Kushal Chaudhari

If you want to be a better investor, learn patience and temperament. Not excel and powerpoint That is the biggest problem I see with hedge fund hiring nowadays. Most top hedge funds are picking out kids who have gone through two years of banking and private equity These kids are all obviously very intelligent and know how to work hard. But reality is that you cannot teach the core skills required to be an investor by pushing out 80 page powerpoint decks at midnight Being a good investor is a very different skill from being an excel monkey who can churn out LBO models in under an hour Going to be even more true in the age of AI

The across the board selling of Todd’s stocks at Berkshire isn’t that surprising. PM’s had full discretion there, so picks weren’t “team” picks. The culture there is for PMs to know their companies inside and out. Greg and Ted probably want to start fresh as opposed to be forced to learn Todd’s companies. What is interesting is that it seems like every funds’ 13F had a large number of big changes in Q1.

What's the hoopla about? Let's talk about the elephant in the private credit china shop: Valuations. Every fund manager will tell you: "Our valuations are transparent. Just look at the schedule of investments." Challenge accepted. I happen to like reading long documents on the SEC website. Here's what you'll typically see: Borrower | Rate | Maturity | Principal | Cost | Fair Value | Notes The magic happens where Cost meets Fair Value (FV). When FV moves, NAV (net asset value) (NAV = sum of all Fair Values - Debt) So when a fund marks down a loan's fair value, the NAV drops proportionally (all else remaining the same) You are dying to know: How exactly is Fair Value determined? From BlackRock TCP Capital's recent filings: "As of March 31, 2026, 99.9% [of investments] were categorized as Level 3 investments valued based on valuations by independent third-party sources" Sounds reassuring, right? Independent! Third-party! So how do these "independent" valuators come up with a number? They use "unobservable inputs" like: - Discount rates - EBITDA multiples - Comparable company analysis And where do these inputs come from? The fund manager provides them 😅 From the same SEC filing: "Due to the inherent uncertainty and subjectivity of these valuations, the assigned values may differ significantly from what is actually realized upon liquidation." I hate to break it to you, but this is the reality: when 100% of your portfolio is Level 3 (no observable market prices), "independent valuation" means independent people making educated guesses based on assumptions you gave them. That's where the room for interpretation lives. You are welcome.

Charlie Munger on why he refuses to think about exiting his investments: When asked about his approach to exiting investments, Munger pushes back on the entire premise of the question. "Well, you're not talking to a great exit. My Berkshire I bought in 1966. I've been a good picker, but other people know more about exiting. I'm trying never to have to exit." For Munger, the goal isn't to find the perfect moment to sell. "I'm no good at exits. I don't like even looking for exits. I'm looking for holes." He uses Costco as his prime example of what this philosophy delivers: "Think of the pleasure I've got from watching Costco march ahead. Such an utter meritocracy and it does so well. Why would I trade that experience for a series of transactions that made me a little first place?" Munger then makes two arguments against the exit-focused approach. One financial, one philosophical. On the financial side: "I'd be less rich, not more after taxes." On the philosophical side: "In the second place, it's a much less satisfactory life than rooting for people I like and admire." He acknowledges this isn't the only way to invest: "There's working styles of investments that work well with constant exits. It just hasn't happened to be my port." His closing advice distills the entire philosophy into one line: "Find Costco, not good exits."

I used to be a firm believer that investing is a skill set that can be taught As I have grown up, I have come to realize that a lot of the qualities that make great fundamental investors are inherent by nature Financial analysis, ratios, KPIs, 3 statements, and Excel models can all be taught in a classroom But traits like patience, temperament, and the thirst for finding value in places where others have not are very hard to teach anyone. It is almost like you are born with it or not.

@dugalira Possible. Median PE multiple of top-500 companies in India is materially higher than PE of Mag-7. Median Indian business is not particularly special, Mag-7 are global tech franchises. Maybe equities are a problem in a different sense😉

Warren Buffett: "If you feel you have to invest every day, you're going to make a lot of mistakes. It just isn't that kind of a business. You have to wait until you get the fat pitch."

Can understand the pessimism around IT Services but will the rest of the market, which trades at 2-3x the valuation of IT stocks be immune? Isn't that narrative too convenient? Disclosure: Don't own any IT Services stocks.

Don't forget whoever is selling you international investing, they may not be ur friends.

Warren Buffet: “I’d rather be 100 times cautious than 1% too incautious.”

Posting herewith PDF of my presentation given at India Investors Festival, 2026. @_groww linkedin.com/posts/nitin-ma…

@gurjota Not a fair comp. One did it with much lower leverage and overall risk than the other. One is much more scalable other is not.

I hope people understand why Jim Simons blows Warren Buffett out of the water. Quant Trading >>> Investing

Today’s presentation slide: P/E ratio is :

@brettgardner_10 I love whenever they have talked about their 5 min decision making on businesses and people. It’s accurate pattern recognition on steroids.

Guerin owned >$44 million of Daily Journal's stock when he died in 2020 and his family trust owned another $32 million. Guerin also sold a house to Jeff Bezos in 2007 for ~$25 million. He died very rich. He was vice chairman of DJCO for awhile, and played a role in security selection. Daily Journal's filings stated: "Charles Munger and J.P. Guerin, selected the securities which, given their experience and knowledge of investing, required very little time."

Did Warren Buffett really not mark-to-market all his stocks when computing fees during his partnership days?

Buffett today: investing isn't dead, but a lot of today's prices are going to look very silly in hindsight

@Ronitper They are everywhere.

“Charlie and I have a code word when we see some guy who we think is a jerk.” “We call him CPA. Then he gets all puffed up. But it really means - Crooked, Psychotic and you can fill in the A.” 😂 - Warren Buffett

@myvaluepicks 100%. Will only use AI for work because you have to. Will never use it personally for investing. Never has there been a tool that amplifies people’s own echo chambers than these LLMs. What it will always lack is CAUSATIONAL UNDERSTANDING and CONTEXTUAL JUDGEMENT.

“If you’re counting on AI to tell you which stock to buy and which one to sell, I don’t think that’s going to happen.” — Ajit Jain