Kenneth Andrade & all his interviews ever

Free Cash Flow to Firm Bridge for Asian Paints

Source: Marcellus&BQ Quint. Good read!

Another Superb Blog by @badola_arjun . This time on Apollo Pipes 🏗️🏗️

This completes our PVC/CPVC pipes industry analysis. Done with Astral,Prince and Apollo 😀

Link to read🔗: https://t.co/Ib40q9Fg3g

Why Indoco Remedies looks Interesting and why FY22-24 growth is likely to be stellar here?

Time for a thread🧵🧵🧵🧵

(Source for ophthalmics data:Nirmal Bang and rest is own work)

Looking at the incremental opportunity in Ophthalmics:-

Market size is not attractive for the Large Generic companies but for someone like Indoco which has a smalll base in exports business

As per the USFDA’s orange book, for Ophthalmic suspension drugs, only 3 out of 17 molecules have an active patent. Among the 14 molecules that are patent expired, 8 molecules are yet to see generic
competition.

Even for the one’s which have seen generic competition, the competitive intensity is very low and there is space for an additional entrant.. Entrenched players like Novartis, Bausch & Lomb and Abbvie have dominated this market with legacy products for decades.

Indoco Remedies and Sun Pharma are the only Indian generic manufacturers to have successfully won approvals for generic version of Ophthalmic suspensions in the US market. Indoco Remedies has recently launched generic version of Azopt (brinozolamide)

Out of 17 stocks that I own, I am allowed to go wrong in 2-3 of them. Not going wrong shows that you are not taking enough risks or operating on the edge. Learning from mistakes is the number 1 way to improve as an investor. An excerpt from the annual letter :)

When in doubt, read the business again and revisit your thesis notes (checklist in my case)

The old conservative versus liberal thing, or the left/right division has been completely obliterated, and sometimes directly reversed. Originally, those on the right were defenders of the status quo, which meant they were fine with the world being run by bankers and aristocrats.

🤔 Thread: More of the wrong thing is less
(or, how I stepped off the hamster wheel)

I’m going to share a personal story with hope that it inspires at least one person to re-examine their definition of success 👇

Through hard work and an unfair share of luck, I’ve done some cool “bucket list” things in my career:

✅Raised VC from the worlds’ top firms
✅Helped build 100’s of millions in revenue from nothing
✅Rang the bell at the NYSE
✅Met & did deals with billionaires & business icons

These are things I dreamed about when I was young and I treasure some of the memories. But when they finally happened I felt surprisingly unfulfilled. I was scoring lots of points but didn’t feel like I was winning.

Then a few years ago during a board meeting I had a moment of clarity. I looked around the table at 10 people, all absurdly successful by financial measures. There wasn’t a single person I wanted to emulate. Most were unhealthy and several had told me that they were unhappy.

Within months I walked away from from a 7-figure salary, moved my family to Boulder, & haven’t looked back. Don’t get me wrong, I’m a capitalist & like money as much as anyone. But for me it's not the thing, and *more of the wrong thing is less*.

Jess Phillips is funded by a Luxury Property Developer behind a number of controversial schemes. The register of financial interests lists a donation totaling £6,000 from Court Consultants. Plus a £8,000 a year sideline from the Tories. #LabourLeaks

Jess Phillips MP’s office is funded by a property developer criticised for not including enough affordable housing in his tower blocks. #LabourLeaks

Court Consultants is controlled by Birmingham property developer Anthony McCourt. He is a longstanding financial backer of Jess Phillips. In 2017, Anthony McCourt also gave £3,000 to Phillips to help with the running of her local Labour party.

Councils try to oblige property developers to build some affordable housing in their new buildings in return for planning permission. But recent developments involving Antony McCourt failed to meet even these limited attempts by councils to increase the amount lower-cost housing.

McCourt runs his developments through his other company, Court Collaboration. Recent Court Collaboration schemes have also been criticised for not containing enough affordable housing. #LabourLeaks

1/ There are a ton of books about Financial & Fundamental Analysis, Scuttlebutt and Technical Analysis. But there aren't many books 'taking risk'.

Among the few that exist, 'Zurich Axioms', written in 1985, is the best. Here are my key takeaways from the book.

2/ A bit about Max Gunther's (The Author) background. He was an Anglo-American journalist and writer, who wrote 26 Books.

His father, Franz Heinrich, was the New York Head of Schweizerischer Bankverein, which later merged into the famous Union Bank of Switzerland (UBS).

3/ The 'Zurich Axioms' were a set of unwritten rules followed by a informal group of Swiss Bankers and Traders who used to socialize around Wall Street after World War II. Mr. Heinrich was one of the founding members.

Max Gunter formalied these 'Axioms' by writing about them.

4/ There are 12 'Major Axioms' and 16 'Minor Axioms' (Corollary to the Major Axioms) in the book.

But remember, this is MY key takeaways from the book and not an exact summary. So you might find quotes, phrases and links inserted here and there by me (Not from the Author).

5/ Axiom #1: In order to earn returns, you must take risk. Risk will make you worry.

Risk-taking and worrying go hand-in-hand. If you're not worried about an investment, you're not taking risk.

Spend half your energy towards earning an income and the rest towards speculation.