If there are 6 things to take away from this interview, as an investor – you have to have these guide posts:

1. Long-term horizon: 5-7 years
2. Concentrated portfolio: 10-15 companies
3. Strong fundamentals and value-oriented companies
4. Businesses with a durable moat
5. Reasonable returns on capital: 13-15% ROE
6. Led by leaders with integrity and ambition

An interesting Stoic take. We're seeing leaders being so narcissistic that you do wonder how they remain in power.

Well, there is some solace. They don't last, and eventually fail.

Vanity.

The vanity of such leaders demand that others worship him, and adore him. Even going to the extent of paying for their allegiance.

The dictatorships trap is when the person surrounds himself with yes man and those who will always say good things, not bad things. They are not true advisors, just scared yes men.

Ego.

The insecurity of narcissistic leaders (particularly hereditary ones who do not live up to the expectations of being a leader) create more problems.

The narcissistic leader doesn't want the truth or complicated stuff, nuanced stuff. Because that would make them look small.

Such leaders will use their platform to bully others.

Such leaders can't accept responsibility. To do so, would mean there is something wrong.

Such leaders.

Power.

"Power doesn't corrupt. Power reveals." – Robert Caro

Now, while most of Ryan Holidays video is about President Donald Trump. My notes above, are pointed at someone closer to home.

The chart shown is a monthly chart, the indicator is a momentum indicator (based of studies by John Carter).

And by the looks of it, the number of bars indicating 10 months until September 2024 which was the peak, could give us the clue that for the momentum wave to die down, we could assume another 10 bars.

Of which we have completed 4 bars or 4 months, so there's another 6 months left – bringing us to June 2025 before the markets find a base.

AND, if the indicator triggers those orange dots, which is a pickup in momentum before the directional release – then we can only decide then which direction the market is going from there.

In short, be prepared for more downside. Even if you see a short uptick in the near term.

Can't disagree with this review! Surprised Ali only stumbled upon it recently...

I really wish India's leadership started thinking about making such investments (especially if you want to be a $5 TRILLION economy in the next 5 years).

You need to make such investments! Will we walk the talk?

Those still advocating 80-90 hour work weeks (you know who, clue their name begins with N), are leveraging labour, and not code.

That ship has sailed. The IT leaders need to recognize that if they continue at this rate, we could have a Kodak moment (meaning they become irrelevant).

We need a rethink on productivity and increasing it.

I mentioned this before, the MFD industry will survive, but not the RIA industry. Incentives are one thing, but regulation are another. Ever wondered why?

Shutting Down Treasure Trove -

Stalwart Advisors has been running an independent equity research service called ‘Treasure Trove’ for over a decade now. Following are some stats covering this decadal journey: In other words, if someone started with Rs 10 lacs in 2014, did not add any more funds but could execute on research timely, he/she is a crorepati today.

- The Value InvestorsAyush Agrawal

In this case, the regulation was strangling RIAs/RAs. It is difficult to conduct business when…

"But when SEBI gets into deciding what fees RAs/RIAs must charge, curtails their billing to 3 months, insists on KYCing clients etc, it is getting into commercial decisions, a clear case of over-reach."

Aarati got it right…

When the regulator SEBI, starts to view everyone as a criminal, i.e. negative premise, you penalise those who are trying to make it work. Elsewhere, the system is different.

The regulation is light, and if you do some shady shit — be prepared for severe consequences.

When an influencer can conduct a seminar without any worry, but an RIA/RA has to inform SEBI and pay ₹3,000 fees (so I hear) then you really should not be surprised why its failing.

I was talking with a PMS.

He advised me earlier on...

In India, advisory will not work.

Because your collection of money is after provision of service, and in India – best of luck collecting your fees!

If you are to be in a business, you have to get the money upfront. That is the only model that will work.

With PMS, the ₹50L is collected, fees is deducted and then only is the rest given back.

Similarly for MFD, AMCs charge their TER, from which the MFD gets his fee. It is automatically deducted and returns are net of fees.

There’s a saying, if you protect your downside — the upside will take care of itself.

Here’s a snapshot of mutual funds that have performed during this recent correction in the markets.

Ideally, the ones that see the lesser loss, should see a higher gains during the bull market. It may not be so, but it is worth noting.

Flexicap Mutual Funds

Small Cap Mutual Funds

Mid Cap Mutual Funds

Large Cap Mutual Funds