Safal Niveshak

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Archives for May 2023

Dare to Be Wrong

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“Dare to be wrong,” Howard Marks wrote in one of his memos in 2014, very much like Charlie Munger told him, “It (investing) is not supposed to be easy. Anyone who finds it easy is stupid.”

Marks wrote –

You have to give yourself a chance to fail.” That’s what Kenny “The Jet” Smith said on TV the other night during the NCAA college basketball tournament, talking about a star player who started out cold and as a result attempted too few shots in a game his team lost. It’s a great way to make the point.

Failure isn’t anyone’s goal, of course, but rather an inescapable potential consequence of trying to do really well.

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Philip Fisher on Four Dimensions of Investing – Part 4

This is the fourth and the final instalment of Philip Fisher’s “Four Dimensions of Investing” series. It’s recommended that you read the first three parts before reading this one.

The first three dimensions of conservative investment were essentially about the quality of the business itself. However, a great business becomes a great investment only when it’s acquired at a reasonable price. That means, without considering the price, the conservativeness of an investment process is still questionable. So, price is the fourth dimension of conservative investing.

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