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The Infant Learner
Some stuff I read this week:
A. This week’s Special:-
The Super Investor : Walter J. Schloss
Walter Schloss ( August 28,1916- February 19, 2012) , a legendary value investor who learned directly from Benjamin Graham, the father of value investing, never graduated from college and was hired as a runner on Wall Street in 1934 , at the age of 18. Schloss enrolled in the New York Stock Exchange Institute, where he took courses from Benjamin Graham on how to value businesses, find value stocks, and mange money.
Using the lesson he learned there, Schloss launched his own value investing fund in 1955, with a starting balance of $100,000, eventually growing to manage money for as many as 92 investors.
From 1955 to 2002 , by Schloss estimate,his investment returned 16 % p.a on average after fees, compared with 10% for the S&P 500 over the period.
He took no fees unless the fund achieved a certain hurdle rate. Once the fund hit a certain Hurdle rate Schloss took 25% of the profit. Schloss’s fund was set up very similar to Buffett’s original partnership.
Warren Buffett named him as one of The Superinvestors of Graham and Doddsville, who disproved the academic position that the market was efficient, and that beating the S &P 500 was ” pure chance “.
He delivered lecture at Richard Ivey School of Business. Kindly access to the below link for full lecture”
Link 1 : Lecture at Richard Ivey School of Business ( YT )
Link 2 : 65 years on Wall Street ( CB )
Link 3 : The-Superinvestors of Graham and Doddsville by Warren-Buffett ( WB )
B. Entrepreneurial Diary
( “Business means solution of a particular problem and Creating value for customer as well as value for company ” – Paramjeet Redu )
Raamdeo Agrawal : My Journey from 0 to 1000 Crore ( YT )
Company Profile : TVF Media Labs ( FB )
Industry Profile : Casinos ( EC )
Case Study : Kodak’s Downfall ( HBR )
Why Artificial Intelligence Suddenly Changing Your Life ( FC )
The definitive Oral history of online travel ( SK )
SoftBank’s robot Pepper gets to work at Taiwan bank ( MINT )
C. Other Stories
The Most Overlooked Trait of Investing Success ( CB )
So You Want To Be The Next Warren Buffett? ( MOI )
Be a funnel, not a sponge ( VK )
My Teacher: Charlie Munger ( RB )
Reverse-engineering-the-perfect-stock ( SCD )
Failure Patterns of Companies ( CV )
Value Investor or Value Pretender: Which Are You? ( LW )
India’s economy: Why the time for growth is now ( MC )
Indian Consumer Close Up ( GS )
Jindal Steel & Power defaults ( BM )
How HDFC Life is misguiding investors ( BN )
Black Swans: 9 Recent Events That Changed Finance Forever ( VC )
“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