Knowledge Corner – Newsletters

Asmayu: Rays of Light (sanskrit)

At Tamohara, we take reading seriously, and go through a variety of analyses, perspectives and news from across the world. What you see here is a distillation of the insights that arise as a result of all that reading. We hope you enjoy these newsletters that our team puts together and give you a different perspective of thinking about investing and on certain industries!

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A (Not so) Gentle Reminder...

November 22, 2019

There is a verse in the Bible that goes: "Ask, and it will be given to you. Seek, and you will find. Knock, and the door will be opened to you." In some ways, this applies to the stock market as well. The market feeds the perception of the seeker - to the trader, it offers a trade; to the gamblers, it offers a gamble; to the bear, it offers a crash; to the bull, it offers a rally; and so on. However, most of what the market offers are lessons - expensive ones for those that do not seek, and profitable ones for those that do seek. In this note, we look at some of the lessons that the market has repeated over the years.

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Investing lessons from the Ant and the grasshopper

April 30, 2019

Aesop’s stories have been teaching us for centuries. While they are mostly used to impart worldly wisdom to children today, we believe that these life lessons are worthy of a revisit for grown-ups as well. For instance, the story of the ant and the grasshopper bears important lessons on how we should deal with the subject of money and wealth.

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The Two Types of Errors in Investing

March 29, 2019

It is difficult to go through life without making errors - ‘To err is human’, as they say. While errors are inescapable, building an understanding of the different types of errors can help avoid those that can be catastrophic. Sheetal Malpani explores this idea in the context of investing, and advices investors to commit one type of error while avoiding another type.

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The Question that troubles us the Most

February 27, 2019

Our previous newsletters have delved on investment philosophy, strategy and economics among other topics. Inevitably all of them focus on buying quality companies at a reasonable price. However, wealth creation involves another key decision: selling at the right time. This is a dilemma that has plagued fund managers across time. In this edition, we share our two cents on the topic.

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Business Perspectives From Vipassana

January 31, 2019

In the first newsletter of 2019, Varsha Valecha (Sr. VP, Investments) recounts her recent experience from attending the 10-day Vipassana course. In surviving the ten days without any form of communication, spending a large part of the day practicing meditation, she found not just inner quietude, but also some business insights. She feels that her early impressions from the course, in addition to financial metrics, can be used to identify potentially good businesses.

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Investing Lessons From Failing To Run A Marathon

December 21, 2018

Sheetal, Portfolio Manager at Tamohara, recounts his marathon training in this month's newsletter. Specifically, he narrates the irony of how some training quick-fixes, instead of working as short-cuts, resulted in him having to pull out of the marathon. Looking back, he turns his wounds into wisdom by drawing some investing lessons from this failure to run the marathon.

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Our Picks

Here are some of our favourite posts, or just a look back at something relevant.

Three Year Annivesary of TLES

October 12, 2018

On October 06th 2015, Tamohara launched its first strategy in the form of Tamohara Long Term Equity Strategy (TLES). On its third anniversary, we discuss the performance of the strategy and, more importantly, the philosophy underlying the creation of the said portfolio.

The Painful Multibagger

November 30, 2017

Recent news flow around China’s Tencent Holdings surpassing Facebook by market capitalisation was almost unmissable. The stupendous rise of more than 500x in the share price of the company over the last ~14 years would have left a lot of investors envious. One often wishes when looking at such a chart that one could go back in time and invest in that security. While the lure of making big money from a single investment is hard to resist, we argue that even with the benefit of hindsight, not many investors would be able to ride such a journey.

The Fallacies of Our Mind – III

August 31, 2017

Under the ‘Fallacies of Our Mind‘ series, we have established that many of our instincts are detrimental to our investment outcomes. While we cannot re-wire our brains, it is important that we understand its shortcomings, and design an investment process that helps us overcome these emotional hurdles. Towards this end, in this installment of the ‘Fallacies of Our Mind’ series, we discuss two mental shortcomings – the inability to notice small incremental changes and the inability to comprehend non-linear relations.

Predictions, Timing, & Time in Market

May 31, 2017

Predictions give us a sense of control in an otherwise ambiguous system like the stock market. Since the human brain does not like uncertainty, we tend to look for patterns to make sense of such complex systems. In our attempt at simplification, however, we usually end up with over-simplification. One such over-simplification is the attempt to time stock market corrections. Such activities are presumed to be of value add to long term investment results. However, we believe that to understand the true value-add of timing, investors need to answer the following four questions:

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