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Abhishek Basumallick
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Abhishek's posts

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Learning from Security Analysis - Part 1
I have started re-reading Security Analysis, 6th edition, (also will add on things from the 5th ed). I have been putting it on the backburner for sometime, but since the last time I read this was about 14 years back, decided that I have changed too much not...

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Aarti Industries - Good Chemistry
Business Overview • Aarti Industries (AIL) has 3 divisions –     o Specialty chemicals - Polymer & additives, Agrochemicals & intermediates, Dyes, Pigments, Paints & Printing Inks, Pharma Intermediates, Fuel Additives, Rubber chemicals, Resins, Fertilizer &...

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Stock Update: Century Ply
Q3 FY17 investor presentation and concall summary - • Hoshiarpur plant for MDF is to start in Mar 2017 • Sainik sold 11,819 CBM (cubic meter) vs 12,037 cbm last year. This is despite impact of demonetization • Ply sales have been strong in January 2017 as w...

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Learnings from Buffett's 2017 Annual Letter
This year Buffett dealt with a few important points. I found his lengthy discourse on the superiority of index funds intriguing - but not really applicable for the Indian markets as here, maybe unlike in the US, there is significant outperformance by good f...

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My takeaways from Howard Marks' presentation
My notes from Howard Marks' presentation on 2-Mar-17: • Definition of "great" companies is dubious. Very difficult to identify great companies over a very long period   • Investing is not a matter of buying good things, but buying things well (buying assets...

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Building the Right Investment Temperament - Excerpts from Howard Marks - Part 6
Finding bargains • Investment is the discipline of relative selection • Our goal isn't to find good assets, but good buys. Thus, it's not what you buy; it's what you pay for it.    • The necessary condition for the existence of bargains is that perception h...

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Building the Right Investment Temperament - Excerpts from Howard Marks - Part 5
Being attentive to cycles • Just about everything is cyclical. Cycles always prevail eventually. Nothing goes in one direction forever. Awareness of the pendulum • There are a few things of which we can be sure, and this is one: extreme market behaviour wil...

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Guru Speak - Charlie Munger speaks at the Daily Journal annual meeting
Always instructive to hear Charlie Munger.

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Building the Right Investment Temperament - Excerpts from Howard Marks - Part 4
Howard Marks has written extensively on risk and its management. The riskiest things: the most dangerous investment conditions generally stem from psychology that's too positive. For this reason, fundamentals don't have to deteriorate in order for losses to...

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Building the Right Investment Temperament - Excerpts from Howard Marks - Part 3
There are two essential ingredients for profit in a declining market: you have to have a view on intrinsic value, and you have to hold that belief strongly enough to be able to hang in and buy as price decline suggests you are wrong. Oh yes, there's a third...
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