Knowledge Corner – Weekend Reads

Kameera: Surrounded by Light (sanskrit)

At Tamohara, we take reading seriously, and go through a variety of analyses, perspectives and news from across the world. Our team curates the most insightful of these to share with you, on a weekly basis. These include blog posts, thought pieces, papers and more that will ensure you have quality reading every weekend.

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Curated reads for August 10, 2019

ON INVESTING

At the Ben Graham VI Conference, Joel Greenblatt, of Magic Formula fame, shares some nuggets of investing wisdom on market cycles and mean reversion. Read more



Market troughs make you question value investing and the value of sticking to a `research process’ . Julian Robertsen, legendary hedge fund manager of the Tiger Funds, one of the earliest hedge funds, wrote this parting letter to its investors. Robertson is credited with turning $8 million in start-up capital in 1980 into over $22 billion in the late 1990s, though that was followed by a fast downward spiral of investor withdrawals that ended with the fund closing in 2000. The following quote from John Maynard Keynes rings true as you read through the letter: “Markets can stay irrational longer than you can stay solvent.” Read more



You can either change the products to suit the existing market, or create a new market. Steve jobs famously said, "The customer never knows what they want until we show them". Here's a peek at how Volvo India found a void, developed the market, and sold a concept - A story of buses. Read more



ON BIASES

Is there a difference between ‘rationality’ and ‘intelligence’? Apparently, yes. The correlation between rationality and intelligence is very weak, as per this dated article. In fact, unlike intelligence, rationality can be improved through training – one reason we share articles on the sources of irrationality each week. Read more



Continuing on the above thread, Warren Buffett once said "Temperament is more important than IQ". Here is a list of 5 common behavioural mistakes made by investors, and a few tips to address them by Michael Mauboussin. Read more



LEARNING & DEVELOPMENT

The world is changing at a rapid pace, thanks to advents in technologies. Product development timelines are shrinking, while geographical boundaries are blurring. A small network meant for college kids is today among the most valuable companies in the world, so is a bookstore meant for shipping books cheaply. This pace and scale of innovation makes it difficult for investors to identify winning business models. The authors of this article, VC investors themselves, provide some tools to identify the winners of tomorrow. Their advice: non-linear thinking is a skill investors must cultivate or risk missing the next Apple opportunity. Read more



Another skill equally crucial to an investor - evaluating a product using the utility lens rather than the pricing lens. Read more



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