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

People have wondered why I have spent 3 days mostly pushing back on this idea that "defund the police" is bad marketing.

The reason is, it's an example of this magic trick, the oldest trick in the book.

It's a competition between what I call compass statements. And it matters.


There are a lot of people who think "defund the police" is a bad slogan.

But it's a directional intention. A compass statement.

The real effect of calling it a bad slogan, whether or not intentional (but usually intentional), is to reduce a compass statement down to a slogan.

Whenever there is a real problem and a clear solution, there will be people who benefit from the problem and therefore oppose the solution in a variety of ways.

And this is true of any real problem, not just the problem of lawless militarized white supremacist police.

There are people who oppose it directly using a wide variety of tactics, one of which is misconstruing anything—quite literally anything—said by those who propose solutions—any solutions.

They'd appreciate it if you mistake their deliberate misrepresentation for confusion.

The reason they'd appreciate if if you mistake their deliberate misrepresentation for confusion is, it wastes time that could have been spend on the solution trying to persuade them, with different arguments and metaphors or solutions.

Which they intend to misconstrue.
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
Another thread on Whittle as a companion to this thread.


Here Stephen makes an impassioned plea for the rights of trans people not to be sterilised. I agree. Does Stephen know that we are now, effectively, sterilising “transkids”? Is Stephen speaking out about this?


Yes. I agree you have the right to be parents. You know many “transmen” who have given birth. What will happen to the kids put on #PubertyBlockers followed by Cross-sex hormones?


Makes a clear statement activists did not want to campaign on “surgical status”. #LeaveNoOneBehind. Also that they have the right to bodily privacy,
Just trans folks? Do women have the right to bodily privacy?
Is this what passing looks like? Ignoring women?
Congratulations


An impassioned defence of the campaign for Self-Identification. Make no mistake this was a demand that women accept male-bodied women in single sex spaces. That was significant over-reach and a massive blunder. Women only spaces, regardless of surgery, is my stance now.

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1/ Some initial thoughts on personal moats:

Like company moats, your personal moat should be a competitive advantage that is not only durable—it should also compound over time.

Characteristics of a personal moat below:


2/ Like a company moat, you want to build career capital while you sleep.

As Andrew Chen noted:


3/ You don’t want to build a competitive advantage that is fleeting or that will get commoditized

Things that might get commoditized over time (some longer than


4/ Before the arrival of recorded music, what used to be scarce was the actual music itself — required an in-person artist.

After recorded music, the music itself became abundant and what became scarce was curation, distribution, and self space.

5/ Similarly, in careers, what used to be (more) scarce were things like ideas, money, and exclusive relationships.

In the internet economy, what has become scarce are things like specific knowledge, rare & valuable skills, and great reputations.
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