press. It would be the only publicly traded nuclear fusion power company in the world!
Other D. Blair investment bankers: Yes, this is extremely unlikely to fly, but we need to fill our pipeline of deals so that you, the company management, can get rich on the founder stock and we, the investment bank, can get rich on fees and from trading the stock. And who knows, it might even succeed, in which case our clients might even make money too.
I was so tactless that I actually laughed.
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Home Books Money Management. Save For Later. Create a List. The Education of a Value Investor: Summary What happens when a young Wall Street investment banker spends a small fortune to have lunch with Warren Buffett? Read on the Scribd mobile app Download the free Scribd mobile app to read anytime, anywhere. Macmillan Publishers Released: Sep 9, ISBN: To my parents, Marilyn and Simon Spier, and to my sister, Tanya.
To my children, Eva, Isaac, and Sarah. To my wife, Lory: One needs to read several value investing books.
The Education of a Value Investor: My Transformative Quest for Wealth, Wisdom, and Enlightenment
If you read multiple sources, this book can help you a great deal. I was a technologist in my pre-retired life.
In technology, one must read many sources and a study the data before deciding on which direction to take in solving a problem. Investing is no different. If this is done, Guy's book is a great help. In reading Guy's book, one can gain a great deal of insight. It is very worthwhile for a value investor to read. No book offers a magic answer on investing. If you want insight, Guy's book can help a great deal.
I was helped by reading it. Hardcover Verified Purchase. I meet Guy many years ago while attending a Berkshire Hathaway annual meeting and have followed his career ever since. When I saw it appear in an Amazon search I do regularly I ordered it immediately.
First, the book was not what as I had expected as many others have noted and I was surprised at how frank it was. Sharing your personal mistakes in such a manner couldn't have been easy but Guy has provided his readers with several valuable lessons that I hope young readers take to heart My first job was also at a firm that I wasn't proud to work at, Conseco Capital Management.
I worked on the Axys reporting system and I quickly learned what kind of firm I didn't want to work at. I hope all Guy's young readers keep in mind how important it is to work in an environment that you feel comfortable in with people that you admire.
It's also so important to analyze your behavior and believe in yourself. I practice concentrated investing which many people in the institutional investing world think is pure craziness but it suits my temperament.
I think Guy also talks about in his book how important it is to follow your own path with readers would do well to try and follow their own path to happiness and success.
I highly recommend the book, especially to those who have an interest in the investing industry. Two great books on the subject, and they both talk about so much more. It's a very clear, disciplined approach to investing. I'm a huge fan of Warren Buffett, and it's very inspiring to see both Guy and Mohnish follow his teachings today, and post very respectable returns.
It's a very refreshing read in the crazy days of day trading, and chasing the next hot thing, when the old and tested ways work as good as ever, and still very few follow them religiously.
The approach is simple, but staying loyal and committed to it still proves to be hard for most. Thank you both for taking the time to write those two amazing books! Highly readable and thought provoking book that looks into the intersection of investing and human behavior. Anyone interested in trying to improve as an investor or as a person will get something out of this book. While the title has "Value Investor" in it, this is as much a book on human psychology as it is on investing.
The concepts introduced in the book are scarcely earth-shatteringly novel. None of this takes away from the impact of the book. This postmortem of Guy's experience is useful and extremely interesting in and of itself. A long list of "guide to further reading" at the end of the book provides the reader with tools to continue her education beyond this one volume. I highly recommend this book. This is, hands down, one of the best books I have ever read. And it is a very rare, unique kind of book.
Some of the summaries I read after finishing the book, even positive ones, made it sound quaint and trite, along the lines of, "Oh, how cute, an investment banker with a heart of gold. As a year-old male who, along with my dearest friends, has made it through a "quarter life crisis" surprised to find where it has taken me, such a book filled with honest reflections is invaluable. I wish every trade or profession had such a book.
The world would be an incredibly better place.
And I know that, too, sounds trite, but I'm deathly serious. This is a book I will cherish for the rest of my life. I would also recommend this book to anyone who considers her or himself a general student of self-improvement. The author has surveyed a wide variety of books from the fields of self-improvement and psychology the bibliography alone deserves a close read , and his candor in speaking about what he gained or didn't from these lesson and experiences, as applied to a specific life and career, provides the reader with a concretized narrative to see such ideas as reality in action and not mere abstractions.
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Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers. Learn more about Amazon Giveaway.Later on, when he was in a bad place looking for work he saw self-help guru Tony Robbins give a speech.
The Education of a Value Investor
This is one of my biggest takeaways from the book. However, that is not the reality. On coping with adversity, he writes… One way that I coped with the stress was to apply a strategy I had learned from Tony Robbins: studying heroes of mine who had successfully handled adversity, then imagining that they were by my side so that I could model their attitudes and behavior. We are not saying that moral fraud is easy to stay away from, especially when it is happening all around you, but if you want to have a proper career, and a sound sleep each night, you better learn how it is done.
Book Details Author: Description What happens when a young Wall Street investment banker spends a small fortune to have lunch with Warren Buffett? One way that I coped with the stress was to apply a strategy I had learned from Tony Robbins:
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