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
- The Intelligent Investor by Benjamin Graham: amzn.to/3hA9nZh
- Richer, Wiser, Happier by William Green: amzn.to/3jbfXWp
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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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