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Safal Niveshak

Wit. Wisdom. Value Investing.

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20 Timeless Lessons for Young and Old Investors

The Sketchbook of Wisdom: Did you get your copy?

Get 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.


I recently published a couple of Twitter threads sharing some key lessons (in my view) that young and old (experienced) investors can practice to do well in their investing.

The lists are not exhaustive, but contain some of the most important lessons that, if you practice, may help you survive the tough times in the market.

Here are those lessons.

[Read more…] about 20 Timeless Lessons for Young and Old Investors

The Dark Room of Investing Success

The Sketchbook of Wisdom: Did you get your copy?

Get 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.


Growing up in the 90s, and before digital cameras became common, one of my most precious possessions was a Kodak roll camera.

It was a simple box camera that came loaded with a 36-exposure roll of film (if I remember that correctly). When the roll was finished, the camera or the roll was handed to a photo studio for processing.

[Read more…] about The Dark Room of Investing Success

How to Judge The Quality of Your Decisions (Hint: It’s Not by Outcomes)

One peculiar but common way our brain works is that we often remember what’s easily available to us, and see what’s easily visible.

So, we conclude that the stock trader who is rich must know what he is doing. In the same way, an investor who uses leverage to increase his bets and in the process magnifies his returns is also considered a role model.

In business, a CEO who borrows a lot of money to make acquisitions and in process turns his business bigger in quick time, also seem to be doing the right things (at least when times are euphoric).

In effect, the general belief is that if the outcome is good, the process and decisions made to arrive at that outcome must have been sound. Right?

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My Conversation with Radhika Gupta (Video and Notes)

I recently interacted with Radhika Gupta, MD & CEO of Edelweiss AMC. The subject was – how to become a successful investor.

Click here to watch the video of the conversation, or watch below.


Here are the key notes from the conversation. These are not as detailed as what I spoke, but contain the important ideas.

[Read more…] about My Conversation with Radhika Gupta (Video and Notes)

The Intangibles of Assessing Management Quality

I read a column on Forbes sometime back that contained a narration from one Nancy Ortberg, who was once a nurse at a hospital emergency room in California.

In her story, Nancy described something astonishing that she witnessed in the emergency room.

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[Notes] Howard Marks on the Illusion of Knowledge

Howard Marks, co-chairman of Oaktree Capital Management, recently published his latest memo titled ‘The Illusion of Knowledge’, where he not only questioned the value of macro forecasts, but also explained why creating profitable forecasts is so difficult. He makes it clear that forecasting mostly provides the illusion of knowledge, and argues that investors are better off accepting reality — that the macro future is largely unknowable  — and focusing on what they can know.

I have compiled some notes and highlights on the memo.

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The ‘Art’ of Investing (Video)

I recently presented to Prime members on the ‘art’ of investing, where I showcased my illustrations to emphasize the idea of long term investing and the key attributes that investors need to work upon to behave well in their pursuit of wealth creation.

Here are just a few topics I covered in my presentation –

  • Is investing as simple or as difficult as it is made out to be
  • Most important attributes we need to become a successful investor
  • How to do well as an investor despite market corrections and recessions
  • Why value investing works
  • Dangers of blind long term investing
  • Is investing a game of luck or skill
  • How to protect ourselves against our own ego
  • Are there any iron clad laws in investing
  • Why stock market is a great humiliator, and how to avoid getting humiliated most of the time
  • Basics of my stock selection framework
  • How to think like a business owner
  • Idea of financial independence
  • Most important advice for wealth creation

Here is the video of my presentation and the Q&A session that followed.

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If you are not a member, please consider joining the Prime Membership to access the best ideas in investing, human behaviour, business analysis, and decision making, and get onto the path of becoming a better version of yourself.

 
 
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Remembering Rakesh Jhunjhunwala

Rakesh Jhunjhunwala, one of the most successful Indian investors, passed away on 14th August.

I never got an opportunity to meet and interact with him, except for a few moments more than a decade ago. “Respect the market and be prepared for failure” is my faint memory of the advice I heard from him and, in hindsight, it was a great advice that I have never failed to practice.

Mr. Jhunjhunwala is known for his passion for the stock market. But how passionate was he?

[Read more…] about Remembering Rakesh Jhunjhunwala

A Thought Experiment on Indian Two-Wheeler Companies

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You Don’t Need Better Goals, But Better Systems

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