A 40% ROIC company deploying 2 3 years of cash flows in 12% to 15% IRR model comes with risks. We should be careful what we cheer for.

The best thing in the world is wandering. Nothing benefits the individual and society more than a wanderer. Whether the world is in sorrow or in joy, whenever it finds support, it is from the wanderer. hindwi.org/yatra-vritaant…

Extremely depressing & important:

How do you get the balance right? Freedom vs coordination:

Stay with two-three fund managers with different style and stay put. Don't jump, avoid switch. if You can't see underperformance, you don't deserve higher returns. Do index investing, it is definitely more rewarding than switching funds.

Why conservative categories:

What is the best book you read this year?

“Many of life’s errors are the result of people forgetting what they are really trying to do”.

Noah School Of Investing:

“Nobody showed up… Interest in it was nil”. Early 70s Berkshire. Despite partnership record of 29% CAGR vs 7% for Dow.

“Commodity Multiple” you say: