On this occasion of Guru Purnima, I take this opportunity to thank all my Investment Gurus who taught me (and their is lot more yet to learn) and stood like a Light house in my Investment Journey.
In the investment world, some people think it is “cool” to say “I am a Value Investor”. But it is not so cool to follow it. Not at all. Infact it is a mindset that should be incorporated in the life style itself and not only in Investment related decisions.
One person who is the dean of Value Investing is “Ben Graham”.
1) Benjamin Graham:
There is nothing left to tell about this legend. His 2 books “Intelligent Investor” & “Security Analysis” are the greatest monuments of Investment world.
People may say some of this teachings like “Buy any company if it is available at two third of its working capital” can be irrelevant. But there is no doubt in saying all his investment philosophies are like the mother root of all other philosophies. His golden words like “Price is what you pay, Value is what you get”, “A Great Company is not a great investment, if you pay too much for the stock” and a beautiful concept called “Mr. Market” in the chapter 8th of Intelligent Investor. People who say his teachings are outdated, in my humble opinion are the ones who are retarded. His teachings are valid a century ago and will do the same a century later.
2) Charlie Munger:
I may be nuts to place this little known guy before Warren Buffett. But to put in WB daughter’s own words “Charlie uncle is the most rational person I had ever seen, second being my father”. His book “Poor charlie’s almanack” is one of the few most influential books I had read. He himself is a walking library. His wits like “You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing”, “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time – none, zero” are few quotes which always will be there in my subconscious mind. I started reading Berkshire Hathaway’s and Wesco’s annual reports (will take months to complete and years to understand and follow) to know the wits of this legend and his favorite words “I have nothing to add” :)
3) Warren Buffett:
The one guy who made it BIG, REALLY BIG through the value investing ideas taken from his father, Ben Graham and his partner Charlie. Being the most successful business man living on the planet and on the other side he is a great philanthropist. He pledged 99% of his net worth for the society. A HUGE “GIVE BACK” !!!. His biography “The Snowball” is a must read for all investors not because he will share all his investment ideas, but because he will tell you “How to lead a successful life”.
4) Peter Lynch:
I don’t think there will be any person in this Investment world who didn’t read “One upon wall street” as his second or third book. His successful career as a Fund manager of Magellan Fund at Fidelity Investments which delivered a CAGR of 29% from 1977 to 1990. An astonishing journey with a lots of learnings.
5) Philip Fisher:
His amazing book “Common stocks and uncommon profits” is another gem in the investment world. This book will have high influence on your investment style and many of his quotes like “Buying a company without having sufficient knowledge of it may be even more dangerous than having inadequate diversification.” is like a golden rule for me.
6) Parag Parikh:
I got a privilege to meet this visionary in person. He can been termed as a dean of Value investing in India. I was astonished by his wisdom, his conviction. After reading his books “Value Investing And Behavioral Finance” & “Stocks to Riches”, I learnt about behavior side of Investing and how it is most powerful in day to day in stock markets.
I once asked him a question “One of your darling stock Noida toll bridge which you started to accumulate at 40, is now trading at 12. Do you still continue to buy it?”. For which he answered “I Liked the stock at 40, at 12 I am LOVING it”.
This particular reply of him haunted me for several days. I was spellbounded by his conviction.
I was extremely happy to see him in the Forbes India list of top 20 investors and their philosophy
7) Prof Sanjay Bakshi:
I got to know about this guy from a video of PPFAS in youtube. Then I searched about him. Then I realized myself “What should be my path?”. He has a unique way to analyze a company (which in turn he borrowed bits and pieces from Ben Graham, WB, Fisher). After reading his life struggle, I got huge respect on him (because, somewhere unknowingly I related to it. I worked as a Paper boy who delivered newspapers on cycle early in the morning to earn for my school fees in my high school days).
His journey inspired me and taught me “Dream BIG and find a way to achieve it. No matter how small you start, you can make still reach there with constant learning”. He was also listed in Forbes India list of top 20 investors and their philosophy along with Parag sir.
8) Aswath Damodaran:
I am happy that I got visionary Bakshi sir holding my hand (through his articles & blogs) and teaching me how to analyze a company. But where to go for the Valuation side of it? Remember Ben Graham’s quote “A Great Company is not a great investment, if you pay too much for the stock”. Hence I took the help of Aswath Damodaran in this aspect. He is the authority of Equity valuation and corporate governance. His teachings are immense and are in-depth (they will also have in-depth impact in your mind). His writings will make you run and are like roller coaster rides.
9) Basant Maheswari:
The “Oracle of Calcutta” through his Blue Bible “The Thoughtful Investor” taught many of new ways to look at stock prices. He incorporated a new style of investing and has been successful. His site “theequitydesk.com” itself is a khazana of amazing leanings.
10) PV Subramanyam:
Subra sir (as we normally address him) is one of most respected people in Indian financial markets. His blog “subramoney.com” touches every aspect of Investing (mostly in a sarcastic way, which he is famous for). He is an amazing critic. He terms himself as Investor, Trader and a speculator (sometimes). His book “Retire Rich Invest: Rs. 40 a Day” is a book which you MUST read immediately you received you first pay check (I did so).
I first got to know about him some 3 years back (at jagoinvestor.com) where he was an active participant. Then I visited his blog “www.freefincal.com” and was amazed to see some GREAT financial calculators and that too free for download. Any other person with his wisdom & knowledge would make money out of it (and I personally feel they are worth some thousands of rupees). I am privileged that we will be in contact with each other (in our amazing facebook group Asan Ideas for Wealth) and he is just a click away. There are enormous learnings from his writings and calculators.
Another amazing thing about Pattu sir is “He is double edged sword. He is having Ph.D. in Physics and an unmeasurable knowledge in the field of Investing”
Ashal ji not only comes with enormous knowledge but also with extraordinary patience. He loves to answer every question. He thinks there will be a learning in every post or a query. During my days at Jagoinvestor (where I was very active, there wouldn’t been any query which was not answered by Ashal. No I am not exaggerating. One incident which I still remember was, He was on vacation and one of the reader posted nothing but “Where is Ashal?” nothing more, nothing less. That’s shows the importance of his knowledge. He is the admin of the group Asan Ideas for Wealth in facebook and extremely happy to be in touch with him on daily basis. His favorite quote “My dull and boring SIP’s will continue” is like a mantra in all market conditions.
He had done a great contribution to personal finance in India through his blog “Jagoinvestor.com”. This SHOULD be the starting point for every person who thinks in terms of managing their financial life. I have learnt a lot from his blog.
Thanks a lot to all who influenced me and many others through their teachings. They all walk their talk and I have immense respect for all of them.