BC BOOK
Saved by @Alex1Powell

It has been exactly 3 years to "how fund managers .." was released. The book took a lot of time to write. Here is a short thread about how it happened ..

 2/n the idea came from @kan_writersside who got me in touch with Dibakar Ghosh at @Rupa_Books .. we discussed the idea that it has been 2 decades to the fund management industry and it deserves a book. A lot was written about about Bharat Shah, Prashant Jain and S.Arora..
3/n but there was not much information about investment philosophies and the overall environment of the mid 90s and later on. Kanishk and Dibakar wanted a broader book for everyone and not just the stock market reader. We went to work
4/n we decided to write about the dotcom boom and bust where it all started. The start fund managers came from there. In Feb 2000 IT index had a pe multiple of 420 and the market cap of the sector was 34% of the market. Banks were 5% and some analysts were still bullish
5/n prashant Jain was one of the few fund managers who was out of the sector in November itself and was quietly watching the index go up. There were others but the legend of Jain was at the top of the mind because it is believed he refused to meet the CFO of a big IT company ..
6/n peak of the market. It was a time of stories..numbers and lots of tears. What hurt us was the retired people who invested money in the market at the top of the cycle. @vikaasmsachdeva had so many stories that it would require another book
7/n after the bust the market did not move anywhere till the listing of TCS. Then a new crop of fund managers came in. Now this new gang talked about midcap. After 2005 it was the age of Madhu Kela, Sunil Singhania , Anup Bhaskar and Kenneth Andrade
8/n these guys were different. They looked at small companies differently than large companies. With a little bit of risk they knew they can make a lot of return. These guys knew when to get out of these small cap stocks. They became super stars
9/n while this was on, Parag Parikh and Rajeev Thakkar were quietly building an investment philosophy if value investing that they will swear by forever. Parikh passed away in 2015 but he left his legacy in the form of an investment style is working well
10/n then there is Ken Andrade who wrote a piece called dot kaun questioning the growth of software business. His sparring partner was Vetri S. Ken was to later on become a big midcap fund manager where he would take contra positions in stocks of future. Page industry is one
11/n what I like about Ken is his music collection. And also the fact that his head is full of awesome GDP and rural data. He is a man with the memory of an elephant ..he also was the big one to move into PMS
12/n technically Bharat Shah was the first one when he moved from Birla to ASK. All the stars of the dotcom boom are interestingly still holding fort. Then there is S.Naren. a voracious reader. A fan of checklist of Atul Gawande. He built a fund management house that is lean
13/n smart. He does that with the checklist rules. AND then there is Siva of Franklin. He is again a simple guy who made it big only on clean low beta performance. Gave high returns with the lowest risk. Avoided software in dotcom and infra in the 2008 GFC. Apparently he is a
14/n he is a history buff and collects artifacts. He also moved out of the industry at the peak of his career. A moved from IDBI in Mumbai to Chennai to work with Franklin only because his family was there. He was very of companies wanting to be empires
15/n the real game changer was Sanjiv Shah of Benchmark who started the first ETF. The idea was new in 2000 and he was ridiculed for that. But he was cool and rational. He also started the Bank Nifty ETF was was the biggest fund in 2007. Shah was sure that low cost funds will
16/n take over the market. He was right. AFTER 2008 it has been the world of the index funds and ETF. There are many reasons why most active funds will not do well in the future and the principle reason is cost and competition to price stocks. The details are there in the book..
17/n and there is Mahesh Patil. Who is one of the few fund managers who listens more than talk. He was one of the earliest in Bajaj Finance. A special mention. . Chandresh Nigam who believed that India is a growth market and not a value market. So many smart people out there who
18/n can only make the market efficient. Thanks for reading the thread. The book is still available at https://t.co/vcd9n2z7XA.And many thanks to @ms89_meet for doing those wonderful investment threads. And also @InvestBooks who single handedly did so much for this book
Then there is @anishteli and @passivefool who keep me updated in all things investing and mutual funds. Anish was one guy who appreciated the standard deviation chart in the last chapter and has urged me to update it regularly. Thanks guys 🙂 n/ends

More from Book

Zig Zag Claybourne
Zig Zag Claybourne
@ZZClaybourne
A pie thread. Send the children out of the room.

Know how you're eating something so good that you hunch over it, damn the utensils, go full Altered States proto-human, baring your teeth and flailing at anybody who gets too close?

Let👏Me👏Tell👏You👏About👏The👏Sweet👏Potato👏Pie👏I👏Made Yesterday praise gawd.🙏
That pie achieved consciousness long enough to know true love.

First off, I didn't have any brown sugar. I realized that Wednesday evening. Was I about to go to the CDC testing center to get some? Hell no, Kroger was hella crowded. So Thursday morning, I take inventory. No cane sugar, no white sugar, no Alaga syrup. Started to lose hope.

Then I remembered.

I had mother-loving lemon honey. It's not super sweet, it's got a ting-tang of lemon, and--I swear to this--when I put it in my tea my 3rd eye opens in appreciation. So I do the math: brown sugar is just about the sweetness; 1/2 a jar of lemon honey should do.

And it did. You wouldn't think the combination of cinnamon, sweet potatoes, butter, eggs, and lemon honey would make you stomp a Smurf if it got too close to your pie pan, but yeah, it does.
BOOK
Dr Adam Rutherford
Dr Adam Rutherford
@AdamRutherford
I see that there is a lot of chat about ancestry and indigeneity, two complex and profoundly misunderstood concepts. Here’s a thread 1/N - I have written about these ideas extensively, in two books;

Ancestry rapidly becomes a matted web rather than a tree. Claims of ancestral purity are absurd. We are descended from multitudes, and don’t bear DNA from actual ancestors after very few generations. (fig. from @Graham_Coop


With both ancestry and indigeneity, the pertinent question is ‘when?’ If you claim ancestry from a certain group of people, then you are timestamping when you consider these ancestors to be important (to you). 3/N

Similarly, with claims of indigeneity, there is no agreed time when this kicks in.

There are a few places that have been populated by human in recent history, and so logical claims of an indigenous people make more sense, e.g. the Māori of New Zealand were the first humans to live on Aotearoa from the 12th C.
BOOK
Advertisement
Main Habits | Psychology
Main Habits | Psycholo...
@MainHabits
8 Lessons I Wish I Learned Sooner In Life:

| Psychology & Life Thread |


1. Your health is a precious asset, Include fitness as a habit early in life.

2. You can't change your parents, accept it. Love them and be thankful for bringing you to the world.

3. The more you know about yourself, the more you can achieve in life.

4. Realize that happiness is a mindset. Nothing will make you happy unless you change your state of mind and Learn to make the most of the little moments.
BOOK
FRANK CUNHA III \U0001f1fa\U0001f1f8 ARCHITECT
FRANK CUNHA III 🇺🇸 ARC...
@FRANKCUNHAIII
Classical Libraries (thread)

The Architecture of Western Libraries, from the Minoan era to Michelangelo deals with the architectural evolution of the spaces in which written and graphic material was kept, from the Minoan times to the Italian Renaissance (ca. 1600 BCE- 1600 CE).


Nowadays these rooms are known as "libraries"; however, the library acquired its present form through a turbulent journey.


The five chapters that comprise the book cover the Greek world, the Roman world, the Byzantine period, the Western Middle Ages, and the Renaissance, respectively.


Author K. Sp. Staikos examines in detail the special features of the chambers used to store books in public, private, monastic and palace libraries.
BOOK
Stephen D. Campbell, Dr. theol.
Stephen D. Campbell, D...
@the_OT_Campbell
I've gotten a few questions about this, so let me clarify and provide as much helpful information as this medium will allow.

To begin, both of my parents are MBA's and are assertive. They taught us four kids to be assertive. 1/x


Honestly, what's the worst a publisher can do, say no? If the worst that can happen is a rejection email (and believe me I've gotten ALOT), then it's pretty "safe" to at least ask.

But there were tricks that I learned about getting books from publishers. 2/x

The 1st was to request exam copies. I was a very part-time adjunct faculty for an online-only seminary in the UK. I designed two classes for them and requested books to consider as assigned reading for the classes. I still do this, since I'm full-time teaching/administrating. 3/x

The second was to become an approved/recognized reviewer for journals--it doesn't matter which ones. Thanks to a previous professor I'm a reviewer at the website for a research center. And through nothing but email, I'm a frequent reviewer for 3 journals (JESOT, JHS, RRT). 4/x

This is a helpful approach. When you know exactly where the review is going to be submitted and you know that the journal's review editor wants the review, then (in most cases) the review editor's job is to contact the publisher and make sure you get the book. That's it. 5/x
BOOK

You May Also Like

Laurie Voss
Laurie Voss
@seldo
The 2018 State of JavaScript survey is out. They got 20,000 responses and have some delicious, delicious data. I'mma thread in some highlights:

First up: JavaScript flavors. There's TypeScript at 47% adoption, a tad higher than npm's own survey results (which said 46%). npm's survey is coming up again soon and will ask about TypeScript in a lot more detail.


I really, *really* like SoJ's "would not use again" question, which lets people who've abandoned a tech self-identify. This is noticeable in the graph above with Flow users -- 41% of people who've used Flow say they wouldn't use it again.

Now JavaScript frameworks. It's been a full year since npm's survey, so these numbers differ from ours in the directions I expected:
React 65% (vs. 60%)
Vue 29% (vs. 24%)
Ember 5% (vs 4%, I was expecting a bigger rise)

But there's a shocker in here: Angular.


npm's survey had Angular at 40% last year and SoJ has it at either:
- 58% (if you include those who don't want to use it again)
- 24% (if you count only those who like it)
Since npm's question didn't ask if they intend to *continue* using it I think that might explain this.
TECH
Art Historian* \U0001fa94
Art Historian* 🪔...
@Arthistorian18
The last Hindu king of Pakistan.

The name Amarkot is known to all in our subcontinent as the birthplace of Emperor Akbar. When Humayun was fleeing from Sher Shah, Rana Prasad of Amarkot sheltered him and this is where Emperor Akbar was born.

#Thread
1/19
@talesofBharat


They have always maintained friendly relations with the rulers. The Mughal court and the Rana of Amarkot had special respect because Emperor Akbar was born in the shelter of Amarkot Raj. They did not even have to attend court regularly.

2/19

Dara Shikohar provided Rana supplies to Amarkot during his expedition to Kandahar.
But another reason why the name of this Amarkot is inextricably linked with the history of the subcontinent is the partition of the country.
Sodha is the family name of the Maharajas of..

3/19

Amarkot,They were originally known as Sodha Rajputs. Despite possessing a very small kingdom, he was far ahead in terms of wealth and honor. During the British rule, Rana Ratan Singh led the anti-British movement in Sindh. In 1753, the British occupied the state of Amarkot,
4/19

which was his and his ancestral home, and hanged Rana Ratan Singh on a high platform on the walls of Amarkot fort. It hangs in front for a few days. Even today, a folk song called "Mor tor tilaya rana" is very popular in Sindhi language.
After the capture of the fort by the
5/19
ALL
Advertisement
Guillaume Chaslot
Guillaume Chaslot
@gchaslot
The YouTube algorithm that I helped build in 2011 still recommends the flat earth theory by the *hundreds of millions*. This investigation by @RawStory shows some of the real-life consequences of this badly designed AI.


This spring at SxSW, @SusanWojcicki promised "Wikipedia snippets" on debated videos. But they didn't put them on flat earth videos, and instead @YouTube is promoting merchandising such as "NASA lies - Never Trust a Snake". 2/


A few example of flat earth videos that were promoted by YouTube #today:
https://t.co/TumQiX2tlj 3/

https://t.co/uAORIJ5BYX 4/

https://t.co/yOGZ0pLfHG 5/
TECH , FLAT EARTH
Conviction | Patience
Conviction | Patience
@unseenvalue
H was always unseen in S2NL :)

Those who exited at 1500 needed money. They can always come back near 969. Those who exited at 230 also needed money. They can come back near 95.

Those who sold L @ 660 can always come back at 360. Those who sold S last week can be back @ 301
UVLEARNINGS
Melissa (she/her)
Melissa (she/her)
@LiteraryMouse
In regards to the #CapitolCoup, I’m in a unique position. I monitored forums ahead of time and then was present for the coup itself.

These are my observations based on what I saw and the evidence that’s been collected so far. I reserve the right to adjust my analysis as needed.

Let’s talk about the organization of the coup first. Seeing some people insist that the coup must have been highly planned and coordinated.

Yes and no. This was a #StochasticCoup. We’ll see little evidence of direct communication between Trump and the insurrectionists.

Within the insurrectionists, there was not one group that executed the storming of the Capitol.

Rather, there were a number of smaller groups working independently towards the same goal. I expect you’ll see little evidence that these various groups communicated with each other.

What you will see is detailed planning and coordination within these small groups.

Then there were the joyriders, those Trump supporters who weren’t directly involved in any plotting but who were more than happy to go along for the ride once the coup was in motion.

After four years, the insurrectionists were carefully attuned to Trump’s messaging.

Every tweet and statement of his was treated as marching orders and carefully dissected for meaning.

It’s why shutting down Trump’s Twitter account was so important.
POLITICS , INSURRECTIONISTS