Gabriel Pinkus
Gabriel Pinkus asked Guy Spier:

For a value investor, is there any value (worth the price of tuition) of graduate school anywhere beside Columbia or possibly Harvard? Best, Avid Reader, Aspiring Value Investor

Guy Spier Hi Gabriel,

Thanks for for the question.

I've thought long and hard about this. What would I have done if my choice had been an "either - or"?

On the one side, HBS + Oxford. On the other, Berkshire, Buffett and Munger.

To be honest, it's really hard. I certainly would have ended up financially richer, by taking the Buffett/Berkshire/Munger choice. But not necessarily happier or wiser.

Because there are an enormous number of things that we can gain from a broad education that are hard to gain elsewhere.

But the good news for us is that we don't have to choose. We can have both. In my life I got to have Oxford/Harvard + Buffett etc. And I am certain that at this point, they reinforce and enrich each-other. What I learned at Oxford and Harvard have made me a better student of Warren and Charlie, and similarly, Warren and Charlie have helped me to truly extract value out of my education.

And when it comes to the price of tuition, I would say that if there is any way we think we can afford it, we should go for it. Because education is one of those very uncertain, but ultimately low risk opportunities in life.

My view is that we need to pick up as many of those tickets as we possibly can.

But then again, you might be asking the wrong question: I teamed up with Mohnish Pabrai to pay $650k to have a three hour educational lunch with Warren Buffett..

I hope that this discussion is helpful.

Warmly,

Guy

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