Investing by the Books

#79 Ryan Bunn on The Art of Speculation

13 snips
Jan 13, 2026
Guest
Ryan Bunn
Ryan Bunn, a seasoned portfolio manager and founder of Reference Equity, dives into the timeless wisdom of Philip Carret's classic, 'The Art of Speculation'. He highlights Carret’s influential ideas on investing, emphasizing his principles of diversification and the importance of understanding market cycles. Bunn also reflects on the evolution of speculation and investing, sharing his top three commandments for modern investors. With insights that still resonate today, Bunn connects Carret's philosophy to the investment strategies of legends like Warren Buffett.
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ANECDOTE

Carret's Long Track Record And Influence

  • Philip Carret founded the Pioneer Fund in the 1920s and ran it for decades, compounding roughly 12–13% annually.
  • Warren Buffett referenced Carret and read his earlier work, which highlights Carret's long-term influence.
ADVICE

Don't Prioritize Yield Over Reinvestment

  • Ignore dividend yield as the primary valuation metric and instead assess a company's ability to reinvest capital profitably.
  • Avoid equating buyback or high yield with guaranteed value without examining reinvestment opportunities.
ADVICE

Do Your Own Research And Build Conviction

  • Seek facts diligently and avoid taking advice at face value; perform independent research before investing.
  • Build conviction from direct knowledge so you can hold through market panic and volatility.
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