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Investment Philosophy
Munger on the Hidden 3% Tax
In 1998, Charlie Munger, the legendary investor and Vice Chairman of Berkshire Hathaway, gave a speech called Investment Practices of Leadin...
Munger on Overconfidence in Investing
Charlie Munger gave a speech at a meeting of the Foundation Financial Officers Group in Santa Monica, California in 1998, called Investment ...
Munger on the Dangers of Diversification
Charlie Munger’s speech Investment Practices of Leading Charitable Foundations, given at a meeting of the Foundation Financial Officers Grou...
Munger on the Dangers of Complexity in Investing
In 1998, Charlie Munger, the legendary investor and Vice Chairman of Berkshire Hathaway, gave a speech called Investment Practices of Leadin...
Charlie Munger on the Importance of Investment Psychology
Legendary investor Charlie Munger’s speech, A Lesson on Elementary, Worldly Wisdom as It Relates to Investment Management and Business, offe...
Charlie Munger on the Importance of Investment Psychology
Legendary investor Charlie Munger’s speech, A Lesson on Elementary, Worldly Wisdom as It Relates to Investment Management and Business, offe...
Why Some Businesses Win: Charlie Munger on the Pros and Cons of Scale
In 1994, legendary investor Charlie Munger delivered what would become one of the most widely read speeches in business and investing: The A...
Intelligent Investor: Margin of Safety
In the final chapter of The Intelligent Investor, Benjamin Graham once again talks about the margin of safety: or the difference between an ...
Intelligent Investor: Shareholders, Managements, and Dividend Policy
In chapter 19 of his book on investing, The Intelligent Investor, Benjamin Graham talks about the relationship between shareholders, i.e. in...
Intelligent Investor: Four Constructive Case Histories
In chapter 17 of his book The Intelligent Investor, Benjamin Graham shares the case studies of four real companies to show how irrational be...
Intelligent Investor: Convertible Issues and Warrants
In the world of markets and investments, certain instruments are often marketed as offering the “best of both worlds.” Convertible securitie...
Intelligent Investor: Stock Selection for the Defensive Investor
In an earlier blog, we examined Benjamin Graham’s views on how a defensive or conservative investor should build his portfolio. In a later c...
Intelligent Investor: Stock Selection for the Enterprising Investor
In the previous blog, we looked at Benjamin Graham’s take on how defensive investors should pick stocks for their portfolio, as outlined in ...
Intelligent Investor: Things to Consider about Per-Share Earnings
Benjamin Graham, the grandfather of value investing who counts Warren Buffett among his disciples, published his book The Intelligent Invest...
Intelligent Investor: Security Analysis for the Lay Investor, General Approach
In the information overload era, with excessive data, expert opinions and market noise, how should an ordinary investor evaluate a stock or ...
The Intelligent Investor: The Investor and His Advisors
Economist and financial analyst Benjamin Graham is widely known as the “father of value investing.” In his book The Intelligent Investor he ...
The Intelligent Investor: Investment Funds
For most of us looking to build wealth, it isn’t about whether we should invest in funds — but how. Should you build a portfolio by yo...
The Intelligent Investor: The Investor and Market Fluctuations
The Intelligent Investor by Benjamin Graham lays out an investment philosophy grounded in discipline, structure, and careful research, princ...
The Intelligent Investor: The Aggressive Investor’s Portfolio with a Positive Approach
First published in 1946, Benjamin Graham’s The Intelligent Investor outlines an investment philosophy rooted in discipline and structured, w...
Long-Term Investing Myths That Hurt Wealth Creation
Long-term investing is widely regarded as one of the most effective ways to build sustainable wealth. Yet, despite its popularity, several p...
Investing in India’s Consumption Story Through PMS Investment
India’s consumption story is one of the strongest long-term structural investment themes in the country’s growth journey. Rising disposable ...
How PMS Schemes Capture India’s Long-Term Structural Growth
India’s long-term structural growth story presents one of the most compelling investment opportunities in emerging markets. From rapid digit...
The Intelligent Investor: The Aggressive Investor’s Portfolio with a Negative Approach
First published in 1946, Benjamin Graham’s The Intelligent Investor outlines an investment philosophy rooted in discipline and structured, w...
The Intelligent Investor: The Defensive Investor and Common Stocks
Benjamin Graham’s book The Intelligent Investor, first published in 1949, offers advice that is based on discipline and discernment.The book...
The Intelligent Investor: The Defensive Investor’s Portfolio
Benjamin Graham’s book The Intelligent Investor, offers an investment philosophy rooted in discipline. The book may have been first publishe...
The Intelligent Investor: Understanding The Aggressive Investor
Benjamin Graham’s book The Intelligent Investor, offers an investment philosophy rooted in discipline. The book may have been first publishe...
The Intelligent Investor: Understanding The Defensive Investor
First published in 1949, The Intelligent Investor by Benjamin Graham remains one of the most influential books ever written on investing and...
The Intelligent Investor: Investment vs Speculation
In the world of finance and wealth creation, investing and speculation are often misunderstood. Benjamin Graham, widely regarded as th...
The Intelligent Investor: Jason Zweig’s 7 Virtues of Great Investors
Jason Zweig, the journalist well known for his column “Intelligent Investor” in the Wall Street journal, has written about seven virtues of ...
The Intelligent Investor: Benjamin Graham’s 4 Investing Cornerstones
Benjamin Graham is widely regarded as the father of value investing and one of the most influential thinkers in the history of financial mar...
A Lesson on Elementary Worldly Wisdom: The Danger of Overconfidence and Sector Rotation Fads
In his 1994 speech A Lesson on Elementary Worldly Wisdom given at the University of Southern California, legendary investor Charlie Munger, ...
A Lesson on Elementary Worldly Wisdom: Incentives and Human Behaviour in Business and Investing
In his speech A Lesson on Elementary Worldly Wisdom given at the University of Southern California in 1994, Charlie Munger, the legendary in...
A Lesson on Elementary Worldly Wisdom: Tax Efficiency and Passive Costs
Legendary investor Charlie Munger gave a lecture in 1994 at the University of Southern California titled A Lesson on Elementary Worldly Wisd...
A Lesson on Elementary Worldly Wisdom: The Importance of Quality Businesses and Long-Term Holding
In a 1994 lecture at the University of Southern California titled A Lesson on Elementary Worldly Wisdom, Charlie Munger talked about how inv...
A Lesson on Elementary Worldly Wisdom: Mathematics and Probabilistic Thinking
In his influential 1994 lecture, A Lesson on Elementary Worldly Wisdom, delivered at the University of Southern California, Charlie Munger l...
A Lesson on Elementary Worldly Wisdom: Recognising Opportunities and Loading Up Selectively
In his influential 1994 lecture A Lesson on Elementary Worldly Wisdom, delivered at the University of Southern California, legendary investo...
A Lesson on Elementary Worldly Wisdom: Psychology of Misjudgement
In his well-known lecture A Lesson on Elementary Worldly Wisdom, given at the University of Southern California in 1994, legendary investor ...
A Lesson on Elementary Worldly Wisdom: Applying Multiple Mental Models to Understand a Business
In a famous lecture titled A Lesson on Elementary Worldly Wisdom, given at the University of Southern California in 1994, Charlie Munger — t...
Munger Investment Checklist Part 10: Focus
Warren Buffett’s longtime partner, Charlie Munger, left behind a legacy that reached far beyond the world of investing. Celebrated for his s...
Munger Investment Checklist Part 9: Change
Charlie Munger, Warren Buffett’s longtime partner, was well known for his sharp intellect and simple, straightforward wisdom on matters rela...
Why Loss Aversion Shapes Portfolios More Than You Realize
In investing, numbers tell only part of the story. Human behaviour, emotions, and psychology often shape decisions in ways that can be more ...
Munger Investment Checklist Part 8: Decisiveness
Warren Buffett’s longtime partner, Charlie Munger, left behind a legacy that reached far beyond the world of investing. Celebrated for his s...
Why Conservative Investors Shouldn’t Ignore Equity
When it comes to building wealth, conservative investors often prefer fixed-income instruments such as bonds, deposits, or government securi...
Top Mistakes Conservative Investors Make and How Portfolio Management Schemes Avoid Them
Conservative investors often enter the markets with the right intention: to protect capital and grow wealth steadily. Prudence is a strength...
Munger Investment Checklist Part 7: Patience
Warren Buffett’s lifelong partner, Charlie Munger, left a legacy that went far beyond investing. Known for his razor-sharp intellect and pla...
Munger Investment Checklist Part 6: Allocation
Charlie Munger, Warren Buffett’s long-time partner at Berkshire Hathaway, was admired not just for his sharp investment judgment but also fo...
Munger Investment Checklist Part 4: Intellectual Humility
Charlie Munger, Warren Buffett’s long-time partner at Berkshire Hathaway, was admired not just for his sharp investment instincts, but also ...
Munger Investment Checklist Part 5: Analytical Rigour
Charlie Munger, Warren Buffett’s long-time partner at Berkshire Hathaway, was celebrated not only for his sharp investing acumen but also fo...
Charlie Munger’s Investing Principles Checklist, Part 2: Independence
Charlie Munger, Warren Buffett’s long-time partner at Berkshire Hathaway, is admired for his investment acumen as well as his ability to sim...
Charlie Munger’s Multiple Mental Models Approach to Investment
Charlie Munger, the visionary vice-chairman of Berkshire Hathaway and longtime partner of Warren Buffett, revolutionised investing with his ...
Charlie Munger’s Investing Principles Checklist, Part 1: Risk
Charlie Munger, Warren Buffett’s long-time partner at Berkshire Hathaway, is celebrated not only for his investment acumen but also for the ...
The Role of Dividend Stocks in Conservative Long-Term Value Investing
In an investment world often driven by momentum and speculation, dividend stocks continue to be a beacon of stability, especially for conser...
Portfolio Management Services (PMS) vs Alternative Investment Funds (AIF Fund): Which Investment Route Is Right for You?
When it comes to wealth creation, the investment landscape offers a variety of sophisticated instruments that go beyond traditional mutual f...
Is Conservative Long-Term Value Investing the Key to Retirement Planning?
Retirement planning isn’t just about saving money—it’s about preserving and growing it in a way that provides security, income, and peace of...
Becoming A Better Investor: The Lollapalooza Tendency
Legendary investor and former Berkshire Hathaway vice-chairman Charlie Munger often highlighted the powerful role human psychology plays in ...
Becoming A Better Investor: Reason-Respecting Tendency
Legendary investor and former Berkshire Hathaway vice chairman Charlie Munger often highlighted the powerful role human psychology plays in ...
Becoming A Better Investor: The Twaddle Tendency
Renowned investor and former Berkshire Hathaway vice-chairman Charlie Munger emphasised just how much human psychology affects our decision-...
Becoming A Better Investor: The Authority-Misinfluence Tendency
Legendary investor and former Berkshire Hathaway Vice Chairman Charlie Munger is known for his valuable advice when it comes to financial pl...
Becoming A Better Investor: The Senescence-Misinfluence Tendency
Charlie Munger, Warren Buffett’s longtime partner and Berkshire Hathaway’s vice-chairman, often highlighted the powerful role human psycholo...
Becoming A Better Investor: The Drug-Misinfluence Tendency
Charlie Munger — renowned investor, Berkshire Hathaway’s vice-chairman, and Warren Buffett’s trusted partner — often emphasised how deeply h...
Becoming A Better Investor: Use It Or Lose It Tendency
Charlie Munger, Vice Chairman of Berkshire Hathaway and a legendary investor and businessman, has a list of 25 psychological tendencies that...
Becoming a Better Investor: Deprival-Superreaction Tendency
Legendary investor and former Berkshire Hathaway Vice Chairman Charlie Munger is known for his valuable advice when it comes to money and in...
Becoming A Better Investor: The Social Proof Tendency
Charlie Munger, Vice Chairman of Berkshire Hathaway and a legendary investor and businessman, made a list of 25 psychological tendencies tha...
Becoming A Better Investor: Contrast-Misreaction Tendency
Legendary investor and former Berkshire Hathaway Chairman Charlie Munger is well-known for his work, Poor Charlie’s Almanac. In it, he highl...
Becoming a Better Investor: Stress-Influence Tendency
Legendary investor and former Berkshire Hathaway Vice Chairman Charlie Munger is known for his valuable advice when it comes to money and in...
Becoming a Better Investor: Availability Misweighing Tendency
In Poor Charlie’s Almanack, legendary investor Charlie Munger highlights 25 psychological tendencies that influence how we think and make de...
Becoming a Better Investor: Overoptimism Tendency
Charlie Munger, the legendary investor and longtime Berkshire Hathaway Vice Chairman, has some of the best advice on how to invest and make ...
Becoming a Better Investor: Excessive Self-Regard Tendency
Investing is within reach for everyone—and with the right mindset, it can lead to meaningful rewards. Legendary investor and longtime Berksh...
Becoming a Better Investor: Simple, Pain-Avoiding Psychological Denial Tendency
Investing is accessible to all of us. And with the right mindset, it can yield meaningful returns. Legendary investor and longtime Berkshire...
Becoming a Better Investor: The Influence-from-Mere-Association Tendency
Investing is for everyone. And if done with the right mindset, it can offer rewarding returns. Legendary investor and former Vice Chairman o...
Becoming a Better Investor: The Reciprocity Tendency
Charlie Munger, the legendary vice-chairman of Berkshire Hathaway and Warren Buffett’s longtime partner, often highlighted the role of human...
Becoming a Better Investor: Envy Jealousy Tendency
Charlie Munger, the longtime business partner of Warren Buffett and vice-chairman of Berkshire Hathaway, often emphasised how human psycholo...
Becoming A Better Investor: The Curiosity Tendency
Charlie Munger, Vice Chairman of Berkshire Hathaway and a legendary investor and businessman, has a list of 25 psychological tendencies that...
How PMS Services Enhance Conservative Long-Term Value Investing for Wealth Preservation
When using PMS services (Portfolio Management Services), investors gain access to expert advice and tailored strategies that align with thei...
Navigating Market Cycles with Conservative Long-Term Value Investing and Portfolio Management Services
Navigating market cycles can be one of the most challenging aspects of investing. The highs and lows, bullish and bearish trends, often leav...
How is SEBI Pushing For Growth and Transparency in AIFs?
India’s financial landscape is undergoing a transformative shift, fuelled by a confluence of factors. A decade-long surge in wealth has seen...
Charlie Munger’s Sage Advice for Investors
In this year’s Berkshire Hathaway letter, Warren Buffett highlights some thoughts about life and investing expressed by his partner, Charlie...
Is ITC a value buy?
The world is a complicated place for companies. Commercial, social, ethical, environmental and governance issues intersect and intertwine in...
Initial Public Offerings (IPOs)
IPOs are highly marketed events. There is an entire intermediary ecosystem that is built to package and sell an initial public offering. The...
10 Years of Indian Equities Investing
Shepherd’s Hill has completed 10 years of investing in the Indian equity markets. It is a significant milestone for any investment organisat...
Buffett on Volatility and Risk
Continuing from last week’s discussion about the difference between volatility and risk, here are comments made by Warren Buffett on this to...
Volatility Is Not Risk
For the long-term value investor, volatility is not risk. This is a very important concept in the investment business. Many people, from ana...
Liquidity – Lower is Better
In our previous post, we talked about portfolio churn and how it can be a good indicator of the quality of an investor’s process and portfol...
Portfolio Churn – Lower is Better
Portfolio churn can be calculated as the value of sells (or buys) in a given year divided by the average value of the portfolio during the y...
FM Speaks: Where To Not Invest – Part 2
In the second half of this talk, many pitfalls and caution areas are covered for investors in the Indian equity markets. Why should we not i...
The Case For Small-Caps
It is useful to think of investment opportunities in the publicly listed space in terms of market capitalisation. “Market-cap” is nothing bu...
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