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
| Rank | Stock | Value |
|---|---|---|
| 1 |
Core Natural Resources Inc
CNR
|
+$907K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Arch Resources, Inc.
ARCH
|
+$1.14M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 80.36% |
| 2 | Consumer Discretionary | 10.15% |
| 3 | Technology | 7.47% |
| 4 | Communication Services | 0.84% |
| 5 | Real Estate | 0.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class B
BRK.B
$1.25T
| $74.9M | 25.5% |
140,600
| – | – |
2022 Q3
10 quarters
|
|
2
American Express
AXP
$214B
| $56.5M | 19.24% |
210,000
| – | – |
2022 Q3
10 quarters
|
|
3
Mastercard
MA
$571B
| $36M | 12.27% |
65,750
| – | – |
2022 Q3
10 quarters
|
|
4
Bank of America
BAC
$349B
| $32M | 10.91% |
767,845
| – | – |
2022 Q3
10 quarters
|
|
5
Berkshire Hathaway Class A
BRK.A
$1.26T
| $24M | 8.16% |
30
| – | – |
2022 Q3
10 quarters
|
|
6
Ferrari
RACE
$71.2B
| $23.5M | 8.01% |
60,000
| – | – |
2022 Q3
10 quarters
|
|
7
Micron Technology
MU
$900B
| $17.4M | 5.92% |
200,000
| – | – |
2022 Q3
10 quarters
|
|
8
Moody's
MCO
$87.7B
| $12.6M | 4.28% |
27,000
| – | – |
2022 Q3
10 quarters
|
|
9
Alibaba
BABA
$235B
| $6.28M | 2.14% |
47,500
| – | – |
2022 Q3
10 quarters
|
|
10
Daily Journal
DJCO
$910M
| $4.57M | 1.56% |
11,500
| – | – |
2022 Q3
10 quarters
|
|
11
Alphabet (Google) Class A
GOOGL
$3.69T
| $2.47M | 0.84% |
16,000
| – | – |
2022 Q3
10 quarters
|
|
12
Seritage Growth Properties
SRG
$85.1M
| $1.62M | 0.55% |
500,000
| – | – |
2022 Q3
10 quarters
|
|
13
Alpha Metallurgical Resources
AMR
$1.98B
| $1M | 0.34% |
8,000
| – | – |
2024 Q2
3 quarters
|
|
|
14
Core Natural Resources Inc
CNR
$4.17B
| $828K | 0.28% |
+10,740
| New | +$907K |
2025 Q1
0 quarters
|
|
|
15
DELISTED
Arch Resources, Inc.
ARCH
| – | – |
-8,100
| Closed | -$1.14M | – |
|
Similar funds
Guy Spier's Q1 2025 Portfolio in Review
As of Q1 2025, Guy Spier held 15 positions worth $294M, up 2.1% from $288M the previous quarter. Its ten largest holdings account for 98% of the portfolio.
Guy Spier's Q1 2025 filing shows 1 new and 1 closed positions. Its largest new stake was Core Natural Resources Inc: 10,740 shares worth $828K. The largest sale was Arch Resources, Inc., an estimated $1.14M.
By sector, the portfolio is most concentrated in Financials at 80% of assets, up from 79% a quarter earlier, followed by Consumer Discretionary and Technology.
- Guy Spier's largest Q1 2025 buy was Core Natural Resources Inc: 10,740 shares worth $828K.
- Guy Spier fully exited Arch Resources, Inc. in Q1 2025, selling an estimated $1.14M.
- Guy Spier's ten largest holdings make up 98% of its $294M portfolio in Q1 2025.
- Guy Spier opened 1 new position and closed 1 in Q1 2025.
- Guy Spier's portfolio value rose 2.1% quarter-over-quarter to $294M.
Based on Aquamarine Zurich's 13F filing for Q1 2025, filed 11 Apr 2025.