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Ram Bhupatiraju
@RamBhupatiraju 4 years, 1 month ago 557 views

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One of my fav docs to come back to during all market cycles. Covering Investment principles, checklists, economic cycles/bubbles, value traps & more. Phenomenal compilation by @pcordway👏

cc: @dmuthuk @Gautam__Baid @saxena_puru

Some of my fav content.⬇️

https://t.co/TIkvktVoJC

Pretty good process and checklist.

Tenets from "The Warren Buffett Way"

Some lessons from Ben Graham

Phil Fisher's 15 Questions and 10 Don'ts.

Mistakes and biases from the book "Why Smart People Make Big Money Mistakes".

Howard Marks' wisdom.

The 2nd pic with "Investment and Credit Cycles" is an essential understanding.

✔️Principles of Good Corporate Governance
✔️Principles of Focused Investing
✔️Bill Ruane's Four Rules of Smart Investing

Some Financial shenanigans

Lessons from Jim Chanos on shorting (and stuff to avoid on the long side)

Seven traits shared by great investors

Common mental mistakes and behavioral biases (from Whitney Tilson)

Business checklist from Tom Gardner

Lessons from Akre Capital

Good explanation of bubbles

Guy Spier's "25 Common Mental Mistakes"

Ending with some Life lessons from Buffett & Munger

Of course, for someone investing in individual stocks, the LT results primarily depend on the economics of the business (including quality, durability, financials), Valuation, holding period and reactions to (non business) volatility...

..but this document gives a pretty good overview of many good investing principles that could be incorporated as they fit into your process and being aware of all the detractions in the markets (poor quality Cos, bubbles, cycles, behavioral biases...)

/END

More from Ram Bhupatiraju

Ram Bhupatiraju
@RamBhupatiraju

Phenomenal compilation of summaries of🔟important Business/Finance/Investing books. h/t @EdelweissFin 👏
An excellent weekend read.👍

cc: @dmuthuk @Gautam__Baid @saxena_puru

https://t.co/Nl4eWteJKK

Snapshots of the Key Takeaways of the books discussed.

1⃣ "A Piece of the Action" is an excellent book to understand the Finance Industry evolution in the US.

2⃣ The obvious classic "The Intelligent Investor".

3⃣ Ray Dalio's "Principles"

4⃣ Howard Marks' "The Most Important Thing"

5⃣ "Thinking Fast and Slow" is a good book on Behavioral Finance.

6⃣ Another obvious classic "One Up on Wall Street"

7⃣ "The Little Book of Behavioral Investing" is another good behavioral finance book.

8⃣ "The Black Swan" by Taleb. A very important book about unpredictability and cautioning against over-relying on Models/predictions.

9⃣ "The Millionaire Next Door". I haven't read it, but hear it's a good personal Finance book.

🔟"Nudge" about improving decision making.

Ram Bhupatiraju
@RamBhupatiraju

"Poor Charlie’s Almanack" about Charlie Munger is a phenomenal book that should be read by all investors at least once. Excellent summary of that book by @allenxcheng👏

cc: @dmuthuk @Gautam__Baid

Thread below with my fav

Topics in the article ⬇️

Key points ⬇️

Mental Models suggested ⬇️

On Constant learning ⬇️

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Ram Bhupatiraju
@RamBhupatiraju

Sharing the latest holdings and some random thoughts.

@FromValue @dhaval_kotecha @SeifelCapital @saxena_puru @BahamaBen9 @richard_chu97 @TMFJMo @7Innovator @investing_city @SagaPartners @adventuresinfi

Individual Investing is a very personal journey where we need to match our strengths and strategies to our goals, while ignoring all the noise but also constantly learning and improving our process.

W/O understanding the other person's situation, interests, competency etc we shouldn't quickly offer unsolicited advice that they should be doing this or that with their portfolio.

Like "Why don't you just own ARK funds instead of holding so many SaaS stocks"? Maybe that's because I like searching for and studying solid companies from different sectors in my own free time, and buy each one after personally understanding them...

...and buy them at my own timeframe slowly over the years. As long as the med-long term Portfolio results are better than the indexes and comparable ETFs, that's a worth-wile endeavor.

Ram Bhupatiraju
@RamBhupatiraju

I guess there's a reason for why I❤️E-commerce so much. These lessons are as important as the returns.

Sharing with few Fintwit friends. @saxena_puru @FromValue @dhaval_kotecha @richard_chu97 @adventuresinfi @BahamaBen9 @TMFJMo @7Innovator @borrowed_ideas @investing_city

Thank god I didn't wait for consistent GAAP profitability before investing in them (like I do for most other sectors). 😂

Positions : $MELI $AMZN $BABA $SHOP $ETSY $W $SE $CHWY

Watchlist : $JD $PDD $FTCH $MWK

Haven't analyzed much : $JMIA $OZON

E-Commerce is one of those sectors where you have to understand the Business model and lot of non-GAAP (but Business driving) metrics & KPIs.

I'm not an expert by any means, but these are some of the things I broadly think about.

✔️Is the Company a Marketplace (1st party, 3rd party, both?) or a Platform, a combination?

✔️Does it handle inventory?

✔️Does it handle payments in house?

✔️What other services is it offering to Merchants (Logistics, Shipping, Credit, Marketing ...)

✔️What other services is it offering to Buyers (Digital Wallet, fast shipping, loyalty rewards....)

✔️How is the Company leveraging the Marketplace or Data Network effects?

Ram Bhupatiraju
@RamBhupatiraju

Ben Graham's "The Intelligent Investor" is a horrible book if you're using it purely for the quant formulas in today's Markets, but probably THE BEST BOOK if you're interested in learning about the core investing concepts, and eternal truths about the Markets & its participants.

Below are few of my fav quotes organized by topic.

1⃣ Discipline

2⃣ Investing vs Speculation

3⃣ Mr. Market

4⃣ Bear Markets

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Orwell & Goode
@OrwellNGoode

This year has been quite something.

But let's try to pick some of the most clownish stories this year had to offer.

Here's to 2020's end of year thread 1/50

Have you got a license for that opinion?

2/50

At least academics remain the same.

3/50

And Sweden didn't change

4/50

Don't have much to say about this one

5/50

Trendline Investor
@dmdsplyinvestor

A COMPLETE COURSE with strategies on Trading for FREE!

Yes, you heard it right!

So, stop paying for webinars & watch these videos!

My objective with the #LearnwithTrendlineInvestor series on Youtube was to help people learn.

So, I hope it benefits!

Let’s go! 🧵...

1⃣ How to use Trading view - CHARTING TOOL?

In this video I cover all the basics a beginner needs to know as to how to use this simple yet amazing tool which is available for

2⃣ How to read CANDLESTICKS without knowing the names?

Candlesticks are the foundation of charting and I cover how to read candlestick charts without needing to know the names of

3⃣ When to use LOG/LINEAR CHARTS?

Even the biggest handles get this simple concept wrong and I teach how you can have a better perspective on charting by making a simple switch to log

4⃣ The secrets to find a significant and reliable TRENDLINE!

It's easy to get carried away with trendlines as it is totally subjective. But, don't worry in this video I teach rules which you can use to identify valid trendlines and how to draw

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Dave Nemetz
@davenemetz

1/ A lot of people ask me how Bleacher Report found our first writers when we were tiny and had no funding.

So here's a thread on all the things we tried, what worked best, and lessons on growing a community from scratch:

2/ When we first started B/R, all the articles were written by my co-founders, our friends, and me.

This led to some hilariously bad takes. Like this article where I panned the SF Giants for drafting future World Series MVP Madison Bumgarner.

3/ When we were ready to start building our community, we started with word of mouth. We drafted an email pitching our concept. It went out to everyone we knew, asking them to share it with anyone who would be interested.

This got us maybe a few dozen signups.

From the email:

4/ With only a handful of members, we needed to make the community feel more active.

So we faked it til we made it.

Our team created multiple accounts and posted using different fake names. This created the sense of more activity and encouraged new members to join in.

5/ Later, I learned that the founders of Reddit did the same thing early on.

Sometimes the solution to the "chicken and the egg" problem of building community is to create the illusion of more chickens (or

Varsity
@ZerodhaVarsity

A 🧵on the basics of block and bulk deals.

Block and bulk deals are large purchases of stocks by investment banks, mutual funds, hedge funds, pension funds, FIIs, and promoters. Tracking block and bulk deals can help give you a sense of what these large players are thinking.

A single transaction where shares more than Rs 10 crores or the number of shares traded are more than 5 lakh is considered a block deal.

Block deals are carried out in separate trading windows. This trading window operates in two shifts of 15 minutes each:

Morning trading window from 8:45 AM to 9:00 AM.
Afternoon trading window from 2:05 PM to 2:20 PM

Block deals happen in different windows to reduce volatility and sudden price movements. Given that they are traded in a separate window, they do not show up on the volume charts.

Brokers facilitating the transaction are required to inform the exchange. You can track bulk and block deals on NSE & BSE:
https://t.co/pwTyzWTnUL

https://t.co/g9BbHiEag3

Karthik Rangappa
@karthikrangappa

Newbie traders after learning F&O, look for paper trading platforms to practise. It's like the itch to swim after you learn swimming but end up in a baby pool. Experience of an adult pool vs a baby pool is different, likewise with the real markets & paper trading 🧵 (1/11)

Agreed, without experience, loading your trading account to the tilt and trading can be disastrous 🌋, but that does not mean you will have to paper trade forever. No matter how much you paper trade, you will never get the experience of trading (2/11)

When I talk about trading, I’m not just talking about experiencing the P&L rush. IMHO, experiencing the P&L and how it can vary in real-time is the last thing. There are multiple other things that you need to get comfortable with before diving into full-fledged trading 🏊‍♂️(3/11)

Stuff like placing limit/market order, GTT, AMO. Practising how SL-L for long & short positions works, trailing stops, figuring how margins work, M2M, T+1, T+2 settlements - the list is endless😩 with several moving parts. No paper trading platform gives you the real deal (4/11)

Here is a hack, though - instead of paper trading, try and place an actual trade on a low-value futures contract. My favourite is USD INR 💱, it costs just under 2K per contract, but gives you the whole trading experience (5/11)

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It is said that the one who bears the dust thrown from the hoof of Gaumata on his head, as if taking a bath in the water of the teerth sthalam and getting rid of all sins.

Ved and all other Hindu scriptures venerate the cow. The Vedic dictionary, Nighantu, gives amongst other synonyms of 'Gau' [ or cow] the words 'Aghnya', 'Ahi', and 'Aditi'.

Yaska the vedic decoder and commentator on Nighantu, defines these as-

Aghnya —— the one that ought not to be killed
Ahi —— the one that must not be slaughtered.
Aditi —— the one that ought not to be cut into pieces.

These three names of cow signify that this is an animal which should not to be put to tortures. These words appear frequently throughout the Veda in context of the cow.

But in due course the falsehood of killing cows spread far and wide and they became even more deep rooted when western scholars with their half baked knowledge of Sanskrit transliterated these interpretations of commentaries of Sayanacharya ,

Simon DeDeo
@SimonDeDeo

"I lied about my basic beliefs in order to keep a prestigious job. Now that it will be zero-cost to me, I have a few things to say."

As a dean of a major academic institution, I could not have said this. But I will now. Requiring such statements in applications for appointments and promotions is an affront to academic freedom, and diminishes the true value of diversity, equity of inclusion by trivializing it. https://t.co/NfcI5VLODi
— Jeffrey Flier (@jflier) November 10, 2018

We know that elite institutions like the one Flier was in (partial) charge of rely on irrelevant status markers like private school education, whiteness, legacy, and ability to charm an old white guy at an interview.

Harvard's discriminatory policies are becoming increasingly well known, across the political spectrum (see, e.g., the recent lawsuit on discrimination against East Asian applications.)

It's refreshing to hear a senior administrator admits to personally opposing policies that attempt to remedy these basic flaws. These are flaws that harm his institution's ability to do cutting-edge research and to serve the public.

Harvard is being eclipsed by institutions that have different ideas about how to run a 21st Century institution. Stanford, for one; the UC system; the "public Ivys".

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Vibhu Vashisth
@VIBHU_Tweet

AGAMA SHASTRA:THE SCIENCE BEHIND THE MARVELS OF HINDU ARCHITECTURE

Agama Shastra is a Sanskrit word that means the manual for worship, temple building, rituals etc in Hindu Tradition.From Sanskrit,agama means handed down by tradition and Shastra means a commentary or treatise.

Therefore, Agama Shastra is a collection of ideas that drafts the rules for worship, temple construction, spirituality and rituals. It has been a guideline for many Hindus from ancient times. It's a collection of Sanskrit, Tamil and Grantha scriptures that mostly contains...

...methods of temple construction, idol creation, philosophical doctrines and meditative practices. It came into being after years of assimiliation and from a variety of sources. Some parts of it are pre-vedic while some are post-vedic.

Hindu Temples are not just temples, they are the pride and identity of Hindus. They are the symbols of Hindu unity and their religious aspirations. Temples are the places of spiritual healing and are our connection with the creator almighty.

Temples are the priceless treasure of our History, Heritage ,Art & Architecture. Architecture that mesmerises and spell bounds you. And Agama Shastra is that very text which is responsible for such a mesmerising and spell binding quality and beauty of our Hindu Temples.

Stephen Bush
@stephenkb

Some quick thoughts on Sam Gyimah's resignation after conversations with various Conservative MPs: 1) the chances of a second referendum are a lot higher than I thought:

2) At this point, if you are a young and ambitious Tory MP it is now so overwhelmingly in your interest to vote against the withdrawal agreement. V v hard to see how Julian Smith can cap rebellion at under 100:

3) Really just to reiterate 1) Gyimah is the kind of "No, never gonna rebel" vaguely pro-EU Tory you'd need to get on side to outweigh Labour Leavers and Real Concerners.

$Jeannette Ng \u5433\u5fd7\u9e97$

Jeannette Ng 吳志麗...
@jeannette_ng

So, you’re a writer and you’re worried about writing outside your immediate experiences and identities.

Here is the thread of practical advice for you.

EXAMINE YOUR MOTIVES. Why do you want to write this?

Are you trying to solve racism/sexism/colonialism with your work?

As writers we love stories about heroic writers whose work has changed the world. And as such we like to look to our own writing to solve societal problems.

And I understand this completely, not the least because I’ve felt the pull.

But if you’re looking to play saviour with your words, it is unlikely that you will do the marginalised people you are trying to save justice.

And I understand this very often comes from place of good intentions, but there is a reason that most of the moralising plays written by white abolitionists are deeply uncomfortable to read.

It is incredibly easy for works looking to play saviour to become patronising or traffic in simplistic stereotypes that ultimately hurt the people they are looking to rescue.