What Guy Spier bought and sold in Q1 2025

In Q1 2025, Guy Spier (Aquamarine Capital) opened 1 new position — including CNR (0.3%), exited 1 (ARCH1USD). The book stood at $294M across 14 positions, filed Jul 18, 2025.

Changes vs the prior quarter's 13F, long US equity positions only (no shorts, options, or non-US listings). ADD/TRIM are share- count changes of ±20% or more. Sourced from SEC EDGAR. Not investment advice.