Few conclusion drawn from @Howardmarksbook cofounder of @oaktree Jan 2021 newsletter.

@dmuthuk @packyM @mariodgabriele

Time for thread 👇🏻👇🏻👇🏻

Value investing doesn’t have to be about low valuation metrics. Value can be found in many forms. The fact that a company grows rapidly, relies on intangibles such as technology for its success and/or has a high p/e ratio shouldn’t mean it can’t be invested.

Many sources of potential value can’t be reduced to a number. As Albert Einstein purportedly said,“Not everything that counts can be counted, and not everything that can be counted counts.” The fact that something can’t be predicted with precision doesn’t mean it isn’t real.

Since quantitative information regarding the present is so readily available, success in the highly competitive field of investing is more likely to be the result of superior judgments about qualitative factors and future events.

The fact that a company is expected to grow rapidly doesn’t mean it’s unpredictable, and the fact that another has a history of steady growth doesn’t mean it can’t run into trouble.

The fact that a security carries high valuation metrics doesn’t mean it’s overpriced, and the fact that another has low valuation metrics doesn’t mean it’s a bargain.

Not all companies that are expected to grow rapidly will do so. But it’s very hard to fully appreciate and fully value the ones that will.

If you find a company with the proverbial license to print money, don’t start selling its shares simply because they’ve shown some appreciation. You won’t find many such winners in your lifetime, and you should get the most out of those you do find.


• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with SM | How Entrepreneurs became Millionaire (Mln)

SM | How Entrepreneurs became Millionaire (Mln) Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @MlnDollarMinds

28 Dec 20
Distribution: Agency channel remains sub-optimal for most of the insurers

Distribution: Bank branch productivity was also under pressure for HDFCLFE (due to market share loss) and IPRU

Profitability: Negligible operating variance + Decline in Unwind + Weak VNB Gearing = Structurally lower ROEVs

Read 4 tweets
28 Dec 20
Indian Insurance - Comparison of Insurance leaders on key parameters

Time for a thread ...

#HDFCLife #Insurance


Value vs. Volume (Individual APE)

Product Mix

Read 19 tweets
28 Dec 20
Alcobev Virtual Conference hosted 8 companies: listed and unlisted players; Management commentaries highlight positive trends after the extreme phase of Covid-19

#UnitedSpirit #UNSP a stock worth accumulating.

Time for a thread 👇👇👇

@dmuthuk @Kiran24Rajput
United Spirit Management comments on the industry and the company.

Demand has returned to pre-Covid-19 levels. It is also benefiting from some tailwinds – duty-free shifting to duty-paid and shift from beer.
On-premise footfalls are still lower at 25-30%, while on weekends footfalls are a bit better. Wedding impact is still there but not that visible as the rest of the top end is growing well. Overall demand, including off-premise, has improved much better than expectation.
Read 12 tweets
28 Dec 20
Life Insurance - This thread takes a closer look at #hdfcLife within the Life Insurance industry with a focus on its leadership, moats and the possible disruption that it may face in the longer term (@dmuthuk )
Hdfc Life at the forefront of innovation

HDFC Life well diversified distribution capabilities

Read 7 tweets
22 Dec 20
United Spirits (UNSP) - A perfect SIP candidate with a 3-5 year investment horizon. Time for a thread 👇👇👇
@dmuthuk courtesy : #SparkCapital
UNSP Strategy of focusing on Prestige & Above (P&A) segment and franchising popular segment higher revenue growth & gross margins over the last 5 years
(2/n) Image
Leaner & efficient manufacturing footprint and rightsizing labour force has led to significant EBITDA margin expansion
(3/n) Image
Read 11 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!