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Ram Bhupatiraju Profile picture
@RamBhupatiraju
Nov 16, 2021 • 8 tweets • 3 min read • Read on X
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Phenomenal curation of Howard Marks' memos by @BlasMoros.👏

So many excellent points on Market/Credit/Economic cycles & investor psychology. Few of my fav parts in the thread below.⬇️

blas.com/wp-content/upl…

✔️Some of the recurring mistakes investors make
✔️Pendulum analogy for the Market cycles
✔️Overall cycles that can affect the Markets & investors.

-Economic cycle
-Business cycle
-Profit cycle
-Credit cycle
-Market cycle
✔️Simple explanation of the credit cycle.
✔️Corporate Life cycle
✔️Three stages of a Bull Market
✔️Excellent points on Risk. It's so important to not let the falling stock prices (on good Businesses with plenty of future growth) determine the actual value/riskiness of the Business if you plan to buy it for the long-term.
Learn how investor psychology and Market cycles feed each other, so that you are not too easily influenced by the falling/rising prices.

Don't let the Market teach you these lessons the hard way (getting hyped into the market at highs, and capitulating during the lows).

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More from @RamBhupatiraju

Ram Bhupatiraju Profile picture
Oct 18
Happy to share that Intuitive Surgical $ISRG finally became a 5⃣0⃣ bagger for me as of today (first tranche bought at the depths of GFC in March'09). The next two tranches from Nov'10 and May'14 also did their thing being 10+ baggers. Image
After $LULU did it's 100 bagger for me back in 2021 this is the next one to hit 50+ milestone.

Peter Lynch was right. Regular folks can achieve (but can't plan) for these, with some common sense investing + lot of patience when thesis is on track + even bigger amounts of luck.
@DavidGFool I gotta thank whoever was writing the free articles about $ISRG back during GFC on @themotleyfool 👏, as I would not have known about the company so early otherwise.
Read 10 tweets
Ram Bhupatiraju Profile picture
Jan 20, 2023
Still here.🙋‍♂️Just got busy with some non-investing aspects of my life over the last few months.

As painful as 2022 was, it also gave me an oppty to slowly add to existing or new pos at prices I expect to fondly look back on few yrs down the lane.

Few examples (not recs) ⬇️
$MDB : Before the crash, it was X shares at avg price of $208. Now it's 5X shares at avg price of $226

$AXON : Started in 2022 with multiple adds, with current avg of $120

$ALGN : Before the crash, it was X shares at avg price of $210. Now it's 2.5X shares at avg price of $222
$MELI : Added at $680, first add to the position since 2014.

$META : Added at $92, first add to the position since 2016.

$AMZN : Added at $95, first add to the position since 2018.
Read 11 tweets
Ram Bhupatiraju Profile picture
Nov 17, 2022
"Advanced Financial Statement Analysis" - Excellent document by Investopedia that's equally useful for beginners and experienced investors.

@dmuthuk @Gautam__Baid @saxena_puru

Some of my fav sections in the thread below⬇️

grahamanddoddsville.net/wordpress/File…
How Capital flows thru the Business⬇️
Basics of Cash Flow activities ⬇️
Read 9 tweets
Ram Bhupatiraju Profile picture
Oct 6, 2022
Good doc by PWC on "Basic understanding of a company's Financial statements". Useful stuff for beginners.

pwc.com/jm/en/research…
Few important slides from Balance sheet
Income Statement ⬇️
Read 6 tweets
Ram Bhupatiraju Profile picture
Sep 30, 2022
Excellent document on Behavioral Finance that I often refer to.

tilsonfunds.com/TilsonBehavior…

Common Mistakes ⬇️
Some very useful tips on how to use Behavioral Finance to improve your process and results. ⬇️
List of good books on the topic. ⬇️
Read 4 tweets
Ram Bhupatiraju Profile picture
Sep 22, 2022
Slowly setting my cash on fire again this week.

Small adds to existing pos
$META (Social is done)
$NOW (Who needs IT monitoring anyway?)
$ALGN (Everyone from now one will have perfectly aligned teeth)
$SQ (hey guys, focus plz, actually)
$MDB (Recession will kill need for DBs).
Kidding aside, the next few qtrs are highly uncertain from a lot of aspects, but not all Cos are the same when it comes to credit dependence for capital stack/customer demand...
..cyclicality and severity of business impact during an actual recession, runway for core growth post any recession, ability to use this period to acquire smaller competitors etc.
Read 7 tweets

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