Investing is about intellectual honesty. You want to know what you know. You want to know, mostly, what you don't know. - Li Lu, this really fits well with your decision to cut your BABA position.
I look forward to reading more from you as you are certainly on the right path.
you are doing well young fella!!! Your ability to learn and retrospect is great.
I share some concerns about Kaspi and reduced my position but I still hold one part for the long term.
Having experience in a similar business, here is a positive factor for the low default rate.
Basically if you default you can end up being banned from the whole ecosystem until you payback your loans. That means no marketplace, no tickets, government services, payments.
This make people really prioritise paying the loans back when the marketplace is dominant.
I really enjoy reading your posts. Best of luck on your journey, you are certainly on the right path. I look forward to following along! Happy New Year, Ilya.
I know this was a year ago, but I want to say I really love this post. This inspires me to be a better, less emotionally driven and more honest investor. I will follow your newsletter with great interest.
Great letter. Really appreciate your thoughtfulness and honesty. Even though it has to be true, I don’t think many investors would be willing to admit that they “do not (and cannot) expect any sort of outperformance” without first spending years of dedicated effort to build up the skill set required to rationally expect outperformance. So hats off to you. I suspect you’ll be a much better investor because of this, and I look forward to following your journey.
Investing is about intellectual honesty. You want to know what you know. You want to know, mostly, what you don't know. - Li Lu, this really fits well with your decision to cut your BABA position.
I look forward to reading more from you as you are certainly on the right path.
Thanks for your thoughtful posts and brutal honesty Ilya. You are just starting out on your journey and have great things to come!
you are doing well young fella!!! Your ability to learn and retrospect is great.
I share some concerns about Kaspi and reduced my position but I still hold one part for the long term.
Having experience in a similar business, here is a positive factor for the low default rate.
Basically if you default you can end up being banned from the whole ecosystem until you payback your loans. That means no marketplace, no tickets, government services, payments.
This make people really prioritise paying the loans back when the marketplace is dominant.
I really enjoy reading your posts. Best of luck on your journey, you are certainly on the right path. I look forward to following along! Happy New Year, Ilya.
I know this was a year ago, but I want to say I really love this post. This inspires me to be a better, less emotionally driven and more honest investor. I will follow your newsletter with great interest.
Great letter. Really appreciate your thoughtfulness and honesty. Even though it has to be true, I don’t think many investors would be willing to admit that they “do not (and cannot) expect any sort of outperformance” without first spending years of dedicated effort to build up the skill set required to rationally expect outperformance. So hats off to you. I suspect you’ll be a much better investor because of this, and I look forward to following your journey.