Meeting Warren Buffett:

  • Guy Spier won a charity auction to have lunch with Warren Buffett in 2008.
  • He was nervous and sick leading up to the meeting because he wanted Buffett to like him.
  • The lunch took place at Smith & Wollensky's in New York City.
  • Spier had a genuine conversation with Buffett and felt a connection with him.
  • After the lunch, Spier and his bidding partner, Monish Pabrai, were invited into Buffett's circle and attended events hosted by him.

Cloning Warren Buffett:

  • Monish Pabrai cloned Warren Buffett's idea of auctioning off a lunch for charity.
  • Spier also cloned Pabrai's idea and started auctioning off lunches with himself.
  • The winners of these auctions get to spend time with Spier and discuss investing or other topics of interest.

Will There Ever Be Another Warren Buffett?:

  • It is unlikely that there will be another investor like Warren Buffett due to various factors such as his long track record, unique abilities, and the changing market landscape.
  • Buffett has been consistent in his investment approach for over 70 years and has delivered strong returns for Berkshire Hathaway shareholders.
  • Comparing Berkshire Hathaway's total return to the S&P 500 is a fair benchmark as it reflects the performance of the company's stock price relative to the broader market.
  • Berkshire Hathaway has underperformed the S&P 500 in recent years, but long-term investors often develop a different relationship with the stock beyond short-term performance comparisons.

Post-Warren Buffett Era:

  • It is uncertain what will happen to Berkshire Hathaway after Warren Buffett and Charlie Munger retire or pass away.
  • While they have stated that they will not change anything about how the company operates, there may be some changes in leadership style or decision-making processes.
  • Ajit Jain, who runs Berkshire Hathaway's insurance businesses, has been mentioned as a potential successor and has shown his ability to find profitable risks for the company.
  • The future of Berkshire Hathaway will depend on the leadership that follows Buffett and Munger and their ability to maintain the company's success.

Value Investing in 2023:

  • Value investing today is challenging due to various factors such as increased access to information, changing market dynamics, and low interest rates.
  • The traditional approach of buying undervalued stocks based on intrinsic value may not be as effective in today's market environment.
  • Investors need to adapt their valuation models and consider new metrics such as lifetime value of customers or unit economics.
  • Time arbitrage, where investors have a longer time horizon than others, may still provide an edge in finding undervalued opportunities.

Communicating with Investors Through Difficult Periods:

  • Communicating honestly and openly with investors during difficult periods is important.
  • Admitting mistakes and being transparent about performance can build trust with investors.
  • It is important to focus on long-term goals and communicate the investment philosophy rather than short-term performance fluctuations.
  • Regular communication, even if it is less frequent, allows investors to stay informed and engaged with the fund.

Book Recommendations:

  • "Nobody's Fool" by Richard Russo is recommended by Guy Spier. It explores themes of authenticity and deception, which are relevant to investing.
  • "Authenticity" by Alice Sherwood is also recommended by Guy Spier. This book delves into what is real and authentic in various aspects of life, including investing.

"The Compound" Podcast Experience:

  • Michael Batnick shares his experience attending Dave Chappelle's comedy show at Madison Square Garden. He highlights how New York City offers unique experiences like this one.
  • They discuss Aaron Rodgers' portrayal on HBO's documentary series "Hard Knocks." Despite his reputation for being aloof, the show presents him as a personable team player who interacts well with his younger teammates.
  • The hosts express their appreciation for Guy Spier's participation in the podcast and mention that they have been trying to have him on the show for a year.

Note: Some parts of the transcript were not included in the final notes as they did not provide relevant information or context.: