Author Archives: Anil Tulsiram

What Can Long Term Investors Learn from Private Equity/Venture Capitalist

I am generally obsessed with learning from other participants in equity ecosystem like short sellers, traders etc. Some time back I did post on What LT investors can learn from short sellers. This time lets look at what can long … Continue reading

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Investment Philosophy of John Maynard Keynes

Why read about Keynes Investment Philosophy? Under Keynes’s tenure as First Bursar of King’s College— a period that encompassed the 1929 market crash, the Great Depression, and World War II— the discretionary portfolio of the King’s College grew through Keynes’s … Continue reading

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Interpreting Seth Klarman quotes using Howard Marks Memos

Couple of years back I tried to compile Howard Marks memos from 2001-2011 in a 75 page document. It was quite a learning experience for me to go through this document again. You can download this document from here. I … Continue reading

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How to Learn

For long time I was planning to do a blog post, but somehow was finding it difficult to take out time. So finally decided to take a short cut. I am posting some compilation of thoughts from my EVERNOTE. Its not … Continue reading

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Failure Patterns of Companies

Acknowledgement: This is mostly a compilation of material from various books and blog post. I have tried to quote source wherever I could recollect.  I have a firm belief that any investor can easily outperform market over 5-10 years by a wide … Continue reading

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Transcript of my talk delivered at Flame Alumni Meet

What Causes Long term Loss of Capital – High Valuations or Lack of Sustainable Profits Note: This is slightly edited version of my talk delivered at Flame Alumni meet which I have reproduced based on my memory. You can download … Continue reading

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Turning Back Pages of My Investment Journal – Engineers India

Disclaimer: This is NOT a recommendation to Buy / Sell or Hold Note: I had written the below extract in April 2013. Things must have changed now.  ” since exceptional judgment is crucial to virtually all investment strategies, a critical element of … Continue reading

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Lakshmi Machine Works – Process Vs Outcome

“The thing I like to say here is the idea of process versus outcome. The world looks at outcomes but really should look at the underlying processes that produce those outcomes. I believe one should focus on INCREASE IN INTRINSIC VALUE rather than increase/decrease in share price to judge whether the process was right or wrong. Continue reading

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Good Business Vs Bad Business for Investors? No its Just NOT dependent on HIGH ROE.

Acknowledgement: In no way I would like to take any claim for the below finding. The below finding stuck me while re-reading all the interviews of Mr. Bharat Shah. The concept of Good Business and Bad Business is inspired from the post … Continue reading

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What causes Wealth Destruction over Long term? Lack of Growth and ROE below 15% or High Valuations?

Note: This is still a work-in-progress and am no way suggesting below finding are conclusive. Any how presenting my findings, with a view to receive some feedback. Acknowledgement: In no way I would like to take any claim for the … Continue reading

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