What a privilege it was to host @Gautam__Baid for my first ever Twitter Spaces event along with @dadalife369 and @Finvents.

While we wait for the YouTube recording. Here are 8 of my biggest takeaways from today's session.

#investing

1 - Start by coming up with a portfolio allocation strategy based on your aims and objectives for investing. Include flexibility, tracking and rebalancing as part of your strategy.

2 - Learn from those who succeeded before you to ultimately develop your own investing style

Here are three books that influence @Gautam__Baid's investing style - They are some of the best books in investing along with Gautam's The Joys of Compounding.

3 - Develop a robust repository of sources from which you can generate investment ideas.

Here are the ones @Gautam__Baid uses.

It is a super-comprehensive list.

4 - Focus on the process as opposed to the outcomes. This is very important.

Developing a superior process leads to the repeatability of exceptional outcomes.

For those of you asking for a list of places that @ishmohit1 of @soicfinance follows based on our last discussion.

On this list is @themotleyfool. We have @_JoseNajarro who writes for them and has a following of his own on YouTube with us this Sunday.

https://t.co/pyWsiyQ1wO

Live tweeting highlights from our discussion with @SamitVartak moderated by @ishmohit1 and the DIA gang. @saket1974 @saketreddy @dadalife369 @cautkarshpandey @vishal_chandi

So let’s begin -

1. Before looking at the valuation of a business, look at the fundamentals first.

On cyclicals -

2. We look for profit power, the ability of the company to control price and gauge profit. This is why we don’t look at cyclicals.

3. With cyclicals, oftentimes the promoters themselves cannot predict pricing and profitability.

On building a portfolio -

1. Reducing the size of your portfolio too much can make it harder to find big winners, the ones that can give up to 40x in 10 years.

2. I look at 15-20 stocks as a balance between not spreading yourself too thin and not takeing too much risk.

On taking away market share -

1. Creating disruptions and innovating with new products allows you to take away market share. Example #APLApollo and the DFT technology.

2. Cash cows don’t deliver outsized returns for an investor. Aggression and innovation is needed.

On themes -

1. It is very difficult to pre-empt a theme before it happens and predict how it will play out. Instead of that, I look for data.

2. Deleveraging and capex is taking place. Companies have become lean in this period.