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one percent or more securities of the subject company (at the end of the month immediately preceding the date
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interest at the time of publication of the research report or at the time of public appearance.

5) Whether it or its associates have managed or co-managed public offering of securities for the subject company 5) No
in the past twelve months

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banking or brokerage services from the subject company in the past twelve months.

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brokerage services from the subject company in the past twelve months.

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research report and the types of services provided.

10) Whether the research analyst has served as an officer, director or employee of the subject company. 10) No

11) Whether the research analyst or research entity has been engaged in market making activity for the subject 11) No
company.
LEARNING 1

DELAYED GRATIFICATION

"If you're glued together and honourable

and get up every morning and keep
learning every day and you're willing to
go in for a lot of deferred gratification
all your life, you're going to succeed ."
-Charlie Munger
 LEARNING 1

DELAYED GRATIFICATION

Story of Charlie Munger

Charlie Munger has always been a big proponent of delayed gratification.
He has emphasized the importance of patience and being prepared to act
at scale when great opportunities arise. These are rare and fleeting, so we
need to be patient, and decisive to seize them.

"Charlie Munger shared an inspiring example. He had been reading Barron's

magazine for more than 50 years and found only one actionable idea in it. It
was a cheaply valued auto parts company, which he bought at $1 per share
and sold a few years later at $15 per share, earning him $80 million in profits.
Munger then gave Li Lu the $80 million and Lu turned this into $400 million.
Through just two investments, Munger turned a few million into $400
million. This example illustrates the significance of extreme patience,
deferred gratification, and displaying strong decisiveness at the right
moment. It is why Munger has said- " It takes character to sit there with all
that cash and do nothing. I didn't get to where I am by going after mediocre
opportunities"
LEARNING 1

DELAYED GRATIFICATION

CREDITS: BEHAVIOUR GAP

LEARNING 2

MR MARKET & VOLATILITY

"This imaginary person out there-Mr.

Market is kind of a drunken psycho.
Some days he gets very enthused and
some days he gets very depressed."
-Warren Buffett
LEARNING 2

MR MARKET & VOLATILITY

LEARNING 2
MR MARKET & VOLATILITY
LEARNING 2

MR MARKET & VOLATILITY

LEARNING 2

MR MARKET & VOLATILITY

VAIBHAV GLOBAL
LEARNING 2

MR MARKET & VOLATILITY

NIFTY DRAWDOWNS
LEARNING 3

JOURNALING IS A POWERFUL
TOOL OF SELF-REFLECTION

"The best investors make a habit of

putting procedures in place, in
advance, that help inhibit the hot
reactions of the emotional brain."
-Jason Zweig
LEARNING 3

POWER OF AN INVESTING JOURNAL

Feedback loop helps

you to improve your
Helps you to learn process.
about yourself.

Helps to clarify your

thinking.
Improves you as an
investor & reduces
hindsight bias.
Helps to make you
aware of your
mistakes.
LEARNING 3

CRITICAL ROLE OF PREMORTEM

Helps investors to make better
decisions for positon sizing &
portfolio construction.

Reduces Hindsight Bias

Helps to think of Anti-Thesis Pointers

LEARNING 4

PATTERN RECOGNITION
"One of the lessons your management has learned- and, unfortunately,
sometimes re-learned- is the importance of being in business where
tailwinds prevail rather than headwinds."
-Warren Buffett

"There's a model I call 'Surfing'- when a surfer gets up and catches

the wave and just stays there, he can go a long, long time."
-Charlie Munger

"We come to my second recommendation, which is to get on the

right train; that is, moving in the right direction. There's no course
in business school called 'Getting in the right train' but it's really
important. You can be an average passenger but if you get on the
right train it will carry you a long way."
-Warren Buffett
 LEARNING 4

PATTERN RECOGNITION

STREAMING INDUSTRY GROWTH GLOBAL RECORDED MUSIC INDUSTRY REVENUES

(IN USD BILLIONS)

75%

64%
61%

50% 47%
43%
40% 40% 39% 40%
36%

25% 23%

0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
 INDIAN MUSIC STREAMING
INDUSTRY STRUCTURE ?
SHARE OF LISTENING IN INDIA INDUSTRY REVENUE BY SOURCE INDIAN MUSIC INDUSTRY SIZE
(IN INR BILLION)

20 18

15 15
15 14
13
11
10
10
8

0
2014 2015 2016 2017 2018 2019 2020 2021

Zee Music: Pivoting towards OTT business. Could lack focus

Tips: 29,000 music library. Have to see the future content acquisition plans
T-Series: Family run business with largest share of catalogue between 1990-2020.
Sony Music: Largely linked only with Dharma production.
Saregama: Largest catalogue. Spending more on content and seems to be getting more film music now
School of Intrinsic Compounding
 LEARNING 5

COMPOUNDING OF GOODWILL

CREDITS: JANA VEMBUNARAYANAN

LEARNING 5

COMPOUNDING OF GOODWILL

"Spend time building new relationships. Too many stop

building relationships after school, or after marriage, and
then you find yourself in a rut and your only relationships
represent who you used to be & not where you want to go."
-Ian Cassel
LEARNING 5

COMPOUNDING OF GOODWILL

WIN WIN
WIN LOSE

LOSE LOSE
LOSE WIN
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 SOIC
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