Let’s talk investing with Raunak Onkar

This is the next post in the ‘Let’s talk investing‘ series. In this series, I write about my conversations with investment practitioners, people with real-world investment decision-making experience. My objective in these conversations is to understand their investment philosophy and process, to demystify, at least to some extent, what they do, and to walk away with some thought-starters to help all of us become better investors. Note: These conversations are not meant to offer advice on specific stocks There are over 35 Asset Management Companies (AMCs) in India. The typical AMC offers between 5 and 25 open-ended equity mutual funds

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Everybody’s doing it

In one of his memos at Oaktree Capital, Howard Marks refers to the market as a pendulum swinging between greed and fear. That at any given time, the pendulum i.e. the general consensus tends to be either too greedy or too fearful, and it is when the pendulum is at its fearful extreme that the value investor comes into her own to make intelligent buys. This will sound familiar to most investors. “Mimicking the herd invites regression to the mean” – Charlie Munger “Be fearful when others are greedy and greedy when others are fearful” – Warren Buffett The point of this post is

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