Knowledge Corner – Newsletters

Ashmayu: 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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Stories Explain Anomalies

September 30, 2022

Dear Investor, In our September 2022 investor letter, Our Head of Research, Harini Dedhia explored the power of narratives in explaining anomalies we see in history and in the investing world. Her recent trip to Slovenia made her realise that in most successful (read peaceful and prosperous) nations, a common language becomes the single most defining characteristic contributing to national identity. The exception to this was USA and perhaps now India. Understanding how USA, a land of immigrants made the collective effort towards national pride and prosperity will help us better understand how India, a land of 22 official languages can and will make a push towards collective prosperity. We are the anomaly. Understanding how narratives explain anomalies may also help establish a context for the anomaly that is India's valuation vis-a-vis other emerging markets. We hope you enjoy this read! Here's wishing you happy reading, investing, and a very happy and a prosperous festive season!

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English, Hinduism, and M&A

June 30, 2022

Tamohara's June 2022 newsletter is an exploration into English Language, Hinduism and M&A deals! Two of the largest cultural success stories that I can think of are the English Language and Hinduism. Multiple centuries, influences, conflicts and contenders later, both still command an influence over a billion human beings on planet earth. An exploration into their rise can perhaps illuminate what would make a company pursuing inorganic growth (i.e. growth via mergers and acquisitions) successful. We hope you enjoy reading this.

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Story of The Year - Ashmayu - Newsletter

March 31, 2022

Dear Investor, For the past three years, it has become tradition for me to pick a ‘story of the year’ atthe conclusion of every financial year. The idea is to take stock of the year and thendrown out all the noise in order to identify the story that truly caused or causes astructural shift in my opinion. On March 31st 2019, I wrote:

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Best Books I Read in 2021

December 31, 2021

Dear Investor, I chose to become an investor primarily for my love for reading. Reading across disciplines and masking that as work (along with making money, ofcourse) has been a big motivator. I t is therefore only right (and now a tradition!) for me to reflect upon the books I have read this past year and ponder over the lessons learnt from them. Extending that tradition to our investors, I will put across thoughts on the best books I have read in 2021 and what they taught me

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Sherlock, Moriarty and Behavior

September 30, 2021

Dear Investor, The easiest thing to do in the stock market today is to make a mistake, and not get penalised for it in the short run. This error will be behavioral in nature and to combat it we will have to take on another avatar so as to not become a victim of our own biases.

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June 30, 2021

One of the primary concerns for every investor today across the globe is inflation. This is perpetuated by the meteoric rise seen in commodity prices (crude oil, metals, agri commodities, etc.) over the past year. However, headlines such as ‘stocks extend decline on inflation woes’ that are now prevalent, are not entirely accurate. In our exploration today of the relationship between inflation and equity markets, we do not endeavor to predict where inflation is headed. We are simply establishing the fallacy of thinking that rising inflation necessarily suggests doom for businesses. This inverse relationship touted between rising inflation and equity returns has its genesis predicated on two theories- one fundamental concerns on the business and other concerns on the sustainability of valuations

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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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