Category: Bookworm

Book Notes – The Art of Thinking Clearly

The art of thinking clearly by Rolf Dobelli is one of the best books to sharpen the psychological side of decision making. I loved the book here are my notes

Use below biases as a checklist when making investment or other decisions

***

It is much more common that we overestimate our knowledge than that we underestimate it. Similarly, the danger of losing something stimulates us much more than the prospect of making a similar gain.

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Why do we act so irrationally? Because the downside to such behaviour is not always apparent. In the financial markets, things are clear: a financial option on a security always costs something. There is no such thing as a free option,
… Read the rest

Book Notes – The Go-Giver: A little story about a powerful business Idea

 
 

Witten by-Bob Burg and John David Mann

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“Most people just laugh when they hear that the secret to success is giving… Then again, most people are nowhere near as successful as they wish they were”

 

A brief about The Story
The Go Giver tells the story of an ambitious young man named Joe who yearns for success.Joe is a
… Read the rest

Book Notes – Quality investing : owning the best companies for the long term

This is one of the best books for both new and seasoned investors to get their hands on. I did an earlier post on this book, you can read it here

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Below are my full notes
Building Blocks to look for in a company for Quality Investing
  1. Capital Allocation
  2. Return on Capital
  3. Multiple Sources of Growth
  4. Good Management
  5. Industry Structure
  6. Customer Benefits
  7. Competitive Advantages
Established Patterns to look for in companies
  1. Recurring Revenue
  2. Friendly Middlemen
  3. Toll Roads
  4. Low Price – Plus
  5. Pricing power
  6. Brand Strength
  7. Innovation Dependence
  8. Forward Integrators
  9. Market Share gainers
  10. Global capabilities and leadership
  11. Corporate Culture
  12. Cost to Replicate
More info here – link
Learnings
“Yhprum’s Law ,”  This is opposite of Murphy’s law which means “Everything that
… Read the rest

Book Notes – The Art of Thinking Clearly

The Art of Thinking Clearly  – Better Thinking, Better Decisions
By: Rolf Dobelli

As a Premium Subscriber – Now you will have access to searchable and tagged “Notebook” for all book highlights I read, It will look like below once you open the link in a browser

In the scorecard > Look for a Tab “Books”

I recommend bookmarking and saving it as a notebook in Evernote. I am hoping to add 10-12 books after editing them by year-end 2020 and then ongoing 5-6 every year

Now for some insights from this fantastic book

Habits

Small actions, repeated over time, transform us.

Survivorship Bias

Survivorship bias means this: people systematically overestimate their chances of success.

In daily life, because triumph is made more visible than failure, you systematically overestimate your chances of succeeding

should you never put your hard-earned money at risk? Not necessarily. But you should recognise that the survivorship bias is at work, distorting the probability of success like cut glass.

Failed and small businesses do not enter the stock market, and yet these represent the majority of business ventures.

Nature Vs Nurture

The author attributes a lot to Nature

swimmer’s body illusion – As with the swimmers’ … Read the rest

Quality Investing

This is one of the best books to read for long term investors

Quality investing : owning the best companies for the long term.

by Lawrence A. Cunningham,Torkell T. Eide, Patrick Hargreaves.

While the whole book was a fantastic read, one thing I really found useful was patterns they shared to look in quality companies.

When looking for quality companies, the desired outcome is always clear: strong, predictable cash generation; sustainably high returns on capital; and attractive growth opportunities. Yet the building blocks that enable companies to achieve these results vary widely,

Examine these routes, however, and patterns emerge –   similar combinations of strategies, techniques, or capabilities that transcend companies or industries,

Patterns are great reusable templates and ones which can be used successfully across different companies and sectors. This then becomes an essential tool kit to develop in search of finding quality companies. Let’s learn some of the patterns discussed in the book

  1. Recurring Revenues

Recurring locked in revenues lead to predictable cash flows and in turn exhibit business quality, Keep below the table in mind

Type License Service Subscription
Common In Large Software Companies Industrial Companies Marketing, Software as Service companies, Platform Business
Key Success Factor The software
… Read the rest

Book review: How to Fail at Almost Everything and Still Win Big

Over last fortnight I happened to read a fantastic book by Scott Adams – How to Fail at Almost Everything and Still Win Big: Kind of the Story of My Life

This book has so much wisdom that I would recommend you to read at least once every year or two, moreover Scott has kept narrative so simple and contextual that you don’t lose interest . The book covers a variety of topics – Success factors , Ability to learn from failures , Grit , Affirmations, Right diet, Career Advice , Skills to acquire and so on and so forth. I will try to elucidate on themes that nudged me in my first read.

Become system oriented rather than goal oriented –  The idea that one should have a system instead of a goals.  How these two are different for example

System: Remaining healthy by doing daily exercise is a system

Goal : Planning to lose 20 pounds in next 6 months is goal

Why one is better than other

Goal-oriented people exist in a state of continuous presuccess failure at best, and permanent failure at worst if things never work out. Systems people succeed every time they apply their

… Read the rest

The Little Book That Builds Wealth

Few weeks back, I got an email from Ankit Kanodia. He had read our research note on Byke and liked the content, Additionally without even asking he shared many of his comprehensive notes on various investing books. I have greatly benefited by reading them and I thought it would be great if our readers can read and learn from the distilled wisdom of these must read books.

On a regular basis, I will try and share this notes,  First up is Learnings from “The Little Book That Builds Wealth”- By Pat Dorsey

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Understanding business Models

Over last few weeks, I have started reading an excellent book on business models – Business Model Generations – A handbook for Visionaries, Game Changers and Challengers – This book is must read for all buddying investors

The book is logically structured right from providing canvas for depicting business models of the company then moving on to patterns, design and strategy

BM-1

I will do few posts on the book as there is enormous ground to be covered, In this post focus would be on what authors call as building business model canvas using key nine building blocks

A business model describes the rationale of how an organization creates, delivers and captures value

There are nine building blocks of a business model – While at first I found this to be another fuzzy MBA thing which has lot of academic value but no practical value 🙂

However once I started practising it and drew the canvas of a business which I thought I knew, I realised that there were quite a few areas of business were I had little or no knowledge, This was truly an humbling experience

Let’s first understand what are the key nine building blocks (Note most is … Read the rest

Book Review – Pebbles of Perception

After sometime I have read a book which has oodles of wisdom on each of its page, Laurence Endersen’s pebbles of perception lives with you long after it is read

The book is an all encompasses covering wide variety of topics like choice, Self-esteem, building character, parenting, saving ,investing and living life among many others

I will try to bring out things which I learned

Be Curious

POP-1

ABC: Always Be Curious

Strive to ask right questions

Stay curious. Improve the quality of questions before getting to work on answers. Use more questions to see beyond the obvious answers. Improve group dynamics by ensuring there is enough attention given to asking the right questions. Be interested.

Curiosity will lead to better questions which in turn will lead to better answers

If we search for better questions, ultimately to lead to a better answer,

Provocation is mother of invention

In the world of chemistry provocation is used to force compounds to work in different ways. The same principle can be used with thinking

 Learn Learn Learn

POP-3

Learning is a continuum from ignore to mastery

 

POP-7

and most of us are happy to stay at operational competence because we can survive with operational … Read the rest

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How to avoid weapons of influence in investing ?

Robert B Cialdini’s Influence: The psychology of persuasion is a must read for any budding investor and thinker. In this best seller he describes six weapons of influence that are often used by marketers/smart people / organisation to stir an automatic reaction from subject many a times to the benefit of the user of weapon

What are these weapons and how we should avoid them in investing when they are used against us ?

We avoid them by learning about them, Let’s start

Reciprocation – The rule of reciprocation says we should try to repay, in kind , what another person has provided for us . Seems so obvious if someone invites you for a dinner at home you do so by inviting other person to your home .

In investing how can someone trick you ? I have experienced such situations let me throw an example at you

Complete stranger on Twitter : Hi, How are you ? I have just read “Evaluating Moats through Floats” on Tankrich and have found it really helpful, I have some more question for you ?

Me : Thank you , please let me know what questions you have.

Stranger :

… Read the rest