Reading, writing, researching and networking/relationship. If he ticks all the four boxes regularly, he feels super productive and happy.
25 Big Lessons From The Latest One Percent Show.
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@safalniveshak @iancassel
Reading, writing, researching and networking/relationship. If he ticks all the four boxes regularly, he feels super productive and happy.
I. In your lifetime, you will own a dozen great stocks.
II. Bet small until you know that your betting right. Lean towards winners.
III. Everybody gets attracted to the winners.
IV. To win big, be ready to lose small.
VI. If you invest for a 2X, you must invest in a stock where the market thinks the stock can be a 3X.
VII. Speak to managements and make yourself likeable.
Top-Down
i Tailwinds
ii Scarcity
iii Story
iv Undiscovered
Bottom-up
i Recession-proof business
ii Balance Sheet strength
iii Intelligent Fanatic Leaders
iv Valuation
Learning Circle would be a much bigger Circle than your investing Circle. Key is that both the circles should expand.
1. "If you are extremely confident,taking a loss doesn't bother you."-Stanley Druckenmiller.
2. "Take your losses quickly, and your profits slowly because your objective is to not only be right but to make big money when you are right."- William O Neil
Avoid
i. Just another quarter traps: you keep waiting for that one quarter where you will see that growth. But it almost never comes.
ii. The golden goose stops laying the eggs: you must watch the video (1 hr 20th sec) to know what Ian means here.
i Journal frequently about your investing thoughts & refer them regularly.
ii Network with a closed group of other investors & test your ideas with them
iii Find a mentor. Not WB or CM but someone who you want to be in the next 5 or 10 yrs.
i. Accounting is the language of business. Learn it.
ii. Focus on A grade management
iii. Read the message boards (he means valuepickr in India).
iv. Invest your own money
v. Learn from your mistakes.
i "You never go broke taking a profit."
ii "Sell half when the stocks double"
iii "Buy low, sell high"
i. The business evolves away from the original thesis
ii You find an opportunity which is better than your worst stock in the portfolio.
1. The Emotionally Intelligent Investor
2. Golf is not a game of perfect
3. The Great Beanie Baby Bubble
4. Lessons from century club companies
5. What girls need
6. Open: An autobiography on Andre Agassi
7. Piranasi
8. Soul in the Game
Best advice: Never take advice from people who are not happy people.
Worst advice: Just borrow and pay it back
