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Guy Selmar Spier

Aquamarine Capital

Germany / Israel

1.5

Guy Selmar Spier — Investment style

Growth8Value

Seeks quality companies below intrinsic value

Macro9Companies

Prioritizes business value over macro forecasts

Quantitative7Qualitative

Combines financial analysis with business judgment

Short term9Long term

Holds quality companies for decades of compounding

Concentrated2Diversified

Concentrates capital in a limited number of holdings

Aggressive7Conservative

Emphasizes margin of safety and liquidity

Leveraged9Unleveraged

Avoids leverage and prioritizes a margin of safety

Short9Long positions

Favors long-term share ownership over short selling

Innovative7Traditional

Favors proven business models and durable moats

Alternative assets9Stocks

Primarily invests in publicly listed equities

Style and evaluation scores are subjective HappyStock editorial assessments.

Evaluation scores

Long-term excess returns6/10

Fund compounded at 9.4% net annually through 2025

Performance consistency6/10

Solid long-run gains but recurring benchmark shortfalls

Downside protection3/10

Fund lost 46.7% during the 2008 financial crisis

Replicability8/10

Clear value principles and repeatable checklists

Explosiveness7/10

Mastercard stake grew to roughly 27 times its cost

Top 3 investment successes

Long-Term Mastercard Compounding : In his 2023 investor letter, Spier reported that a $1.02 million Mastercard investment had grown to $28.04 million By patiently holding a business with a durable global payments network, the fund recorded an unrealized gain of roughly 27 times the original cost, not a fully realized trading profit
CRISIL Credit-Rating Investment : Spier invested in Indian credit-rating agency CRISIL after recognizing its strong competitive position and later sold for roughly seven times his cost In his 2025 investor letter, he regretted selling too early, estimating that continued ownership might have produced a return exceeding 200 times the original investment
Berkshire Hathaway Long-Term Investment : Spier built a position in Berkshire Hathaway around 1999, when investors favored technology stocks over traditional value businesses In his 2023 letter, he reported that an original investment of about $13 million had grown to approximately $66 million over 25 years

Top 3 investment setbacks

Horsehead Holding Bankruptcy Loss : Spier bought zinc recycler Horsehead in 2012 at an average of about $10 per share Delays at a new plant, mounting debt and falling zinc prices led to bankruptcy in 2016 In his 2025 letter, he identified Horsehead as the largest portfolio loss of his investing career
Seritage Property Investment Failure : Spier began buying Seritage Growth Properties in 2016 but underestimated redevelopment costs and financing risks In 2023, he acknowledged a loss of about three-quarters of the investment value, and the position was sold by late 2025 The exact realized dollar loss was not publicly disclosed
Financial Crisis Portfolio Drawdown : During the 2008 global financial crisis, the Aquamarine Fund declined 46.7%, worse than the S&P 500 total return of -36.6% Concentrated holdings amplified the drawdown This figure describes the fund’s annual performance, not the realized loss on any single security

Top 10 reported SEC 13F holdings

Quarter ended: 2026-06-30 · Filed: 2026-07-10

#	Top 10 reported SEC 13F holdings	Share of reported 13F value
1	Berkshire Hathaway Class B (BRK.B)	34%
2	Berkshire Hathaway Class A (BRK.A)	16%
3	American Express (AXP)	15%
4	Mastercard (MA)	14%
5	Moody’s (MCO)	8%
6	Ferrari (RACE)	8%
7	Daily Journal (DJCO)	5%

SEC 13F covers reported positions of an associated investment manager, not the investor’s full current portfolio.