Multi-Disciplinary Reading - Book Reviews

[CHIRAG_BARASARA]

But these funds performance avialable since 2007 only post 2008 crisis Central banks printed so much monies which expaned PE ratio to unsustainable level for QUALITY companies

[rinkupranjan]

Recently I read this book and found it very insightful and interesting. This book is highly underrated because of no advertisement. The intention for the writing this book by Mr Pulak Prasad is not to earn profit from selling it.
This book is about adopting a new mindset for investing-about reimagining investing by applying the time tested principles of biological evolution. Mr. Pulak Prasad told that the more he studied Darwinian evolution the more he learned about investing. This book is for long term investors and for readers with eclectic taste who are looking for something interesting to read.
I rate it 10/10.

[Mudit.Kushalvardhan]

We have to see if they are trully following their own principles cited in the book. They are suggesting to become permanent owners, but how many companies they have sold recently? Some of their companies not doing that well, still they are sticking with them, for the sake of sticking? Business environment changes fast, new businesses emerge, new sectors emerge, new opportunities emerge, so does it make sense to be so rigid to select 20 companies and stay invested with them for next 40 years, just for the sake of Consistency and permanent ownership? Are we here to make money or get some award for loyalty? Even most promoters don’t do that?

Also we need to be mindful that most of their money is earned in 2008 crisis and 2020 covid crisis. They handle endowment funds of big institutes. But can we retail wait for such once in decadel opportunities like covid and GFC? How many such opportunities come in our life for funds deployment? So what will we do during other years? Sit on cash? Can we practically emulate their strategy? I doubt , even they follow their own strategy? Writing a book about morality and principles is one thing, practically following it, is another thing altogether.

[Chaitanya_Tanti]

Here is answer to your question regarding their track record…

[rajguleria]

Came across this interesting book Synopsis

Book Summary: Our Investing Strategy, who does the market smile upon

[phreakv6]

Magic Pill, Johann Hari, 2024 - This was a very useful book to understand GLP-1 agonists, diabetes, obesity, the biological, psychological, economic and cultural reasons that cause it. The author meets researchers, scientists who worked on GLP-1 drugs, amongst others to view the drugs, the need for it and how it affects the people who take it from multiple perspectives. Can easily place this alongside books like Gut, The Obesity Code and The Dorito effect from recent memory.

A lot of what’s in the book is peripheral to GLP-1 drugs but it is very important to understand the ecosystem as a whole to understand what unique circumstances gave birth to the drug and what might in the future kill the need for it.

My notes -

• People who use GLP-1 drugs (semaglutide - ozempic, wegovy; liraglutide - victoza, saxenda, tirzepatide - mounjaro, zepbound) lose between 5 to 24% of their body weight

• Within 10 years, 20-30% of the population will be on obesity drugs. Market size could be as big as $200b. Novo Nordisk the Danish corp that manufactures Sema and Lira currently is the most valuable company in Europe

• Ozempic’s iconic status as a blockbuster drug is on par with the contraceptive pill and prozac

• Obesity contributes to 200 known diseases and complications. Obesity was nearly unknown phenomenon. Today 26% of Britain and 43% of US are obese (tripled globally since ‘75) - mainly due to our food system, our relationship with food and our bodies

• One death is a tragedy, a million deaths is just a statistic - Stalin

• As a child, the author ate lot of junk and processed food but gained weight only in his late teens.

• Skinny fat is more harmful than uniformly distributed fat - high likelihood of diabetes and high BP

• Day 1 of Ozempic - the author feels mildly nauseous with no appetite. Tried eating but felt full after 4 bites. Lunch felt salty though the same lunch never felt like that before. Slept at 9 pm. It made food not disgusting but oddly unfeasible as a proposition (like someone brought you food after you finished a meal)

• Ozempic works by manipulating a tiny hormone called GLP-1 that exists in our gut and brain

• The scientist who discovered GLP-1 was working on glucagon gene produced in the pancreas - the chain found at the end of its genetic code is GLP-1. GLP-1 hormone when mixed with cells that produced insulin increased insulin production - it worked in rat’s pancreases and then in a pig and finally, a human

• GLP-1 also spikes in our gut after we eat making us feel full - GLP-1 when injected, worked just as well but since its present in the gut only for a short period, it worked very briefly and needed multiple injections to the gut

• The venom of Gila monster (lizard found in Arizona, New Mexico) had similar genetic code of GLP-1 and crucially, it was longer lasting - longer GLP-1 stays in your body, the more insulin the body makes. This helped drug companies make better copies of GLP-1 - the new ‘agonists’ could stay in the body for a whole week before breaking down

• First GLP-1 was approved for use in diabetes in 2005 (Exenatide - same family as Liraglutide)

• Novo Nordisk’s Ozempic (Semaglutide) was approved for Obesity in 2021. In 68 weeks, it led to 15% reduction in body weight - it was marketed as Wegovy for weight loss which could be prescribed at higher doses (Ozempic originally approved for diabetes in 2017). Both are once a week subcutaneous injections (Taken through a self-administered pen-like device)

• Most people on Ozempic/Wegovy regained 2/3rds of the weight lost within a year of stopping the drug

• Eli Lilly’s Mounjaro simulated not just GLP-1 but also GIP. People on Mounjaro lost 21% of their body weight (against Ozempic/Wegovy’s 15%). They also have another drug in development called ‘Triple G’ that simulates GLP-1, GIP and Glucagon - 24.2% weight loss. There are now over 70 anti-obesity drugs under development

• Food, beverages and snacking categories are most impacted since Ozempic - Krispy Kreme, Nestle’s frozen food, confectionary and ice creams, even alcohol markets have taken a hit

• Author went from 32% body fat to 22% body fat on Ozempic in 6 months

• Dosage for weight-loss drugs starts low and goes up - 0.25mg a week for a month, 0.5mg after that and a month later 1mg (or even higher) - nausea increases every time. Some of them have higher resting heart rate and feel light-headed or dizzy (from low calorie intake)

• Brain interprets the extreme satiety signalled by the GLP-1 agonists as sickness and hence the nausea. Drug companies are adding the hormone amylin to reduce nausea (under trials)

• Author was raised on a diet of new industrialised food by his mother and grandmother who mistook these to be nutritious and enjoyed the convenience of not having to cook a meal. Author’s father though was a chef and was confused by the utter lack of curiosity people in knowing where their food came from - as if it were electricity or clothes and so didn’t matter (that in essence sums up what went wrong in the last 50 yrs)

• Stuffing - paying no attention to food and piling it in with no attention to food or its flavour (as against savouring)

• Pump food full of sugar and fat, it reduces bacterial growth and adding salt, it lasts on shelves longer (hence industrial food is the way it is)

• Flavouring agents, food coloring dyes, glazing agents, acids, emulsifiers, releasing agents, antioxidants, thickeners, bleaching agents, sweeteners, chelators - industrial food is manufactured rather than cooked

• Cheapest nuggets are made of liquified chicken and emulsifier - similar to ‘pink slime’ that makes up minced beef items (hence these are cheap). Rats fed on these energy dense foods refuse to eat real food in experiments (they would rather not eat at all) - even fear of an electric shock wouldn’t deter them from their cheesecake

• Whole foods make you feel sated - steak, potatoes, fresh fruit, fish vs processed foods - biscuits, boxed cereals, cakes, flavoured yoghurts, croissants - you want more with no satiety

• Most processed food is ‘adult baby food’ - since you chew less, the delay it takes to signal satiety gets messed up. Chewing is a necessary brake to overeating.

• The carb-rich processed foods cause spikes and crashes in glucose causing you to feel hungry soon, unlike protein and fibre rich whole foods which stay longer. It is also easier to consume sugary beverages which are calorie bombs (2000 cals in a single driven even)

• Artificial sweeteners cause rats to gain weight - when brain gets tricked by the sweetness but doesn’t get calorie intake, it triggers more hunger

• Gut microbiome needs diverse food sources to stay healthy. Most processed foods only have wheat, corn, soy and meat - affects health of your gut

• Author’s friend on Mounjaro - lost 50 pounds and doc cut his BP pills, gout pills and statins by half and was likely to do another halving after that (demand for lot of these staple generics could be hit too, alongside junk food and alcohol, hip and knee replacement surgeries etc)

• Gluttony is one of the seven deadly sins - we think people who are fat thus deserve the punishment of exercise and can’t take the easy way out. Most cultures have some form of this. No different from women who would not be given painkillers because suffering was integral part of child-birth as god designed it

• Concern-trolling - where you pretend to be concerned about someone’s health so you can in fact, shame and humiliate them

• Insulin manufactured by the body helps glucose get into cell. When body doesn’t produce insulin, its type-1 diabetes but when cells develop resistance to insulin, its type-2 (more prevalent and common). Its the biggest cause of renal dialysis, blindness, leg amputations etc

• Being HIV-positive might be more desirable than living with diabetes - the former when on treatment live just as long as normal people but the latter lose 15 yrs of life on average

• Obese man is 6x more likely to develop diabetes than non-obese man, for obese-women its 12x more likely

• While your heart pumps blood, it also needs its own blood going through it to function. When it doesn’t, it can cramp without getting enough oxygen, like any other muscle. Obesity narrows these blood vessels over time. It also increases blood pressure and also causes plaques to form in blood vessels (atherosclerosis). There’s also high likelihood of stroke and cancer with increase in weight

• Fat cells when stretched beyond limit can cause inflammation - where body’s defence mechanisms are summoned to repair the damage. This causes normal immune system function to be impaired when real damage occurs

• Obesity increases likelihood of developing asthma, sleep apnea, arthritis, kidney problems, fertility issues, gallstones, thrombosis and even dementia (list goes on and on)

• If you are overweight, your risk of dying in the next 10 years goes up 20-40% and if obese, by 200-300%

• After bariatric surgery, 75% of people with diabetes see it vanish completely - so do 60% of ones with hypertension, 66% of those with back pain and change of death from diabetes falls by 92% and of cancer by 60% and coronary disease by 56% (The impact of weight-loss drugs should be comparable to this)

• History of weight-loss drugs 1. Redusols (1934-1938) - banned due to high fevers induced. 2. Amphetamines (post WW-2) - suppressed appetite while giving energy boost - mother’s little helper. 1980 8% of prescription were amphetamines. Addictive and needed higher and higher doses and caused paranoia, psychosis and heart damage 3. Sleeping Beauty (’70s) - you simply slept all day so didn’t have to eat! 4. Fen-phen (90s) - 18 million prescriptions in ‘95. Increased pulmonary hypertension by 30x and caused heart defects in 1/3rd people - drug company had to pay $12b in settlement. (Long history of wonder drugs that fell flat eventually)

• There’s inherent risk in GLP-1 - though safety is established in short-term. Longer-term impact of using it for decades so someone starting on these in their 20s or 30s is not certain (though millions of people have been taking these in the last 2 decades for diabetes)

• Ozempic face/butt - weight loss is so swift, it makes these look like deflated balloons (increasing need for fillers!)

• GLP-1 agonists have receptors in thyroid tissue - there’s an increased risk of developing thyroid cancer by 50-75% (1.2% to 1.8% - so incidence is already low and 84% of them survive)

• GLP-1 agonists increase risk of pancreatitis (remember GLP-1 is naturally produced by the pancreas). While its rare, GLP-1 agonists increase risk 9x (and can be treated). They can also cause stomach paralysis

• GLP-1 receptors also exist in our brains. We actually make GLP-1 in our brains too. It affects appetite and reward centres (hence reduces alcohol consumption too, alongside nicotine, cocaine, heroin and opioids). So taking GLP-1 boosts self-control across the board (and hence can make you feel emotionally dull if you depended on those rewards in the first place)

• People with gambling and compulsive shopping problems and other risk-taking behaviour as well curtailed the same when their reward centres didn’t function

• It is possible that blunting of reward centres could dull the very essence of life and could raise suicidal tendencies (no concrete evidence of anhedonia yet though as most people function normal)

• The way GLP-1 agonists affect brain might be to “reset” levels rather than blunting or turning up the aversion systems. These are not as yet clearly understood. You are not just changing your body also your mind and the very essence of you when on these drugs

• In pregnant rats, structural abnormalities were observed in fetus when on GLP-1 agonists

• 31% of women and 19% of men respond to stress by eating in order to feel better (arises from parents comforting child with food, even when not hungry). How parents read and respond to child’s hunger shapes us deeply

• People have a bad relationship with their body because they consider it as separate thing from themselves. The shift from what your body looks like, to what your body is able to do (functional appreciation) is a profoundly healing change (it can walk, lift weights etc.)

• Japan has only 4.5% obese people compared to 26% in UK and 43% in US. Its the only country that got rich without getting fat

• Japanese Hawaiians are almost as fat as Hawaiians - so its not the genes (moved there early 19th and 20th century) so its more to do with what happened to Japanese culture in last 60 years post WW-II than their tradition or heritage (as usually misunderstood)

• Japanese cooking has 65 ingredients on average even compared to classic French style with 20 ingredients - the more diverse your diet, the healthier you get. Japs live on fish and vegetables, not milk and butter and meats.

• Western cooking is primarily adding things to food to make it tasty (butter, lemon, herbs, sauces) but Jap cooking is a minus cuisine (flavour is drawn out from ingredients themselves)

• Japanese cooking, each meal has 5 tastes (sweet, salt, sour, bitter and umami), 5 skills (cutting, simmering, grilling, deep-frying and steaming) and 5 colours (black, white, green, yellow and red). It ensures balance - food is total art, so beautiful plating is important. God lives in the details

• Eating one dish fully before moving on to another is “rude” way of eating. They follow triangle eating - moving from one dish to another - one bite of soup, one bite of the side and so on- ensuring balance of tastes in the mouth. They only eat until 80% full (taught from a very young age and insisted in schools)

• It is a legal requirement in Japan that principal of each school has to have same lunch as kids and has to eat first, to make sure its safe, nutritious and delicious (Taleb would approve)

• Metabo law - Every workplace in Japan has to bring a team of nurses and docs to measure weight and waistline and company has to get them into shape if off (govt. pays for it). Their life expectancy is not a matter of luck or genes

• In the West healthy food is expensive so one option is to tax sugary foods and unhealthy sodas (Mexico does it) and subsidise healthy food

What could happen to GLP-1 drugs in the future? They could go the way of fen-phen (highly unlikely), could lose impact over time (unlikely), could become cheap with generics (currently $1200/month) and prescribed and administered like generic statins (very likely) or we reform the food industrial complex and eat healthy (very unlikely). It would be interesting to see which way this goes over time. 9/10

[surabhi_pandey]

You have this amazing ability to explain stuff in an easy to understand way. Thanks for this write up.

[phreakv6]

Truck de India. Rajat Ubhaykar, 2019 - The book reads like a travel journal of the author as he criss-crosses the length and breadth of the country hitching rides on trucks from Mumbai to Srinagar and then on towards the north-east and then South. You meet colorful characters, from drivers, their helpers, people who build bodies for trucks and other hitchhikers that the truckers pick up en route. You learn about various things like militarisation of sikhs, consuming bhukki (opium), the families and communities of the drivers and helpers, the ustads of sirhind that build truck bodies, the gujjars and bakarwals that migrate in summer, of insurgency in the north-east, why salem is the sabudana capital of India and so on.

My notes -

• Bhiwandi was known for power looms and communal riots before the e-com revolution. Today its the warehouse of Mumbai due to it being just outside Mumbai’s octroi zone (less taxes). Its paddy fields are today hi-tech fulfilment centres (refer to the book ‘Arriving today’ to understand how hi-tech)

• Truck drivers pay Rs.400 to Mumbai traffic police to ply the roads before 9pm. Drivers who wait past 9PM get to pocket the Rs.400

• Mumbai-Delhi highway carries 40% of India’s traffic and connects key economic centres of Surat, Ahmedabad and Jaipur

• Vegetable trucks cover Delhi-Mumbai within a day and are the fastest - drivers dont even take a break to eat at a dhaba

• Only in 19th century (1833) child labour was prohibited in England (chronicled in Oliver Twist). In India, the medieval and modern are in an endless tussle as child labour is very common on our highways (most dhabas, shops employ them)

• Trucking industry is highly fragmented. The consignor wants to send goods while the trucker provides the services but in between you have two brokers - the booking agent on supply side (interfaces with consignor) and the commission agent on demand side (interfaces with truckers) - huge information asymmetry

• 3/4th of total freight transport is dominated by truckers who own less than 5 trucks. > 20 truck owners constitute only 10% of transport (work with big corps on contract basis and have bargaining power and dont have to rely on intermediaries)

• Commission agent charges the trucker 600-1000Rs. for arranging a load - 600 for 16ton truck and 800 for 21ton truck (freight rate 1750/ton) - ~2% which trickles down to end-customer. Freight rates vary based on demand - low on rainy days and high during festivals like Diwali.

• Booking agents indulge in cartelisation and avoid each other’s territories and increase rates in co-ordination when fuel prices go up (AIMTC was fined by CCI)

• Freight charges paid to truck drivers are not the same as negotiated between consignor and booking agent. Booking agent and commission agent collude and pocket the difference. On top of this commission agent never pays in full making sure trucker comes back to him for his next trip (Ola type app here can reduce info asymmetry and benefit truckers and end-customers)

• Morality is luxury when one struggles to meet basic needs. Its a construct created by the powerful to hold the powerless in check

• Truck drivers are divided along lines of ownership, territory, caste, religion and language and no organisation has been able to bring all of them together - this makes them powerless but also at the same time invincible - even if few of them go bankrupt, others take their place and fragmentation remains. Many bosses, many workers - where bosses are not any better off than workers in this ecosystem

• Punjabis venture all over the country while other community drivers stick to nearest 2 or 3 states or ply fixed routes

• Average truck drivers covers 20 kms in an hour on long distance trips (any savings from fuel conserved is pocketed by driver hence)

• Never ignore a honking truck driver - he is likely driving an overloaded truck which reduces braking efficiency by 40%

• Overloading is illegal as per Supreme court ruling from 2005 but penalty is progressive in the way its implemented - easily overcome with bribes lower than penalties. RTO officials, transporters and consignors - all get benefitted (At the expense of safety of drivers and public and wearing of roads). A peon at an RTO in AP made Rs.100 Cr from passing files and didn’t want promotion as his peon job was more lucrative

• Overloading benefits transporters since they are paid Rs per km per tonne - so natural leverage exists in overloading truck. 21ton truck normal load earns Rs.25,000 when loaded as per norms - costs Rs.16000 in diesel, bribes, wages and tolls earnings profit of 9000. When overloaded to twice the norm - can earn Rs50,000, with input costs around Rs.30k leading to more than double profits of Rs.20000 (there’s hidden cost to reduction of life of truck and parts)

• Rajasthan’s main exports are mineral and marble - highly dense leading to overloading

• New trucks are more prone to overloading since there’s no maintenance cost in first two years and also loan repayments loom - overloading reduces once loan payments are gone

• 10% overloading can reduce life of roads by 35%

• Most trucks are sold without a body from Tata Motors or Ashok Leyland and a body is built at places like Sirhind to spec (incl. the artwork), taking almost a month to mount on a chassis. Punjabi truckers might spend a lakh on decor while Kashmiris might spend even 2 lakhs (the sal wood is durable and last 20-25 yrs)

• NH39 is the lifeline of Nagaland and Manipur connecting Moreh in the plains to Dimapur on the Indo-Myanmar border, also India’ most unsafe highway (lot of East Asian good are smuggled through this porous border)

• Toll is collected by Naga, Kuki and Meitei revels for protection and the region is in perpetual conflict between the tribes for ideology and revenues

• There’s strong Korean influence in Manipur - prominently visible on tv and newspapers with K-pop and k-serials

• In Kerala you don’t have to worry about police or thieves - if you enter a no-entry by mistake, they will point you to the alternate route.

• GST has reduced wait times at the borders and also cut down bribes paid there by half

• Between Vijayawada to Guwahati, a trucker spends on avg. Rs.5000 in bribes, with pocket getting lighter from Icchapuram, Khurda, Cuttack, Bhadrak and Balasore with the worst to come in Bengal (trucker compares to cops to ULFA)

• Truck driving was a skilled job, like crane or fork-lift operator until power-steering came in

• U/S 190 (2) of Motor Vehicles Act is deliberates worded to be ambiguous for bribe-taking. Most cops just say the word “Mechanical” to demand bribes

• Different towns in TN has established competence and dominance in niche industries - Salem over sabudana, Dindugal over locks, Namakkal over rugged art of fashioning trucks out of metal and wood, Tiruchengode trucks with borewell rigs

• On A/C being manadatory in truck cabins - even if a/c is installed, owners will never let drivers use it and even if they do, the drivers will never do, to save fuel and pocket the cash

• Trucking industry is lot more formalised in south india than north, with VRL, Transport Corp. of India owning very large fleets of container trucks (these are never bothered by cops). Container trucks have a single driver without cleaner to save costs

• Most trucks are registered in Nagaland (NL plates) to save on tax

• Most modern trucks have GPS devices for fleet management, FASTag for automatic payments and drivers get a ATM card for emergencies. After GST, Delhi to Guwahati, 2 full days are saved for truckers

This was a book with a heart, in that the author gave up his educated, upper-class upbringing to discover the generosity, desperation, hospitality, obstinacy and hope of India through its truckers. Am not sure what gets into people’s heads to do something like this but it is this creative and adventurous spirit that makes life interesting and I totally enjoyed the book and its people while also learning a thing or two about trucking industry. 9/10

[DeepValue7]

Basic Economics by thomas Sowell is another great book similar to this!

[Mundhada]

Hello @phreakv6 - just wanted to appreciate this thread. Your notes are very detailed and informative

[avneesh]

Hello @phreakv6,

You’re quite an avid reader and have accumulated a wealth of knowledge over the years.

As someone who has read extensively, I’m sure you have a unique perspective on what truly matters in terms of personal and professional development. Could you share your thoughts on the key areas or topics that every college student should focus on to be well-prepared for life after graduation? Whether it’s specific books, practical skills, or general advice, I’d greatly appreciate your insights. My brother is in his last year of college. I want to share a list of topics with him, he should know over time.

Thank you in advance for your time and wisdom.

[phreakv6]

@avneesh - Thank you for your kind words and your query

I don’t think books are all that matters in acquiring wisdom, though they do help in democratising knowledge. I have some strong opinions on personal development but I don’t know if this is the right forum or thread to talk about them. I strongly believe we owe it to society to develop ourselves continuously until death. I don’t mean this lightly - I think the moment we stop learning, we are dead.

To that effect, I think we should focus on learning about a variety of topics - from business, health, mindfulness, software development, ai, physics, math, economics, spirituality, anthropology, philosophy, psychology, biology, history and so on. It doesn’t have to be everything all the time - but a focus on everything over the entire lifetime, but with at least something all the time - something that makes you want to wake up and learn at that point of time in life - it could be how guitars are made, or supply chain of metformin or bicameralism or burger wrapping.

Some of the best books to do so are already in this thread. A complete life-altering cache of books wouldn’t cost more than 10-20k (starting with the 11/10 or 10/10 books in this thread) and might probably be the best investment. The bigger investment is not money but in one’s own time and handling society’s expectations of reading pointless books (see the apologetic note on which I have started this reply)

Practical skills - Few things I learnt a bit late, because of the way I was geared - collaboration and team work. I realised while reading books like “the idea factory” or “loonshots” that it takes more than one person to do extraordinary things. This got reinforced for me in my somewhat first and last work gig which was a disaster of sorts but it taught me how to work with others to build something better. Most of my ability to collaborate stems from this failed gig. I think its important to put yourself in bad situations for short periods of time (nothing spirit-sucking) so these things can be learnt.

Our education system is geared to make it feel like a finite game but in reality learning is an infinite game (check ‘finite and infinite games’ summary in this thread to understand what I mean). It is important to unlearn a lot that our industrial education gives us before we can grasp this and make progress - our education in my opinion is the equivalent of mcdonald’s food. Great when you are poor and hungry but by no means the most enriching when you can afford better (not just in terms of money but in terms of straying from society’s expectations)

This is a thing that I think about almost everyday but my thoughts aren’t very refined yet. I hope that’s helpful.

[DeepValue7]

What a great analogy. And I completely agree about continuous learning all throughout our life

[prateekv]

Deep Work

PART 1: Why Deep Work?

• Deep work - Tasks that create new value and hard to replicate, push cognitive capabilities to their limit, performed free from distractions.
• Shallow Work - Tasks that do not create much new value, easy to replicate, often performed while distracted.
• “The ability to perform deep work is becoming increasingly rare at exactly the same time it is becoming increasingly valuable in our economy. As a consequence, the few who cultivate this skill, and then make it the core of their working life, will thrive”
• The new law of productivity is: High-Quality Work Produced = (Time Spent) x (Intensity of Focus)
• Deep work is
  • valuable
  • rare
  • meaningful

PART 2: How to implement Deep Work?

• Four rules for deep work:
  1. Work Deeply
     • “Professional activities performed in a state of distraction-free concentration that push your cognitive capabilities to their limit“
     • Fight desires like eating, sleeping, sex, TV, Internet while trying to do deep work.
     • Monastic Philosophy: Eliminate all shallow obligations and maximize productivity. Impractical for most people.
     • Bimodal Philosophy: A more balanced approach. Divide time between deep and shallow work. Clearly define timelines and work to be done during the deep work phase.
     • Minimum unit of time for deep work should be at least one day.
     • Rhythmic Philosophy: To start deep work sessions consistently, have a simple ritual to transform it to a regular habit. Having a rhythm will minimise the friction and reduce the energy need to go deep.
     • Embrace rituals
       • “Rituals provide the structure that supports deep work”
       • Questions to answer when scheduling deep work:
         • When you will work and for how long?
         • How you will work after starting - Eliminate certain distractions.
         • How you will support your work - Something like have a good cup of coffee, take a short walk between sessions, light exercise etc
     • Schedule deep work-“No one ‘has time’ for deep work. You make time for deep work”
       • Block out specific time slots for deep work and adhere to the schedule as if it were a professional commitment
     • Deep work doesn’t have to be done alone.
       • Collaboration also plays a part in deep work.
       • Interactions and clear division of work will restrict the shallowness of work.
     • Execute like a business
       • Focus on wildly important goals.
       • Act on lead measures (direct measures like number of hours) instead of lag measures (measures for outcomes or results)
       • Keep a scorecard
       • Be accountable
     • Be lazy
       • Downtime from work is important to gain new ideas and recharge your mind.
       • We can usually focus only 3-4 hours per day to do best deep work.
       • Create a shutdown routine when you are finished. It can be as simple as saying “Shutdown Complete”
  2. Embrace boredom
     • “The ability to resist distractions and focus deeply is crucial in achieving deep work”
     • “Once your brain has become accustomed to on-demand distraction it is hard to shake the addiction”
     • Schedule blocks of time when internet is allowed.
     • Commit to a hard deadline
     • Meditate productively: train mind to focus on a particular problem when you are occupied physically but not mentally
  3. Quit social media
     • Don’t use any-benefit approach to stick to social media
       • Instead use craftsman approach. Identify what value does it add to your life. Weigh both positives and negatives.
     • Power law (Pareto Principle)
       • 20% of activities generate 80% of the results.
       • Identify those 20% activities. Is social media one of them?
     • Don’t use it to entertain yourself
       • If social media were to close suddenly, how would you entertain yourself?
       • If you have other avenues for entertainment, social media would most likely have more negatives than positives.
  4. Drain the shallows
     1. Schedule everything
     2. Adopt fixed-schedule workday - especially for shallow tasks
     3. Become hard to reach:
        1. Make people do more work to reach you.
        2. Do more work when replying to people.
        3. Don’t respond to everything.

[draveshia]

Dear Phreak
Many thanks for your thread. Honestly have read 25% of books u have written on. Each one has been rewarding. Truck de india is a gem . Wonder how you find them . Do you read multiple books at a time. And how do you manage to write your notes, while reading . Thanks once again

[amp2001in]

Every now and then’ I come to this thread to check out latest book recommendations by you:

[phreakv6]

China RX, Janardhan Prasad Singh, 2018 - A bit old but covers a lot of ground from the history of how China gained a foothold in the world market for drugs, APIs, KSMs in the mid to late 90s, FDA’s evolution from the 2000s to 2010s, how politics affects the agency, the key trigger of Clinton administration’s legislation allowing permanent normal trade relations with China and how capitalism and low cost decisions led to lower quality and ballooning trade deficits

My notes -

• Antibiotics, chemotherapies, antidepressants, HIV/AIDS drugs, medicines for Alzheimer’s and Parkinsons and KSMs for several prescription drugs and OTC drugs are made in China

• If China stopped exporting ingredients for key life-saving medicines, within months world’s pharmacies would be empty, surgeries canceled and cancer treatments halted and infections would spread

• Last penicillin fermentation plant in US closed in 2004. China is now the dominant player in peniciliin, ciprofloxacin etc

• China stopped rare metal exports to Japan in 2010 which affected Toyota’s hybrids and didn’t end embargo until the captain of the fishing boat that collided with Japanese coast guard was released (There is precedence to such behaviour, rationality in the fear)

• Contamination in batches of Heparin, a blood thinner used in dialysis, surgery and to prevent blood clots caused 81 death and 785 serious injuries - Baxter controlled 50% of the market and the contamination happened in a Chinese plant which was outsourced production of intermediates

• SPL, Baxter’s partner was making Heparin API in US until 90s but built a plant in China in a JV with local firm to save costs. The RM started from intestines of pigs. When blue-ear disease affected pig population, a cheap substitute that cost $9/pound (real product $900/pound) was intentionally used to cut costs. Chinese officials denied its companies were responsible and passed the buck to Baxter’s Cherry Hill plant

• Birth control pill Lenovest, Nevirapine (HIV/AIDS drug), Donepazil (Alzheimer’s), Risperidone (BPD/Schizophrenia), Amlodipine besylate (High BP), Losartan potassium (High BP), Wellbutrin (Antidepressant), Levetiracetam (Epilepsy/seizures), Doxycyciline, clindamycin, Imbruvica (lymphoma/leukemia), gemcitabine (breast/lung cancer), vancomycin (antibiotic) - some of the important drugs from China (it is impossible to trace origin of API on the branded drug as patient, as per author - as companies obfuscate place of business)

• 89% of prescriptions filled in US are generics - China undercuts others on price and drives them out of the market

• In 90s, US/EU/JP manufactured 90% of global supply of KSMs for medicines and vitamins. India manufactures lot of generics today but is dependent on China for KSMs

• Aspirin, Paracetamol APIs (acetylsalicylic acid, acetaminophen) were made in US plants in the 90s but were unable to compete with Chinese and had to shutter during the last 90s and early 2000s (some 100 yr old businesses) - sometimes at 2/3rds the cost of competitors, even in India

• Transparency in Drug Labelling Act introduced in 2008 would have solved the labelling problem (Chinese API, irrespective of who markets it would be “Product of China”) but it never became law and the legislation was killed

• 80% of APIs come from China and India but it hides the fact that India is dependent on China for most fermented KSMs (say for doxycycline, cephalosporin, metformin etc)

• More than half of the 4000 odd APIs depend on China - and where China controls an API, they control bulk of the KSM where there is barely anyone else

• China dumped 7-ACA and led to closure of Novartis plant in Frankfurt, Germany (Needed for cephalosporins. Orchid is setting up plant for 7-ACA in Jammu). Chinese product used gutter oil fetched from restaurant grease taps, pans and sewage drains instead of expensive soybean oil

• Inspections of plants in China were optional at the time - FDA officials simply chose to inspect EU plants which were also optional, instead of China (since they liked visiting Europe?)

• Bush administration severely restricted FDA from issuing warning letters and import alerts (the spate of FDA inspection and issues post 2010 shows this is very much politically driven as well)

• Noncompliance with US standards is a deliberate competitive strategy (to compete with China, Indian generics also perhaps took shortcuts in the 2000s)

• The average cost of inspecting a facility in another country is $52,000 compared to $23,000 for US

• When Clinton administration passed legislation to give China permanent normal trade relations in 2000 - it was sold as a way for US companies to sell unhinged in China (we all know how this actually turned out) - US had $114b trade deficit with China as a result in 2003 - it had no trade deficit with any country in its first 200 yrs!

• In 2006, of the 714 plants in China making APIs and finished dosages, the agency inspected only 15 a year

• FDA’s budget was $2.5b in 2007 - to inspected $1trillion worth of food, drugs and other products - a pittance. Meanwhile FDA employees declined from 9167 in ‘94 to 7856 in ‘07

• 2007 had toothpaste contamination from China with diethylene glycol (antifreeze) instead of pharma grade glycerin (pricey). Cat and dog food had melamine contamination causing deaths of 4000 dogs and cats and 50k more sickened

• FDA could do nothing about the melamine contamination which entered human food chain as well - Chinese officials insisted America control its media and members of Congress instead. With no extradition treaty with US, though two Chinese nationals were indicted, nothing could be done

• In 2007 first FDA offices were opened outside US in Beijing, Shanghai and Guangzhou. In 2009, FDA planed 9 Chinese companies on import alert. By 2010 46 plants inspected and 2010 88.

• FDASIA of 2012 gave more teeth to FDA - in terms of funding also ability to blanket ban products of non-cooperating companies (confiscated and destroyed, instead of returned - so they may not come through another port)

• Vitamin C (ascorbic acid) - China controls 60% of the world market (90s, Merck, Roche, BASF, Takeda were making but all were undercut by Chinese firms leading to closure of factories). Collusion and artificial shortages caused increases in prices in 2001 (Roche did same thing in 90s and paid $500m fine) - though penalised, Chinese firms played the sovereign card and escaped fines (claimed it was the govt. that made them raise and their laws allowed them to do that)

• Same Vit-C method was played in peniciliin as well by the chinese - dumping API for cheap between 2004-2006 (Pfizer, BMS shutdown its plant, unable to compete. Indian plants were shutdown as well)

• Shuanghui International’s purchase of Smithfield - biggest acquisition of an American firm by a Chinese company - gave control of ham, sausages and bacon directly to CCP which controlled the company (also Heparin)

• Before 2000 drug shortages in the US were rare but its the norm now. Main reason is purchasing managers being evaluated on cost instead of supply-chain sustainability. This causes suppliers to cut corners somewhere - either not investing to improve facilities, compliance or quality or simply shutdown when unviable, causing shortages

• The pharma industry needs long-term thinking, but the capitalist model isn’t designed to do that making it a recipe for disaster (competing on cost alone might become a thing of the past in the near future)

• When Chinese govt shutdown polluting factories, doxycyline shortages ensued pumping prices up from $20 to $399 for 120 tablets at Walmart (Drug cartels are illegal in the US but is the norm with China where cartels hide behind govt. edicts)

• Companies cut research jobs in US and opened R&D and CROs in China and expanded there (Merck, J&J, Pfizer). Research divisions that created/made penicillin, lipitor etc. were axed overnight

• The depth of the antibiotic pipeline is thus so shallow that given rapidity of AMR (anti-microbial resistance), we will struggle to keep up (companies have shied away from investing in antibiotics as it doesn’t generate long-term customers)

• China today is seen as a source for innovative healthcare research. Pfizer has funded drug discovery at Shanghai Institute of Bio-Sci. (R&D, academic research have all now moved to China). A bench Chemist would cost $50k in China and $250k in US. “Made in China” is fast evolving into “Designed in China”

• China will be a large market for drugs with 280m affluent customers outpacing US’s 260m over age of 18. China’s regulation compel Western companies to transfer technology to China for privilege of selling drugs in China (win-win in China means China wins twice :-))

• IP theft is common in China. WuXi employee stole Merck owned patents and put them up on the internet

• China trap - China thinks long-term. America thinks short-term. China plays Chess. America plays checkers

• China wasn’t allowed to sell Chicken in US but it lobbied US beef industry to allow Chinese chicken exports to US in exchange for access to its market for beef (US chicken farmers lost in the process). China is adept at playing special interests against one another

• Encourage your enemy to expend his energy in futile quests while you conserve your strength for an attack with energy and purpose when the enemy is confused and exhausted (ancient Chinese saying)

• By 2015, US cuml. trade deficit with China was at $3.6 trillion - the hope that China would buy more from US just didn’t come to pass

• Chinese subsidiary in the US for marketing and distribution seldom has any assets and won’t take liability. Cheap product at “china price” comes at a real cost

• The pharma industry exerts substantial control over FDA and manages to keep problems out of public view

• Generic Budeprion XL was supposed to be an extended release pill like Wellbutrin XL but it leased 34% of API in 2 hrs instead of 8% of innovator (these things don’t get tested in generics)

• China is not a designated country for purchase of medicines for US defence. Still 31 prescription drugs are procured from there for lack of alternatives - from antibiotics, donepazil, gentamicin, etc

• India’s military is dependent on China for 90% of its API/KSM needed for 15 essential drugs - mostly amoxicilin, ampicillin, ciprofloxacin, levofloxacin, metformin etc.

• In rare earths US was producing most of it between ‘50-’80 but China today control 97% of world supply using same undercutting

• China has gained access to sensitive intellectual property while manufacturing or research or undermined IP and has made merry with it - from Disney (Wanda theme park), Google, Siemens (60 passenger train contract was curtailed to just 3, with rest manufactured by Chinese firms with same tech), Apple (Baili 100C, iPhone trademark), J&J (OneTouch glucose monitoring), TANG Energy (AVIC)

Historical context is important for understanding long-term structural tailwinds. The book gives good context for what’s happening in the US with the BIOSECURE act. US has committed a massive blunder in 2000 which it has no option now but to reverse and these are major geopolitical decisions that cause serious tailwinds if you watch out for it. 8/10

[varinder_singh]

Very well researched

[karanthharsha999]

The Senior Citizens Handbook – Bullets
Cognition is the mental process of knowing and includes aspects such as awareness,
perception, understanding, judgement, language understanding, decision-making, etc. In
short understanding mental ability.
As per the above classification, they will achieve happy state of mind by involving in newfound leisure for serving the society. Also by reading religious scriptures and praying to God.
However, old age remains vulnerable to physical mental health. Elders abuse is more
common in rural than in urban areas. Those contended old adults are blessed with a great wealth.

With ageing process they are often looked upon as debilitated, incompetent, and unworthy
of attention. Older adults face psychiatric problem and compounded by stigma attached to
mental illness. Older women are more affected due to gender bias. The impression older
adults give is as retired they lead a life of inactivity.
Physical exercises and engagement in meaningful work are the best insurance for old age.
With age they lose muscles and gain fat. Therefore, a minimal exercise is necessary. Those
who are frail and inactive, yoga and walking are best. Older adults flocking to cinema
theatres and laughing clubs gesture their positive state of mind.
Mental health issues in many older adults are attributed solely to psychosocial causes.
Hypertension and diabetes often go undetected and lead to heart and kidney diseases.
Campaign made to increase awareness of the above two has helped older adults. Diabetes
with decreased peripheral receptor sensitivity is associated with depression and cognitive
impairment, whereas high BP leads to cardiac and kidney problems. In addition cataract,
Parkinson’s disease and dementia affect them.
Near vision is important for many human activities especially that involve higher brain
functions. Regular use of reading glasses helps to keep cognitive abilities intact. Therefore,
all, especially old group, should carry with them always.
With ageing bones become weak (osteoporosis) and there is likelihood of spine, wrist and
hip fractures. Osteoporosis is more in women. Intake of calcium and vitamin D is necessary
to both. Exercises helps make your bones stronger.
To prevent falls room should have enough light, clutter on floors, passages and stairs should
be removed. Multiple lights should be used for better lighting. Loose carpets and worn-out
foot rugs should be removed. Bathroom should have grab handles near the shower, tub and
toilet. Falls in old age is due to decreased muscle strength and reaction time and
coordination. Therefore, regular exercise helps in prevention.
It is known to all that Vitamin D is created in human skin in the presence of sunlight. In older
adults it is done with less efficiency. Two reasons are they spend less time in sun and there
is less vitamin D in diet. Intestinal absorption is less in older adults. Also, due to less calcium
in diet absorption is less. Adequate calcium intake is necessary. Inactivity leads to porous
bones, sun is necessary.

A child like curiosity helps to keep mind alert and enthusiastic to learn things. A healthy
competitive attitude with young helps to sharpen the mind.
Be mindful of posture and any discomfort change accordingly to relax.
Listen to sounds you hear around you, sharpens hearing. Be mindful of the multifarious
sounds in surroundings and if totally silent, enjoy the silence. If hearing is difficult visit ENT
doctor. Clear hearing is necessary in our daily life.
Focus on breathing for a couple of minutes, be aware of breath flowing in and out. Helps
mind to be calm and patient.
Hours of sleep for old people does not change, they still need the same hours of sleep as
young should. A fixed waking time is important. A morning walk helps setting the sleep
cycle. Mild exercise, reading before bed time, listening to soft music at low volume helps for
a sound sleep
Wear loose fitting and comfortable night clothes. Check if the bed is comfortable and go to
bed when sleepy. Read or listen to music and keep the lights dim. If unable to fall asleep do
not lie in the bed for long time. Get up and sit in a chair and return to bed when sleepy. Do
not watch TV while in bed. Keep day time naps short. Avoid tea, coffee smoking and alcohol
in evening. Get up when alarm rings. If unable to sleep due to pain, the solution is get
treatment but not consume sleeping pills.
Listen to caregivers; they may be professional or family members. Practice patient and
mindful listening as much as possible.
Check for diabetes or increased BP. If you take care of these two your physical and mental
health will be good.
Be mindful of your breath, focus on inhaling and exhaling. It will involuntarily control all the
parameters of the body.
Maintain your daily routine. Proper nutrition is must. Be aware of the food you are eating,
else it will lead to health disorder. Make sure to include seasonal fruits and vegetables in
your diet.
Regular exercise helps proper functioning of heart and blood circulation, reduces stroke, risk
of some cancers, dementia. It gives confidence, improves mental health, muscle strength
and bone health, and balance of the body.
Urinary incontinence leads to anxiety, depression and quality of life. Women are more
affected, they should consult a Gynaecologist or Urologist.
Constipation is not a natural part of ageing. Consult your physician, dietary adjustment also
helps.
Avoid inactivity and be active as much as possible.

Include walking in your daily routine. Divide your walk into three stages. First, walk slowly for 10 minutes, then walk briskly for about twenty minutes and then walk walk leisurely for 10 minutes. Footwear should be comfortable.
Make a will for your assets; makes transition of property easy and clear.
Skin care is very much important, consult a specialist.
Bathroom should have side rods for support and not slippery.
Lastly avoid depression to overpower your mind. Engage in social activities and read scriptures. Focused breathing and the thought that you are always happy helps you to ward
away the symptoms.

A must read to elder citizens or to be read by younger ones to make sure the elders follow.
A good read 8/10

[IamAnshul]

Recently finished What It Takes by Stephen Schwarzman, founder of Blackstone, one of the largest alternate investment management company in the world. Was always fascinated by the shear size of the company and their share in grade A retail real estate in India.

The book is an easy and enjoyable read, and I highly value biographies like this one. It reminds me of Phil Knight’s work, where the narrative flows effortlessly despite the surrounding noise, as if the universe itself is conspiring to help the author achieve their intended goals. For obvious reasons of the subject being finance, there has to be an other side to the story, on how his colleagues or competitors saw him throughout his life and would love to read King of Capital to understand that sometime.

Here are some excerpts from the book that I noted down:

1. “There is a saying in finance that time wounds all deals. The longer you wait, the more nasty surprises can hurt you. I like to finish work quickly. Even if tasks are not urgent, I like to get them done to avoid the unnecessary risks of delay.
2. “To be successful you have to put yourself in situations and places you have no right being in. You shake your head and learn from your own stupidity. But through sheer will, you wear the world down, and it gives you what you want
3. “Everyone contributes to the discussion. Risk is systematically broken down and understood. Debate is full and robust. The same small groups of people, who know each other well, go over each investment applying the same rigorous standards. This unified approach to investing has become the backbone of the Blackstone way.”
4. “The first was focus. If you ever felt overwhelmed by work, I said, pass on some of your work to others. It might not feel natural. High achievers tend to want to volunteer for more responsibility, not give up some of what they have taken on. But all that anyone higher up in the firm cares about is that the work is done well. There is nothing heroic or commendable about taking on too much and then screwing it up.”
5. “The second way to maximize your chances of achieving excellence was to ask for help when needed”
6. “The rewards of having a beautiful space that attracted the best people and gave our clients greater confidence in our abilities would far exceed the cost of paying a little extra to close the deal.
7. “And the best way to get what you want is to figure out what’s on the mind of the person who can give it to you. ”
8. “If you are going to start a business, I told them, I believe it has to pass three basic tests. First, your idea has to be big enough to justify devoting your life to it. Make sure it has the potential to be huge. Second, it should be unique. When people see what you are offering, they should say to themselves, “My gosh, I need this. I’ve been waiting for this. This really appeals to me.” Without that “aha!” you are wasting your time. Third, your timing must be right. The world actually doesn’t like pioneers, so if you are too early, your risk of failure is high. The market you are targeting should be lifting off with enough momentum to help make you successful.”

On to the next one which is The World for Sale