Guy Spier: The Irrecoverable Error | Risk, Ruin, and the Rules of Wealth | Practical Lessons

This episode originally aired on Excess Returns on 4/28/2025. Enjoy! In this episode, Matt Zeigler and Bogumil Baranowski dive deep into the timeless investing wisdom of Guy Spier. Drawing from Spier’s interviews on both Excess Returns and Talking Billions, they explore crucial ideas about investing, risk, decision-making, and living a meaningful life. From understanding why letting your winners run can enhance returns to redefining true success, this episode is packed with practical insights for both investors and anyone seeking a richer, more thoughtful life. Topics Covered: Why holding your winners can be essential to long-term success The myth of the Fidelity “dead investor” study and what it teaches Risk, ruin, and why preserving capital matters more than getting rich Lessons from multi-generational wealth and building lasting fortunes Understanding the true cost of tinkering with a portfolio Defining your circle of competence — and updating it over time How to avoid catastrophic financial outcomes Rethinking what success really means beyond money Aligning your inner and outer self to find freedom and authenticity Managing other people’s money with care, respect, and humility Learning from mistakes and the importance of reputation The priceless value of community and true friendships Timestamps: 00:00 - Introduction and Guy Spier on intervention costs and winners 01:00 - Matt and Bogumil on meeting Guy Spier 02:00 - Holding onto winners and the danger of tinkering 07:00 - The "dead investors" Fidelity myth and narrative economics 12:00 - Avoiding unrecoverable losses and the “stay rich” mentality 18:00 - Circle of competence and cutting off catastrophic paths 26:00 - Journaling and the need for constant self-reflection 33:00 - Defining success beyond wealth and net worth 40:00 - Aligning your inner and outer self for a lighter life 45:00 - Managing family and client money with professional care 53:00 - Learning from mistakes early and maintaining reputation 58:00 - Final thoughts on life, kindness, and answering the callFull Talking Billions Interview⁠ https://www.youtube.com/watch?v=UPknZT0tVhE⁠ Full Excess Returns Interview⁠ https://youtu.be/yVdQVu0j_ggPodcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.