I practice what I teach and I teach what I practice.
There exists a peculiar blind spot in the Indian investment psyche. Many investors dismiss dividend-paying stocks as tax-inefficient vehicles for returns. Their logic appears sound: profits are taxed at the corporate level, and then distributions are taxed again at the investor level, often at the highest marginal rate. This kind of thinking makes them averse Continue reading The Misunderstood…
CFA Society Talk in August 2025 Link: https://youtu.be/D8ssnBMAtOE
While reading this fascinating book, Apple in China, The Capture of the World s Greatest Company, I came across this astonishing fact: Google pays Apple approximately $20 billion per year – nearly $55 million per day – just to be the default search engine on iPhones! Why would Google pay such an astronomical sum for something Continue reading Default Choice Worth $ 20 Billion A Year!
Back in 1987, Warren Buffett wrote a fantastic essay titled Who Pays Corporate Taxes? Here is the text of that essay: Over the years there has been a lot of fuzzy and often partisan commentary about who really pays corporate taxes businesses or their customers. The argument, of course, has usually turned around tax Continue reading Who Will Benefit from Reduced GST Rates?
Link: https://www.youtube.com/watch?v=1Mc8aamwo8k Anil is my swimming buddy, but I am also a big fan of his work, and that of his colleagues like Nitin Gokhale https://x.com/nitingokhale?lang=en…). I strongly recommend watching the content on their YouTube channels. Anil is incredibly curious, which is an essential ingredient of a great journalist. When he smells a story, he Continue reading…
Link: https://www.youtube.com/watch?v=hV-quyo2H38
Part 1: https://www.youtube.com/watch?v=OzJu3kng3fU Part 2: https://www.youtube.com/watch?v=Lf4wlBkS1H4 Part 3: https://www.youtube.com/watch?v=4-_v6GcoE8A Part 4: https://www.youtube.com/watch?v=9rVNJt9r2Bw
This note, written on January 22, 2024 was used for my lectures at Flame University. This is not a recommendation to buy the stock. I used this case to highlight a certain kind of a pattern which repeats quite often: The before and after story. Here is the note: The “Before” Story Even before the Continue reading Teaching Note on Shriram Finance