Guy Spier: Our brains didn’t evolve for a modern economy Investors' Chronicle

To be a successful stock picker over a long period of time, not only do you have to be a scrupulous researcher, you also have to guard against powerful human emotions.
In this podcast, famed value investor Guy Spier talks through how his investment process has developed over the past two and half decades and why he’s feeling more optimistic in the current market rout than he has in previous crises.
 
In conversation with the IC’s Mary McDougall, he talks through his investment thesis in some key holdings, explains why he bought and sold Twitter and questions whether fear and concern over China has sparked more critical stories about the investment case, or if it reflects a genuine underlying reality. 
They discuss the benefits that can be gleaned from studying your heroes, the challenges and opportunities presented by feelings of envy and the extent to which fund management is an attractive way to live a life. 
Guy has managed Aquamarine Fund since 1997, achieving annualised returns of 9.5 per cent since its launch, compared with 8.1 per cent for the S&P 500 Index and 3.6 per cent for the FTSE 100 Index.


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