A very high quality speech on "The Practice of Value Investing", by Li Lu. It is clearly makes sense why Charlie munger invested in his fund.
@FI_InvestIndia @Longterm_wealth @unseenvalue@Dinesh_Sairam @RichifyMeClub
https://t.co/YRIRmhwsN5
Living below your means. Not poverty. Strategic simplicity. Small house, big bank account. Regular car, new investments. Simple pleasures, complex assets.
The gap between what you make and what you spend is your freedom. Lifestyle inflation is voluntary slavery.
What is the biggest wealth in this one life that I would never ever part with? Well, for every year of the work I did with the government, the deal was, they pay me Rs 1. For the 8 years out there, I got 8 cheques & this one here was my last salary drawn 🙏
most humans don’t even realize how much they’re filling in gaps with vibes & guesswork, aka hallucinating—people just assert confidently & hope no one checks.
@aravind Nope, plan to stay in India.
Think of it this way: this deal was the reason significant amount of forex came into India, and I was able to contribute tax to the country.
I see no reason for bitterness.
@udaykotak India at 77 is not right way how we should look at our country. Because civilisational glory is cyclical phenomenon. no?
We must aspire to go where we were centuries ago. It is more of a turn around story.
Warren Buffett on LTCM - "Those guys would tell me back when I was back at Solomon, a six sigma event would not touch us. Or a seven sigma event. But they were wrong. History does not tell you the probability of future financial events happening. They had a great reliance on mathematics. And they felt that the beta of the stock told you something about the risk of the stock. It doesn't tell you a damn thing about the risk of the stock in my view. And sigmas do not tell you about the risk of going broke in my view. Maybe in their view now too. But, I don't like to even use them as an example because they are, because the same thing in a different way could happen to any of us, probably. Where we really have a blindspot about something that is crucial because we know a whole lot about something else. It's like Henry Kaufman said the other day: the people that are going broke in this situation are of two types: the ones who knew nothing and the ones that knew everything."