1/ Lessons From The Tech Bubble: Last year, I spent my winter holiday reading hundreds of pages of equity research from the 1999/2000 era, to try to understand what it was like investing during the bubble A few people recently asked me for my takeaways. Here they are -

DCFs are not just some theoretical BS model that only works if market participants recognize it (i.e. it is not technical analysis...). DCFs simply attempt to model very long time-horizon trades. Let me explain. 1/n #investing #finance #stocks #StockMarket #trading

$SQ just seems like it does not belong in the high-multiple, high quality basket. A lot of long term headwinds no one is talking about, but it trades at a premium valuation (10x 2023 gross profit, which are high multiples considering single digit margins).

Don’t sell ur credit report and cibil access for 50-150₹ Swiggy discounts. Don’t go with Uni, stashfin, postpe etc. might give you immediate Cashback but in the long term you will have a hard time closing the same. Remember they are not banks, they are NBFCs

Coinbase, Square, Hood, SOFI, Marqeta....all at new lows... Goldman, Schwab, Mastercard, AMEX at highs ... Thank god we spent the last 20 years disrupting fintech :) Investing is easy.

1/24 It's crazy to see how excited people get when they see another fintech cross $1B in volume, like it matters on its own. The secret that they're not telling you is that fintech transaction volume is basically a useless vanity metric, *unless* you also know "net take rate".

Here’s why you should not fall in the trap of fancy looking apps which are ready to lend you money on the clicks of a few button. Have seen so much endorsement for sliceit_ in the past couple of months but they’ll screw with your CIBIL. (1/n)

The best way for a BNPL business to increase aggregate customer life time value is to ensure their best customers do not upgrade to a bank issued credit card.

AFRM. Huh, who would have imagined?

🚨Printing Dollars: The Fed, Banks, and QE🚨 There is a loud and confident argument that the Fed does not print money. Rather, commercial banks create money by writing loans. Personally, I disagree - here's a long and wonky thread to explain👇👇

I just subscribed to 5 Points fivepoint.substack.com/?utm_medium=we…

The legacy payment "deal" stocks are cheap. These things trade at 12-15x NTM earnings with HSD topline growth, margin expansion, and 90%+ FCF conversion. But the stocks have been horrible. And continue to be. So it's worth asking, why won't these stocks work going forward?

Google Chrome is the best web browser out there. But the right chrome extensions make it even better. Here is a list of 16 free extensions you'll wish you knew yesterday : 🧵 Collaborated with Nikita Poojary

Think qualitative factors get incorporated into valuations faster than in the past. Kind of an obvious statement... but have noticed these soft factors playing a greater and greater role in pitches.

Excited to release the 1st Indus Valley Annual Report to the world. Indus Valley = our moniker for India's startup ecosystem. The 1st issue gives us a chance to take stock of its rise and evolution, take a look back at 2021 & finally look ahead to what is coming. Amal Vats

There was a time when if US markets caught a cold, we'd catch a fever. But since 2010, volatility wise, we've been much better compared to the US. While the credit is usually given to more local participation, it has got more to do with SEBI regulations that reduced leverage. 1/6

SEBI has come out with EOP guidelines which hugely impacts how Direct Plans are currently being sold in the country. Read on for finer details: 1) All online platforms to classify themselves as EOP1 or EOP2 which means an Execution-Only Platform #mutualfunds #directplans #SEBI

If you’re wondering where to move, this is the Singapore income tax rates (in SGD). It nets out at 10.5% on $200k, 16% on $500k and sub-20% on $1M There is zero capital gains tax (CGT) The GST or VAT is 8% Dubai is zero income tax, zero CGT, but 5% VAT. Hong Kong has flat