32 Comments
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Aadi Jain's avatar

The persistence with which the owner mindset philosophy has been practised by your team is in itself deserving of praise.

Kudos and thanks for sharing these insights.

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Thirumeni Thangaponnu's avatar

Thanks Anand -- well written and helps to reinforce the owner mindset with specific details.

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Sameer Bhise's avatar

Super read!

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Dr.Mani's avatar

Philosophy lesson well taken. And message received, loud and clear.

Thank you very much for a most convincing presentation. Even to an avid Buffet-Munger-Graham fan like me, this was helpful, for sure. 🙏

P.S. - Oh, and I did smile at: "If not, stay for the jokes."

Keep 'em coming, too.

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Sibi's avatar

As Morgan Housel said, lack of FOMO has to be one of the most important investing skills.

Anand Sir, you made it more empirical. The "Kammunu Kida" school of investing.

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Ankur's avatar

Superb. Very difficult to practice. Thanks for sharing your thoughts. Have benefited and learned a lot from it.

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Umang Shah's avatar

a wonderful read! had one query - do you internally track how much of these returns were coming from intrinsic growth in business, and how much from change in multiples over time? the essay personifies 'investing is simple but not easy'

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Anand Sridharan's avatar

Round numbers, mid-teens EPS growth. We get few % from dividends.

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Venkatesh Subramanian's avatar

Dear Anand,

Its fantastic that you have been able to get to the bulls eye ont he biggest risk in business and investing and probably in life too. Its ourselves. Thats why knowing oneself so important and thats hardly something that anybody even bothers about. Everybody is obsessed with the external. The Chinese philosopher Tsun Tzu said : " KNow yourself. Know your enemy. You win the war ". Often the enemy is inside . Thank you for writing this.

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Jasdeep Nagpal's avatar

Well articulated article.

Similar process has been followed by my dad for his portfolio for over 40-45 yrs..do nothing .

Some of the shares have fallen by the wayside, the balance have grown beyond compare.

And yes, like you, my small efforts at 'doing something ' only resulted in losing potential value, which i can only regret now.

Totally with you in this theory.

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Kinack's avatar

Fantastic read. The most important element remains "security selection"

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Gopalkrishn Nambi's avatar

Profound. Honest. Great write up. Did a similar regression analysis post 2008....lost out on the miracles of compounding!

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Anthony DSouza's avatar

Brilliant Anand. By not dwelling on technical details and explanations in the main body of the article, you have actually concentrated our focus on "do nothing" and to some extent "think like a business owner".

At the same time, you have not left skeptics out in the cold by adding the extensive Footnote. Thanks for sharing.

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Vishal Sarda's avatar

These are super insights. The power of doing “nothing” works only when sufficient work has been done in the beginning. For most, regularly buying and holding an index fund could provide satisfactory results.

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Deepak Shah's avatar

Thank you for such a Valuable & Timeless lesson!

Difficult but necessary to practice.

On a lighter note would love a comment from you on your analogy of the Wall instead of the Legend.

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Manish Vij's avatar

Great article Anand. You have further strengthened my belief in a similar philosophy. One question: What's the definition of absurd valuation (in terms of PE or any other ratio that's easily available to see)?

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Shirish Vora's avatar

Very well written and explained very simple for a layman to understand.

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