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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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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INFLATION, BUSINESSES & EQUITY

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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Investor letter

March 31, 2021

At Tamohara, we take reading seriously, and go through a variety of analysis, perspectives and news from across the world. In this newsletter , we call out the multidecade force that shall shape the globe & India"s possible stellar role in it

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PANDEMICS_ANTIFRAGILITY

April 15, 2020

We hope that this note finds all of you and your families healthy, safe and sound. We are all faced with an unprecedented situation and are struggling to make sense of what the future will look like. While we are not qualified to provide a qualitative view on the cause and effect of this virulent disease, we would like to share a few thoughts on how we are positioning our portfolios to face this “Black Swan Event”

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INTRODUCING TAMOHARA SMALLCASE

April 30, 2020

We are happy to launch Tamohara Smallcase on 6th May ,2020 .The proposition shall allow you to leverage Tamohara"s investment expertise on a technology platform in a paperless way .Look forward to your support & encouragement in making this endeavour a successful one.

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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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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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