Rupal Bhansali says it so well.

Rules of investing are not just different, they are asymmetric.

In investing, it is not enough to be correct. If there is a consensus there is no payoff.

So not only must you be right, you must also prove everyone else wrong.

#MICIN

So you score no points if you are correct, and the consensus is with you. But you also score negative points if you are incorrect.

Those penalty points are the albatross of investment capital. Which means, you can lose a lot of money if you get things wrong.

#MICIN

Momentum rallies tend to function like ponzi schemes.

In a ponzi scheme, when money flows in, it tends to become a self fulfilling prophecy. When it flows out, it becomes a house of cards.

#MICIN

FAANG is up 1500% over the past decade.

* FB & Google are going to face regulatory headwinds ahead.
* Apple & Netflix have significant competitive risks.
* Netflix is a loss-making company built on a house of cards- highly indebted & -ve free cash flow

Rupal Bhansali at #MICIN

Bubbles come to an end without notice.
Gold is a crowded trade.
Healthcare looks good.

This entire thread are the views of Rupal Bhansali
#MICIN