Some stuff that I am reading today morning:
Can IPOs make you rich? (ET)
Why is Reliance so angry? (Moneylife)
How Nitin Shah built a 1000 Crore Company (ET)
What car offers and discounts really mean (Mint)
Spin Off season in Dalal Street (BS)
Beyond financial advising (Subramoney)
In search of the perfect portfolio (CommonSense)
Systematic Investing Suckers (TRB)
Creating big gains through small wins (TraderFeed)
The Second Trade (AllStarCharts)
Gold is worth only 800 $/oz (MarketWatch)
A young shareholder asked Munger how to follow in his footsteps, and Munger brought down the house by saying, “We get these questions a lot from the enterprising young. It’s a very intelligent question: You look at some old guy who’s rich and you ask, ‘How can I become like you, except faster?’”
Munger’s reply was: “Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in
fast spurts. But you build discipline by preparing for fast spurts… Slug it out one inch at a time, day by day, at the end of the day — if you live long enough — most people get what they deserve.”
Bruce Kovner is arguably one of the top hedge fund managers of the past 30 years, averaging a return of 21% net of fees over that period. In responding to a question about what makes a great investor/trader in the book Market Wizards, Mr. Kovner says: “I’m not sure one can really define why some traders make it, while others do not. For myself, I can think of two important elements. First, I have the ability to imagine configurations of the world different from today and really believe it can happen. I can imagine that soybean prices can double or that the dollar can fall to 100 yen.Second, I stay rational and disciplined under pressure”
