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If you haven’t explored the latest updates yet, they’re worth a look.

For nearly 30 years, Guy Spier has been a name that value investors look up to. He moved to Zurich, wrote a famous book called The Education of a Value Investor, and managed the Aquamarine Fund with a focus on doing things the "Buffett way".

This week, he announced publicly that he was closing his fund. In his final letter, he explained that he decided to return capital to his investors because of a serious health battle with brain cancer (Glioblastoma).

Even in this difficult time, Guy has shared a wealth of knowledge. Here are the most important lessons we can learn from his 28-year journey.

Brought to you by: Stock Unlock.

The most basic lesson in investing is to let your money grow over a long time. Guy’s career shows us exactly how this works. Since he started the Aquamarine Fund in 1997, the money has grown at 9.4% every year (vs. 9.2% for the S&P 500 and 8.0% for the MSCI World). This might not sound like a huge number, but over 28 years, it adds up to a 1185.6% total return. This means if you had invested $100,000 at the start, it would now be worth over $1.2 million. So he has been investing prudently, and has still outperformed the index.

You don't need to double your money every year to be wealthy. You just need a decent return and a lot of time. Guy wanted to keep going for 60 years to see how big the number could get, but his health changed those plans.

Guy knows that after he returns the money, his investors will have to find new places to put it. He shared a 5-point checklist called "With Whom I Would Invest" to help them choose good leaders.

• Skin in the Game: The manager should have their own money in the fund. If they lose money, they should feel the same pain as you.
• Total Focus: Investing shouldn't be a side hobby. You want someone who spends all their time watching your "basket" of stocks.
• An Activity, Not a Business: Some big banks just want to collect fees. A good manager cares more about the investment results than about getting more customers.
• Honesty (Candor): They must be able to explain their mistakes. If a manager always makes excuses for why they are losing money, stay away.
• The Fiduciary Gene: This is the most important. It means the person naturally wants to be fair and honest because that is who they are, not just because it’s a rule.

Guy didn't start as a pro. He explains in his book how he started his career (go read the book; it’s great). He learned investing by "reverse-engineering" the thoughts of great investors like Warren Buffett and Charlie Munger.

What worked for him:

• Power Brands: He learned from Tom Russo to love companies with famous names like Nestlé, Heineken, and McDonald’s.
• Toll Bridges: He liked companies that everyone has to use, like American Express, Mastercard, and Moody’s (credit ratings).

Also, a point he makes is that even pros make mistakes. Guy admits he missed out on buying Amazon and Costco, even though his friends gave him the information on superior businesses years ago. He also sold some great stocks, like Aflac and Ferrari, too early.

And despite all these mistakes, he has still outperformed the index. The lesson here is, you will make mistakes. The goal is to get enough things right so that the winners pay for the losers.

1. When Guy found out his cancer had returned in September 2025, it changed how he looked at life. He calls these lessons "Wisdom Bumps". Here are some life lessons:

   1. Live your best life now: You don't know what will happen tomorrow. If there is something you want to do, do it.
   2. Use your gifts: If you are smart, or good-looking, or good at math, use it. Don't feel guilty about the talents you were born with.
   3. Delete envy: Guy realized that some people were jealous of his success, and it made him feel bad. He has now cut those people out of his life. Envy is a waste of time.
   4. The "Now" is what matters: Guy no longer cares about the "medium term". He focuses only on today and the things that last forever.
   5. Don't complain: Keeping a positive attitude is better for your health and your soul.

Guy Spier’s final letter is a reminder that while money is important, the way we treat people and how we handle hard times is what really matters. If you want to invest like Guy:

• Find honest managers who have their own money at risk.
• Buy great businesses and hold them for a long time.
• Don't be afraid to admit when you are wrong.
• Most importantly, be grateful for every day you have.

Guy Spier is stepping back from managing money to focus on his family and his health. We thank him for the 28 years of lessons and wish him the very best.

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