Came to know about this book through your tweet. Absolutely brilliant book. Shared relevant snippets with the rest of our investment team. Thanks for recommending it.
Thank you for the book. Nalanda's investment framework is invaluable.
I have a related question, it will be great to know your thoughts on it:
How will you tradeoff between ROCE and re-investment opportunity? For instance, how will you compare company A (40% ROCE and no investment opportunity) and company B (20% ROCE and 100% re-investment opportunity)?
The former is equivalent to simple interest with higher rate and the latter is compound interest with lower rate (there are some more complexities: dividend taxation, one can re-invest dividends proceeds from A and compound it).
Or, will you not make this trade-off at all and demand high ROCE as well as high-reinvestment rate?
You say: "the best Indian investors don’t offer this visibility into their inner workings"
Very true. The only guide I've read that offered this was one called 'Happionaire' - but it was kind of average on its core investment premise.
I'm currently midway through Joel Greenblatt's 'The Little Book That Still Beats The Market', and intend picking up Pulak's guide next. As a biologist, I'm intrigued by the parallels from evolution that the title hints at. (Despite having already read Graham, Buffett and Munger!)
If it "nudges other Indian practitioners to share their approaches more systematically and comprehensively", that in itself would be a big win.
Could you please publish your quarterly letters for public consumption/ education?
Came to know about this book through your tweet. Absolutely brilliant book. Shared relevant snippets with the rest of our investment team. Thanks for recommending it.
Thank you for the book. Nalanda's investment framework is invaluable.
I have a related question, it will be great to know your thoughts on it:
How will you tradeoff between ROCE and re-investment opportunity? For instance, how will you compare company A (40% ROCE and no investment opportunity) and company B (20% ROCE and 100% re-investment opportunity)?
The former is equivalent to simple interest with higher rate and the latter is compound interest with lower rate (there are some more complexities: dividend taxation, one can re-invest dividends proceeds from A and compound it).
Or, will you not make this trade-off at all and demand high ROCE as well as high-reinvestment rate?
Thanks!
Superbly reviewed. Will get the book when it shows up in India. Thanks a ton.
Thank You & everyone at team Nalanda for such fabulous work. Gratitude to Mr Pulak for penning down his years of thoughts & experience.
If you could further assist me in getting my hands on - Pulak sir's quarterly letters it will be absolutely wonderful.
You say: "the best Indian investors don’t offer this visibility into their inner workings"
Very true. The only guide I've read that offered this was one called 'Happionaire' - but it was kind of average on its core investment premise.
I'm currently midway through Joel Greenblatt's 'The Little Book That Still Beats The Market', and intend picking up Pulak's guide next. As a biologist, I'm intrigued by the parallels from evolution that the title hints at. (Despite having already read Graham, Buffett and Munger!)
If it "nudges other Indian practitioners to share their approaches more systematically and comprehensively", that in itself would be a big win.
Creating one of the best track records while accepting being clueless in an industry characterized by chest thumping and high conviction !