Came across an interesting conversation that the famous value investor Mohnish Pabrai had with Steve Pomeranz. He talks about what value investing is, why individual companies matter to him more than broader markets (though not advised for normal passive or ‘defensive’ investors), the importance of temperament which should be a strange mix of patience and … Read more
..and again!! That’s the title of a memo sent by the famous investor Howard Marks of Oaktree Capital to his clients recently. And it refers to how he is happiest writing when bull markets start going far, risk aversion disappears and there’s money all around inflating potential bubbles. It is quite a long memo listing … Read more
The problem with bull markets is there is nothing much to do for the intelligent investor but there is everyone wanting to do something. Like the other day, even my father and my father-in-law now wants to invest in equity mutual funds. Which is not such a bad thing actually – but the timing suggests … Read more
Some articles and talks that I found worth reading and listening to over last few days: Video: Why Bruce Berkowitz still likes stocks others hate? LINK Get Rich Slowly – Jason Zweig LINK Video: Mohnish Pabrai Talks at Google LINK
Often investors – specially those who call themselves defensive – can’t make up their mind on when to sell, as they have no particular reasons for doing so – except looking at market levels. A good answer to that comes from systematic and regular rebalancing (almost scheduled or using some similar discipline). Came across a … Read more
Some articles that I found worth reading this week: Pay Attention to Asset Allocation in this Bull Market LINK Active Value Investing: Is it really better? LINK Is the Product Attractive? Mental Models and Moats LINK The Seduction of Pessimism LINK Video Interview: The Contrarian Gene|Seth Klarman (~15 min) LINK Video Interview: Buffett, Jorge Paulo … Read more
I was always what in India is called a “healthy boy”. And I have stayed more or less “healthy” throughout my adult life with a few minor fluctuations. I have been through some ‘before-after’ experiments over the past twenty years, but they have all been in a range. And every time I ventured down that … Read more
“Do you remember Dr Rustom Pavri that character from Munnabhai MBBS that helps Munna pass all exams and not get caught by answering questions secretly on mobile?” asked my broker friend Jigneshbhai when we met for coffee this morning. Swami and I had a distinct smile of recognition on our faces, but weren’t quite sure … Read more
“Tamam gawahon ke bayaanat aur sabooton ko madde nazar rakhte hue” started Jigneshbhai in a very filmy mood when we met this weekend for coffee. “Isn’t that how that dialogue went in the old Hindi movies?” Swami, a big fan of Hindi movies completed the dialogue that my broker friend had started. “Yeh adalat is … Read more