About Me

Welcome to Leisure Capitalist a blog on value investing.

I have been fascinated with investing from the time I was introduced to it 2001. It first began as a quest to understand why I lost $2000 that I invested in two dot com stocks in late 1999. I found investing extremely interesting, so much so that I would be unable to sleep well on Friday nights for the next several years. I would wake up at 3 AM or 4 AM as I was too excited with the prospect of reading books about investing that I checked out from the local library. Over the next couple of years I eagerly devoured nearly every book available at the library.

For the first few years I came to believe in the efficient market theory and the associated concept of investing in index funds. So I did not make any individual stock investments during this period.

However, I saw mounting evidence of inefficiency in the markets and I discarded efficient market dogma for value investing. With new found enthusiasm I dived deep into Benjamin Graham’s and Warren Buffett’s writings and started gradually liquidating index funds and moving into individual stocks. Along the way I passed all three levels of the CFA program.

Investing to me is the most fascinating game in the world. Understanding a business, evaluating its competitive advantage, assessing its management,  coming up with a valuation for the enterprise and seeing it play out in the cold hard reality of the stock market is my idea of having fun. It incidentally also happens to be a good way to make money.

Vinod