Guy Spier — Wealth, Wisdom & Enlightenment (Infinite Loops CLASSICS)
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
This wide-ranging conversation between investor Guy Spier and host Jim O'Shaughnessy explores the deeper aspects of success, wisdom, and life philosophy that transcend traditional investment advice. Guy Spier, author of "The Education of a Value Investor" and manager of the Aquamarine Fund, shares insights from his journey from New York to Switzerland, discussing everything from psychedelics and guns regulation to the British class system and the power of writing down goals. (00:58)
- Core themes include the inner work required for investment success, the importance of understanding game rules in different societies, and how personal transformation drives professional achievement.
Speakers
Guy Spier
Guy Spier runs the Aquamarine Fund, an "investment partnership closely modeled on the original Buffett Partnerships." He is the author of "The Education of a Value Investor: My Transformative Quest for Wealth, Wisdom and Enlightenment" and hosts the annual investment gathering VALUEx. He describes his life's project as "a quest for wealth, wisdom and enlightenment." (00:41)
Jim O'Shaughnessy
Jim O'Shaughnessy is a successful investor, author, and founder of O'Shaughnessy Asset Management (sold to Franklin Templeton) and O'Shaughnessy Ventures. He served as chairman of the Chamber Music Society of Lincoln Center and is known for his empirical approach to investing and wide-ranging intellectual interests. (29:18)
Key Takeaways
Write Down Your Goals for Magical Results
Guy Spier discovered the transformative power of writing down aspirations when he created a list of things he wanted to accomplish during his family's move to Zurich. A year later, he found the forgotten list and was astounded by how many items had been completed without conscious effort. (71:06) This led him to maintain a regularly updated "business plan for life" and keep a growing list of successes. Jim O'Shaughnessy had a similar experience, finding a 28-year-old list of 98 goals with 95% accomplished, including becoming chair of a major arts organization. (75:24) The key insight is that handwriting goals seems to activate subconscious mechanisms that guide decision-making and opportunity recognition toward achieving those written aspirations.
Understand the Game Rules of Every Environment
Both speakers emphasized the critical importance of learning the unwritten rules that govern different social and professional environments. Guy shared his evolving understanding of the British class system, realizing that what appeared to be closed circles were actually hypercompetitive environments where existing members discouraged outsiders from competing. (49:48) Jim's experience with getting his daughter into the Heschel School in New York taught him that being interesting wasn't enough - success required understanding and following specific social protocols like making donations and attending cocktail parties. (52:46) The lesson is to actively seek out and learn these hidden rules rather than assuming merit alone will suffice.
Premeditate Decisions by Examining All Outcomes
Jim O'Shaughnessy shared his grandfather's technique called "premeditating," which involves thoroughly analyzing potential outcomes before making major decisions. (65:58) The process requires examining four scenarios: what happens good if you achieve your goal, what happens bad if you achieve your goal, what's good if you don't achieve it, and what's bad if you don't achieve it. This framework forces consideration of unnatural questions, particularly the negative consequences of success, leading to greater clarity about whether you truly want something and preparing you for potential downsides of achieving your objectives.
Choose Options That Maximize Opportunities for Luck
When faced with multiple choices, deliberately select the option that creates more opportunities for fortunate encounters and experiences. (80:54) Guy demonstrated this when choosing between hanging out with friends or attending a Tony Robbins seminar in San Francisco - despite initial reluctance, he chose the seminar because it offered greater probability of transformative experiences. This principle extends to all decision-making: when uncertain between options, choose the path that exposes you to more potential positive "luck" through increased interactions, learning opportunities, and novel experiences.
Focus on What You're For, Not What You're Against
Both speakers discussed the importance of directing attention toward positive outcomes rather than problems or opposition. (85:25) As Guy noted from his Anthony Robbins experience, "you get more of what you focus on," making it crucial to consciously direct mental energy toward desired outcomes. This applies to everything from personal goal-setting to investment decisions. Instead of focusing on avoiding losses or fighting against systems, successful people identify what they want to create or achieve and direct their efforts accordingly. This positive orientation naturally attracts more opportunities and solutions aligned with your desired direction.
Statistics & Facts
- Guy Spier found that 95% of a forgotten list of 98 goals written by Jim O'Shaughnessy at age 28 had been accomplished years later. (75:24) This demonstrates the remarkable power of writing down aspirations, even when forgotten.
- Switzerland has no capital gains tax but levies a wealth tax of less than 1% annually. (05:51) Guy notes that over ten years, the compounding effect of this wealth tax can be "pretty brutal" compared to timing capital gains in other countries.
- Guy Spier spends approximately 40% of his time in Manhattan and 60% in Greenwich, Connecticut, with the train commute taking only 45 minutes on express trains. (02:00)
