GUY SPIER
Paid $650,100 for lunch with Warren Buffett
The man who paid $650,100 for a lunch with Warren Buffett in 2008 — and says it was the best investment he ever made. Before that lunch, Spier was a reasonably successful hedge fund manager. After it, he rewired his entire philosophy, moved from New York to Zurich to escape Wall Street groupthink, and wrote a book about it. His Aquamarine Fund has compounded at 12%+ annually since 1997. Not Buffett numbers, but better than almost everyone who talks about Buffett.
Net Worth
$200 Million
Nationality
Swiss-American
Time Horizon
Long-Term
Risk Appetite
4 / 10
CAREER & BACKGROUND
Founded Aquamarine Capital Management in 1997. Won the charity auction for lunch with Warren Buffett in 2008, paying $650,100 alongside Mohnish Pabrai.
Relocated from New York to Zurich to create distance from Wall Street noise. Aquamarine Fund has compounded at roughly 12%+ annually since inception.
Wrote "The Education of a Value Investor" (2014). Close friends with Mohnish Pabrai.
COMPANIES & ROLES
Aquamarine Capital Management (founder & managing partner)
INVESTING STYLE & PHILOSOPHY
Classic Buffett-Munger value investing with heavy emphasis on the psychological game. Spier is less about finding the next ten-bagger and more about not screwing up.
He buys wonderful companies at fair prices, holds them forever, and spends most of his energy on removing bad influences from his decision-making process. He moved to Zurich specifically to avoid herding behavior.
He doesn't attend earnings calls or read Wall Street research.
THE PLAYBOOK
Risk Approach
Conservative. He'd rather miss a great opportunity than make a mistake.
His portfolio is concentrated but not aggressive — typically 10–15 high-quality positions held for years. He avoids leverage, avoids shorting, and avoids anything he can't explain in simple sentences.
Money Habits
Lives in Zurich with his family — chose it deliberately for the calm and distance from Wall Street. Doesn't check his portfolio obsessively.
Takes long walks. Reads for hours daily.
Lives well but not extravagantly.
BIGGEST WIN
The Buffett lunch itself. Not the direct financial return, but because it completely transformed his investing process.
After the lunch, he restructured his environment — moved cities, changed his daily routine, stopped consuming financial news — and his returns improved significantly.
BIGGEST MISTAKE
Early in his career, Spier ran a fund with what he describes as an "aggressive and unprincipled" style — trying to be Gordon Gekko instead of Warren Buffett. His first few years in finance were driven by ego and greed, and his early performance was mediocre because of it.
FINANCIAL PHILOSOPHY
Spier believes investing is 80% psychology and 20% analysis. The hard part isn't finding good businesses — it's building a life and environment that lets you think clearly when everyone else is panicking.
Most investors fail not because they're dumb, but because their environment makes them act dumb.
FAMILY & PERSONAL LIFE
Married with children. Lives in Zurich, Switzerland.
EDUCATION
Oxford University (PPE — Philosophy, Politics, and Economics). Harvard Business School (MBA).
Worked at D.H. Blair before finding value investing.
BOOKS & RESOURCES
's "The Dhandho Investor". Charlie Munger's speeches
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QUOTES (6)
The $650,000 I paid for lunch with Warren Buffett was the best investment I ever made. Not because of anything he said — because of how it changed the way I think.
The goal isn't to be the smartest investor in the room. The goal is to build a life where you can think clearly when everyone else is panicking.
I moved to Zurich to get away from the noise. The best investment decisions I've ever made were made in silence.
Investing is 80% psychology and 20% analysis. Most people spend all their time on the 20%.
Your environment shapes your decisions more than your intelligence does. Design your environment before you design your portfolio.
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