BC FINANCE
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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
Ram Bhupatiraju
@RamBhupatiraju
Excellent article on Investor psychology & Market cycles based on Howard Marks' "Mastering the Market Cycle".

cc: @dmuthuk @Gautam__Baid

My fav pts 👇


continued...


Excellent pts 👇

✔️Mania and risk
"The combination of feedback loops and irrational exuberance, where newfound expectations and enthusiasm, encourages investors to bid up and rationalize extraordinary growth in asset prices.

By contrast, during periods of fear and pessimism, many face difficulties with identifying potential future value beyond the immediate-term.

An understanding of where attitudes to risk sits within the current investor psychology cycle can be a useful knowledge advantage.
INVESTING
Ram Bhupatiraju
Ram Bhupatiraju
@RamBhupatiraju
On Seeking Alpha, "Integrator" (not sure about Twitter presence) is one of my favorite authors along with
@FromValue
@andrescardenal
@EconomyApp
Bert Hochfeld
👏👏

Few of my fav articles of his.

1⃣ The 5 Elements That Make For An Outstanding

2⃣ On Lessons from Buffett.

-Seek Economic Moats in any investment
-Having an awareness of your circle of competence
-Investing for the ultra long term
-Take advantage of a bargain hiding in plain sight
-Preservation of Capital, Above

3⃣ 5 Common Mistakes In Evaluating High-Growth Companies

-It has already gone up so much.
-Fearing short interest
-Fearing future Competition
-Fearing stock dilution due to secondary offerings
-Fearing current

4⃣ Ways Investors Cheat Themselves Out Of Long-Term Wealth Creators

-This business doesn't make any money!
-Thinking that you're too late
-Stock volatility
-High Valuation
-About Voting rights
-Aversion to 'averaging

5⃣ The 5 Important Rules For Surviving A Major Economic Downturn

-Strong cash reserves
-Low debt levels
-Good cash flow generation
-An absence of secular headwinds
-Transparent and easily understood
TRADING
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Ram Bhupatiraju
Ram Bhupatiraju
@RamBhupatiraju
Excellent short summaries of many good investing books. 👏

cc: @dmuthuk @Gautam__Baid

(Some of the pages might open in German. Use the Translate to English option on the

List 👇


Some of my fav summaries from the list.

✔️Quality Investing - Lawrence Cunningham

https://t.co/pmVQFPlWby


✔️The Innovator's Dilemma – Clayton Christensen

https://t.co/VazvMPEE7D


✔️The Little Book That Builds Wealth - Pat Dorsey

https://t.co/sMJspTTQcA
ALL
Ram Bhupatiraju
Ram Bhupatiraju
@RamBhupatiraju
Phenomenal book summaries of "The Best Investment Books Ever". h/t @Investbythebook 👏👏

cc: @dmuthuk @Gautam__Baid

I would add
@chriswmayer's 100 Baggers,
@Gautam__Baid's The Joys of Compounding and @morganhousel's The Psychology of Money
and this list would be near perfect.


Few of my favs from the list

✅Classics

✔️Common Stocks Uncommon Profits by Philip Fisher
https://t.co/E937mMZ5gH

✔️One Up On Wall Street by Peter Lynch
https://t.co/KwFObdEDvX

✔️The Intelligent Investor by Benjamin

✔️The Most Important Thing by Howard Marks
https://t.co/NSMlErGnxM

✔️The Essays of Warren Buffett by Lawrence Cunningham
https://t.co/IAdVxIn54d

✔️Poor Charlies Almanack by Charlie Munger
https://t.co/NPIXqociQQ

✔️Margin of Safety by Seth

✅Psychology

✔️Reminiscences of a Stock Operator by Edwin Lefèvre
https://t.co/RxOo45NZor

✔️The Crowd by Gustave Le Bon
https://t.co/paZKS8pQYr

✔️Thinking fast and slow by Daniel
ALL
Ram Bhupatiraju
Ram Bhupatiraju
@RamBhupatiraju
Good Investing Checklist that goes thru Basics, Financials, Valuation & Behavioral factors. h/t Nicole Seah (not sure if it's @startingfromnix)

1.The Story
Do I understand the business?
Do I believe in the mission?
Moat?
How well do I trust Mgmt?
Do I know the key risks?
Do I have an idea why the company is trading at a discount to its intrinsic value?
What are the potential catalysts?
Is there room for future growth?

2. Financial Metrics
Financial statements and footnotes
Cyclical, countercyclical?
Inflation impact
Operating Leverage
Assessing Working Capital + Capex
Trends in Revenues, Margins, Cash flows...
Recent investments, acquisitions?

3.Valuation
Relative Valuation
DCF

Good pts on few of the behavioral biases to watch out for 👇
ALL

More from Finance

Simon Lelieveldt
Simon Lelieveldt
@finhstamsterdam
The Dutch regulator and DNB as financial supervisor are a tough cookie to deal with. In essence they hyperregulate EU-rules into goldplated Dutch rules which go beyond what is prescribed in Europe.

All NL-customers at British banks may thus be kicked out on brexit.

Thread

/1

If we start with the capital requirements directive, it says attracting deposits is forbidden. In article 9.

https://t.co/RYl7SXligC


Now the translation of that rule into Dutch law is slightly expanded to not only prohibit attracting deposits, but to also prohibit, having those deposits under custody ('ter beschikking hebben').

That's not in EU law, but it is in our Dutch law.

https://t.co/PsbWfNY3PA


So if you wonder how this would work out for UK banks and Payment institutions servicing Dutch customers. Have a read at the technical explanation of DNB, the financial supervisor and their summarising table.

https://t.co/LL0fAnYkRJ

Passive servicing of Dutch is not allowed!


Any bank or PSP in the UK that continues to serve Dutch customers (as in retail customers, professional players are excepted) can thus be subject to fines and policing under Dutch law.

Meaning we not only have Accidental American issues in payments, but also Accidental Dutchies
FINANCE
Kostas \U0001f468\u200d\U0001f4bc \U0001f4c8 \U0001f4b8
Kostas 👨‍💼 📈 💸...
@itsKostasWithK
If you want to become financially independent and don't know where to start, here is a thread that will help you get started

/THREAD/

1. Review your expenses and make a budget

It will help you see where you overspend, make a plan to save, pay down debt and start


2. Set your investing and retirement goals

How much do you need to support yourself in retirement and when do you want to


3. The earlier you start investing, the better.

Here's why and how time and compounding can become your


4. Invest in an index fund

It's easy, safe, cheap, and the best choice for a beginner in investing, with not much time for
FINANCE
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10-K Diver
10-K Diver
@10kdiver
1/

Get a cup of coffee.

In this thread, we'll cover *State Quantities* and *Flow Quantities*.

This mental model can help us analyze many different entities -- from complex engineering systems to publicly traded companies.


2/

A "State Quantity" is something that's associated with a *specific point in time*.

For example, the number of followers a Twitter account has is a state quantity. This number can go up and down over time. But at any one *specific* time point, it's fixed.

3/

Similarly, the amount of cash a company has is a state quantity.

This cash balance can also rise and fall over time.

But pick any one *specific* time point -- and the company can only have one *specific* cash balance at that time point.

4/

By contrast, a "Flow Quantity" is something that's associated with a time *interval* rather than a time *point*.

For example, the number of followers gained by a Twitter account is a flow quantity. It's meaningful only when we specify a time interval (eg, the last 30 days).

5/

A simple analogy is that a State Quantity is like a photo -- a snapshot at a particular *point* in time.

But a Flow Quantity is like a video -- a record of events that take place during a particular time *interval*.
SCIENCE , FINANCE
Jack Poulson
Jack Poulson
@_jack_poulson
Palantir's 2020 Q4 Earnings call goes live in half an hour.


The waiting room is now up.


In the mean time, you can read their just-filed

Which is essentially just a re-direct to this press

Palantir's Consolidated Statement of Operations is pretty interesting.

They lost more than twice as much money in 2020 ($1.17B) as in 2019 ($580M). Despite a $12.6M tax benefit in 2020 vs. $12.4M tax provision in 2019.

But stonks.
FINANCE
Subhadip Nandy
Subhadip Nandy
@SubhadipNandy16
A small thread on intraday support resistance logics over time

The most common is Pivot , support and resistances calculated from the previous day's data

https://t.co/ILMjMay1zc

They can be calculated for daily, weekly, monthly etc.

Camarilla levels are also quite popular. This seemed to be the next best thing after the original pivots at one point of

Over the years, many other technicians have tried to devise other methods to devise intraday support resistance points. In almost all cases, the previous days OHLC were used in some variation, in some cases today's OPEN was also used as an input

I have gone through almost all of the formulas. Some work on some days, some days it doesn't.
What struck me was that in each of the cases , we were using the OHLC and doing some maths with a multiplier/divider which WE/the trader thought fits the price action of the markets

This is the same as choosing a time period of an indicator and hope the market follows my choice of time frame to give me good trades. Like say a crossover of a 5/13 moving average, or a 14 period RSI or whatever.
FINANCE

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Trump on climate: I don't believe it. Trump on Khashoggi: I don't believe it. Trump on Russia: I don't believe it. Idiocy? A canny game? Doesn't really matter as much as the underlying intellectual autocracy. In this administration only one opinion matters.

It's an assault on facts and reason. It's an assault on good governance. It's an assault on the bureaucracies that are being discounted. It's an assault on science and history. But it is also an assault on one of the underpinnings of democracy.

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Still wondering about this 🤔


save as q
Q
Anshul Pandey
Anshul Pandey
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Rig Ved 1.36.7

To do a Namaskaar or bow before someone means that you are humble or without pride and ego. This means that we politely bow before you since you are better than me. Pranipaat(प्राणीपात) also means the same that we respect you without any vanity.

1/9


Surrendering False pride is Namaskaar. Even in devotion or bhakti we say the same thing. We want to convey to Ishwar that we have nothing to offer but we leave all our pride and offer you ourselves without any pride in our body. You destroy all our evil karma.

2/9

We bow before you so that you assimilate us and make us that capable. Destruction of our evils and surrender is Namaskaar. Therefore we pray same thing before and after any big rituals.

3/9

तं घे॑मि॒त्था न॑म॒स्विन॒ उप॑ स्व॒राज॑मासते ।
होत्रा॑भिर॒ग्निं मनु॑षः॒ समिं॑धते तिति॒र्वांसो॒ अति॒ स्रिधः॑॥

Translation :

नमस्विनः - To bow.

स्वराजम् - Self illuminating.

तम् - His.

घ ईम् - Yours.

इत्था - This way.

उप - Upaasana.

आसते - To do.

स्त्रिधः - For enemies.

4/9

अति तितिर्वांसः - To defeat fast.

मनुषः - Yajman.

होत्राभिः - In seven numbers.

अग्निम् - Agnidev.

समिन्धते - Illuminated on all sides.

Explanation : Yajmans bow(do Namaskaar) before self illuminating Agnidev by making the offerings of Havi.

5/9
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