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Investment Philosophy

Thoughts and guidance on investing strategies and framework.
Investment Philosophy

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...

Global Markets

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 ...

Investment Philosophy

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...

Educational Resources

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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 ...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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 ...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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 ...

Investment Philosophy

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 ...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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 ...

Investment Philosophy

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 ...

Investment Philosophy

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-...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

Alternative Investment Funds in India: Why AIF CAT III Is Gaining Investor Attention in 2025

In 2025, as Indian investors seek stability and long-term capital appreciation amid global uncertainty and market volatility, Alternative In...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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 ...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

Is ITC a value buy?

The world is a complicated place for companies. Commercial, social, ethical, environmental and governance issues intersect and intertwine in...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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...

Investment Philosophy

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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