Why do we not own commodities
We have put together a brief note explaining why we don’t own commodities.
Read MoreInvesting during a crisis
It is now clear that a macro risk (Russia/Ukraine) has become a known event. Not surprisingly the markets are selling off as new information is factored into prices.
No one knows how this will end or its short term implications. If anyone tells you they do, it tells you more about them than their forecasting abilities.
Read MoreSignal vs noise – what game are we playing?
“In life, the challenge is not so much to figure out how best to play the game; the challenge is to figure out what game you’re playing.” (Kwame Anthony Appiah http://appiah.net/)
CLSA is a reputed broking house. It published a report 2 days ago recommending investors book profit in India.
We agree with CLSAs that valuations in India, on aggregate, are stretched. In our last letter we mentioned, we were “cautious, but not bearish” and that because we have borrowed returns from the future, we could be in for a period of muted returns.
Read MoreOur Process For Exit Decisions (Part 2)
We have put together a brief note explaining how we take exit decisions.
Read MoreDeveloping a process to shut out the noise
We have put together a brief note to discuss the importance of shutting out the noise and our process to do the same.
Read MoreOur perspective to some commonly asked questions (Part 1)
Enclosed note contains our perspective on some commonly asked questions.
Read MoreOur perspective to some commonly asked questions (Part 2)
Enclosed note contains our perspective on some commonly asked questions.
Read MoreOur Process For Exit Decisions
We have put together a brief note explaining how we take exit decisions.
Read MorePlaying the game vs being clear on what game you are playing
In trying to optimize short term performance and also long term performance simultaneously is a very hard game to play. We can choose to be smart in the short term or in the long term – but can’t choose both. It’s a rare genius that can trade short term and invest long simultaneously. Most people who claim they can do this lie about their returns.
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