Investing

This page contains our best articles on the subject of value investing and investment behaviour.

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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…]

Investing and the Art of Getting Less Prejudiced

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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Niels Bohr, the Danish physicist who made foundational contributions to understanding atomic structure and quantum theory, for which he received the Nobel Prize in Physics in 1922, proposed once that the goal of science is not universal truth.

[Read more…]

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

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

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.

[Read more…]

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

When to Bet Big, and When Not To

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.

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…]

The 44th Lesson

The Sketchbook of Wisdom: Get Your Copy 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.

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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.