What happens when a thoughtful investor sits down with a contrarian academic for a free-flowing, two-hour conversation? In this wide-ranging episode, Guy Spier reconnects with his former professor, Amar Bhidé, who’s the Professor of Health Policy at Columbia University Medical Center, for a dialogue that blurs the lines between economics, storytelling, philosophy, and life itself. They begin by reflecting on paths taken—and those deliberately left behind. Professor Bhidé shares how a winding car...
Apr 04, 2025•1 hr 21 min•Ep. 57
In this conversation between Guy Spier and Eric Schaanning, the discussion revolves around the intricacies of asset-liability management (ALM) and interest rate risk, particularly in the banking sector. Eric shares insights from his experience, explaining key concepts like the economic value of equity (EVE), DV01 (the sensitivity of a bank's net present value to interest rate changes), and various risk management techniques used by banks. The conversation explores how different banks, depending ...
Feb 13, 2025•1 hr 16 min•Ep. 56
In this engaging podcast, Howard Marks, co-founder of Oaktree Capital, and Guy Spier, founder of Aquamarine Capital, share invaluable investment wisdom with Roi Lipovetzky, a former MBA student and current investment professional at Oakmount Capital. The conversation explores key principles of successful investing, such as mastering market cycles, second-level thinking, risk management, and the importance of long-term, contrarian positions. Howard reflects on his experience through major market ...
Jan 23, 2025•53 min•Ep. 55
In this gripping segment, Eric Schaanning and Guy Spier delve into the complex world of interest rate risk, revealing how seemingly straightforward banking practices can quickly turn into high-stakes dilemmas. Schaanning breaks down how banks forecast deposit behaviours, merging historical trends with expert judgment. He explains that as interest rates fluctuate, customer preferences shift dramatically—rising rates lure them into term deposits for better returns, while declining rates send them ...
Nov 22, 2024•57 min•Ep. 54
In this episode, we continue our exploration of financial risk management with Eric Schaanning, a thought leader in the field. Following his dynamic insights from the previous discussion, Eric delves into the intricacies of treasury functions within major banks and their critical role in risk management. Together with Guy Spier, they unravel how a small treasury team, despite its size, manages significant financial risks compared to the larger pool of relationship managers. Listeners will gain a...
Nov 15, 2024•2 hr 42 min•Ep. 53
Eric Schaanning is a dynamic figure in financial risk management, known for his innovative approach to navigating the complexities of market and valuation risk. Leading these critical functions for Nordea Group, Eric blends a wealth of experience with a forward-thinking mindset. His career spans impressive roles, including overseeing risk management for UBS and Credit Suisse in Zurich, where he dealt with the high-stakes world of managing risk across massive deposit and loan portfolios. Full tra...
Nov 01, 2024•1 hr 28 min•Ep. 52
Simon Kold is a Danish entrepreneur and investor who’s making waves in the financial world with his firm, Kold Investments. Before founding Kold Investments, Simon spent over a decadeatNovo Holdings, a powerhouse investment firm managing around €150billionin assets. His approach to investing is anything but ordinary. Simon runs a single-strategy, concentrated public equityfirm that focuses on companies with network effectsandscale advantages, a strategy that sets him apart from the crowd. He’s a...
Oct 18, 2024•2 hr 57 min•Ep. 51
Tobias Carlisle, an Australian investor and founder of Acquirers Funds, LLC, also shares his personal journey—from his beginnings as a corporate advisory lawyer in Australia to his transition into investing inspired by Warren Buffett. His career spans roles as an activist hedge fund analyst and general counsel, leading up to his authorship of Deep Value, Quantitative Value, and Concentrated Investing. Full transcript available here: https://aqfd.docsend.com/view/ziv6die4mhrta2ud Contents: (00:00...
Sep 18, 2024•1 hr 5 min•Ep. 50
Jo Boaler is a British author and Professor of Mathematics Education at Stanford University. Jo is involved in promoting reform mathematics and equitable mathematics classrooms, and thereby fulfils a role of communicating to broader society outside of academics. Beside her new book Math-ish , she is also the author of the books Limitless Mind , The Elephant in the Classroom and other books on learning and education. Jo talks to Guy about visual approaches to teaching maths, covering the role of ...
Aug 23, 2024•52 min•Ep. 49
Morgan Housel is the New York Times Bestselling author of The Psychology of Money and Same as Ever and a popular finance blogger. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He is also a partner at The Collaborative Fund and serves on the board of directors at Markel. He talks to Guy Spier about the concept of writing for oneself, the slow way to approach reading and how to help the process of connecting ideas. Other topics discussed include ...
Feb 21, 2024•1 hr 15 min•Ep. 48
Luca Dellanna is a management advisor and an author from Turin, Italy. His books cover topics ranging across management, human behavior, and economics. He talks to Guy Spier about his early career, his research on ergodicity and some topics from his other books, including autism and the difference of decision making and action taking in our brains. Full transcript available here: https://aqfd.docsend.com/view/r5q6w9tq7e2b8aqb Contents: (00:00:00) Introduction (00:07:38) The Concept of Ergodicity...
Oct 13, 2023•1 hr 17 min•Ep. 47
Daniel Simons and Christopher Chabris are professors of psychology, both experts in the fields of cognitive science and experimental psychology. They are also known as the co-authors of the famous book The Invisible Gorilla , and the inventors of the homonymous psychological experiment. 12 years from the release of their first book they have partnered again, co-writing Nobody's Fool: Why We Get Taken In and What We Can Do about It . This book illustrates through a series of stories why we fall v...
Aug 25, 2023•2 hr 32 min•Ep. 46
Ben Feder is an investor and games executive, currently managing partner at TIRTA Ventures. He is also the author of the book Take Off Your Shoes: One Man's Journey from the Boardroom to Bali and Back. Ben formerly served as the CEO of Take-Two Interactive and was President of International Partnerships for North America at Tencent Games. Ben talks to Guy about his early career in the media industry, the time he was part of the successful takeover of Take-Two Interactive, and his newly launched ...
Jul 07, 2023•1 hr 11 min•Ep. 45
Christina Patterson is a journalist, writer, broadcaster, and coach. A former columnist at The Independent, today Christina writes for the Daily Mail, Observer Magazine and The Telegraph, and reviews for The Sunday Times. She is also a regular guest on the Sky News press preview. Christina talks to Guy Spier about her books and the journey of her and her family’s life, which effectively inspired them. Other topics include psychotherapy, writing and poetry, as well as the importance of speaking o...
Jun 09, 2023•2 hr 34 min•Ep. 44
Lauren Templeton is the founder and CEO of Templeton & Phillips Capital Management. Investing runs in Lauren's blood, as she is the great niece of Sir John Templeton. She reflects on their work together, as well as on the impact of her father on Lauren's journey in investing. Lauren also gives some insight into the perks of working with her husband, Scott Phillips. Transcript available here: https://aqfd.docsend.com/view/z5j2t67cqmbnn7ba...
Apr 24, 2023•21 min•Ep. 43
This is a repost of episode RWH023 of The Investor’s Podcast Network. Please check out the original episode here: https://youtu.be/G1yQcykKYJg If you’d like to hear more of William Green’s interviews on the “Richer, Wiser, Happier” podcast, then please check them out here: https://www.theinvestorspodcast.com/richer-wiser-happier/ We discussed many things that are so relevant to today's environment including - attending the Berkshire Hathaway meeting - the influence of Warren Buffett - stocks lik...
Mar 30, 2023•2 hr 11 min•Ep. 42
Jeff Henriksen is the co-founder and CEO of Thorpe Abbotts Capital, a value oriented hedge fund based in Charlottesville, Virginia. In this short interview, Jeff talks about his experience of attending the executive MBA programme in Oxford, leading to him staying to teach a valuation course to graduates. Other topics include gaining a behavioral edge in investing, and the advantages of a price to book strategy. Transcript is available here: https://aqfd.docsend.com/view/zts7etxhxifcwp86...
Mar 06, 2023•24 min•Ep. 41
Sachin Khajuria is an investor and the author of the book “ Two and Twenty: How the Masters of Private Equity Always Win ”. He holds two degrees in Economics from the University of Cambridge. Sachin talks to Guy Spier about his education, career, and the characteristics and future of the private equity world. He also touches on topics such as distressed investing, fee structures, and the importance of a multicultural background. Full transcript available here: https://aqfd.docsend.com/view/m7jv4...
Feb 09, 2023•1 hr 7 min•Ep. 40
Michael McCloskey is the founder and president of GreensKeeper Asset Management. He is one of those rare-to-find people who has a flair for both numbers and writing. In fact, he has a BSc in mathematics, as well as both a JD and an MBA degree. Michael has worked as an investment banker and has a lot of experience in the securities industry. Today, he lives in Mississauga, Canada with his wife and two daughters. Michael McCloskey talks to Guy Spier about how he became a value investor and the pri...
Dec 09, 2022•2 hr 4 min•Ep. 39
Milo Jones is political scientist, a business school professor focusing on intelligence analysis and geopolitics, and has served as an officer in the US Marine Corps. He is currently based in Warsaw, Poland, but he spends plenty of time travelling around the world. Milo is also the author of the book Constructing Cassandra: Reframing Intelligence Failure at the CIA, 1947-2001 . He talks to Guy Spier about the conclusions of his book, insights for investors from the intelligence community and the...
Nov 18, 2022•2 hr 42 min•Ep. 38
John Zolidis is an equity analyst and a registered investment advisor, President, and Founder of Quo Vadis Capital Inc. He talks to Guy Spier about what made him found his own company, about the retail sector, and the battle between physical stores and Amazon. John also shares why he is fascinated with the Chinese market, as well as gives some insight into a company he has been following. Full transcript available here: https://aqfd.docsend.com/view/mx8ghkc4wihjuwu5 Contents: (00:00:00) Introduc...
Sep 30, 2022•1 hr 24 min•Ep. 37
Guenther Dobrauz is a half-Swiss, half-Austrian lawyer, Leader of PwC Legal Switzerland, and a member of PwC’s Global Legal Leadership Team. In the past he has co-run one of the first Swiss venture funds. He is also the author of 10 books. He talks to Guy Spier about regulatory law in Switzerland, his work at PwC, and his Austrian origins. Blockchain technology and circular economy are two of the main topics, being the focus of Exelixis Capital, an investment entity co-founded by Guenther Dobrau...
Aug 18, 2022•47 min•Ep. 36
Francisco Negrin is a creative director working in opera, as well as shows and other events. He talks to Guy Spier about his early life, his career in opera and the meaning of his sets, as well as the business leadership that is part of his work behind the scenes. Contents: (00:00:00) The Early Life of Francisco Negrin (00:16:06) Blending into Cultures (00:27:51) The Relevance of Opera (00:36:45) Tools to Convey the Message of a Piece (00:48:16) Is Opera a Popular Art Form? (00:59:03) Business L...
Jul 20, 2022•1 hr 17 min•Ep. 35
Mark Bitz is an entrepreneur, author and community leader. In his latest book, Winning Practices of a Free, Fit, and Prosperous People , and in his course, his aim is to make people aware of the essential practices that should flow through populations, be mastered and subsequently transmitted in order to evolve a superior set of software that enables them to really flourish in their environment. He talks to Guy Spier about the winning practices, his idea of a cultural council in the United State...
Jun 27, 2022•1 hr 23 min•Ep. 34
Ninad Shinde grew up in India, studied and worked in the United States, before moving to London, where he still lives and works as a consultant to private equity firms. He talks to Guy Spier about his education, his work on lab-on-a-chip devices, about the evolution of the private equity space and about one of his big interests, the cloud / software as a service business. You can find the talk by Professor Carlotta Perez here: https://youtu.be/dhNd3tVR1hI And another good talk with Professor Car...
May 16, 2022•2 hr 40 min•Ep. 33
Olaf Hein is the CEO of Elbstein AG, a publicly traded German holding company. He talks to Georgina Godwin about his early life and education and the evolution of his career in the financial industry. Mr. Hein also shares some advice based on his decades-long stock market experience. Here's an interview by Smart Investor who interviewed Olaf Hein about real estate shares and interesting niches within the real estate market: aqfd.docsend.com/view/3y9bb9hvnz9yck2d Full transcript available here: a...
Apr 22, 2022•31 min•Ep. 32
David Sumpter is a professor of applied mathematics at the University of Uppsala, in Sweden, and the author of a wonderful book called The 10 equations that Rule the World. He talks to Guy Spier about the various applications of mathematics in practical areas of our day-to-day life, such as social media algorithms, graph theory, Bayes’ theorem, and even vaccinations. Full transcript available here: https://aqfd.docsend.com/view/8sw5qidsc44bzkr2 Contents: Pure Mathematics vs. Applied Mathematics ...
Mar 25, 2022•53 min•Ep. 31
Ricardo Fernandez is the Founder and Managing Partner of Signal Capital, an alternative asset management company. He grew up in Brazil, studied in Spain and in the United States, and holds an MBA from IESE and an AMP from Harvard Business School. Mr. Fernandez talks to Guy Spier about his education, career, and gives an inside look at the opportunities and life in Brazil. Full transcript available here: https://aqfd.docsend.com/view/jdercs4hnems94m4 Contents: The Influence of Family (00:00:00) C...
Mar 04, 2022•1 hr 17 min•Ep. 30
Arthur Fine is a lawyer and one of the directors of Aloha Medical Mission (“AMM”), a non-profit volunteer organization based in Honolulu, Hawaii, which provides free health care to underserved people in the Pacific, Asia and Hawaii and does surgical missions in the developing world (alohamedicalmission.org). His wife, Marjorie Fine, is a general surgeon and a volunteer at AMM. Mr. Fine talks to Georgina Godwin about his and Marjorie’s early life, their careers and their work at Aloha Medical Mis...
Feb 11, 2022•36 min•Ep. 29
A few months ago, Lory Spier was invited to give the prize-giving-day speech to graduating students at the Dragon School in Oxford. In this interview, she talks to Georgina Godwin about growing up in Mexico, her working experiences and life in her twenties, as well as meeting Guy and eventually settling down in New York. At the end of the episode, Lory reads out the speech that she gave at the Dragon School, which allows the listeners to truly get a sense of what Lory’s core values are, and what...
Jan 07, 2022•32 min•Ep. 28
