Guy Spier Aquamarine Zurich
Guy Spier is the founder of Aquamarine Capital and a well-known advocate of value investing in the Buffett-Munger tradition. He is the author of The Education of a Value Investor and is known for a patient, checklist-oriented process and limited portfolio turnover. Spier’s public holdings and writings attract individual investors who study behavioral discipline as much as stock picking.
Top Buys
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 74.99% |
| 2 | Consumer Discretionary | 13.69% |
| 3 | Technology | 8.37% |
| 4 | Real Estate | 1.91% |
| 5 | Communication Services | 1.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class B
BRK.B
$1.06T
| $49.3M | 24.28% |
140,600
| – | – |
|
2
American Express
AXP
$227B
| $31.3M | 15.45% |
210,000
| – | – |
|
3
Mastercard
MA
$509B
| $26M | 12.83% |
65,750
| – | – |
|
4
Ferrari
RACE
$76.7B
| $23.7M | 11.66% |
80,000
| – | – |
|
5
Bank of America
BAC
$431B
| $21M | 10.36% |
767,845
| – | – |
|
|
6
Berkshire Hathaway Class A
BRK.A
$1.06T
| $15.9M | 7.86% |
30
| – | – |
|
7
Micron Technology
MU
$1.09T
| $13.6M | 6.71% |
200,000
| – | – |
|
8
Moody's
MCO
$87.2B
| $8.54M | 4.21% |
27,000
| – | – |
|
9
Alibaba
BABA
$286B
| $4.12M | 2.03% |
47,500
| – | – |
|
|
SRG
10
Seritage Growth Properties
SRG
$120M
| $3.87M | 1.91% |
500,000
| – | – |
|
11
Daily Journal
DJCO
$827M
| $3.38M | 1.67% |
11,500
| – | – |
|
12
Alphabet (Google) Class A
GOOGL
$4.22T
| $2.09M | 1.03% |
16,000
| – | – |
|
Similar funds
Guy Spier's Q3 2023 Portfolio in Review
As of Q3 2023, Guy Spier held 12 positions worth $203M, down 3.3% from $210M the previous quarter. Its ten largest holdings account for 97% of the portfolio.
Trading was light in Q3 2023: portfolio turnover was 0%. Guy Spier opened no new positions and made no exits, leaving the 12-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 75% of assets, down from 75% a quarter earlier, followed by Consumer Discretionary and Technology.
- Guy Spier's ten largest holdings make up 97% of its $203M portfolio in Q3 2023.
- Guy Spier opened 0 new positions and closed 0 in Q3 2023.
- Guy Spier's portfolio value fell 3.3% quarter-over-quarter to $203M.
Based on Aquamarine Zurich's 13F filing for Q3 2023, filed 12 Oct 2023.