Investing

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16 Investing Lessons from a Superinvestor the World Forgot

Admission Open: Value Investing Workshops – Offline (Bangalore & Chennai) and Online

1. Offline Workshop (Bangalore and Chennai): The Bangalore session is planned on Sunday, 12th March. Chennai is on Sunday, 19th March. I am accepting only 50 students for each of these sessions, and first 25 can claim an early bird discount. Click here to know more and join the workshop.

2. Online Workshop – Admissions are also open for the March 2023 cohort of my online value investing workshop. The workshop involves 26+ hours of pre-recorded, detailed lectures and Q&A sessions, plus a 3-hour live online Q&A session scheduled on Sunday, 5th March 2023. I am accepting only 50 students in this cohort, and now less than 20 seats remain. Click here to know more and join the workshop.

What do you call an investor who earned 16% per annum on average over a 47 year period – that’s a 1,070-bagger – and is not called Warren Buffett?

What if I told you that this investor…

Did not care about corporate earnings
Rarely spoke to managements and analysts
Did not watch the stock market during the day
Never owned a computer, and
Did not even go to college

…you would not say anything but just ask me to reveal his name fast, so as to re-confirm whether such a super-investor has ever existed in the investment circles.

Well, before I tell you this man’s name, you must read what Buffett had to say about him…

…He doesn’t worry about whether it it’s January, he doesn’t worry about whether it’s Monday, he doesn’t worry about whether it’s an election year. He simply says, if a business is worth a dollar and I can buy it for 40 cents, something good may happen to me. And he does it over and over and over again. He owns many more stocks than I do — and is far less interested in the underlying nature of the business; I don’t seem to have very much influence on him. That’s one of his strengths; no one has much influence on him.

Now, if you haven’t already read below to find out who I am talking about, let me now disclose the name of this man, whom Buffett termed a Super Investor in his famous essay, The Superinvestors of Graham-And-Doddsville.

The Name is Schloss…Walter Schloss
“Walter who?” you may wonder if you have not read much about the world’s best-ever investors.

[Read more…]

10 Qualities of Great Investors

Admission Open: Value Investing Workshops – Offline (Mumbai) and Online

1. Offline Workshop: Mumbai – After a gap of 2 years, I am back with my live, offline Value Investing workshop. The first session is planned in Mumbai on Sunday, 22nd January 2023. I am accepting only 50 students for this session, and less than 10 seats remain now. Click here to know more and join the Mumbai workshop.

2. Online Workshop – Admissions are also open for the January 2023 cohort of my online value investing workshop. The workshop involves 22+ hours of pre-recorded, detailed lectures and Q&A sessions, plus a 3-hour live online Q&A session scheduled on Sunday, 15th January 2023 (tomorrow). I am accepting 50 students in this cohort, and less than 5 seats remain now. Click here to know more and join the online workshop.

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One of the first lessons I learned from my yoga teacher was that “yoga is not about rapid movements but long pauses. Slow down, calm down, don’t hurry, and trust the process.”

The thing about yoga — or any exercise — is that there isn’t a comfort zone. But if you have a sound process, and practice it diligently, over time it starts to work for you.

The act of investing your money, as I realize, isn’t much different from practicing yoga. A superior process and greatness often go hand in hand in yoga, and also in investing. For serious investors, thus, it’s wise to learn to trust the process that generates winning investment results.

I came across one such time-tested process framework while reading Michael Mauboussin’s “Reflections on the Ten Attributes of Great Investors.” Mauboussin is Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, and author of some amazing books like The Success Equation and More Than You Know. He is a highly successful value investor, and thus the process he has laid out in his note is a great help for any serious investor seeking a winning investment process.

Here are my reviews of the ten attributes Mauboussin has laid out in his note.

[Read more…]

A Story of Courage and Hope from the Life of Charlie Munger

Admission Open: Value Investing Workshops – Offline (Mumbai) and Online

1. Offline Workshop: Mumbai – After a gap of 2 years, I am back with my live, offline Value Investing workshop. The first session is planned in Mumbai on Sunday, 22nd January 2023. I am accepting only 50 students for this session, and less than 10 seats remain now. Click here to know more and join the Mumbai workshop.

2. Online Workshop – Admissions are also open for the January 2023 cohort of my online value investing workshop. The workshop involves 22+ hours of pre-recorded, detailed lectures and Q&A sessions, plus a 3-hour live online Q&A session scheduled on Sunday, 15th January 2023. I am accepting 50 students in this cohort, and less than 5 seats remain now. Click here to know more and join the online workshop.

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First things first. I wish you and your family a very happy, peaceful, and blessed 2023.

I am grateful to have you share this journey with me in the past, and look forward to continuing our connection in the years ahead.

Now for a story from the life of Charlie Munger, who is 99 years old today.

I have shared this story countless times over the years, because each time I talk or write about it, I experience a sense of inner peace and strength. And so, even if you have read this story earlier, read it again today as you begin taking your first steps into this brand new year.

[Read more…]

35 Ideas from 2022

Admission Open: Value Investing Workshops – Offline (Mumbai) and Online

1. Offline Workshop: Mumbai – After a gap of 2 years, I am back with my live, offline Value Investing workshop. The first session is planned in Mumbai on Sunday, 22nd January 2023. I am accepting only 50 students for this session, and less than 20 seats remain now. Click here to know more and join the Mumbai workshop.

2. Online Workshop – Admissions are also open for the January 2023 cohort of my online value investing workshop. The workshop involves 22+ hours of pre-recorded, detailed lectures and Q&A sessions, plus a 3-hour live online Q&A session scheduled on Sunday, 15th January 2023. I am accepting 50 students in this cohort, and less than 10 seats remain now. Click here to know more and join the online workshop.

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Right before the year ends, I thought I’d share a handful of ideas I’ve read, learned, re-learned, and wrote about in the past twelve months. Here are 35 of them, in no particular order of importance. I hope you find these useful, as much as I did.

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Admission Open: Value Investing Workshops – Offline (Mumbai) and Online

This quick post is to announce admissions to a couple of value investing workshops I will be conducting in January 2023, one offline and the other online.

Here are the details –

1. Offline Workshop: Mumbai – After a gap of 2 years, I am back with my live, offline Value Investing workshop. The first session is planned in Mumbai on Sunday, 22nd January 2023. I am accepting only 50 students for this session, and first 25 can claim an early bird discount. Click here to know more and join the Mumbai workshop.

2. Online Workshop – Admissions are also open for the January 2023 cohort of my online value investing workshop. The workshop involves 22+ hours of pre-recorded, detailed lectures and Q&A sessions, plus a 3-hour live online Q&A session scheduled on Sunday, 15th January 2023. I am accepting only 50 students in this cohort, and first 25 students can claim a special discount. Click here to know more and join the online workshop.

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If you have any questions on any of these workshops, please ask by sending me a message to – vishal@safalniveshak.com.

If you know someone who may benefit from either of these courses, please share with them.

Thank you for your time.

– Vishal

The 44th Lesson

The Sketchbook of Wisdom: Get Your Copy Now

Buy your copy of the book Morgan Housel calls “a masterpiece.” It contains 50 timeless ideas – from Lord Krishna to Charlie Munger, Socrates to Warren Buffett, and Steve Jobs to Naval Ravikant – as they apply to our lives today. Click here to buy now.

Life’s passing by too fast, or so it seems. I complete 44 years in my present state of existence today. That’s more than three-fifths of the average life expectancy of an Indian male.

Now, while spiritualists would want me to believe that I have existed from anadi (before the beginning of cosmos) and will exist till ananta (infinity), I see forty-four years as a good enough time to find some meaning in one’s life. At least, my rapidly greying hair and receding hairline help me realize that.

Now, while it amazes me that I’ve been around that long — I feel like I’ve barely begun (except when I look at the actuarial table).

I’m not usually one to make a big deal about my birthday, but as always, it has given me an opportunity to reflect.

[Read more…]

My Notes on Howard Marks’s Latest Memo: What Really Matters

The Sketchbook of Wisdom: Get Your Copy Now

Howard Marks yesterday released his latest memo to clients of Oaktree Capital.

It was titled “What Really Matters?”

It’s a wonderful take on what investors must focus on and what they must avoid to achieve superior investment returns.

I have prepared some notes on the memo. Click here to read my notes.

If you liked this post, please share with others on WhatsApp, Twitter, LinkedIn. Or just email them the link to this post.

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With respect,
– Vishal

The Investor’s Manifesto (2022)

This is for you. This is from someone like you.

It is an Investor’s Manifesto.

It is something you can reflect back on if you ever felt stuck in your investing life.

If you believe in it, follow it, and stand for it, your investing life will be good.

Click here to download the manifesto.

Read it. Print it. Frame it. Face it. Remember it. Do it.

This is YOUR Manifesto.

And if you find value in it, please share it.

Value Investing Contest 2022

Here’s your chance to showcase your devil’s advocate skills to the Safal Niveshak tribe, help others understand what can permanently lose them their capital, and in the process win a prize if your entry gets chosen amongst the best.

Contest Rules

Write a max. 1000 words SELL or AVOID report on a listed Indian company of your choice (BUY reports or those longer than 1000 words won’t be accepted)
You must submit ONLY one report
Deadline for report submission is 20th November 2022
Email your report in a Word file to vishal[at]safalniveshak[dot]com with the subject line as – “Value Investing Contest 2022 – Company Name – Your Name”
The stock must have a market capitalization of more than Rs 5,000 crore
The idea must be well researched (by you). Your analysis must cover these areas:
- Company’s business
- All your reasons why one must avoid/sell the stock

The report would be exclusive to Safal Niveshak. You must not have published it on some other site. But once the report is published on Safal Niveshak, you may post an abstract at other places and link to the full report on Safal Niveshak.

Evaluation & Rewards

I will evaluate each submitted entry ONLY on the depth and simplicity of analysis, though good presentation and proper language is more than welcome (would save me editing time).

There are three prizes to be won (delivery in India only) –

1st Prize – Books of choice worth ₹5,000/-
2nd Prize – Books of choice worth ₹3,000/-
3rd Prize – Books of choice worth ₹2,000/-

All submitted entries would be published on Safal Niveshak (the author can remain anonymous if he/she wants).

This contest is now open. Remember, the deadline for submission is 20th November 2022.

How to Manage Risk of Randomness in Investing

Admission Open: Value Investing Workshop (Online) – October 2022 Cohort

I have opened admission to the October 2022 cohort of my online value investing workshop. The workshop includes 22+ hours of pre-recorded, detailed lectures and Q&A session, plus a 3-hour live Q&A session.

I am accepting only 50 students in this cohort, and first 25 can claim a special discount. Click here to know more and join the workshop.

A Few Ideas I’m Thinking About

Here are a few ideas I have been thinking about over the last few days.

How to Manage Risk of Randomness in Investing

“All of life is a management of risk, not its elimination,” writes Walter Wriston, former chairman of Citicorp.

Randomness is the fabric that weaves the interaction of everything around us. Since you can’t remove randomness from our affairs, you can’t get rid of the risk also. Peter Bernstein in his book Against the Gods writes –

The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we have absolutely no control over the outcome and the linkage between effect and cause is hidden from us.

[Read more…]