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Much awaited session at Kolkata by Utpal Seth, Rare Enterprises, on "Dimensions of Mistakes in Investing", to be moderated by Varun Goenka.
#MAW

 Utpal Sheth starts with a tribute to Rakesh Jhunjhunwala
Utpal Sheth lays out the context for today's session - Mistakes are rarely discussed!

Outcomes don't define mistakes. They are known through a process of deep introspection & multiple iterations. The opportunity cost of not embracing mistakes is very high.
When speaking of mistakes in investing, we often speak of 'Type 2 errors', and at times of type 1 errors. Utpal speaks of Type 1.5 error - not buying / selling with conviction!
Utpal discusses their process with mistakes - and quotes Rakesh Jhunjhunwala - making mistakes isn't a crime, repeating them is. Discusses mistakes at RARE Enterprises with the audience with ease.
One needs to think of portfolio balance very deeply. Sizing the bet depends on the degree of conviction and degree of evidence. Recommended book: "Thinking in Bets"
On thinking about investment mistakes - 3 key steps - identification, attribution and rectification. Attribution of mistakes needs time and thought - one need not wait to attribute mistakes for rectification!
Buying right is tough. The probability of making a good investment is low - due to the chance of making a mistake in any of the 5-8 parameters we use for evaluation. The key is to identify the right jungle (Megatrend) and the right company within that (Gorilla).
Discusses in detail examples of mistakes in buying
Type 1 (didn't buy): Bajaj Finance
Type 1.5 (didn't buy enough/sold partly): CRISIL
Type 2 (bought incorrectly): A2Z Infra Engineering
Important: Parameters in discussion were on their framework - Identifying the Megatrend (see next tweet) they were part of, and whether they were Clear leader, Near leader, and Emerging leader
Important: Megatrend buckets used by Rare Enterprises: Consumption, Globalisation, Financial deepening, Digitalisation, Outsourcing and Formalisation, and Renewable Energy.
Now discusses Mistakes in selling:

Type 1 (Didn't sell right): Bilcare Limited
Type 1.5 (didn't sell enough): Praj Industries
Type 2 (Sold too early): Relaxo Footwear

These hurt much more, and they have had much to learn from these.
Utpal concludes his presentation with quotes from Rakesh Jhunjhunwala and Jeff Bezos, and adds: Embrace your mistake, let mistakes not affect the balance of your mind, and have a risk Management framework to enable peace of mind.
We now head to the Q&A session, moderated by @VGoenka82
Q: Attitude that helped him achieve heights
A: Learning attitude and adaptability. Hopes to have a learning attitude to the last day, and ensure that it's not an 'ivory tower learning' - it's important to implement and execute (hence adaptability and resilience).
Q: How to think about portfolio sizing, given the low joint probability of being right?
A: Buy decisions need not be at one point in time. Gradually build conviction - and continue buying - even if at higher levels. Refers to @mjmauboussin 's Probability adjusted Investing.
Speaks on the importance of the right culture in identifying companies that could create terminal value. You can replace the machinery, the product and all else. You can't buy culture!
Q: How to build the right investment team.
A: one needs to have the right enviornment, empowerment,and right leadership. Complementing skills and behaviours should be present - balance between accelerator and brakes.
Closing remarks from Utpal: Keep learning, keep adapting and keep investing. Don't be afraid of mistakes, protect your state of mind, it's a fulfilling journey. Has had a good time interacting with youngsters here and looks forward to more such at the #MAW conference.

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Vibhu Vashisth 🇮🇳...
@VIBHU_Tweet
MAHARAJA CHHATRASAL BUNDELA was the great Bundela King who revolted against the Mughal ruler Aurangzeb.
Chhatrasal Bundela was born in year 1649 CE in Maur Hill of Bundela region to Champat Rai and Lal Kunwar. He was the descendent of Rudra Pratap of Orchha.


His ancesters were the vassals of Mughal Emperor. He drew inspiration from his father and revolted against the alien rule of Mughals. He was just 12 yrs old when his parents died in fight against the Mughal Army of Aurangzeb in 1661.

When his beloved father attained martyrdom in the year 166, the young Chatrasal was present in the last battle of his father against the Mughal and from these valiant campaigns,..

..he gathered the courage to free Bundelkhand from Aurangzeb’s rule.
He joined the Mughals initially, and was recommended by the Rajput King Mirza Jai Singh to be recruited in the Mughal Army in order to support their Deccan Campaigns.


But serving the alien rule of Mughals which brought chaos and misery to Bundelkhand was unacceptable for Chatrasal Bundela and his father’s incessant struggle against the Mughals kept the fire of independent Bundelkhand alive in his heart.
ALL
Mitesh Patel
Mitesh Patel
@Mitesh_Engr
Again sharing bank nifty intraday weekly straddle. How to play by selling straddle.
Mostly will work on Monday to Wednesday. Sometimes on Friday.
Why to pay your money to learn this if u can get it here.
U need only practice.
Let’s go.

Say bank nifty future is at 32000.
Sell both 32000 call and put.
Considering current volatile market lest say premium on Monday morning is 350 on both sides.
Sold with 700 points combine premium.
If bank nifty will trade in narrow range say +\- 100 hold it.
If moving 200 points

then exit previous sold straddle. Sell new one. Let’s say BN moved +200
Now sell 32200. If bank nifty will move here within range then u will get profit through theta decay. Follow same procedure for next 150-200 pts move.

This is only for single straddle sell position.

Now in second case sell three straddle. 31900/32000/32100
In case of 100 points move no need to change.
If 200 + then future is 32200.
Exit 31900 and sell 31200 straddle.
If moving another 100 then exit 32000 and sell 32300. Continue same with 100 points move.
If no move then

it will consolidate between 32000-32200 or 32100 to 32300 and u will get theta decay.

This is for normal move. Sudden big move may come anytime. So keep SL in system.
If u r selling at 350-350 then keep SL in system 475 for both legs.
Practice it. No need to attend webinar.
BNF , MPATELOPTIONSLEARNINGS , OPTIONSLEARNING
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It is said that the one who bears the dust thrown from the hoof of Gaumata on his head, as if taking a bath in the water of the teerth sthalam and getting rid of all sins.


Ved and all other Hindu scriptures venerate the cow. The Vedic dictionary, Nighantu, gives amongst other synonyms of 'Gau' [ or cow] the words 'Aghnya', 'Ahi', and 'Aditi'.

Yaska the vedic decoder and commentator on Nighantu, defines these as-

Aghnya —— the one that ought not to be killed
Ahi —— the one that must not be slaughtered.
Aditi —— the one that ought not to be cut into pieces.

These three names of cow signify that this is an animal which should not to be put to tortures. These words appear frequently throughout the Veda in context of the cow.

But in due course the falsehood of killing cows spread far and wide and they became even more deep rooted when western scholars with their half baked knowledge of Sanskrit transliterated these interpretations of commentaries of Sayanacharya ,
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Angela Jamison
Angela Jamison
@AnJamison
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Buzz Chronicles
Buzz Chronicles
@buzz_chronicles
@SaveToBookmarks Ciao! Of course! Original tweet by @AnJamison: "@bellingcat @buzz\_chronicles @buzz\\\_chronicles @buzz_chronicles save as categ...". Cheers! 👌

Nǐ hǎo! You can find it here. Original tweet by @SaveToBookmarks: "@AnJamison @bellingcat @buzz @buzz_chronicles @pdfmakerapp @Readwiseio @threader...". Enjoy 👌
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Kate Julian
Kate Julian
@katejulian
1/ Something strange is happening with people’s sex lives. 20-somethings are having sex later and less frequently than previous generations. I spent several months digging into this for @theatlantic. https://t.co/5ehzmWY9wi


2/ This phenomenon—I’m calling it a Sex Recession—really surprised me. It seemed improbable in the age of Tinder, digital porn, and attitudes that are generally permissive and sex-positive.

3/ What’s happening isn’t exclusively American: Similar trends are being observed in other countries, including Japan, Australia, the U.K., Finland, and the Netherlands.


4/ One cause is obvious: Adults under 35 are less likely to be living with a partner than in recent decades, and more likely to be living with their parents—which, it’s safe to say, isn’t great for one’s sex life.

5/ But I also found other explanations, each with profound implications. The first, unsurprisingly, has to do with internet enticements. Netflix and other online entertainment may be substituting for sex.
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Jaya_Upadhyaya
Jaya_Upadhyaya
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SRI LALITHAMBIGAI, THIRUMEYACHUR (TN)
#bharatmandir #navratri2021

Kshetram where Shiva is worshipped as Meghanatha and his consort is Lalithambigai seen in Abhay mudra.
Once, a demon Pandasura was harassing the Devas who went to Devi Parashakti for protection. 
@GunduHuDuGa


Devi rose from a Yaga Gunda, mounted on the Sri Chakra Rath with the name Lalithambika, waged a war against Pandasura and destroyed him.  When her fury did not subside, Shiva asked her to go to Earth, assume the name Manonmani, perform penance and shed her fury.


Shiva blessed Devi to be Shanta nayagi. There is a sculpture here depicting Shiva pacifying Devi. If you observe closely, you can see that from your left hand side there will be a smile on Her face and if you see from your right hand side you can see anger in Her face.


Hayagriva taught the greatness of Lalitha Sahasranama to Rishi Agasthya. Pleased with his devotion, Ma Lalithambikai appeared before Agastya. He is believed to have then sung Lalita Navaratnamala in praise of Devi. He has also composed a hymn named Rahasyanamasahasram.
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Adam McKay
Adam McKay
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1) My Stan Lee story happened when I was in 5th grade. I was visiting NYC with my Dad and had read the address for Marvel in the comics I read constantly. I begged my Dad to take me and to his credit he did. And guess what? It was just an office.

2) We were down in the lobby and I was kind of crushed. I don’t know what I expected, The Thing and the Yancy Street Gang to be sitting around smoking cigars? Anyway, my Dad was taking a beat to figure where we were going next and a guy came up to us.

3) He was wearing a white shirt and tie and said to Dad “Is he disappointed because. The Marvel offices were just offices?” My Dad said yes and then the guy who had gray around his temples and a mustache said “hold on a second” and opened one of those office mailboxes with a key.

4) He then handed me a thick stack of EVERY SINGLE MARVEL COMIC COMING OUT THE NEXT MONTH. “Here you go. Keep reading Marvel comics” he said and then walked off. I left in a daze and about 15 minutes later it hit me “Gray around the temples, mustache... That was Stan Lee!”

5) Later when I wrote on the Ant Man movie I told Kevin Feige the story, the year, look of the guy etc and Kevin said “That’s exactly the kind of thing Stan would do and he would have been there then. That was him.” Rest In Peace Stan Lee and thank you for the comics.
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Jaya_Upadhyaya
Jaya_Upadhyaya
@Jayalko1
SRISAILAM: KASHI OF THE SOUTH (AP)
#andhratemples

The divine abode of Mallikarjuna Swamy (Jyotirlinga) and Devi Brahmaramba (Shaktipeeth).

When Ganesha was married before Kartikeya, he left in anger to Kraunch mountain. Shiva and Parvati also followed him there.


Shiva assumed the form of Jyotirlinga and resided on the mountain by the name of Mallikarjuna. Mallika means Parvati while Arjuna is another name of Shiva
It is also said that once, a princess Chandravathi, saw a cow shedding milk on a rock resembling a shivlingam.
@DubeyYash1911


She started praying to the lingam daily and used to offer jasmine (mallika pushpam) daily. Pleased Shiva appeared before her and agreed to wear jasmine garland (mallika pushpmala) on his head permanently. Since then, Shiva became known as Mallikarjun Swamy.


At this place, Shakti took the form of Bhramaram (bee) to kill Arunasur and settled as Bhramaramba Devi. The place is a Shakti Peeth as the neck portion of Devi Sati fell here.

It is said that by merely seeing the hill, one is emancipated from all his sins and worries.
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This is a pretty valiant attempt to defend the "Feminist Glaciology" article, which says conventional wisdom is wrong, and this is a solid piece of scholarship. I'll beg to differ, because I think Jeffery, here, is confusing scholarship with "saying things that seem right".


The article is, at heart, deeply weird, even essentialist. Here, for example, is the claim that proposing climate engineering is a "man" thing. Also a "man" thing: attempting to get distance from a topic, approaching it in a disinterested fashion.


Also a "man" thing—physical courage. (I guess, not quite: physical courage "co-constitutes" masculinist glaciology along with nationalism and colonialism.)


There's criticism of a New York Times article that talks about glaciology adventures, which makes a similar point.


At the heart of this chunk is the claim that glaciology excludes women because of a narrative of scientific objectivity and physical adventure. This is a strong claim! It's not enough to say, hey, sure, sounds good. Is it true?
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