Yog Rajani

Brilliant thinking is rare, but courage is in even shorter supply than genius.

[Yog Rajani @YogRajani]

You probably assume I'm gonna focus on a topic and make intelligible arguments.
Jokes on you. I'm gonna rant here and make sense occasionally.
I'll talk about my life, work, philosophy and repost amazing content.

[Sangeet @sangaldoo]

25 is the last unserious age. Nothing is funny when you turn 26

[Yog Rajani @YogRajani]

“Looking backward, the chart looks easy. It removes the fear, the bad quarters, the scary headlines, the downgrades, the recessions and all the moments when selling felt like the intelligent thing to do.”
Especially true when your conviction is backed by position sizing

[Rose Celine Investments 🌹 @realroseceline]

The hardest part of owning a 10 bagger

Everyone wants to own a 10 bagger but very few people want to live through what owning one actually feels like. That is the part investors underestimate.

A 10 bagger rarely goes from $10 to $100 in a straight line. It might go from $10 to $18, fall to $12, run to $30, collapse to $19, climb to $55, fall back to $35 and only years later become $100.

Looking backward, the chart looks easy. It removes the fear, the bad quarters, the scary headlines, the downgrades, the recessions and all the moments when selling felt like the intelligent thing to do.

That is why finding a great business is only half the job. The other half is becoming the kind of investor who can actually hold it long enough for greatness to matter.

A lot of people find the right company and still miss most of the return. They buy early, the stock doubles, and suddenly it feels expensive, too large or less exciting than the next shiny idea.

Meanwhile the business may be doing exactly what they hoped. Revenue keeps growing, free cash flow keeps growing, the moat keeps strengthening and management keeps reinvesting intelligently.

This is why one of the most important skills in investing is separating the stock price from the business. A stock can fall 40% while the business becomes more valuable, and a stock can rise 100% while the business quietly gets worse.

Price is information, but price is not the business. The real question is whether the company is becoming stronger or weaker over time. Is the runway still large? Is free cash flow per share still growing? Is management still allocating capital intelligently and is the long term destination still intact?

This is also why conviction is so misunderstood. Conviction does not mean never selling. It means understanding the business well enough to know what would actually make you change your mind.

Maybe growth becomes structurally weaker, the moat starts disappearing or management begins destroying value. Those things matter because a stock being down 25% from its high, by itself, usually does not.

The strange part is that great investments often become harder to own as they succeed. The position gets larger, the valuation gets higher and the dollar swings become much more uncomfortable.

That is when trimming starts to feel responsible and sometimes it is. But often times it is just fear or boredom wearing a very intelligent disguise.

The question should not be how much the stock has already gone up. The question is how much larger the business can still become. Your cost basis tells you everything about your past return and almost nothing about the future opportunity.

Some of the most expensive investing mistakes happen after you were right. You found the business, understood it early and made a lot of money, then sold while the company itself was still in the early stages of becoming something much bigger.

This is why destination analysis matters. Instead of obsessing over the next quarter, ask what the business could look like five or ten years from now. How large can revenue become, what can margins become and how much free cash flow can eventually belong to each share?

The market makes this difficult because it gives you a new price every second and a new reason to react every day. The business itself compounds on a completely different clock.

Everybody wants the 10 bagger. Very few people want the fear, doubt and discomfort that usually come with owning one. That discomfort is often part of the price you pay for an extraordinary outcome.

A 10 bagger rarely feels like a 10 bagger while you own it. Most of the time it feels like a stock you almost sold five different times. 🌹

[Yog Rajani @YogRajani]

@InvestorMexican @brettgardner_10 has written a book about this. Great read, has improved my work significantly.
I probably should read it again

[Ganesh S. Nagarsekar🇮🇳 SEBI Regt RA-INH000008835 @bharatbetpf]

The last thing a sector sees before making a top.

[Jeff Stein @jstein_sun]

Men will deride astrology as nonsense and yet confidently predict the direction of bond yields

[Yog Rajani @YogRajani]

Ouch man don’t hurt my feelings like that

[ValueEquity @EquityValueIn]

Beyond a certain age a man believing in low PE stocks giving high returns is a bad thing

[Yog Rajani @YogRajani]

@imhiteshmodi You have confused Aurum Capital with Nine Rivers' Aurum fund by Sandeep Daga

[Yog Rajani @YogRajani]

@i_yyash @EquityValueIn The video has the answer 😁

[ValueEquity @EquityValueIn]

Very insightful presentation by @YogRajani on Shankara Buildpro at Bharat Nivesh forum in Pune , as someone I know very well personally , he presented a very interesting idea that most miss because it is not as cool as other sectors , do watch it

https://t.co/yoPhQcfEbk

[Yog Rajani @YogRajani]

@EquityValueIn Appreciate the support!

[Yog Rajani @YogRajani]

Hey guys! On 4th July, I presented an idea at @Bharat_Nivesh. Here's a link to the video.

P.S. I speak a lil fast and would recommend watching it at 0.8x

https://t.co/uresJhagS4

[Mastery Literature @MasteryQuot]

Under the surface your mind is transforming in ways we cannot see but contain all of the seeds of your future success.

[High Yield Harry @HighyieldHarry]

“i’m engaged!” “i’m pregnant!” “i just bought a house!”

i just put in a 50 cents on the dollar offer for a distressed asset

[darpan (afk) @darpunn]

What the fuck is a credit card enthusiast

[Yog Rajani @YogRajani]

Yeah, it was a sad realisation

[Divergent Capital @Divergent7651]

Walter Schloss said in an OID interview that you’re only just getting acquainted with what you’re doing in the first *10 years* of investing.

[Finding Compounders @F_Compounders]

“All I ask for is an unfair advantage”

- Hank Greenberg

[Yog Rajani @YogRajani]

Yup

[Codie Sanchez @Codie_Sanchez]

You’re supposed to use every unfair advantage you have. Connections, looks; money, all of it.

You're not noble by picking the hardest path just to look like an underdog.

[Yog Rajani @YogRajani]

Charlie bhai ye to us moment ho gaya

[Big Brain Business @BigBrainBizness]

Charlie Munger on recognizing his edge at an early age: "I was naturally arrogant" — and that quiet confidence built one of the greatest investment minds in history.

[Yog Rajani @YogRajani]

Some pictures represent moments of extreme gratitude. This is one of them.
On 4th July, I addressed the audience at @Bharat_Nivesh , talking about one of my high conviction ideas.
I'm extremely grateful to my friends for showing up and my mentors for believing in me!
Life is good

[Yog Rajani @YogRajani]

You didn't have to hurt my feelings like that

[Unemployed Capital Allocator @atelicinvest]

The world's richest companies told you that they were going to blow all their money - literally thousand yards+ a year - into buying literally every every computing hardware that's out there out on the market, and you had 6 months+ to adjust to this with all the evidence pointing towards it and you missed it entirely because you grew up in a world where computing hardware was a dirty word. You're literally no better than Hoult's character in this movie. You know how to sound like you know what you're talking about but when an opportunity comes knocking at your door you couldn't think from first principles out of a wet paper bag and missed out on a generational run that even a small % allocation would have changed your career entirely. Now you're just left holding your dick in your hand hoping desperately for this to be a bubble and everything to come crashing down so you look like a hero once again just like 25 years ago