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The Infant Learner

Some stuff I read this week:

A.  This week’s Special:- 

Howard Marks Memo

Howard Marks is the Founder and Chairman of Oaktree Capital Management,which currently has $97 billion of assets under management.Howard has been managing high yield bonds and convertible securities since 1978 when he started at citibank.

He is well known in the value investment community for his “Oaktree memos” to clients with detail investment strategies and insight into the economy.According to Warren Buffett ” When I see memos from Howard Marks in my mail, they’re the first thing I open and read.I always learn something.” Howard is the author of the book “The Most Important Thing: Uncommon Sense for the Thoughtful Investor”.

In his latest memo, ” Economic Reality,” he explained following points:

  • Monetary policy cannot stimulate an economy or create growth
  • Governments cannot create growth by subsidizing industries
  • Government regulations ( e.g. minimum wage laws ) cannot produce prosperity
  • Higher taxes on the rich cannot make an economy stronger or increase the general welfare of a country’s citizens.
  • Higher inflation mainly benefits governments with big debts, at the expense of its citizens
  • Devaluing one’s currency cannot strengthen an economy
  • Redistributing wealth and central planning are sure-fire ways to destroy an economy.

Follow the below link to read in detail: 

Howard Marks Memo : Economic Reality 

B. Entrepreneurial Diary

( “Business means solution of a particular problem and Creating value for customer as well as value  for company ” – Paramjeet Redu )

Who Gets Venture Capital Funding? ( Bloomberg )
The Fundraising Wisdom That Helped Our Founders Raise $18B (First Round )
Why startups need to balance their burn rate  ( Knowledge )
Self made start up  ( Retail Economic )
Start up Story : ORCA ( lndian Express )
Start up Corner : PressPlay ( Business Standard )
A New Way to Enter the Housing Market ( Stanford )

C. Other Stories

Investing By Design ( CFA )
Inside Baba Ramdev’s Patanjali empire ( Mint )
Curious case of VRL Logistics: Will airline dream prove fatal? ( Money Control )
How Sanjiv Bajaj turned Bajaj Finserv into a financial powerhouse ( Forbes )
Star Jeweler-Amrapali Jewels ( Outlook )
Microcaps: Value Uncovered (MicroCapClub)
McDonalds Vs Dominoes in India ( Business Line )
Meet the women pillars of Mall management at DLF ( RE )
Key Takeouts From India’s GDP Numbers ( Swaraj )

“I read everything: annual reports, 10k’s, 10q’s, biographies, histories, five newspapers a day. On airplanes, I read the instructions on the backs of seats. Reading is key. Reading has made me rich over time” – Warren Buffett

“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you” – Charlie Munger

You have to apply yourself each day to becoming a little better. By applying yourself to the task of becoming a little better each and every day over a period of time, you will become a lot better”-  Carol Dweck