A thread on why you should read @ThomasSowell. Especially useful in context of what’s happening in India now. All words are those of the man himself. Depending on your ideology, they will resonate with some of you and will make others angry...
What do you call it when someone steals someone else's money secretly? Theft. What do you call it when someone takes someone else's money openly by force? Robbery.
What do you call it when a politician takes someone else's money in taxes and gives it to someone who is more likely to vote for him? “Social Justice.”
Those who are always accusing people in the private sector of ‘greed’ almost never accuse government of greed, no matter what it does.
The strongest argument for socialism is that it sounds good. The strongest argument against socialism is that it doesn't work. But those who live by words will always have a soft spot in their hearts for socialism because it sounds so good.
The welfare state is the greatest confidence racket of all time. The government takes your money in taxes and then turns around and spends some of it to give you things. For this, you feel dependent on them, when in fact they are dependent on you.
One of the most dangerous trends of our times is that increasing numbers of people have a vested interest in the helplessness of other people.
However emotionally similar envy and resentment may seem, their consequences are often very different. Envy may spur some people to efforts to lift themselves up, while resentment is more likely to spur efforts to tear others down.
When people are presented with the alternatives of hating themselves for their failures or hating others for their success, they seldom choose to hate themselves.
No one will really understand politics until they understand that politicians are not trying to solve our problems. They are trying to solve their own problems -- of which getting elected and re-elected are No. 1 and No. 2. Whatever is No. 3 is far behind.
Thank you to Thomas Sowell’s fan handle @ThomasSowell for publishing some of his deeply indightful and thought-provoking words...

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More from @Sanjay__Bakshi

Jan 24
This is such an interesting distinction between private and public markets. In public markets new shares for cash of a company already listed can only be offered at a DISCOUNT to prevailing stock price.
Why should public market investors buy stock in a listed company at 150 bucks when they can buy it from the market at 100 bucks?
But in private market its often the opposite. Investors pour in new cash for shares at higher and higher valuations. For all sorts of reasons, of which very often a key one is some variant of the greater fool theory.
Read 5 tweets
Jan 15
There are two types of templates/patterns here.
The first one is the "Peloton template." This is an example of a business that didn't make any money - not even in a boom year. google.com/finance/quote/…. And yet, in December 2020, during covid times, its market cap exceeded USD 50 billion.
The lesson about this template was offered by Buffett in letter in BRK's annual report for 2000: "We readily acknowledge that there has been a huge amount of true value created in the past decade by new or young businesses and that there is much more to come."
Read 10 tweets
Jan 15
That cycle turned quickly.
Zoom and Doom (for those who bought at or near peak)?
Key questions to ask by long term investors: How long will this trend of booming sales last? Is the current boom not just an instance of borrowing future period revenues?
Read 4 tweets
Dec 27, 2021
Mail from RBL Bank MD & CEO (Interim). Assume this is true (I hope it’s true). Key words: “Any other financial parameter.” Image
Now ask: Why was the existing CEO asked by RBI to proceed on leave and why did it appoint Mr. Yogesh Dayal as an Additional Director on the Board of the Bank?
Am trying to reconcile these two seemingly conflicting thoughts. Current CEO says that RBI’s actions have nothing to do with bank’s “financial parameters,” whatever they may be. And RBI makes CEO go on leave and appoints someone on the RBL Bank’s Board.
Read 5 tweets
Dec 27, 2021
There is never just one cockroach in the kitchen. This is factually incorrect. If you take out all but one of the cockroaches from the kitchen, then there will be just one cockroach in the kitchen. 🤣
But the metaphor of "there's never just one cockroach in the kitchen" is valid for business and investment analysis.
Basically, the metaphor is about information asymmetry - there is information about some shit happening in a company - which is not yet public information. And that it will take time for this information to be fully disseminated.
Read 21 tweets
Nov 24, 2021
Let’s make no bones about this. On INR 420 cr. of revenues in FY 21, Licious lost INR 370 cr.
Trying to disrupt a model (local butcher shop) which has been around hundreds of years (think Lindy effect) requires u too not only sell at a price not too different from local butcher price but also to spend a bomb on logistics, packaging, and customer acquisition (advertising)
The idea that e-com players don’t have to pay rent (key cost for bricks and mortar players) looks attractive but only if you ignore that e-com players must also pay “rent” to book “ad space” on TV, print, and social media for acquiring customers.
Read 11 tweets

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