randomep

thanks, I'll have to read it more carefully later.... seems very long winded, but definitely thought provoking

Wonderful article, thanks! BTW do you agree? even a little bit?

I have a serious question, why do we care what Monish thinks. His record is terrible. I calculated that his flagship fund from 2008-2013 returned around 3% CAGR. Those five years are a great indication of performance because it is a full peak-trough-peak cycle. He as I recall was fully invested in 2008-2009 so he had so ability to take advantage and had to rethink his whole investment strategy. So he is basically saying he is learning as he goes, so then why does anyone want to learn with him, as opposed to learning from someone else with a good track record, like the Bruce fund, or Buffett, or many others?

ROI.... great idea I estimate his CAGR pre-tax to be 23%......... ya the best of us on this board should be able to get 23% over 25 yrs

Well Ben Graham devotes a lot of time describing a X%:(100-X)% allocation to stocks and bonds depending on market conditions.... if the bond is short duration enough then that is almost like cash. So the master says to do it, although I am always curious as to where is his mathmatical basis...... Same question I have for Pabrai, where is your mathematical basis? do you have proof? or simulation results?

I know value investing and the whole basis is buying cheap stocks. So the opposite would surely be buy the most expensive stocks, eg. buy the highest P/E stocks.