Great articles to read on the web

Dimensions of Mistakes in Investing by Utpal Sheth, CEO & Senior Partner, RARE Enterprises

Story of world war: When American planes came back from engagements over Europe, they were covered in bullet holes. But the damage wasn’t uniformly distributed across the aircraft. There were more bullet holes in the fuselage, not so many in the engines.
Hence conclusion was to have more protection to wings and tail part of aircraft. In reality, the reason planes were coming back with fewer hits to the engine is that planes that got hit in the engine weren’t coming back.

Jeff bezos reversible and unreversible decisions: Some decisions are consequential and irreversible or nearly irreversible – one-way doors – and these decisions must be made methodically, carefully, slowly, with great deliberation and consultation. But most decisions aren’t like that – they are changeable, reversible – they’re two-way doors. If you’ve made a suboptimal Type 2 decision, you don’t have to live with the consequences for that long.

Investing is like type 2 decision (Not reversible) hence to be taken carefully. Decision making in function of Reversibility, Impact and Duration. Buffet says in lifetime we need 20 investing decisions – hence proceed carefully.

Types of Mistakes:
Type 1 Error: False positive / error of omission
Type 2 Error: False negative / error of commission
Type 1.5 Error: Inadequate – positive

Bill Miller: Kept outperforming S&P for 20 years. 21st year, 1 yr mistake brought him back to level where his performance equals S&P. Balance is must for long term PF.

PMS bazzar measure performance every year – out performance comes who performance in balance way not occasionally No 1 position.

Gorilla Investing: They are rare, out-sized, not challenged by monkey (Have moats) and double life span than monkey (Longevity)
Take away: bet on right jungle (Megatrends) and right gorillas (Leadership).

Keep 1-2 stocks of your PF which are gorillas, keep them till hypothesis perserves and thinks for others like monkey in your PF.

Mistakes of Rare ent:
Bajaj Finance (Type 1); A2z Infra (Type 2), Bilcare (Type 1 in selling); Crisil (Type 1.5), Praj (Type 1.5 in selling), Relaxo (Type 2 Selling).


  1. Don’t have obsession of avoiding mistake as that will make us avoid opportunities.
  2. Calibrate exposure and risk management
  3. Do Deep introspect of mistakes
  4. See mistake in context of losses, opportunity cost
  5. Have right learning from mistakes

Note: Want to study more of A2z & Bilcare if one suggest me indepth article or video etc if available @Worldlywiseinvestors @arjunbadola


“You don’t need fancy academic research to predict bubbles because the easiest way to spot such euphoria is to watch out for New Metrics .”


An excellent summary of all the challenges Netflix has faced from its founding to the present times.

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Just a reminder:
Free course on, Mergers, Acquisitions and corporate Restructuring
started publishing videos :slight_smile:

Free courses by IIT profs. , do check out:


The Supply Chain View of the World

“Everyone acts on imperfect information all the time, and this leads every economic actor—households, investors, companies, governments—to frequently undershoot-until-they-suddenly-panic-and-overshoot, again and again.”

Probably the most honest documentary about crypto industry. Demystifies everything.

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Click on the Title to get full list of videos on sector analysis

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Anybody who wants to follow value investing must read Nick Sleep’s letters to shareholders, it is great to read. Nick Sleep is the greatest Investor you have not heard of. Letters can be found here


Excellent post with lots of non-generic advice.


12 Most Influential Business Essays – Making Media

[00:05:06] - Aggregation Theory by Ben Thompson

[00:09:42] - The Bus Ticket Theory of Genius by Paul Graham

[00:13:45] - Letter to a friend who may start a new investment platform by Graham Duncan

[00:17:05] - Positional Scarcity by Alex Danco

[00:22:23] - The Three Sides of Risk by Morgan Housel

[00:26:56] - Salary Negotiation by Patrick McKenzie

[00:31:47] - Sam Hinkie’s resignation letter

[00:37:10] - Increasing Returns and the New World of Business by W. Brian Arthur

[00:41:54] - 10 Tips on Writing by David Ogilvy

[00:44:46] - The next big thing will start out looking like a toy by Chris Dixon

[00:49:08] - The Tail End by Tim Urban

[00:53:41] - 1,000 True Fans by Kevin Kelly

[00:59:07] - Honorable mention: The Great Online Game by Packy McCormick

[01:03:26] - Honorable mention: Excel Never Dies by Packy McCormick


Source: Lalit Rathi - Twitter @lalitinvestor @Lalitinvestor


I am interested in an article which can highlight the performance of AMC(s) when GDP growth is below 5% to 6% for prolonged period for say 7-8 years.

How this low GDP growth and Negligible Per Capita GDP growth can impact AMC(s) and the MF industry in general?

Since invested in one of the AMC stocks, trying to research on this aspect. The rosy picture of Per Capita GDP growth painted by these AMC stocks seems to be fading out now and the Real picture is emerging in the past few years. So trying to research its impact on AMC stocks world wide and specifically in Indian AMC stocks.


Marc Rubinstein on the red hot topic of the week.

The Demise of Silicon Valley Bank - by Marc Rubinstein (


Loved this talk by Prof Mihir Desai

Can you guess which one of these is Amazon, Tesla, Netflix…and why? If not then do watch this talk.


16 Insightful Quotes from Investing Legend Peter Lynch:


Why reading a smaller number of books but digesting them well is more important than skimming through a lot of them.