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A disciplined, value-based investment strategy that profits from market irrationality
Join The Graham Circle. Application link: https://forms.gle/wiwhMyr9yFXLXwHe7
A disciplined, value-based investment strategy that profits from market irrationality
Let's play a quick game.
How many investors slavishly follow Buffett, Munger and Graham? Many.
How many hunt for “special situations” the market "missed"? Too many.
How many value guys underperform the indices, then spin it as a virtue? Way too many.
So why read the thoughts of a 20-year-old who checks all those same boxes - who’s treading the same well-worn path: the books, the letters, the case studies...?
Maybe because I have no track record to protect and zero incentive to lie, to you or to myself.
The truth is, value investing has become a crowded bazaar flooded with disciples parroting the same worn mantras mistaking dogma for discipline.
But value’s biggest problem isn’t competition or obsolescence - it’s that it’s overrun with people who won’t admit when they’re wrong or that their thinking is outdated.
The hallmark of a great investor is adaptability whilst the hallmark of a great bullsh*tter is a fresh excuse every cycle.
And yet, at its core, the game hasn’t really changed.
Find something mispriced. Understand it. Buy it. Hold it.
Simple to say. Hard to action.
Professionals will be quick to tell you value is out of style (but rest assured, it'll eventually rebound!) and that you should blame the Fed or AI or passive flows...
But if your edge dissolves when the macro shifts, was it ever an edge? If your framework only worked in one macro regime, it’s not a framework - it’s nostalgia.
I've also found that too many investors chase the most obscure, convoluted setups - not because they’re the best ideas, but because they sound sophisticated to those fluent in the finance-speak. However, intellectual gymnastics rarely leads to alpha. In this case, it’s the ego that gets fed, not the portfolio.
Whilst I do find industry practices amusing, I won’t pretend I’m sharper than the pros - heck, I won’t even pretend I’ve figured it out.
I just believe that curiosity, discipline and a willingness to challenge the status quo are underrated in this business - and might just be my edge.
I’m not here to pitch genius.
I’m here because this is hard.
And I’ve always liked a game where I’m the guy you write off first.
Best investing,
Harshu Vyas
Last Updated - 18/02/2024
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