Aquamarine Fund: A Guide To Investing In Water's Treasure

The Aquamarine Fund is an investment partnership inspired by the original 1950s Buffett partnerships, closely following the original Buffett partnership rules. The fund was launched on September 15, 1997, with $15 million in assets, and has since grown to $350 million in assets and around 150 investors. The managing partner, Guy Spier, is a noted value investor and a disciple of Warren Buffett, with investments including Berkshire Hathaway, American Express, and Bank of America. If you're interested in investing with Guy Spier, you can start by filling out a form on his website.

Guy Spier, the managing partner of Aquamarine Fund

Guy Spier is the managing partner and principal of the Aquamarine Fund, an investment manager inspired by the original 1950s Buffett partnerships. Spier is a disciple of Warren Buffett and closely follows his principles on Value Investing and capital allocation. The fund was launched in 1997 with $15 million in assets, mostly from family and friends, and has since grown to $350 million in assets and around 150 investors.

All investment decisions are made solely by Spier, and the fund's investment philosophy is global, long-term, and value-focused. Any publicly traded security can be considered for investment, and multiple fee structures are available. The fund has a set of operating principles that differ from most mutual funds and hedge funds, and holdings are only disclosed as required by law. Limited partners and shareholders receive audited financials once a year.

Spier is the author of "The Education of a Value Investor", which details his journey to becoming a true value investor after spending a small fortune to have lunch with Warren Buffett. He also hosts an annual investment gathering called VALUEx in Klosters, Switzerland, and has a semi-annual email newsletter with over 25,000 subscribers.

Spier is active on LinkedIn and Twitter and can be reached via those platforms for investment ideas, mentorship, or career discussions. He also hosts a podcast and a YouTube channel, and speaks occasionally at events.

Aquamarine Fund's investment philosophy inspired by the 1950s Buffett partnerships

The Aquamarine Fund is an investment partnership inspired by the original 1950s Buffett partnerships. The fund's managing partner, Guy Spier, is a devoted follower of Warren Buffett and adheres closely to Buffett's principles on Value Investing and capital allocation.

The fund was launched on September 15, 1997, with $15 million in assets, predominantly from family and friends. Since then, the fund's assets have grown, primarily through internally generated returns, and now stand at $350 million.

The Aquamarine Fund operates according to a unique set of principles that differ from the standard practices of most mutual and hedge funds. All investment decisions are made solely by Guy Spier, and the fund's investment philosophy is global, long-term, and value-focused. Any publicly traded security can be considered for investment, and multiple fee structures are available.

The fund's investment strategy is influenced by the original Buffett partnerships' approach to Value Investing and capital allocation. This strategy involves seeking out undervalued assets or companies that are trading below their intrinsic value. By investing in these opportunities, the fund aims to generate returns by taking advantage of market inefficiencies and mispricing.

Additionally, the Aquamarine Fund adopts a long-term perspective, focusing on the underlying value of investments rather than short-term market fluctuations. This approach aligns with the original Buffett partnerships' philosophy, which emphasised long-term value creation over short-term gains.

In terms of capital allocation, the fund may invest in any publicly traded equity or debt instrument worldwide. The fund's capital is allocated based on a careful assessment of each investment's potential for value creation, rather than following short-term market trends.

Overall, the Aquamarine Fund's investment philosophy, inspired by the 1950s Buffett partnerships, emphasises Value Investing, a long-term perspective, and a careful allocation of capital to undervalued opportunities in global markets.

The fund's operating principles and how they differ from other mutual and hedge funds

The Aquamarine Fund is an investment partnership inspired by the original 1950s Buffett partnerships, following a close replication of the original Buffett partnership rules. The fund's managing partner, Guy Spier, is a disciple of Warren Buffett and adheres to his mentor's principles on Value Investing and capital allocation.

The fund's operating principles differ from those of standard mutual and hedge funds. All funds are managed solely by Guy Spier, and holdings are only disclosed as required by law. Limited partners and shareholders receive audited financials annually, reviewed by Deloitte Ltd. The fund's evolution has been driven by internally generated returns, similar to the original Buffett Partnerships.

Guy Spier's investment strategy focuses on durable businesses with competitive advantages, reflecting a long-term value investing philosophy. His portfolio includes well-known companies such as Berkshire Hathaway, American Express, Mastercard, and Bank of America. Spier's emphasis on robust payment networks, established brands, and exclusive luxury brands demonstrates his strategic approach.

The fund was launched in 1997 with $15 million in assets, primarily from family and friends. As of 2024, the fund has grown to $350 million in assets and around 150 investors.

The fund's top investments, including Berkshire Hathaway and American Express

The Aquamarine Fund is an investment partnership inspired by the original 1950s Buffett partnerships, and it closely follows the original Buffett partnership rules. The fund is managed by Guy Spier, a disciple of Warren Buffett, with $350 million in assets and around 150 investors.

The fund's top investments include:

• Berkshire Hathaway CL B (BRK.B) and Berkshire Hathaway CL A (BRK.A)
• American Express (AXP)
• Bank of America Corp. (BAC)
• Mastercard Inc. (MA)
• Micron Technology Inc. (MU)

These companies represent a diverse range of industries, including financial services, technology, and metallurgy.

Guy Spier makes all investment decisions for the fund, and his approach is heavily influenced by Warren Buffett's principles on Value Investing and capital allocation. The fund has a global, long-term, value-focused investment philosophy, and any publicly traded security can be considered for investment.

How to get in touch with Guy Spier to discuss investment ideas

Guy Spier, the managing partner of the Aquamarine Fund, is open to discussing investment ideas. He requests that any ideas be written up so that he can read and evaluate them before discussing them further. Spier can be contacted via LinkedIn or Twitter, and his email address can be found on his Linktree.

Spier also hosts an annual investment gathering called VALUEx in Klosters, Switzerland, which may provide an opportunity to discuss investment ideas in person. Additionally, Spier suggests that a good way to connect with him is to write to him about any of the books he has read or is reading. Much of his physical collection of books is catalogued on LibraryThing, and his Kindle books can be found on his GoodReads account.

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