As per request from @manish962, creating a new thread for my investment journey presentation I prepared for the 2017 Goa meet.
Investment journey- Yogesh Sane.pdf (644.7 KB)
Journey started when I went to US as a software engineer and was on bench during the dot.com bubble brust. I had plenty of time to do something that did not require a work visa and there were only two such things I could do, gambling and investing. I chose investing.
Read plenty of books but realized that such unstructured learning is incomplete so I enrolled in CFA course. Once I completed the CFA course, I started putting at that knowledge to work. After two bear markets and a lost decade for stocks in US, I learned a thing or two about valuation. So today my entire investing philosophy is centered around intrinsic value.
Along the way, I got a chance to work with several wall street firms and learned the institutional way of investing. Institutions manage most of the money in the world and there a good reason for that. They have a process that they strictly adhere to. Their systems are built around industry standard models and they rely less on individual skills ( as individuals often leave) and more on standardize models and systems. Although star managers often get the media coverage, it's the systems and processes that actually enable an institution to grow and live in perpetuity.
My investment process is also inspired by what I saw at these institutions. That's where the concepts of white list, valuation models, asset allocation models, financial statement analysis, checklists etc has come from.
Everyone at the meeting also had to present an incremental learning presentation to capture learning over the last 1 year. Here is my presentation.
Incremental Learning – Yogesh Sane.pdf (38.7 KB)
I hope you will like the presentation and I welcome your comments.