Avsnitt
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In our 16th episode, we present to you, Mr. Alok Jain.
Eugene Fama the father of Efficient Market hypothesis openly admitted to the 02 anomalies, namely Value and Momentum. While value hunting is considered as Investing, somehow Momentum Investing almost sounds like an oxymoron. A typical buy and hold investor cannot even fathom these 02 words used in the same breath.
Mr. Alok Jain backed by his back-tested automated systematic trading systems named Mi-50 and Mi-25 is here to break that myth. He demonstrated that by having a rule-based entry and exit, one can efficiently exploit this inefficiency.
We at StoicInvesting.com, of course, are not endorsing his offerings; neither are we commenting on the efficacy of the strategy.
Our job here is simply to present the various avenues available, different ways to skin a cat. Like our caveat says, There is only one right way, Yours.
To know more about him, his background and his offerings, please feel free to explore his website, www.weekendinvesting.com -
In our 15th Episode, we present to you Ms Bethany Mclean.
All of you must have seen that famous and enchanting documentary: ”Smartest guys in the room”. She is the author of the book with the same name behind that documentary.
That is not the only claim to fame for Bethany. She has also written “All the devils are here” unearthing the nuances of 2008 financial crises.
Bethany McLean is a contributing editor at Vanity Fair and also a columnist at Reuters.
In this freewheeling interview we touch some sensitive topics pertaining to facts, accounting and psychology behind the biggest fraud and financial crises of our times. And also what does it take to be a whistle blower. Fasten your seat belts and enjoy the ride.
let’s listen in…
Podcast Notes:
[1:42] How did she spot the fraud in the first place?
[6:15] Transition from Analyst to journalist?
[9:20] I am an OUTSIDER”
[9:25] Jim Chanos!!! The short seller
[13:14] Role of Luck
[15:40] A cage rattler (Is there any Life risk?)
[17:45] Easier said than done “Corporate Governance – Code of Conduct”
[21:54] Ever considered short selling as a career?
[23:25] Freedom comes with Responsibility.
[25:18] Life moves on!!! But were any lessons learnt!!
[29:21] Where to look for discrepancy?
[35:48] Accounting is the presentation of reality
[36:07] Too big to fail Crony capitalism!!
[37:34] Line between right & wrong is drawn after the result (hindsight)
[38:16] How to keep “successful” fraudsters in check?
[44:10] Bethany McLean’s course
[49:30] Facts are Slippery
Some famous writings:
Is Enron Overpriced? (2001)
Smartest Guys in the Room (2004)
All the Devils Are Here (2011)
Shaky Ground (2015) -
Saknas det avsnitt?
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Some books take legendary status because of the breadth and depth of the content and their ability to become a guiding force for its readers. On one end, we have books like The Intelligent Investor and Security Analysis from Benjamin Graham which are always in an investors reading list. Similarly, if you ask the traders, two books are always in their list. One is The reminiscence of Stock Operator and the other one is The Market Wizards. Almost every market participant who has read the book has enjoyed it. The book has inspired and guided millions of traders & what differentiate these books from other profiling attempts - is the amount of depth that the interviewer goes into. Today, we have with us the Man behind Market Wizards - Mr. Jack Schwager.
Mr. Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books like:
Market Wizards (1989, 2012)
The New Market Wizards (1992)
Stock Market Wizards (2001)
Hedge Fund Market Wizards (2012)
Market sense & Non sense (2012)
Schwager on Futures (1995)
Getting started with technical analysis (1999)
He is one of the founders of FundSeeder, a platform designed to find undiscovered trading talent worldwide and connect unknown successful traders with sources of investment capital.
Previously, Mr. Schwager was a partner in the Fortune Group (2001-2010), a London-based hedge fund advisory firm.
His prior experience also includes 22 years as Director of Futures research for some of Wall Street’s leading firms, most recently Prudential Securities.
Without much delay, let's profile the profiler:
Jack Schwager Notes:
[4:00]: The transition from a Fundamental Analyst to a Technical Analyst.
[6:00]: Does Fundamental analysis contradicts Risk Management ?
[11:00]: Can one person wear both the hats of Trader & Investor ?
[17:30]: Views on averaging up & averaging down ?
[27:00]: "The best trader that I ever interviewed"
[29:00]: Don't judge things on Returns alone - without understanding the underlying Risks taken.
[36:30]: Are great traders born or is it a skill that can be cultivated ?
[43:00]: Is there a universality in technical strategies & are they equally valid in all markets of the world ?
[46:30]: Where to look for inefficiencies while developing an indicator ?
[1:00:30]: Process followed to interview the Legends of Investing.
[1:03:00]: What things that didn't worked during previous interviews ? -
As the saying goes, "I am only responsible for what I say, not for what you understand".
Markets are the best place for all such kind of misinterpretations. The tendency of market participants and the media houses is to take stuff out of context many times.
Well, we have with us today, Mr. Shankar Sharma who as per his own admission has often been one misinterpreted voice in the market.
A person with a sharp research mind & an acute investor, today discusses with us about various interesting nuggets, thought processes & models he followed over 3 decades of his investing journey & ofcourse, he also talks about his image of being a "Perma Bear" in the markets.
Without much delay, let's hear in to Mr. Shankar Sharma: -
There are two kinds of people in our Investing industry:
1) Who have little experience of outperformance – that too primarily during a Bull market.
2) Who consistently outperforms, across the market cycles, and also underplay the role of Skill in the debate of Luck vs Skill.
Among these rare second breed, there is an even rarer subsection, who are brutally honest in their approach to investing & life.
Our guest today, belongs to this rare of the rarest breed - Anoop Bhaskar.
An award winning Mutual Fund manager, who is extremely candid & equally talented.
We have Nooresh Merani as the co-host & we together had a great learning experience profiling Mr. Anoop.
Without much delay, let’s listen to wisdom: -
In this compilation we are bringing you the topics of Valuation & Stock selection techniques followed by our previous guests,
Gaurav Sood,
Ankur Jain &
Debashish Basu
We are also streaming on:
iTunes:
https://itunes.apple.com/in/podcast/stoic-podcast-series/id1200158881?mt=2
Stichers:
http://www.stitcher.com/podcast/stoic-investing-2/stoic-investing-podcast?refid=stpr -
To the investing audience Guy Spier. CIO of Aquamarine funds, needs no introduction. From meeting Warren Buffett accidentally by attending a class just because had a hots for a girl to spending upward of 300,000 dollars to have lunch with Warren and then submerging himself in learning the wisdom, he is a fun guy to talk to and a wise gentleman to learn from. I had a great time recording this podcast but not for usual investing lessons but some deep and interesting life lessons.
With that introduction.. let’s listen to Guy Spier !!! -
As you evolve in your journey of stock market investments, you soon realize that stock selection alone doesn’t really take you anywhere. Money management is perhaps the most important aspect of this game which cannot be ignored.
If you search the web for money management and risk management, your search most likely would throw out 2 names, Ralph Vince and Van Tharp. In today’s episode we share with you a fascinating conversation I had with Ralph Vince.
Ralph Vince is a trading systems expert and has programmed successful trading systems for fund managers and Sovereign wealth funds.
Ralph is an authority on the subject of position sizing and his statistical techniques and Optimal F are the industry standards. Please listen in.
His home page: http://www.ralphvince.com
Books he has written: http://www.amazon.in/RalphVince/e/B001IODO5U -
Torch bearer of a Maverick Organisation : Stoic Podcast with Kalpen parekh by Stoic Advisors
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The otherwise perfect theory of “Efficient market hypothesis” has few observations which the academicians ignore as ‘anomalies’.
The first such anomaly is ‘Value Investing’ which has consistently proven to outperform the markets if followed with the required rigor and discipline. There have been numerous studies and countless books on the same. One such study which you should read is done by Tweedy and Browne called, “What has worked in Investing”.
The other anomaly is Momentum. There are equally high number of studies on the subject. A lot of them have been conducted by one of our previous guest, Wesley Grey. It was a fascinating conversation with him on combination of these two anomalies. There are countless books on this subject too. Few of them are based on really pioneer work in this area. One such book is ‘Dual Momentum investing’. It’s a fascinating read and it comes from a fascinating character too. No wonder its a 5-star rated book on Amazon. The author is a practitioner, researcher and has worked with many legends of the industry, including Paul Tudor Jones, John Henry etc…
Today, our guest for this podcast is the author of Dual Momentum investing, an amazing human being and equally great momentum investor, Gary Antonacci. -
Talking to our guest for this episode, was an educative experience.
He had a realisation, “I know I can’t be Warren Buffett because of little control on the biases.”
And then asked himself, what can be done to remove these biases. Not by training oneself, but by building a mechanical system.
That question led to series of Quantitative experiments with real money backing it up. The result of the experiments? A well defined quantitative model combining strategies from Value Investing and Momentum investing and building it into an investment product.
Friends, I am very excited to present to you the guest for our latest podcast, Wesley R. Gray, PhD, a portfolio manager, CEO of Alpha Architect, a veteran of US Marine Corps and Co-Author of the awesome book: Quantitative Value.
Wesley is not driven by any particular religion of investing. That is something we stand for. There are thousands ways to make money and Wesley has explored two very common anomalies of the efficient market hypothesis, Value and Momentum. -
Few organizations go all guns blazing at the hypocrisy of the industry in which they themselves reside. Moneylife is one such organization. Its magazine is a must read and is recommended by many respectable value investors. Today, we bring you our conversation with the co-founder of this fabulous organization.
I and my friend, Nooresh Merani, meets Debashish Basu in his office in Mumbai to discuss about investment world and his behind the scenes working of the famous Money life newsletters which as per his workings, have outperformed all high paying CIOs of mutual funds and without having access to those well paid resources either. He had his Sherlock Holmes like pipe on his table and with similar wit and intellect he answers our questions and it’s amazing how in-depth he explains his the methodology. -
With all due to respect to some amazing investors we have profiled so far, this podcast is by far the best we have done.
For the sheer contrast of before and after, for the breathtaking perseverance and for the heart piercing honesty, this podcast will most definitely inspire you like no other.
This is more of a life story of this amazing human being whose entire Investing life unfolded in this Podcast.
You will hear of a shocking revelation that he DID NOT BREAKEVEN for the first 20 YEARS of his operations. You will hear of how LUCK plays its part in a persons career. You will hear of his entire thought process of how he looks at a company. You will learn HOW to HOLD on to your conviction bets for a LONG LONG time.
You will hear how if you tap into the macro story right, 2 baggers and 10 baggers are not even a contention, macro trends show up on your balance sheet in form of 100, 200 and 300 baggers.
Continuing our endeavor of profiling the hidden gems of investing, we are delighted to bring to you our next guest, Divyesh Shah -
have been reading the work of today’s guest for many years. He has done some amazing research with Value Portfolios, Momentum Portfolios, Global Asset Allocation etc. I like his agnostic approach to investing without getting biased by any philosophy and his work is highly recommended by two prominent guests on our earlier podcasts, Wesley Grey and Gary Antonacci. We talk to Meb Faber, CIO at Cambria Investment Management.
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Our guest today is the man behind the success of PPFAS from its days of PMS to the current form of Mutual Fund. Mr. Rajeev Thakkar is the CIO of PPFAS Mutual Fund & he is associated with Mr.Parag Parikh & PPFAS for more than 2 decades. The level headedness he showed during Dot Com bubble, even though had costed him few clients initially, he later came out successfully & said “I told you so”!!!
A firm believer of Value Investing principles, follower of Charlie Munger & Warren Buffett, Lifelong learner & “Mr. Google” as called by his colleagues. -
In this episode we interview Ankur Jain to understand the do's and don'ts of Moat Investing.
Ankur (ex-student and ex-colleague of Prof. Sanjay Bakshi)opens up and shares his philosophy, risk management and concentrated nature of his bets.
A lot of valuable nuggets for a young and experienced investors alike.