Summary of Guy Spier's The Education of a Value Investor

By IRB Media

Please note: This is a companion version & not the original book.

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#1 I was a rebellious and arrogant Harvard student who decided to apply to investment banks after reading an article about how notorious brokerage houses like D. H. Blair were refusing to sell stocks when their clients wanted them liquidated.

#2 I was a rebellious and arrogant Harvard student who decided to apply to investment banks after reading an article about how notorious brokerage houses like D. H. Blair were refusing to sell stocks when their clients wanted them liquidated. I was hopelessly flailing.

#3 A lot of these deals turned out to be duds, but the firm also scored a big hit every now and then. To generate trading volume in the stocks, the firm required stage management.

#4 You are not there to be a careful, well-trained analyst. You are there to adorn the least sketchy of these deals with your pristine credentials. After this experience, I was shaken by what I had learned about the cynical business of Wall Street. I had been aghast when I saw and heard about the way that mortgage brokers had duped ordinary people and institutions into purchasing worthless mortgages from them. Now I learned that this was only a small slice of the iceberg beneath which lay a nastier, more morally ambiguous practice. -> I was a rebellious and arrogant Harvard student who applied to investment banks after reading an article about how notorious brokerage houses like D. H. Blair were refusing to sell stocks when their clients wanted them liquidated.

• Language: English
• Publisher: IRB Media
• Release date: Oct 7, 2022
• ISBN: 9798350039252

IRB Media

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Insights on Guy Spier's The Education of a Value Investor

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 9

Insights from Chapter 10

Insights from Chapter 11

Insights from Chapter 12

Insights from Chapter 13

Insights from Chapter 14

Insights from Chapter 1

#1

I had felt ready to conquer the world just two years earlier, when I was a student at Harvard Business School. But I had thrown it all away with one foolish career move. I was disgusted with myself.

#2

I was miserable at my first job after graduation, and it turned out that the chairman had two other assistants. I was determined not to quit, though, because I was desperate to look successful.

#3

D. H. Blair was a firm that would find some of the more extraordinary outlier opportunities, then hawk them to a naïve and hopeful investing public that knew no better. The firm would take a chunk of warrants in the companies it financed, and on the investment side, it would be the only market maker in the shares.

#4

I was hired by D. H. Blair to act as a broker, not an analyst, for the company’s retail brokerage unit. I was to dress up the least sketchy of the company’s deals in such a way that the downsides were heavily de-emphasized or ignored, while the sizzle was highlighted.

#5

I was tasked with finding a deal that would get funding approval from D. H. Blair’s investment committee. I found a company called Telechips, which