Understanding the Guy Spier Stock Portfolio
This portfolio reflects the thinking of a deep value investor influenced by Warren Buffett and Charlie Munger. It is high-conviction, concentrated, and long-term, prioritising business quality over diversification for its own sake.
Percentages are estimates based on public disclosures.
️ Core Holdings (The Backbone of the Portfolio)
Berkshire Hathaway
(BRK.B – 22.3% | BRK.A – 7.1%) | ~29.4% Total
This is the anchor of the portfolio.
Why it matters:
• Berkshire is a diversified conglomerate owning insurance, railroads, energy, and stakes in top companies.
• Acts like a mutual fund run by elite capital allocators.
• Offers downside protection, capital discipline, and long-term compounding.
Why investors may like it:
It provides built-in diversification, strong cash generation, and proven management—making it ideal as a core holding.
American Express
(AXP – 22%)
One of the largest single positions.
Why it matters:
• A premium brand with pricing power
• Strong customer loyalty and affluent user base
• Earns money on transactions, lending, and partnerships
Why investors may like it:
A classic wide-moat business with recurring revenues and long-term global growth.
Financial Infrastructure Plays (Toll Collectors of the Economy)
Mastercard
(MA – 11.8%)
Why it matters:
• Benefits from the shift to cashless payments
• Asset-light, high margins
• Earns fees without taking credit risk
Why investors may like it:
A global payments tollgate with enormous scalability and durability.
Bank of America
(BAC – 12.5%)
Why it matters:
• Major beneficiary of rising interest rates
• Massive retail and corporate banking footprint
• Strong Berkshire influence in capital discipline
Why investors may like it:
Exposure to economic growth, credit expansion, and interest income.
Luxury & Brand Power
Ferrari
(RACE – 9.1%)
Why it matters:
• Luxury scarcity model (limited supply, high demand)
• Exceptional margins
• Strong emotional brand equity
Why investors may like it:
A rare combination of luxury, pricing power, and predictable demand.
Technology & Growth Optionality
Alphabet
(Google)
Why it matters:
• Dominates online search and digital advertising
• Strong AI and cloud growth optionality
• Enormous free cash flow
Why investors may like it:
A cash-generating tech giant with long runway and defensive dominance.
Alibaba Group
Why it matters:
• Exposure to Chinese consumption and cloud computing
• Depressed valuation relative to fundamentals
• Contrarian value opportunity
Why investors may like it:
High risk, but asymmetric upside if regulatory and sentiment pressures ease.
Micron Technology
(MU – 4.2%)
Why it matters:
• Critical supplier of memory chips
• Benefits from AI, data centres, and semiconductor cycles
Why investors may like it:
A cyclical growth play with structural long-term demand.
️ Defensive & Diversifying Asset
Moody’s
(MCO – 4.1%)
Why it matters:
• Dominant position in credit ratings
• Required service in debt markets
• Extremely high margins
Why investors may like it:
A quiet compounder with regulatory moat and predictable revenues.
Other Holdings
(~7%)
Likely includes:
• Cash
• Smaller positions
• Opportunistic or temporary holdings
This provides flexibility and optionality.
Why Investors May Want to Consider This Portfolio
✅ 1. High-Quality Businesses Only
Every major holding has strong moats, pricing power, or structural advantage.
✅ 2. Concentration with Conviction
Not over-diversified. Capital is allocated where confidence is highest.
✅ 3. Long-Term Compounding Focus
Designed to hold through cycles, not trade headlines.
✅ 4. Strong Downside Protection
Berkshire, AmEx, Mastercard, and Moody’s provide stability during market stress.
✅ 5. Balanced Growth + Defense
Blends financials, tech, luxury, and infrastructure effectively.
Final Thought
This portfolio is not flashy, but it is intelligent, disciplined, and resilient.
It suits investors who:
• Believe in business ownership, not speculation
• Can tolerate short-term volatility
• Want long-term wealth compounding
This portfolio reflects the thinking of a deep value investor influenced by Warren Buffett and Charlie Munger. It is high-conviction, concentrated, and long-term, prioritising business quality over diversification for its own sake.
Percentages are estimates based on public disclosures.
️ Core Holdings (The Backbone of the Portfolio)
Berkshire Hathaway
(BRK.B – 22.3% | BRK.A – 7.1%) | ~29.4% Total
This is the anchor of the portfolio.
Why it matters:
• Berkshire is a diversified conglomerate owning insurance, railroads, energy, and stakes in top companies.
• Acts like a mutual fund run by elite capital allocators.
• Offers downside protection, capital discipline, and long-term compounding.
Why investors may like it:
It provides built-in diversification, strong cash generation, and proven management—making it ideal as a core holding.
American Express
(AXP – 22%)
One of the largest single positions.
Why it matters:
• A premium brand with pricing power
• Strong customer loyalty and affluent user base
• Earns money on transactions, lending, and partnerships
Why investors may like it:
A classic wide-moat business with recurring revenues and long-term global growth.
Financial Infrastructure Plays (Toll Collectors of the Economy)
Mastercard
(MA – 11.8%)
Why it matters:
• Benefits from the shift to cashless payments
• Asset-light, high margins
• Earns fees without taking credit risk
Why investors may like it:
A global payments tollgate with enormous scalability and durability.
Bank of America
(BAC – 12.5%)
Why it matters:
• Major beneficiary of rising interest rates
• Massive retail and corporate banking footprint
• Strong Berkshire influence in capital discipline
Why investors may like it:
Exposure to economic growth, credit expansion, and interest income.
Luxury & Brand Power
Ferrari
(RACE – 9.1%)
Why it matters:
• Luxury scarcity model (limited supply, high demand)
• Exceptional margins
• Strong emotional brand equity
Why investors may like it:
A rare combination of luxury, pricing power, and predictable demand.
Technology & Growth Optionality
Alphabet
(Google)
Why it matters:
• Dominates online search and digital advertising
• Strong AI and cloud growth optionality
• Enormous free cash flow
Why investors may like it:
A cash-generating tech giant with long runway and defensive dominance.
Alibaba Group
Why it matters:
• Exposure to Chinese consumption and cloud computing
• Depressed valuation relative to fundamentals
• Contrarian value opportunity
Why investors may like it:
High risk, but asymmetric upside if regulatory and sentiment pressures ease.
Micron Technology
(MU – 4.2%)
Why it matters:
• Critical supplier of memory chips
• Benefits from AI, data centres, and semiconductor cycles
Why investors may like it:
A cyclical growth play with structural long-term demand.
️ Defensive & Diversifying Asset
Moody’s
(MCO – 4.1%)
Why it matters:
• Dominant position in credit ratings
• Required service in debt markets
• Extremely high margins
Why investors may like it:
A quiet compounder with regulatory moat and predictable revenues.
Other Holdings
(~7%)
Likely includes:
• Cash
• Smaller positions
• Opportunistic or temporary holdings
This provides flexibility and optionality.
Why Investors May Want to Consider This Portfolio
✅ 1. High-Quality Businesses Only
Every major holding has strong moats, pricing power, or structural advantage.
✅ 2. Concentration with Conviction
Not over-diversified. Capital is allocated where confidence is highest.
✅ 3. Long-Term Compounding Focus
Designed to hold through cycles, not trade headlines.
✅ 4. Strong Downside Protection
Berkshire, AmEx, Mastercard, and Moody’s provide stability during market stress.
✅ 5. Balanced Growth + Defense
Blends financials, tech, luxury, and infrastructure effectively.
Final Thought
This portfolio is not flashy, but it is intelligent, disciplined, and resilient.
It suits investors who:
• Believe in business ownership, not speculation
• Can tolerate short-term volatility
• Want long-term wealth compounding