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

More from Book

Dr Adam Rutherford
Dr Adam Rutherford
@AdamRutherford
I see that there is a lot of chat about ancestry and indigeneity, two complex and profoundly misunderstood concepts. Here’s a thread 1/N - I have written about these ideas extensively, in two books;

Ancestry rapidly becomes a matted web rather than a tree. Claims of ancestral purity are absurd. We are descended from multitudes, and don’t bear DNA from actual ancestors after very few generations. (fig. from @Graham_Coop


With both ancestry and indigeneity, the pertinent question is ‘when?’ If you claim ancestry from a certain group of people, then you are timestamping when you consider these ancestors to be important (to you). 3/N

Similarly, with claims of indigeneity, there is no agreed time when this kicks in.

There are a few places that have been populated by human in recent history, and so logical claims of an indigenous people make more sense, e.g. the Māori of New Zealand were the first humans to live on Aotearoa from the 12th C.
BOOK
Carlos E. Perez
Carlos E. Perez
@IntuitMachine
A children's book written in 1954 inspired by Wiener's Cybernetics that explains some common day analog systems:

Analog computation originally meant the construction of a simulation of another system by means of a mechanical or electrical system that represented the same dynamics as the physical system. That is an analog of what's being simulated.

Nobert Wiener generalized this idea in Cybernetics to describe control systems that through negative feedback promoted stability.

W.Ross Ashby argued that negative feedback was insufficient for maintaining the stability (homeostasis) of complex system. Ashby proposed the Law of Requisite Variety.

These machines that 'seem to think' are examples of what was known as analog computation. Cybernetics, control theory, biology are examples of analog computation. But what does this mean other than being the opposite of discrete/digital computation?
BOOK
Advertisement
1/2 Churchill 1/2 Chamberlain
1/2 Churchill 1/2 Cham...
@anabhu
One can make an analysis of how many right wing groups published books before Modi in power and after Modi in power.

Would Akhilesh Mishra, Abhinav Prakash and many others have got a chance to write in an English daily before?

The VC of JNU, IIAS, Nehru center, RRML are all


Right wingers.

This, while some in our own fold were criticizing and backstabbing an excellent book (disagreeable in places) by Harsh Madhusudhan and Rajeev Mantri.

There have been at least 4 lit fests and think tanks developed by right wing in six years. Pondy and +

Mangalore are the prime of them.

There are more media channels and more anchors in neutral channels backing the government then those against in six years.

We have at least three big lawyers: Harish Salve, Mahesh Jethmalani and Mukul Rahotgi fighting cases. We have won

more legal battles than not and are able to get many things done that would look impossible just two years ago.

Yes, textbooks, deregulation, harrasment and cabalism of the left including tech suppression and killing spree of fascistic governments remain and everything is not

a bed of roses. But what was a bed of roses for the opposition is not a bed of roses for them too.
Udhav would have loved to see Republic closed. It hasn't.. Mamata would love to have killed the whose who in BJP - Not possible.. She would not like big wigs of TMC join BJP - Not
BOOK
Ishwari Murudkar
Ishwari Murudkar
@IshwariMurudkar
दोन वर्षांपूर्वी जेव्हा मी ‘लीन इन’ हे पुस्तक वाचले होते तेव्हा मला कधीच वाटले नव्हते की ह्या पुस्तकाचा माझ्यावर कायमचा परिणाम होईल.
“खरोखर समान जग असे आहे की जेथे महिलांनी आपले अर्धे देश आणि कंपन्या आणि पुरुषांनी अर्धी घरं चालवतील. “
- शेरिल सँडबर्ग.


अध्याय वाचताना मला जाणवलं की प्रत्येक महिला जिला तिच्या आवडीनिवडींशी कोणतीही तडजोड न करता स्वत: चे करियर बनवायचे आहे, तिच्यासाठी हा manifesto आहे. या वास्तववादी पुस्तकाची लेखिका शेरिल सँडबर्ग आहे. प्रामाणिक बोलं तर मी त्यावेळी तिचं नाव कधीच ऐकले नव्हते.


काही खुलासे करणारे तथ्य शोधल्यानंतर मी तिच्या संदर्भात अधिक माहितीसाठी थोडा इंटरनेट सर्फ केलं. हार्वर्डमधून इकॉनॉमिक्सची पदवी घेतली व पदवी पूर्ण झाल्यावर तिला कॉलेजमध्ये वुमन इन इकॉनॉमिक्स नावाची एक संस्था स्थापित केली. एका वर्षासाठी वर्ल्ड बँकेत काम केले आणि कुष्ठरोगास आळा


घालण्याच्या एका कार्यक्रमाअंतर्गत त्यांनी भारतातही प्रवास केला. नंतर हार्वर्ड येथे एमबीए केले आणि वर्षभर मॅककिन्से आणि कंपनीबरोबर काम केले. माझ्यासारख्या भारतीय महिलेसाठी, तिने आपल्या पुस्तकात लिहून दिलेल्या कामाच्या ठिकाणी महिलांच्या वागणुकीच्या साध्या साध्या निरीक्षणाद्वारे

निश्चितच एक आदर्श म्हणून काम केले. मला वैयक्तिकरित्या कळले की पुस्तकात नोंदवलेल्या बर्‍याच अज्ञात, नकळत वर्तन तथ्य सत्य आहेत. त्यापैकी काहींचा समावेश आहे की महिला ज्या प्रकल्पात काम करतात त्या कोणत्याही प्रकल्पात पुढाकार अर्थात initiative घेत नाहीत,
BOOK
Pastor 't.O.s.I.n. Olunuga
Pastor 't.O.s.I.n. Olu...
@TosinOlunuga
Dear family.

You can gift someone or an entire family any of my books on Prayer & Intercession. Either of them will surely enhance your prayer life.

Both books are equipped to gain your attention from d first page.

Here are some feedbacks from those who have "tasted" from them


wrote;
EMERGE
#It's difficult to describe this book in one sentence. Reading through it feels like a devotional more than a book on prayer. And then it feels like a motivational text also. Emerge will get you to pray even as you read the book.
This is one book that

a reader is sure to read more than once. It's very rich in scriptural illustrations and practical in its application

wrote;

Just reading emerge! Powerful!
I have pages folded, underlined pages, writing notes! Not a waste whatsoever! I’m a very happy and grateful customer

wrote; 
Great bk sir. I take it everywhere I go. Its been a blessing to me
I followed my wife to saloon nw & took it with me & currently reading it. I have been going thru some health challenges for some time now. Reading this book is building my faith faster to
BOOK

You May Also Like

Patrick McKenzie
Patrick McKenzie
@patio11
A thing which I unironically and enthusiastically believe which is unpopular among smart people of my acquaintance: financial engineering has in the recent past and present contributed substantially to human welfare. We should hope to see more of it.

Maybe more geeks need to meet someone who says “My job is teleporting value across time and space.”

Financial engineering is sort of a squishy term. I don’t primarily mean payments infrastructure or financial rails, although both of those involve substantial engineering.

I mean more “We took a thing and performed some alchemy, and now have a new thing.”

Except instead of alchemy it is generally quite a bit of math, a huge amount of contract law and due diligence, often an impressive amount of ops work, and a dusting of technology that web devs would recognize as such.
ALL
Mystery Grove Publishing Co.
Mystery Grove Publishi...
@MysteryGrove
By popular demand, here is the official Mystery Grove Film Recommendations list. Watch all of these in order if you want to truly understand the world we live in today.
CULTURE
Advertisement
Numberonepal
Numberonepal
@numberonepal
1/ Stolen from the greatawakening(DOT)win...

I will only be making one post here. Do not ask who I am. Do with this information as you please.

The Trump Card is being played. It's much simpler than you all realize. Some of you have gotten it right.
TRUMP , THE LAST DAYS IF THE REVOLUTION
Ryan Caldbeck
Ryan Caldbeck
@ryan_caldbeck
1/ I am seeing more and more founder secondary in venture rounds (Secondary = founders selling some of their shares before some other shareholders are able). Series B-D. I see both as an investor and through entrepreneur circles.

2/ I like secondary for entrepreneurs. Moderation is key but in a lot of situations I think it helps accelerate the co. Lots of very smart investors disagree. Here are my thoughts.

3/ Magnitude: My basic rule of thumb from what I see is market is 4+ yrs and up to 10% of founder’s equity stake with some $ cap that makes sense given stage etc. (typically <$10m)

4/ The entrepreneurial journey is brutally hard. Giving some financial relief helps remove one piece of pressure. I don’t think that secondary in the magnitude mentioned impacts the drive/persistence of great entrepreneurs.

5/ That secondary means they will be able to just sleep knowing they can pay their kids’ tuition. Secondary will make most founders better at their jobs, thus accelerating the co.
ALL
Aditya Todmal
Aditya Todmal
@AdityaTodmal
Master Thread of all my threads!

Hello!! 👋

• I have curated some of the best tweets from the best traders we know of.

• Making one master thread and will keep posting all my threads under this.

• Go through this for super learning/value totally free of cost! 😃

1. 7 FREE OPTION TRADING COURSES FOR


2. THE ABSOLUTE BEST 15 SCANNERS EXPERTS ARE USING

Got these scanners from the following accounts:

1. @Pathik_Trader
2. @sanjufunda
3. @sanstocktrader
4. @SouravSenguptaI
5. @Rishikesh_ADX


3. 12 TRADING SETUPS which experts are using.

These setups I found from the following 4 accounts:

1. @Pathik_Trader
2. @sourabhsiso19
3. @ITRADE191
4.


4. Curated tweets on HOW TO SELL STRADDLES.

Everything covered in this thread.
1. Management
2. How to initiate
3. When to exit straddles
4. Examples
5. Videos on
OPTION SELLING , OPTIONSTRATEGIES , CATEGORY