Aquamarine Fund

Guy Spier founded Aquamarine Capital Management LLC in 1997 and serves as the managing partner and principal, managing all investment decisions personally. He is widely recognized as an ardent disciple of Warren Buffett and closely follows Buffett's principles on value investing and capital allocation. Spier authored 'The Education of a Value Investor' which details his transformation from traditional Wall Street practices to value investing, including his famous lunch with Warren Buffett. He maintains active engagement with the investment community through his annual VALUEx investment conference in Switzerland, semi-annual newsletter with over 25,000 subscribers, podcast appearances, YouTube channel, and social media presence. Since inception, Spier has grown the fund from $15 million to over $350-470 million in assets under management while consistently outperforming major market indices.

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Aquamarine Capital Management LLC is an investment management firm inspired by the original 1950's Buffett partnerships and emphasizes Value Investing principles. The fund follows Warren Buffett's approach of buying quality businesses at attractive prices and holding them for the long term. Key principles include never losing money as the primary rule, avoiding leverage at all costs, staying within circle of competence, and using systematic checklists to prevent investment errors. The fund operates without traditional management fees like the original Buffett partnerships, instead using performance-based compensation to align interests with investors. The investment process emphasizes deep fundamental analysis, concentrated positions in 10-15 high-conviction stocks, and patient long-term holding periods rather than frequent trading.

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