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

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.

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