stumbled here
10-K Diver is very popular for his long-form fintwits and for very good reason too. Must read
Best
Bheeshma
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Move forward with Caution - Howard Marks
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Came across trove of Buffet partnership letters. Hope all Buffet fans enjoy it.
https://web.archive.org/web/20110103221305/http://pragcap.com/resources/buffett-partnership-letters
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CAme across an intresting article which I loved.
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Cool story with quality illustrations
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If approved, I shall post it to suntech realty or Oberoi builder threads
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Impacts of the Evergrande incident on China
https://think.ing.com/downloads/pdf/article/impacts-of-the-evergrande-incident-on-china
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Superb analysis!
Another macro prediction / common wisdom debunked. After demonetisation / GST real estate pundits and every sophisticated analyst or investor I read, bet on real estate consolidation leaving only a few players to be ready to grab amongst the largest industry in India. Cannot recall anyone saying that there won’t be consolidation; instead there would be fragmentation.
And it seems that reality has unfolded quite differently from what pundits expected. Liases Foras has really produced compelling evidence to show that contrary to received wisdom the industry is fragmenting. Share of top 50 builders is 23% in 2020 vs 27% in 2015! Smaller developers have grown faster and ‘super-large developers’ have been hit the most due to Covid-19!
To me and to any analyst it holds a very important lesson that cannot be learnt well enough, a temptation that should be avoided with effort. That is, to never base a stock analysis and it subsequent valuations on predicted macro developments. It is tempting to do so because everyone says so and it is treated as a given, i.e. probability of 1!
If the valuation of a stock is dependent mainly on the course the company would take contingent on favorable macro development (like the one above, or I recall predictions made for SFBs), it automatically assumes that that future is a given. It is not. Not only that, it is also inherently very unpredictable - both the macro economic development and the timing of it. The BIG assumptions (usually very favorable) underpinning the valuations come crashing down.
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Dinesh Thakur on exposing Ranbaxy’s fraud
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I really do not think an hour does justice to a panel of this calibre and to Prof Bakshi whose probing questions brought out many of the finer/subtle facets of Marcellus investing thesis.
One of those session where it did not felt like a monologue from SM and team
In fact when it just started to warm up with the Tata’s capital allocation and Abbott India’s governance aspects, the discussion was cut due to lack of time.
Really there should be an epic 3-4 hour marathon session.
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IDFC First’s road to redemption IDFC First’s retail lending road to redemption - The Ken
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Sandy Lerner Co-founder of Cisco who was fired from Cisco as mentioned by Don Valentine in prior video
Evergreen PPT on Mastering the Market Cycle: Getting the Odds on Your Side
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Sound advice…
— Syed Akbaruddin (@AkbaruddinIndia) October 3, 2021
Looking for investment opportunities…
Where better than digital savvy, investor-friendly India …
Courtesy: @MerrynSW in @ftmoney pic.twitter.com/Ky52Jhve0d
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Good read
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Very interesting discussion on manufacturing, engineering & capex cycle. Super bullish commentary from an industry veteran
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