Landed up at a Congress rally on the way.

In Amethi

Great morning.

Basket Chaat.

Primary research in lucknow with Shereen Bhan

I think we should stop celebrating PE flows and encourage FII flows.
My logic:
PE flows in a year into India are say US$ 25 billion .
This means plus/minus 7 yrs from now they will want to take out at least US$ 50 billion. Of course India will be a bigger market by then and this

That is only one of the reasons to be worried about auto stocks.

Many yrs ago:
American Indians are collecting wood, it must be a severe winter.
Weatherman forecasts: winter will be severe
Tribes listen to the forecast and collect even more wood.
Forecaster (seeing them collect more wood), we predict that winter might be more severe than we

Investors to companies:
If you don't beat, you will be beaten up.

Philosophical question:
If an umbrella company cannot make money in monsoon season, when will it make money?

Good thing about going to Berkshire meeting is that you can keep giving gyaan for weeks- one quote at a time.

Don't know why no one picked it up but I think Buffett will sell a lot of Apple shares in the next 1-2 quarters.
His Apple holding is some 3.5 to 4 x his next biggest holding (Bank of America) and ahead of American Express and Coca Cola.
He has somewhere around US$ 150 B of Apple

New set of reading material

Morgan Housel's latest blog is on the very interesting and relevant topic of Luck vs. Repeatable where he makes the point that 'The way to get luckier is to find what’s repeatable'.

Helios investment philosophy is based on the same concept that 'Elimination investing' provides a

Being early can be horribly wrong.
kozmo.com was trying to run a one hour delivery service in late 1990s in US and failed by 2001.

And now this is a new idea, once again.

In India we have 'we will hold stocks for ever investors' born every minute. In the meantime, Warren Buffett has average holding period of 4 yrs 3 months and has completely exited 63 pisitions since 2010 while his two designated heirs have average holding period of 2 yrs 10

If you do not change direction, you may end up where you are heading.
Lao Tzu

Early morning hard labour on Labour Day.