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What do Fund Managers earn?
Author: Raoji
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Linkfest: 07 December, 2022
Some stuff I am reading today morning:
Foreign funds can own over 51% of IDBI Bank (MC)
Foreign funds pile into Indian Financials (BS)
Fitch raises India’s GDP forecast to 7% (FE)
US manufacturing orders from China down 40% (CNBC)
India’s deep discounts on Russian crude will stay (Rediff)
How Ravi Modi built the Manyavar brand (Forbes)
Has SEBI lost the battle against illegal advisors (Money Life)
Advice for the debt investor (R Sivakumar)
Let Crypto burn (FT)
Russia is Winning the War (Daily Reckoning)
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India is #1 EM
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What is the role of an Analyst?
Source: Motley Fool
I think too often, young analysts believe that the goal of an analyst is to demonstrate how much they know about a company and build a perfect earnings model. I don’t think I’ve ever seen an analyst model their way to a great stock idea!
I view the goal of the analyst as developing conviction that the consensus is wrong about something important. Then their job is to communicate why they believe they are correct and the consensus is wrong and to compute the valuation impact. Once we own a stock, their job is to actively monitor new information to assess if their view or the consensus view is coming to fruition.
There are a lot of important areas the consensus can be wrong: management quality, business quality, long-term potential differing from current results, valuable non-earning assets, and so on. To make excess profits, you need to hold a nonconsensus view and be right.
-Bill Nygren, Oakmark Funds
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Linkfest: 06 December, 2022
Some stuff I am reading today morning:
Unlicensed advisors are managing hundred of crores (MC)
Adani Green now world’s largest wind-solar hybrid developer (Fortune)
The Mahindra growth story is getting started (Forbes)
EV startups make auto parts manufacturers see red (FE)
A global plastics treaty is coming (BS)
Yesterday’s selloff should be a wake up call for investors (Market Watch)
The key to making better market predictions (Bob Pisani)
How to identify & value quality businesses (Bill Nygren)
LVMH and the Luxury strategy (Punch Card Investor)
On the Twitter Buyout (Last Bear Standing)