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 September 07, 2019

ON INVESTING

Trade wars, Low/Negative interest rates, China slowdown - it's easy to rattle off a list of concerns troubling the global economy today. Here's Howard Marks with some (dated) advice on how to navigate such choppy waters. Read more



Charlie Munger famously said, “I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.” If you care to join the debate around passive investing, then here is a contrarian view to the article that we shared last week that cautioned about an emerging bubble in passive investing. Read more



Even as they represent different asset classes and suit different risk profiles, there are a lot of similarities between stocks and bonds - at least, Warren Buffett thinks so. This article explains how: Read more



Continuing on the previous thread, while stocks may be similar to bonds, *the equity markets behave quite differently than the stock markets*. The S&P 500 recently reached new all-time highs, while 10 year US treasury yields reached multi-year lows. Here's Ray Dalio and with a few veterans from Goldman Sachs on how to decipher and plan for such disconnects. Read more



At the on-going US Open, Djokovic pulls out due to an injury. Federer loses to Dimitrov. Despite such disappointments, here's one lesson from the game of tennis for investing. Read more



ON BIASES

The Business Roundtable, the organization for chief executive officers of large U.S. corporations, got a lot of attention last month with its revised “Statement on the Purpose of a Corporation.” The document, signed by 181 CEOs, calls for companies to serve all stakeholders by delivering value to customers, investing in employees, dealing fairly with suppliers, supporting the communities in which companies operate, protecting the environment and also generating long-term value for shareholders. Alfred Rappaport explains, using the mental model of 'Trade-offs', that such a commitment may fall short of delivery. Read more



Outsourcing is considered a great tool to reduce inefficiencies; until it slips into intellectual laziness. In investing parlance, blindly cloning investments of well-known investors can often lead to unpleasant results - a lesson that many investors learnt in the small cap correction of 2018 in India. These investors may seek consolation in the fact that a number of reputed global investors also suffer from this folly. However, that's the thing with biases - they are all pervasive. Thus, it is important that we remain aware of our own subconscious pitfalls, otherwise we end up paying a heavy price (literally!!) for our mistakes. Read more



LEARNING & DEVELOPMENT

This is no ordinary story. While every actor has had his share of struggles, the word ‘struggle’ dwarfs against what this actor has overcome. As a child, he had problems with speech, attention, numbers, alphabets and words. Growing up, he started out as a waiter, turned in to a photographer while intermittently running a ‘farsan’ shop, did some stage plays, to finally turn in to a movie actor at age 44. And he turned in to such an actor that his first major role in a film won him an award. The rest, as they say, is history. Hear it from the man himself: Read more



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