EQ Saturday Sapience #103
Equity Intelligence 25th January 2025
Quote for the Week
“There’s only one way to describe most investors: trend followers. Superior investors are the exact opposite. Superior investing…requires second-level thinking—a way of thinking that’s different from that of others, more complex and more insightful. By definition, most of the crowd can’t share it. Thus, the judgments of the crowd can’t hold the key to success. Rather, the trend, the consensus view, is something to game against, and the consensus portfolio is one to diverge from. As the pendulum swings or the market goes through its cycles, the key to ultimate success lies in doing the opposite. This is the core of Warren Buffett’s oft-quoted advice: ‘The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.’ He is urging us to do the opposite of what others do: to be contrarians.” —Howard Marks
Picture for the Week
Source: Kalaari Capital
Podcast for the Week
Invisible Infrastructure…A policy that works in one country often cannot simply be transplanted onto another. The invisible infrastructure that is needed to make it work may not exist… Watch Here
Articles for the Week
India Infrastructure Update… India spends less on infrastructure than other major economies… A disturbing feature of India’s infrastructure finance landscape over the last decade and a half has been the decline of private finance and the dominance of public finance… Read Here
A $500bn investment plan says a lot about Trump’s AI priorities… Trump basked in the accolades of the three men backing the “Stargate” project: OpenAI’s Sam Altman, Masayoshi Son, a Japanese tech mogul, and Larry Ellison of Oracle, an IT firm. He called it the largest AI investment in history. Then came the kicker. “This is money that normally would have gone to China.”… Read Here
China's overlapping tech-industrial ecosystems… EVs, batteries, lidar, drones, robotics, smartphones, AI. China's progress across a range of overlapping industries creates a mutually reinforcing feedback loop… Read Here
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