Guy Spier is a successful value investor and has spent considerable time creating an environment which will protect him and his fund from making mistakes through his own temperamental idiosyncrasies. He talks much more about environment design than valuation which is refreshingly different. We discuss why the best ideas are simple, yet analysts always want to impress with their understanding of complex situations. Guy talks about his university chums, David Cameron and Chris Hohn and why his father entrusted his life savings to a young man with no investing experience and how that has coloured Guy’s investing approach. And of course we discuss that lunch with Warren Buffett.