Something not directly related to investing, but this is Bill Gates’ letter that he has written in response to Warren Buffett’s request to reflect on what impact his donation to the Gates Foundation has had on the world.
http://www.gurufocus.com/news/495551/19-questions-with-gautam-baid-portfolio-manager-global-equities
Great recommendations of books and skills required to be a good investor.
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A massive disruption that is about to happen in Automobile and Power Industry. Worth a look https://www.youtube.com/watch?v=Kxryv2XrnqM
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Hello seniors,
Please provide your views on “coffee can portflio”
I read the ambit’s CCP, available in google search.
Found the criteria mentioned very logical.
has any senior member of this group, tried this in last 5/10 years?
Nice article on RKD.
Another great piece by Mr Taleb
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Data on Loan book growth of Indian banks
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The Arrival of Artificial Intelligence
What is kind of amusing — and telling — is that as John McCarthy, who invented the name “Artificial Intelligence”, noted, the definition of specialized AI is changing all of the time. Specifically, once a task formerly thought to characterize artificial intelligence becomes routine — like the aforementioned chess-playing, or Go, or a myriad of other taken-for-granted computer abilities — we no longer call it artificial intelligence.
At BlackRock, Machines Are Rising Over Managers to Pick Stocks
“The democratization of information has made it much harder for active management,” Mr. Fink said in an interview. “We have to change the ecosystem — that means relying more on big data, artificial intelligence, factors and models within quant and traditional investment strategies.”
Howard mark presentation in CFA society of India
Thanks
Ashit
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India has built the world’s first national digital infra, leaping at least two generations of financial technologies
http://worldoutofwhack.com/2017/03/30/raoul-pal-on-next-big-macro-idea-india/
A warning bell about how automation will slowly and probably result in mass unemployment.
This is b Aswath Damodran…In Porinju text “Chor bane Mor”
Explaining a Paradox: Why Good (Bad) Companies can be Bad (Good) Investments!
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The Best of Charlie Munger: 1994-2011
A collection of speeches, essays, and Wesco annual meeting notes
http://www.valueplays.net/wp-content/uploads/The-Best-of-Charlie-Munger-1994-2011.pdf
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Narayana Murthys last letter to shareholders in the 2011 AR is one the best. It is frank honest and contains a lot of business wisdom. He encourages people to think in per capita FCF terms. I would put Mr Murthy right up there in terms of clarity of thought and a sense of purpose. Read this 2011 AR as he passes on the baton
http://www.bseindia.com/bseplus/annualreport/500209/5002090311.pdf
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a passage from the article - explains the enormous success of many companies even under extreme competition. Also a reminder about the importance of the Matthew effect ( winners take all mental model )
The 1 Percent Rule states that over time the majority of the rewards in a given field will accumulate to the people, teams, and organizations that maintain a 1 percent advantage over the alternatives. You don’t need to be twice as good to get twice the results. You just need to be slightly better.
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Well, this is not an article to read on the web. Its a video clip from the 2014 movie “The Gambler”. Prof Bakshi is fond of showing clips from movies to demonstrate a point and i thought i should take a leaf out of his book.
Jim Bennett (Mark Wahlberg) is a Los Angeles literature professor with a severe gambling addiction caused by his view of the world as either having it all or having nothing
Bennett ends up owing $240,000 to a proprietor of an underground gambling ring, and another $50,000 to a loan shark. Bennett seven days to pay off his debts or be murdered.
Bennett goes to Frank ( a third person), who advises him to adopt a “f**k you” attitude towards life by getting enough money to be completely free. Frank lends him $260,000 to pay his debt to Lee, but also threatens to kill everyone in Bennett’s personal life if he is not repaid.
The following passage is Frank advising Bennett and I found it very pertinent & worth a looksee
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Gains in index come from a very few stocks and missing them means poor performance vis-a-vis the index. That is also a resaon why active management lags passive.
Li Lu - The Prospects for Value Investing in China.pdf (1.5 MB)
Found it to be a brilliant read
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