by Guy Spier
‘Reach enlightenment faster and with fewer missteps.’
The Book in 3 Sentences;
Guy discusses his personal shortcomings and the mental pitfalls he tries to avoid as manager of the Aquamarine fund. Particularly useful is his advice on restructuring your environment, and his investment checklists. He also talks about his admiration for Warren Buffett and Mohnish Pabrai, and advocates cloning those you admire.
Top Quotes:
Structure your environment to counter mental weakness, and develop workarounds for mental shortcomings
We like to think that we change our environment, but the truth is that it changes us
Hang out with people better than you, and you cannot help but improve.
The entire pursuit of value investing requires you to see where the crowd is wrong so that you can profit from their misperceptions.
Who Should Read it?
I’d recommend this book to both rookie and seasoned investors alike. It can be easily understood and serve to inspire a beginner who hasn’t yet bought a stock, while an experienced veteran may find some common ground with Guy and be able to apply the lessons therein to his or her own process.
Actionable Info
Restructure your environment/workspace to increase productivity
Get your habits in order
Use circuit-breakers to distance yourself from investing
Choose your role models wisely, and clone them
Every serious investor must know how to read a company’s accounts
Read regularly and never stop learning
Compound good-will
TLDR;
We are trying to do what we can to tilt the playing field in our favor.
Use self-help books, Re-structure your environment, Socialise with the right people, Make friends with the eminent dead, Clone people you admire, Get envy out of your life, Guard against letting in the wrong types of information.
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