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The Equitymaster Research Digest

Replace the 'How' & Embrace the 'Why'
Apr 21, 2017

  • My journey to 'how'
  • Five winners with 150%+ gains
  • No bad day in the markets

While interviewing candidates for a research role, I've noticed an significant deficiency: an inability to ask 'why' in addition to 'how'.

Don't get me wrong. They are all bright candidates. They can reel off industry and company specific numbers with ease. They also know how to project sales and profit growth and how to assign predetermined valuation bands.

But the moment you ask 'why?', all you get are blank stares and some beating around the bush.

My Own Journey

It reminds me of my own journey. When I started off, the first segment I was assigned was cement.

It didn't take me long to become proficient with the cement industry.

I knew I was getting better at the 'how'.

But the 'why' was missing...

Why is Gujarat Ambuja a superior wealth creator to ACC? Why does it always trade at a premium valuation to ACC?

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