Online Value Investing Workshop – August 2024 Cohort: I recently opened admission to the August 2024 cohort of my Online Value Investing Workshop, which has already been taken by 1800+ students ever since I launched it two years ago. Here is what you get when you sign up for this workshop – 

• 30+ hours of pre-recorded lectures and Q&A videos
• 60+ questions answered in the Q&A
• Live Q&A session of 3 hours on Sunday, 25th August 2024 (7 PM IST Onwards)
• One-year unrestricted access to the entire content
• 7 readymade screens to filter high quality stocks (and avoid the bad ones)
• Bonus 1: Stock analysis spreadsheet (otherwise priced at ₹1999)
• Bonus 2: Rethinking Financial Freedom Masterclass + The Art of Investing Masterclass (otherwise priced at ₹1998)

I am accepting 100 students for this cohort, and more than half the seats have been booked by now. Click here to read the details of the workshop and sign up.

I’ve been reading Michael Mauboussin’s Think Twice: Harnessing the Power of Counterintuition over the past few days. It’s one of those books that makes you pause every few pages, look up from the text, and mutter, “Oh, I’ve been thinking about this all wrong.”

Among the sea of ideas Mauboussin has covered in his book, one idea that I have been thinking about deeply is the distinction between the “inside view” and the “outside view” in decision-making.

Welcome to the latest issue of ‘The Journal of Investing Wisdom’, where I delve into the thoughts, reflections, and readings that have recently captured my attention. This journal serves as a window into my contemplations and the resources that inspire and inform my journey as an investor. I hope you like what you read below. If you are new here, and wish to get insights and ideas like these straight into your inbox, please click here to become a member.

What I’m Reading

The Poison of Privilege

In his latest post titled A Few Little Ideas And Short Stories, Morgan Housel shared this –

Demographic historian T.H. Hollingsworth once published an analysis of the life expectancy of the British peerage. It showed a peculiar trend: Before the 1700s, the richest members of society had among the shortest lives – meaningfully below that of the overall population.

How could that be?

The best explanation is that the rich were the only ones who could afford all the quack medicines and sham doctors who peddled hope but increased your odds of being poisoned.

I would bet good money the same happens today with investing advice.

Morgan’s concluding thought about investing advice following the same path as quack medical advice is hilarious but also cautionary. The parallel drawn between the wealthy of pre-1700s Britain, who suffered shorter life expectancies due to their ability to afford harmful treatments, and today’s investors, who may be swayed by complex yet flawed financial products and strategies, is striking. In both cases, the very resources that should have provided an advantage instead became a source of harm.

Online Value Investing Workshop – August 2024 Cohort: I recently opened admission to the August 2024 cohort of my Online Value Investing Workshop, which has already been taken by 1800+ students ever since I launched it two years ago. Here is what you get when you sign up for this workshop – 

• 30+ hours of pre-recorded lectures and Q&A videos
• 60+ questions answered in the Q&A
• Live Q&A session of 3 hours on Sunday, 25th August 2024 (7 PM IST Onwards)
• One-year unrestricted access to the entire content
• 7 readymade screens to filter high quality stocks (and avoid the bad ones)
• Bonus 1: Stock analysis spreadsheet (otherwise priced at ₹1999)
• Bonus 2: Rethinking Financial Freedom Masterclass + The Art of Investing Masterclass (otherwise priced at ₹1998)

I am accepting 100 students for this cohort, and more than half the seats have been booked by now. Click here to read the details of the workshop and sign up.

Identifying stocks is not an easy task. You are not just ‘picking a stock’ but ‘investing in a business’ that is a complex entity driven by multiple variables.

The complexity of the task is what keeps many investors from analysing businesses who instead depend on easily available tips from strangers, especially those handing out stock names for free on social media.