RWH019: Winning the Long Game w/ John Spears

We Study Billionaires - The Investor’s Podcast Network

IN THIS EPISODE, YOU’LL LEARN:

• 04:04 - How John Spears became obsessed with investing when he was 12 years old.
• 11:34 - How skipping school to meet an investing legend set him on a path to success.
• 16:07 - How a catastrophic early investment humbled John & taught him to be more prudent.
• 24:12 - Why he focuses intensely on tracking insider buying of cheap stocks by top executives.
• 27:28 - What he learned by studying Ben Graham & teaching himself to buy cheap stocks.
• 32:42 - How Warren Buffett bought his stake in Berkshire Hathaway through Tweedy, Browne.
• 41:54 - What it was like sharing an office with another fabled investor, Walter Schloss.
• 50:12 - Why John owns high-quality compounders like Heineken & Nestle, which aren’t cheap.
• 52:01 - What empirical research has taught him about the strategies that work best over time.
• 1:01:29 - Why we should focus on achieving “satisfactory” returns, not shooting the lights out.
• 1:08:40 - Why it’s wise to avoid a lot of debt, live within your means, & keep ample cash reserves.
• 1:12:02 - Why we should diversify overseas, maximizing our odds of finding undervalued stocks.
• 1:13:36 - How John thinks about investing in foreign markets like China, the U.K., & Switzerland.
• 1:20:40 - Why he prefers to own a “dull old” stock like Tesco, instead of something sexier & riskier.
• 1:27:42 - What factors have contributed to him having a happy life.
• 1:38:01 - How the principles he learned as a Quaker have influenced the way he lives & works.
• 1:50:36 - Why he regards capitalism as a powerful force for good.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Tweedy, Browne’s research papers on what’s worked in investing over the long run.
• The Tweedy, Browne International Value Fund.
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
• William Green’s Twitter.

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