Category: WhatILearntFrom
What I learnt from Bhaskar Bhat
Bhaskar Bhat, the former MD of Titan is one of the greatest wealth creators in India
What I learnt from him is what he wrote in his farewell party
What I learnt from Roy Tolles
Roy Tolles was the Founder of a top US Law firm and one of the earliest partners of Charlie Munger.
What I learnt from him:
You can use the contrast effect to fatigue the middle man and get a better deal for yourself
–From the 2018 Berkshire Hathway AGM
Once Roy Tolles wanted to buy a house in San Marino and have lot of kids and so he sent his wife Martha out to make offers on several houses.
She offered 50% of list on every house.
She finally found one they both really liked and offered 80%, and the worn-down agent was so happy to get a bid like this that he said he would work very hard on the seller and didn’t want six more months of Roy bidding 50%.
What I Learnt from Larry Benedict
Larry Benedict is the Founder and CEO of Banyan Equity Management
What I learnt from him:
Don’t put all your money or even most of your money in one idea-even though you think that idea can be a multi-bagger and can make you insanely rich…because you could very well be wrong
From his interview in the Book The Hedge Fund Wizards :
“Since I started in the business, I have seen a number of traders who ended up committing suicide or being homeless.
The one trait they all shared was that they had a gambler’s mentality.
When they were losing, they were always looking for that one trade that would make it all back.
I learned early on that you can’t do that.
This is a business where you have to work. I grind out the returns. “