Are we doomed to repeat our investing mistakes?

Are we doomed to repeat our mistakes?

The bottom line is that even though knowing financial history is important, requiring people to study it won’t make a big difference, because they’ll ignore its lessons. There’s a very strong tendency for people to believe in things which, if true, would make them rich. Demosthenes said, “For that a man wishes, he generally believes to be true” Just like in the movies, where they show a person in a dilemma to have an angel on one side and a devil on the other, in the case of investing, investors have prudence and memory on one shoulder and greed on the other. Most of the time greed wins.  –said Howard Marks

Linkfest:July 28,2015

Some stuff that I am reading today morning:

Market crashes (Mint)

Why are rich Indians fleeing the country? (Firstpost)

Is M&M India’s version of Berkshire Hathaway? (Beyond Proxy)

HDFC Sec Research Report: Asian Paints (MyIris)

Should you opt for a direct plan for Mutual Funds? (Morningstar)

Gold is doing well compared to other commodities (Macro Man)

One way to beat the market-be different (Alpha Architect)

A dozen things I’ve learned from Paul Tudor Jones about investing (25IQ)

Mumbai is overflowing with garbage (Bloomberg)

Obituary:APJ Abdul Kalam (NYTimes)

SBI wrongly credits woman Rs.95,700 Crores !!

A WOMAN earning Rs 3,000 per month became the richest person in the world due to a technical error. However, Urmila Yadav’s happiness was shortlived as the bank froze her account till further notification.

During a visit to her State Bank of India branch in Kanpur on July 24, she was informed by a clerk that Rs 95,700 crore had been transferred to her account on July 21. Panic struck bank officials as the news spread.

Her happiness was short lived as her account has been frozen till further notification. A native of a small village of Kanpur district, Urmila went to the UPSIDC branch of the State Bank of India on July 24 to get her pass book updated.

She had Rs.3000 in her account and after getting her account updated, she could not read the amount.”It was a 17 digit amount and failing to read it, I again went to the clerk and he informed me that I have Rs 95,700 Crore in my account”, a bewildered Urmila said.

The amount deposited by the bank in her account was estimated to be Rs 95,711,69,86,47,130.14.

The amount was credited in her account on July 21. “I was also informed by the bank that since I have not filed my KYC(Know your customer),  my withdrawal limit has been fixed to Rs.9.99 Lakhs”, she said.

It is to be mentioned that Urmila’s riches’ were more than those of Bill Gates, Mukesh Ambaniand Laxmi Niwas Mittal brought together.However, as the news spread, panic struck senior bank officials who started finding out the error.

“The main server of the bank is in Mumbai and it is a technical error. We have informed the matter to the head office and the amount will soon be reverted”, Rajendra Awasthi, a senior official of the bank said.  

-from Yahoo India