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You are here: Home / 2024 / Archives for June 2024

Archives for June 2024

5 Things You Should Not Care About as an Investor

Rethinking Financial Freedom Masterclass: Join Now

I am holding a 2-hour online session on the subject of “Rethinking Financial Freedom.” The session is free for Mastermind members. However, if you are not one, you can join the session by registering now. The session will be on this Saturday, 29th June 2024, from 8 to 10 PM IST, on Zoom. Recording will also be available after the class. Click here to know more about this masterclass and join.


I was at a friend’s place recently, and since we are in a bull market, and against my wish, we got down to talk about investing.

As I had expected, most of the discussion was around what the markets have done in recent times, and where they are likely to go after the new government gets down to work. I tried to move the conversation towards long-term investing, but was pulled back again and again by things that worry people in the short term. And that led me to think about this post about, well, a few things you should not care about as an investor.

Let’s dive right in.

[Read more…] about 5 Things You Should Not Care About as an Investor

I Have Never Sold Stocks for This Reason

A couple of announcements before I begin today’s post – 

1. Mastermind Value Investing Course – ₹2,000 Discount Ends Today: I invite you to join my premium, online membership and course in Value Investing – Mastermind – at a special discount of ₹2,000, available till end of day today (25th June 2024). Mastermind teaches a structured, step-by-step process of stock picking as practised by the world’s most successful investors. And it’s not just a course anymore, but an all-in-one membership to my most detailed value investing course, plus exclusive members-only content like special articles, ebooks, transcripts of my podcasts, notes from the books and other timeless resources I am reading, and curated content that I am consuming and learning from. Click here to know more about Mastermind and join.

2. Rethinking Financial Freedom Masterclass: I am holding a 2-hour online session on the subject of “Rethinking Financial Freedom.” The session is free for Mastermind members. However, if you are not one, you can join the session by registering now. The session will be on this Saturday, 29th June 2024, from 8 to 10 PM IST, on Zoom. Recording will also be available after the class. Click here to know more about this masterclass and join.


I am a ‘buy-and-never-sell’ kind of investor. But I have sold a few stocks in the past.

I have sold stocks that I realized were mistakes to begin with. I have sold stocks that did not move for a few years (and then they moved!). And I have sold stocks when I needed money for my requirements and had no other asset to encash.

In fact, I have also created an illustration on when you should sell your stocks –

But there is one important reason for which I have never sold my stocks. Not a single one.

[Read more…] about I Have Never Sold Stocks for This Reason

My Stock Valuation Manifesto

A couple of announcements before I begin today’s post – 

1. Mastermind Value Investing Course Admissions: I invite you to join my premium, online membership and course in Value Investing – Mastermind – at a special discount of ₹2,000, available till 25th June 2024. Mastermind teaches a structured, step-by-step process of stock picking as practised by the world’s most successful investors. And it’s not just a course anymore, but an all-in-one membership to my most detailed value investing course, plus exclusive members-only content like special articles, ebooks, transcripts of my podcasts, notes from the books and other timeless resources I am reading, and curated content that I am consuming and learning from. Click here to know more about Mastermind and join.

2. Rethinking Financial Freedom Masterclass: I am holding a 2-hour online session on the subject of “Rethinking Financial Freedom.” The session is free for Mastermind members. However, if you are not one, you can join the session by registering now. The session will be on Saturday, 29th June 2024, 8 to 10 PM IST, on Zoom. Recording will also be available after the class. Click here to know more about this masterclass and join.


I had shared my Investor’s Manifesto two years ago. Here is my fifteen-point stock valuation manifesto, which I have been using as part of my investment process for the past few years.

It is evolving but is something I reflect back on if I ever feel stuck in my stock valuation process. You may modify it to suit your own process and requirements. But this in itself should keep you safe.

Read it. Edit it. Print it. Face it. Remember it. Practice it.

[Read more…] about My Stock Valuation Manifesto

Investing and the Difficult Art of Saying No

A couple of announcements before I begin today’s post – 

1. Mastermind Value Investing Course Admissions: I invite you to join my premium, online membership and course in Value Investing – Mastermind – at a special discount of ₹2,000, available till 25th June 2024. Mastermind teaches a structured, step-by-step process of stock picking as practised by the world’s most successful investors. And it’s not just a course anymore, but an all-in-one membership to my most detailed value investing course, plus exclusive members-only content like special articles, ebooks, transcripts of my podcasts, notes from the books and other timeless resources I am reading, and curated content that I am consuming and learning from. Click here to know more about this session and join.

2. Rethinking Financial Freedom Masterclass: I am holding a 2-hour online session on the subject of “Rethinking Financial Freedom.” The session is free for Mastermind members. However, if you are not one, you can join the session by registering now. The session will be on Saturday, 29th June 2024, 8 to 10 PM IST, on Zoom. Recording will also be available after the class. Click here to know more about this session and join.


Investing is often perceived as a game of selection. Pick the right stocks, and you’re on your way to financial freedom. The allure of discovering the next big thing, the company that will skyrocket and bring unimaginable returns, is powerful.

However, this perspective only captures part of the story. The stocks you choose not to own can have an even more significant impact on your success as an investor.

This counterintuitive notion underscores the importance of discernment and restraint in investment decisions.

I drew this illustration a few years ago, to explain the process of selecting the “right” businesses worth investing in for the long run –

Counterintuitively, this process also shows how the funnel helps you reject the “wrong” businesses – that do not pass either your circle of competence filter, or financial stability filter, or moat filter, or valuation filter.

The 100 (assumed) stocks you start with at the top of the funnel, are left with 20 at the end of it. This is because you choose to say ‘no’ to the remaining 80.

Warren Buffett remarked –

The difference between successful people and really successful people is that really successful people say no to almost everything.

Warren was talking about life in general, but this principle applies very well to investing. The difference between successful investors and really successful investors is that really successful investors say no to almost every business/stock.

By rejecting the majority of investment opportunities and focusing on a select few high-quality businesses, you can avoid the pitfalls of overexposure and poor investment choices.

This is also a matter of patience. The market always presents opportunities that seem too good to pass up. However, not all opportunities are worth pursuing. By exercising patience and waiting for the right opportunities, you can avoid the trap of impulsive decisions that often lead to suboptimal outcomes.

Patience also involves the willingness to hold on to cash when there are no compelling investment opportunities. This goes against the common belief that one must always be fully invested to maximize returns. In reality, holding cash can be a prudent strategy during periods of market exuberance or uncertainty, allowing investors to take advantage of opportunities when they arise.

Not to forget that such behaviour – of saying no to most things – is also a test of your independent thinking, which is a great character attribute of a good invetsor. When you follow the crowd, it can lead you to herd mentality, where investors make decisions based on popular opinion rather than sound analysis. Look no further than the Twitter, Instagram, or YouTube apps on your mobile phone for proof.

Independent thinking involves conducting your own research and due diligence before making any investment decision. It means questioning the prevailing narratives and being skeptical of big promises.

When you develop a disciplined investment process and stick to it, you can avoid the traps of herd mentality and make more informed investment decisions.

Saying ‘no’ also aligns well with long-term thinking. Investing is not about getting rich quickly, but about building wealth over time. This requires a long-term perspective and aligning investment decisions with one’s financial goals. Chasing short-term gains by saying ‘yes’ too often, leads to dud investments that can jeopardize your long-term financial security.

Before I end, let me say it again that the power of saying no cannot be overstated, in life or investing. Sticking with investing, it involves –

  • Avoiding bad businesses,
  • Exercising patience,
  • Thinking independently,
  • Aligning with your long-term goals,
  • Learning from mistakes,
  • Building a margin of safety, and
  • Maintaining emotional discipline.

When you focus not just on the stocks you own but also on the ones you consciously choose not to own, you can significantly enhance your chances of investment success.

Bruce Lee got it dead right when he said –

It is not daily increase but daily decrease, hack away the unessential.

This is one of the most critical lessons I have learned and practiced in my life and as an investor. And that has helped me simplify my life considerably and brought me tremendous peace.

When to Bet Big in Life and Investing, and When Not To

A couple of announcements before I begin today’s post – 

1. Online Value Investing Workshop: Admission is now open for the June 2024 cohort of my online Value Investing workshop, which has already been taken by 1500+ students 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, 23rd June 2024 (7 PM IST Onwards)
  • One-year unrestricted access to the entire content
  • 7 readymade screens to filter high-quality stocks
  • Stock analysis spreadsheet (otherwise priced at ₹1999)

I am accepting 100 students for this cohort, and now have just 20 seats remaining. Click here to read the details of the workshop and sign up.

2. The Sketchbook of Wisdom: Special Discount until 15th June 2024: 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 at a special discount (available only till 15th June 2024).


It was mid-1974.

Fred Smith, the founder of FedEx had a problem at hand. FedEx was a young company, just three years old, and primarily due to rising fuel costs, found itself millions of dollars in debt and on the brink of bankruptcy.

As per demands from oil companies that provided fuel to run FedEx’s planes, every Monday, the latter was required to prepay for the anticipated weekly usage of jet fuel. It was one of those Fridays and FedEx had just about $5,000 in its bank account, while it needed $24,000 for the jet fuel payment for the coming week.

[Read more…] about When to Bet Big in Life and Investing, and When Not To

Play Your Own Game

A couple of announcements before I begin today’s post – 

1. Online Value Investing Workshop: Admission is now open for the June 2024 cohort of my online Value Investing workshop, which has already been taken by 1500+ students 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, 23rd June 2024 (7 PM IST Onwards)
  • One-year unrestricted access to the entire content
  • 7 readymade screens to filter high-quality stocks
  • Stock analysis spreadsheet (otherwise priced at ₹1999)

I am accepting 100 students for this cohort, and now have just 20 seats remaining. Click here to read the details of the workshop and sign up.

2. The Sketchbook of Wisdom: Special Discount until 15th June 2024: 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 at a special discount (available only till 15th June 2024).


Play Your Own Game

  • Watch on YouTube | Listen to the audio

Warren Buffett asked this interesting question many years back – “How do you beat the world chess champion Bobby Fisher?”

The answer was – “You play him at any game, except chess.”

This answer may sound amusing, but it carries a deeper meaning, and which is that if you want to win at a game, it should be a game you are good at, and not someone else’s game or the game others want you to play. This is crucial in life, work, and investing.

Now you ask – what do you mean by “playing your own game”? Well, it’s about focusing on what you’re good at, what you enjoy, and what aligns with your values and goals. It’s about not getting distracted by what others think you should be doing or the paths they think you should follow.

Let me break this down into three areas: life, work, and investing.

[Read more…] about Play Your Own Game

Nobody Knows

A couple of announcements before I begin today’s post – 

1. Online Value Investing Workshop: Admission is now open for the June 2024 cohort of my online Value Investing workshop, which has already been taken by 1500+ students 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 Saturday, 15th June 2024 (7 PM IST Onwards)
  • One-year unrestricted access to the entire content
  • 7 readymade screens to filter high quality stocks
  • Stock analysis spreadsheet (otherwise priced at ₹1999)

I am accepting 100 students for this cohort, and now have just 40 seats remaining. Click here to read the details of the workshop and sign up.

2. The Sketchbook of Wisdom: Special Discount until 15th June 2024: 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 at a special discount (available only till 15th June 2024).


Nobody Knows

I was an average student till the ninth grade. Just slightly above average to be precise. That is what my marks consistently showed. My parents did not expect much from me.

Tenth was when things changed. Through little bit of hard work, and great luck, I ranked among the top five in my class. My teachers were surprised. My parents did not believe my report card at first. But when the emotions settled, they said they were proud of my achievement. At least, that is what I heard.

After all, on a normal distribution curve, I had moved from ranking within one standard deviation of normal (lowly among top 50% of students) to within two standard deviations (among the top 16%).

[Read more…] about Nobody Knows

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