Investment remarks are not morning songs. PMS Fund Manager, which runs First Global, is published by Penguin, PMS Fund Manager, “They believe that you are on the basis of your entire investment and portfolio management strategy.”
Here is a list:
1. Be a house, not a gambler
Do you want to win in the long run? Then the person throwing the chip in Las Vegas stops and begins to become a casino. “House” is not a big bet, but over and over repeatedly wins with a favorable probability. It’s not luck. Expected value. And if you are playing with a few stocks, you are not rolling the dice. You are rolling the dice. “When you do very little bets, when you have little to get securities, when you are essentially investing a bank for good luck, you can help you have a large number of stocks in the basket, which means that you have a variety of portfolios.
2. Protect in the down market. Participate in the UP market
There is a quiet genius of the complex: avoid destruction. As Mehra said, the real alpha is not to hold all the assembly, but to survive all the crashes. Fall 50%, you need 100% bounce to break down.
“The boring manifestation, stop loss, hemp, and asset assets of the entire sector can save you when the market collides, and you can save you over time when the portfolio takes excellent time.”
3. Play for singles, not Six
As in the cricket, if you try to hit six people in all the balls that are likely to get out of the game before you know it, many shares that shed tears can easily go down, so they are more often chased than they are not tears.
Mehra, which is emphasized in this book, can be a good for portfolio management if the goal is to maximize profits for a certain period of time, not at the center of the party.
4. Play everything. I don’t believe anything
The conviction has been overestimated. Flexibility is underestimated. Mera’s rules? Fall in love with your family, not stocks. Buy it based on data. It is sold based on data. ACE Fund Manager said, “Even companies with the most steady business have made stocks in the long term in the market.
5. Not optimistic. It’s not weak. Hare-ISH
Are you a bull or a bear? Incorrect question. Be a rabbit. Mehra’s mascot in First Global is not a magnificent lion. It is a humble rabbit that flows out before 360 degrees. In investment, rigidity is death. Acquire your heart surgeon.
6. The big deal is like a bus. There are always people coming
When the theme has been doing well for a while, when you want to go to the bus stop on the bus when you come to your radar, this book warns you that you are more likely not to fall to the ground when you chase a fast -moving vehicle and go up to it.
MEHRA says, “Investing in well done for a certain period of time will generally decrease the performance of what you have purchased. This is data. This is the reason why you should avoid topics.”
7. No storage. Just data fiction
Human heart craves the story. The market, on the other hand, laughs at them. The seventh commandment of Mehra is cruel. Kill the story. Stick the number.
“Maintaining disciplinary action that adheres to data and objective facts means that you have to abandon the temptation of fascinating stories. This is the price that pays for predictable achievements for a certain period of time,” she says.
8.
Just as the artery must maintain a flexible state to prevent heart attack, the portfolio requires breathing and evolution. Otherwise, they will do a flat line with your wealth. Mehra argued that rigidity that does not work in the market does not work in the market because investment is a probability game.
9. Avoid big losses
This is the last gospel, perhaps everything else is hinge. Investment is the game of the loser. If you can protect the shortcomings, the market will give you a enough space to benefit.
