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 November 09, 2019

ON INVESTING

What do you do when you hear the names Graham and Dodd, Seth Klarman, and Michael Lewis (of the Moneyball fame) in the same sentence? You pay attention. Here is a short read from an essay written as a preface to the sixth edition of Graham and Dodd’s "Security Analysis" by Seth Klarman who draws parallels between Michael Lewis’s 2003 book "Moneyball" and value investors. Read more



It is widely believed that the CEO's primary responsibility is to drive growth in revenues and profits. That's not completely true. The most important job that a CEO has is to allocate capital so as to maintain current operations (adjusted for inflation) and enhance future intrinsic value of the business. Many CEOs fail to understand the long term implications of prudent capital allocation, or lack of it. The article underscores the importance of prudent capital allocation. Read more



ON BIASES

All of us who have been working for over a decade would recollect how naively we thought that retirement was possible with 'x' amount of savings. That figure today is around 5-7x - that's the amount of savings that would make us comfortable to think about retirement. In reality, past a certain income the most difficult financial skill is getting the goalpost to stop moving. There really is no objective level of savings, because inflation took over, our lifestyles got upgraded, and most importantly, because someone else has higher savings than us. We always think about wealth comparatively. Maybe its better if we defined wealth with words rather than figures? Read more



LESSONS FROM HISTORY

Is P/E a measure of price to earnings or perception of earnings? The author of this article turns to Rembrandt's paintings in search for the answer to this question. And if you are worrying about 'a bubble in quality', the author has some advice to dispense at the end of this short note. Read more



LEARNING & DEVELOPMENT

In a world abundant with distractions, we are constantly in pursuit of true periods of focus – deep work, flow states, and highly productive sessions where we see tangible results. However, sometimes while trying hard to focus, our minds wander and we drift into a day-dreaming mode, staring aimlessly in to the distance. Is this day-dreaming really a distraction or a necessity? Read on to find out what science and experts have to say. Read more



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