Happy New Year to you. I hope this year brings you joy, happiness and fulfilment.
1.
Prof Bakshi’s notes on RITES
Prof Sanjay Bakshi was kind enough to host me for a guest lecture at one of his sessions in MDI Gurgaon a few years back.
As a part of the talk, I spoke about B2G businesses, companies like HAL, BEL, the shipyards, RITES etc, and why they have some unique advantages. I took RITES as a case study of an interesting business which is unique because in effect it’s a consultancy and does not need incremental capital to do well over time.
In this article, Prof Bakshi does a deep down on RITES. It is worth going through this to understand how to analyse a business.
2.
Focus
The payoff for being focused has increased exponentially: technology affords us more leverage than ever, but simultaneously the world has become wildly distracting.
When Warren Buffett and Bill Gates first met over dinner, they were asked what factor had been most important in their success.
“And I said, ‘Focus,’” Buffett recounted. “And Bill said the same thing.”
Focus.
I don’t like calling things a ‘superpower’, but the ability to focus in a world conspiring to distract you might come close.
Focus has an inner and an outer dimension: focusing on what is important is macro focus. Staying focused on the task is micro focus.
Thought of the Week
What the hell do I care if somebody else makes money faster? There’s always going to be somebody who is making money faster, running the mile faster or what have you. So in a human sense, once you get something that works fine in your life, the idea of caring terribly that somebody else is making money faster strikes me as insane.
~ Charlie Munger
Video of the Week
Intelsense Insights
We closed CY2023 on a good note. The results, like every year in the past, were better than the index. Quiver, our smallcase strategy, managed to perform the best. Again, that has been the norm in the last couple of years since we launched Quiver.
Note: The performance is taken from smallcase, a thrid party independent system. Please note that past performance is NOT an indicator of future performance and it is best to assume that good performance is not likely to be repeated consistently.
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