What Works In Markets & Life w/ John Spears (RWH019)
ฝัง
- เผยแพร่เมื่อ 4 มิ.ย. 2024
- William Green chats with John Spears, a great investor who’s spent 48 years at an iconic investment firm named Tweedy, Browne, whose illustrious clients have included Benjamin Graham & Warren Buffett. Here, he shares his time-tested insights on how to build enduring success in markets & life.
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:00:57 - How John Spears became obsessed with investing when he was 12 years old.
00:09:52 - How skipping school to meet an investing legend set him on a path to success.
00:15:33 - How a catastrophic early investment humbled John & taught him to be more prudent.
00:25:59 - Why he focuses intensely on tracking insider buying of cheap stocks by top executives.
00:30:00 - What he learned by studying Ben Graham & teaching himself to buy cheap stocks.
00:36:12 - How Warren Buffett bought his stake in Berkshire Hathaway through Tweedy, Browne.
00:42:25 - What it was like sharing an office with another fabled investor, Walter Schloss.
00:52:21 - Why John owns high-quality compounders like Heineken & Nestle, which aren’t cheap.
00:54:30 - What empirical research has taught him about the strategies that work best over time.
01:05:53 - Why we should focus on achieving “satisfactory” returns, not shooting the lights out.
01:13:53 - Why it’s wise to avoid a lot of debt, live within your means, & keep ample cash reserves.
01:17:56 - Why we should diversify overseas, maximizing our odds of finding undervalued stocks.
01:19:50 - How John thinks about investing in foreign markets like China, the U.K., & Switzerland.
01:23:35 - Why he prefers to own a “dull old” stock like Tesco instead of something sexier & riskier.
01:32:02 - What factors have contributed to him having a happy life.
01:44:01 - How the principles he learned as a Quaker have influenced the way he lives & works.
01:58:19 - Why he regards capitalism as a powerful force for good.
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📖 BOOKS MENTIONED:
- Security Analysis by Benjamin Graham: amzn.to/3G2h0Rx
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On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life.
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Great interview William. John seems like a very humble guy.
Thank you so much, James!
Many thanks, James. He's a wonderful guy. Warm wishes, William
Legend.
Read what works in investing from Tweedy Brown and it changed my life
Thanks so much for watching!
Selling ice-cold Cokes on construction sites is genius!
Indeed! Thanks so much for watching!
Old school investor with old school values and principles.
Excellent interview!!!!! Thank you sir.
Glad you enjoyed it! ♥
Amazing video.Please keep up the hardwork for the investing community.
Much appreciated! 🙌
What a great conversation to finish 2022! Thank you for all the wonderful videos you posted this last year! I wish you happy holidays and a prosperous 2023!
Thank you so much!
Thanks so much -- I really appreciate it. Happy holidays! Warm wishes, William
William every guest you bring on to your show are amazing human beings and great investors. Listen to your guest and reading your book have already making a better and patient investor.
Thank you for the lovely comment! 🙏
What an excellent interview. Thank you William!
Happy Hanukah to you and your family!
Thanks a lot, Dmitry! Happy holidays!
Our pleasure. Happy holidays to you!
I am so glad you talked about the correlation between faith, religion and investing rationalism. I’ve often wondered if there is a positive correlation between super investors and atheism.
Thanks a lot, Justin. I'm not sure. Warm wishes, William
@@WilliamGreenRicherWiserHappier Between Spears, Gayner and Templeton it would seem religious belief is not an impediment to successful investing.
@@justinbeghly1435 Yup, it's also helped Fred Martin, who discusses this issue in an upcoming episode of the podcast. Personally, I think it helps everything to have some kind of spiritual underpinning to what you do, but there are a lot of ways to climb the mountain. Warm wishes, William
Bravo
He sounds like Charlie Munger
is mr spears blind?