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 | 78.74% |
| 2 | Consumer Discretionary | 9.8% |
| 3 | Technology | 9.52% |
| 4 | Communication Services | 0.91% |
| 5 | Real Estate | 0.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class B
BRK.B
$1.17T
| $68.3M | 22.04% |
140,600
| – | – |
2022 Q3
11 quarters
|
|
2
American Express
AXP
$220B
| $67M | 21.62% |
210,000
| – | – |
2022 Q3
11 quarters
|
|
3
Mastercard
MA
$555B
| $36.9M | 11.92% |
65,750
| – | – |
2022 Q3
11 quarters
|
|
4
Bank of America
BAC
$357B
| $36.3M | 11.73% |
767,845
| – | – |
2022 Q3
11 quarters
|
|
5
Ferrari
RACE
$69.7B
| $25M | 8.06% |
60,000
| – | – |
2022 Q3
11 quarters
|
|
6
Micron Technology
MU
$969B
| $24.6M | 7.96% |
200,000
| – | – |
2022 Q3
11 quarters
|
|
7
Berkshire Hathaway Class A
BRK.A
$1.17T
| $21.9M | 7.06% |
30
| – | – |
2022 Q3
11 quarters
|
|
8
Moody's
MCO
$84.7B
| $13.5M | 4.37% |
27,000
| – | – |
2022 Q3
11 quarters
|
|
9
Alibaba
BABA
$253B
| $5.39M | 1.74% |
47,500
| – | – |
2022 Q3
11 quarters
|
|
10
Daily Journal
DJCO
$790M
| $4.86M | 1.57% |
11,500
| – | – |
2022 Q3
11 quarters
|
|
11
Alphabet (Google) Class A
GOOGL
$3.97T
| $2.82M | 0.91% |
16,000
| – | – |
2022 Q3
11 quarters
|
|
12
Seritage Growth Properties
SRG
$91.8M
| $1.54M | 0.5% |
500,000
| – | – |
2022 Q3
11 quarters
|
|
13
Alpha Metallurgical Resources
AMR
$2.02B
| $900K | 0.29% |
8,000
| – | – |
2024 Q2
4 quarters
|
|
14
Core Natural Resources Inc
CNR
$4.39B
| $749K | 0.24% |
10,740
| – | – |
2025 Q1
1 quarter
|
|
Similar funds
Guy Spier's Q2 2025 Portfolio in Review
As of Q2 2025, Guy Spier held 14 positions worth $310M, up 5.5% from $294M the previous quarter. Its ten largest holdings account for 98% of the portfolio.
Trading was light in Q2 2025: portfolio turnover was 0%. Guy Spier opened no new positions and made no exits, leaving the 14-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 79% of assets, down from 80% a quarter earlier, followed by Consumer Discretionary and Technology.
- Guy Spier's ten largest holdings make up 98% of its $310M portfolio in Q2 2025.
- Guy Spier opened 0 new positions and closed 0 in Q2 2025.
- Guy Spier's portfolio value rose 5.5% quarter-over-quarter to $310M.
Based on Aquamarine Zurich's 13F filing for Q2 2025, filed 16 Jul 2025.