guy spier presentation for ciccio azzollini in trani: value investing seminar 2012
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Guy Spier presentation for Ciccio Azzollini in Trani: Value Investing Seminar 2012TRANSCRIPT
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Ciccio
Rocks&Rolls (so does Valeria
And so do all of you..)
2012 Italy Conference
July 2012
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Market Capitalization £22.8 Billion
Book Value £73.4 Billion
Tangible Book Value £58.6 Billion
Balance Sheet £1.4 trillion
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1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 *2012
$0.00
$50,000.00
$100,000.00
$150,000.00
$200,000.00
$250,000.00
$300,000.00
$350,000.00
$400,000.00
$450,000.00
S&P 500 Aquamarine Fund Inc.
Comparison of changes in $100,000 invested in Aquamarine Fund Inc. vs S&P 500
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Investors wanted for a Hazardous investment
undertaking. Volatile returns, steep losses, long
years of deep uncertainty, safe return of capital
doubtful. Honour, recognition, fame and fortune in
case of success assured – Guy Spier
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