BC BOOK
Saved by @Alex1Powell

It has been exactly 3 years to "how fund managers .." was released. The book took a lot of time to write. Here is a short thread about how it happened ..

 2/n the idea came from @kan_writersside who got me in touch with Dibakar Ghosh at @Rupa_Books .. we discussed the idea that it has been 2 decades to the fund management industry and it deserves a book. A lot was written about about Bharat Shah, Prashant Jain and S.Arora..
3/n but there was not much information about investment philosophies and the overall environment of the mid 90s and later on. Kanishk and Dibakar wanted a broader book for everyone and not just the stock market reader. We went to work
4/n we decided to write about the dotcom boom and bust where it all started. The start fund managers came from there. In Feb 2000 IT index had a pe multiple of 420 and the market cap of the sector was 34% of the market. Banks were 5% and some analysts were still bullish
5/n prashant Jain was one of the few fund managers who was out of the sector in November itself and was quietly watching the index go up. There were others but the legend of Jain was at the top of the mind because it is believed he refused to meet the CFO of a big IT company ..
6/n peak of the market. It was a time of stories..numbers and lots of tears. What hurt us was the retired people who invested money in the market at the top of the cycle. @vikaasmsachdeva had so many stories that it would require another book
7/n after the bust the market did not move anywhere till the listing of TCS. Then a new crop of fund managers came in. Now this new gang talked about midcap. After 2005 it was the age of Madhu Kela, Sunil Singhania , Anup Bhaskar and Kenneth Andrade
8/n these guys were different. They looked at small companies differently than large companies. With a little bit of risk they knew they can make a lot of return. These guys knew when to get out of these small cap stocks. They became super stars
9/n while this was on, Parag Parikh and Rajeev Thakkar were quietly building an investment philosophy if value investing that they will swear by forever. Parikh passed away in 2015 but he left his legacy in the form of an investment style is working well
10/n then there is Ken Andrade who wrote a piece called dot kaun questioning the growth of software business. His sparring partner was Vetri S. Ken was to later on become a big midcap fund manager where he would take contra positions in stocks of future. Page industry is one
11/n what I like about Ken is his music collection. And also the fact that his head is full of awesome GDP and rural data. He is a man with the memory of an elephant ..he also was the big one to move into PMS
12/n technically Bharat Shah was the first one when he moved from Birla to ASK. All the stars of the dotcom boom are interestingly still holding fort. Then there is S.Naren. a voracious reader. A fan of checklist of Atul Gawande. He built a fund management house that is lean
13/n smart. He does that with the checklist rules. AND then there is Siva of Franklin. He is again a simple guy who made it big only on clean low beta performance. Gave high returns with the lowest risk. Avoided software in dotcom and infra in the 2008 GFC. Apparently he is a
14/n he is a history buff and collects artifacts. He also moved out of the industry at the peak of his career. A moved from IDBI in Mumbai to Chennai to work with Franklin only because his family was there. He was very of companies wanting to be empires
15/n the real game changer was Sanjiv Shah of Benchmark who started the first ETF. The idea was new in 2000 and he was ridiculed for that. But he was cool and rational. He also started the Bank Nifty ETF was was the biggest fund in 2007. Shah was sure that low cost funds will
16/n take over the market. He was right. AFTER 2008 it has been the world of the index funds and ETF. There are many reasons why most active funds will not do well in the future and the principle reason is cost and competition to price stocks. The details are there in the book..
17/n and there is Mahesh Patil. Who is one of the few fund managers who listens more than talk. He was one of the earliest in Bajaj Finance. A special mention. . Chandresh Nigam who believed that India is a growth market and not a value market. So many smart people out there who
18/n can only make the market efficient. Thanks for reading the thread. The book is still available at https://t.co/vcd9n2z7XA.And many thanks to @ms89_meet for doing those wonderful investment threads. And also @InvestBooks who single handedly did so much for this book
Then there is @anishteli and @passivefool who keep me updated in all things investing and mutual funds. Anish was one guy who appreciated the standard deviation chart in the last chapter and has urged me to update it regularly. Thanks guys 🙂 n/ends

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🌹⚜️ ⚔️𝒮𝒽𝑒𝓀𝒽𝒾𝓃𝒶𝒽 ⚔️ ⚜️ ...
@PetahJane
A passage from a book I read in January this year by Megan Watterson: Mary Magdalene Revealed. I was flying to Perth, and it as my birthday (31st January - also her birthday) when I could feel myself activated by the Angels as I read this... given what I experienced on that

flight, so incredible. There was no one to meet me at the other end. I knew no one. I had to make my way to a friend's house where I was staying, and I spent my birthday entirely alone. I finished this book while I was alone with Her that day:

"If I could start over from the

beginning, I would start with the most invisible, the threads in the web of our ecosystem that are rarely named, much less revered. I would start by listing the trees, the flowers, the seeds that carry the light that give us light and that give us life, because its this we have

forgotten This is where our reverence has not yet reached. I would start with Frankincense and Myrrh, the Boswellia and Commiphora trees that made them. I would start with the honeybee and the sweet nectar it feeds on. I would start first with what goes unnoticed and with what we

haven't realised is the the most sacred amongst us. I would start with the names of everyone we have excluded: the street children, the millions slowly starving to death in plain daylight, I would start with the outsiders, the outcasts. I would start with every one of us who
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FRANK CUNHA III \U0001f1fa\U0001f1f8 ARCHITECT
FRANK CUNHA III 🇺🇸 ARC...
@FRANKCUNHAIII
Classical Libraries (thread)

The Architecture of Western Libraries, from the Minoan era to Michelangelo deals with the architectural evolution of the spaces in which written and graphic material was kept, from the Minoan times to the Italian Renaissance (ca. 1600 BCE- 1600 CE).


Nowadays these rooms are known as "libraries"; however, the library acquired its present form through a turbulent journey.


The five chapters that comprise the book cover the Greek world, the Roman world, the Byzantine period, the Western Middle Ages, and the Renaissance, respectively.


Author K. Sp. Staikos examines in detail the special features of the chambers used to store books in public, private, monastic and palace libraries.
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Michael Walsh \U0001f4da\U0001f4ad
Michael Walsh 📚💭...
@ThinkIrreverent
Finished Psychology of Money by @morganhousel

Just phenomenal. Here’s some favorite highlights

It’s a soft skill, where how you behave is more important than what you know.

To grasp why people bury themselves in debt you don’t need to study interest rates; you need to study the history of greed, insecurity, and optimism.

To get why investors sell out at the bottom of a bear market you don’t need to study the math of expected future returns; you need to think about the agony of looking at your family and wondering if your investments are imperiling their future.

I love Voltaire’s observation that “History never repeats itself; man always does.” It applies so well to how we behave with money.

Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.

The challenge for us is that no amount of studying or open-mindedness can genuinely recreate the power of fear and uncertainty.
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Library Mindset
Library Mindset
@librarymindset
If you're still in your 20s, read this:

1)


2)


3)


4)


5)
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Stephen D. Campbell, Dr. theol.
Stephen D. Campbell, D...
@the_OT_Campbell
I've gotten a few questions about this, so let me clarify and provide as much helpful information as this medium will allow.

To begin, both of my parents are MBA's and are assertive. They taught us four kids to be assertive. 1/x


Honestly, what's the worst a publisher can do, say no? If the worst that can happen is a rejection email (and believe me I've gotten ALOT), then it's pretty "safe" to at least ask.

But there were tricks that I learned about getting books from publishers. 2/x

The 1st was to request exam copies. I was a very part-time adjunct faculty for an online-only seminary in the UK. I designed two classes for them and requested books to consider as assigned reading for the classes. I still do this, since I'm full-time teaching/administrating. 3/x

The second was to become an approved/recognized reviewer for journals--it doesn't matter which ones. Thanks to a previous professor I'm a reviewer at the website for a research center. And through nothing but email, I'm a frequent reviewer for 3 journals (JESOT, JHS, RRT). 4/x

This is a helpful approach. When you know exactly where the review is going to be submitted and you know that the journal's review editor wants the review, then (in most cases) the review editor's job is to contact the publisher and make sure you get the book. That's it. 5/x
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THE SCIENCE BEHIND YAJNA

Fire is, of course, one of the greatest discovery of mankind. Our control over the fire dramatically changed the entire human habits; earlier it was used to cook food, protection from animals and to stay warm.


Among the many applications of fire, one is Yajna (यज्ञ, yajña); also called as Havana (हवन) or Agnihotra (अग्निहोत्र).
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