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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

The Tycoon Mindset
The Tycoon Mindset
@tycoonmindset05
Zurich axioms - A book on Risk taking, by Max Gunther

@safiranand @jposhaughnessy @Vivek_Investor @BalakrishnanR @Covel @shyamsek @_anshulkhare

#investing
#Bookthread 👇🧵


Switzerland, a country with no strategic or geographical advantage, became the world’s banker by learning how to manage risk and facing it head on.

Zurich axioms are simple rules in order to learn about betting to win.

The First Major Axiom:
ON RISK

- Life is an adventure. In order to experience life to its full potential one has to take meaningful risk.. All Investments are speculation. Some people accept it. some don’t.
Always play for meaningful stakes.


- An investment with a small stake would not incur significant loss but will not generate any significant gain too. It should also not be so huge that loss would bankrupt a person.

- Resist the allure of diversification. The more one diversifies, the smaller the speculation gets. Through diversification all the losses and gains are likely to cancel out and no sizable difference is made.
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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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Rachel "The Doc" Bitecofer \U0001f4c8\U0001f52d\U0001f34c
Rachel "The Doc" Bitec...
@RachelBitecofer
1. Yes, @FareedZakaria's new book, Ten lessons From a Post-Pandemic World argues we don't need a big or small gov- we need a GOOD one.

We don't have that now & that is bc for decades now, the GOP has intentionally hallowed it out. Stripping it of funding under the auspice that

2. the only goal should be small. And as it turns out- that was stupid. And now we have a dysfunctional, as @maddow says, "big, bad" gov. Something that has been "wasted, and rotted and ruined." And its been intentional. Its been murdered, with no thought for how people would

3. suffer for it. COVID just put that suffering in a streamlined spotlight. But as @FareedZakaria points out- its the cherry on top of a 40 year plan that Bannon termed the final "deconstruction of the administrative state." As with the decimation of the economic tools that had

4. allowed the world's 1st middle class to emerge & flourish before The Great Lie ushered in the greatest wealth transfer in history. Not only were Americans bamboozled into voting away their wage increases, their pensions, & their health care (at least till 2010)- they were also

5. tricked into pissing away their country's superiority- its claim to fame, its ability to puff its chest out & say "look over here, we have the best _____. " I had no idea when I was a kid that we were not, in fact, the greatest country on Earth- at least not if you care about
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J Malone.
J Malone.
@malone_j71
Aboriginal self-government - legal and constitutional issues 1995 Ottawa, Canada- Royal Commission on Aboriginal Peoples #Metis


Aboriginal self-government - legal and constitutional issues 1995 Ottawa, Canada- Royal Commission on Aboriginal Peoples- pg141. - papers argues that it is logical and sensible to consider persons of mixed ancestry of all kinds to be within sec. 91(24) jurisdiction and that the


Metis are included within the fiduciary relationship owed by the crown to the Aboriginal peoples. (pg142) The recognition of Metis as one of the "aboriginal peoples of Canada" in section 35 of the Constitution Act 1982, reinforces this federal practice. "It is concluded that


sec 91(24) includes persons of mixed ancestry." pg143- "the Guerin case suggests that the federal gov. may be breaching its fiduciary obligations if it refuses to initiate legislation needed to acknowledge the existence of certain Aboriginal peoples or to meet basic economic


or social needs." https://t.co/90gG3LeCFC -
RELATED CASES AND POSTS
Guerin v. The Queen, [1984] 2 SCR 335
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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,
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"How the Avengers would respond to the Capitol riot" (a thread)

CAPTAIN AMERICA - tells Falcon, "I fought Nazis once before. They're extremely dangerous." They then see the guy scaling the Capitol wall fall into the shrubs. Falcon: "You sure these are the same Nazis?"

IRON MAN - lands by the guy carrying the podium. Says, "Mind if I borrow this?" then tosses it to Hulk, who swings it like a bat at the mob. Guy: "Hey, that's MY podium!" Iron Man: "Actually it's the Speaker's. And technically, it's a lectern." Then punches him through a wall.

BLACK WIDOW - enters hotel room where Jack Dorsey is tied up. Rips duct tape off his mouth. Jack: "I'll do anything you want!" BW: "Disable POTUS's Twitter. NOW!" Jack fumbles with his phone. "Done. Anything else?" BW: "Yeah. Trim your beard for God's sake." *tosses him clippers*

HULK - grabs a selfie stick from one of the guys and beats him over the head with it. Deeming it too small, he grabs another guy's Confederate flag and takes out a whole swath of rioters. He then tosses the flag to Cap, who uses it as a javelin to impale a fleeing Ted Cruz.

HAWKEYE - hears Iron Man in his earpiece say, "Looks like Orange Julius is tweeting from another account." Hawkeye: "On it." He locks in on Trump through the White House window and fires an arrow, knocking the phone out of Trump's hands. Hawkeye: "Damn that felt good."
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Vibhu Vashisth
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IT WAS RISHI KANADA WHO GAVE THE ATOMIC THEORY & TALKED ABOUT THE GRAVITY OF EARTH, 2600 YEARS BEFORE AN APPLE FELL IN FRONT OF NEWTON'S EYES:

Scientists of the modern world credit an English scientist John Dalton (1766 CE -1844 CE) for the Atomic Theory.


And this is because, most of us are not even aware of an ancient Indian Sage named Kanada, who was the first to formulate the theory of atoms, almost 2600 yrs before Dalton and talk about earth's gravity.


Rishi Kanada was born around 600 BCE in Dwarka, Gujarat and he was the son of a philosopher named Ulka. He was fascinated with the minute detailing of the things right from his childhood. Once, when he was very young, he accompanied his father on a journey to Prayaga.


He saw plentiful grains scattered along the path leading to the shore of river Ganga. It's a tradition in Hindu families to scatter the grains for the ants and birds to feed on them. Suddenly, an ant caught his attention, who was feeding on a rice grain.


He was mesmerised by this very fact that how a small grain of rice becomes food for the ant but to satisfy the hunger of a person so many grains are needed together. This incidence made him realize the importance of a single grain of rice.
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Jaya_Upadhyaya
Jaya_Upadhyaya
@Jayalko1
MEENAKSHI AMMAN, MADURAI (TN)
#bharatmandir #navratri2021

A paadal Petra sthalam where Shiva took the form of Sundareswarar (the handsome one) and married Devi Parvati (Meenakshi).
Devi is also known by the name Angayarkanni (mother with the beautiful fish eyes).
@GunduHuDuGa


Devi Meenakshi emerged from yagna fire as a 3 year old girl when Pandyan King Malayadwaja and Kanchanamalai were praying for a child.
It is said that Devi was born with three breasts and there was a prophesy that her superfluous breast would melt away when she met her husband.


Devi ruled over Madurai and captured Indralok. She went on to capture Kailasha. When she saw Shiva, her 3rd breast disappeared and she realised that Shiva would be her consort.
The divine marriage was attended by all Devas and Sri Vishnu (as her brother) gave her hand to Shiva.


It is said that Indra found a swayambhu lingam at Kadamba Vanam. He placed it in Madurai where the kshetram stands. Here, Shiva is seen on the vehicle of Indra.
The Golden Lotus Tank is said to be the place where a golden lotus blossomed for the puja performed by Indra.


The Meenakshi Thirukalyanam festival is celebrated in the Chithirai month to mark the divine marriage of Meenakshi Amman. The festival includes a procession where Meenakshi and Sundareshwara travel in a chariot and Sri Vishnu gives away his sister in marriage to Shiva.
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Steve
Steve
@braidedmanga
Ivor Cummins has been wrong (or lying) almost entirely throughout this pandemic and got paid handsomly for it.

He has been wrong (or lying) so often that it will be nearly impossible for me to track every grift, lie, deceit, manipulation he has pulled. I will use...


... other sources who have been trying to shine on light on this grifter (as I have tried to do, time and again:


Example #1: "Still not seeing Sweden signal versus Denmark really"... There it was (Images attached).
19 to 80 is an over 300% difference.

Tweet: https://t.co/36FnYnsRT9


Example #2 - "Yes, I'm comparing the Noridcs / No, you cannot compare the Nordics."

I wonder why...

Tweets: https://t.co/XLfoX4rpck / https://t.co/vjE1ctLU5x


Example #3 - "I'm only looking at what makes the data fit in my favour" a.k.a moving the goalposts.

Tweets: https://t.co/vcDpTu3qyj / https://t.co/CA3N6hC2Lq
FINANCE , ALL
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kārthik கார்த்திக் कार...
@almightykarthik
Hello Dear Tweeples!

It’s Siddhars time of the week! Last week I shared story of Guru (Machamuni or Yogi Matsyendranath), this week I bring you information on his Shishya.

#Thread on Gorakanathar Siddhar.

@LostTemple7


His origin story is interesting, though I couldn’t verify it’s authenticity, so not sharing the story here. He’s shishya of Machamuni Siddhar and also learnt from Agasthiya Siddhar.

@HelloNNewman @RajiIndustani @Kishoreciyer1

Unlike other Siddhars, he is depicted as either with a Tiger or seated & wearing Tiger skin. While I couldn’t find any explanation for this. My interpretation is as follows:

Tiger is a predator that lurks around and attacks unexpectedly.


Our 5 indriyas and 5 vikitis also similar to Tiger, they lurk around and attacks our thoughts when we’re least expecting. Gorakkar is said to have mastered these aspects, thus to denote this, he shown with Tiger.

@Itishree001 @VarierSangitha @jananisampath

Gorakanathar or Gorakshnath (as he’s known in the Nath Sampraday) is celebrated Guru in both Northern and Southern part of India. He’s one of the NavNath in Nath Sampraday and also 18 Siddhars of Tamil tradition. During his life, he’s travelled Indian subcontinent extensively +
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