Life lessons & checklist items from buffet & munger ( paraphrased by Scott Dinsmore).

Lose money for the firm & I will be understanding. Lose a shred of reputation & I eill be ruthless
Choose the best who will have you, Time & relationship are precious. Aim high & don’t accept anyone who doesn’t make you better.
it’s a mistake to think that rationality will always hold up , even in able people ( see Sokol, David )
You can always tell a man to go to hell tommorow, if it’s still good idea .
Don’t worry about occasionally failure – it happens
You can be cheerful even when things are deteriorating,Be rationality optimistic
Continuous learning is absolutely required to have any significant success in the world.Go to be little wiser than you woke up.
Own a Business that requires very little capital to grow
Don’t be too much in Rush
Conduct yourself in life so other people trust you. It helps even more if they are right to trust you.
Think about how you want to be remembered & act accordingly
Reduce expectations is the best line of defence as investor has
the problem with rules is that people break them
There are no grays area when it comes to integrity
It’s more enjoyable to create partnership with people you like & trust in order to do meaningful things than try to outsmart people out of
money
learn to communicate
Send letter to people you respect
Never trade something you have & need for something you don’t have & don’t need , even if you really want it ,
Greed & envy are very dangerous.

Of course, I understand how important it is to consider risk and expectations when it comes to investing. I’d say I’m comfortable with moderate risk and prefer steady, long-term growth rather than quick wins. My goal is to build a diverse portfolio with strong companies, aiming for consistent returns over time. To give you a bit more context, I earn 42k monthly and invest around 25-30k regularly. While I’m okay with some ups and downs, I’m not willing to risk losing everything. My main aim is to maximize returns, so I’m ready to take on significant risk to achieve that, aiming to quadruple my portfolio profit every year.

Above mentioned Companies, do any company has niche mote. ? Please explain.

Its not possible to recommend anything without knowing your risk profile and your expectations from the market.

My take on the concall. I did not appreciate how complicated the business really is. What i still do not understand – Can Avanti be fully integrated so they can control the supply chain?

My notes on the supply chain from last concall: Slightly better results. Ecuador is not a threat, they focus on low value Products. Main raw materials – fish, wheat and Soya 85% of the cost. Wheat and soya has MSP , minimum support price. Govt will keep price same or increase to show support to farmers during election time. On the other hand, Avanti can not increase the price of the feed as well. Fish meal price for export is all time high 150 due to Peru exports Collapse. (1) Raw Material dependency – fish meal, wheat, Soya. (2) Aquaculture will grow only of fer more get good price. (3) Exporters have to make profit from there So that depends on global demand/Supply. Its complicated supply chain with Scarce raw materials. R&D for raw material substitute is necessary. (4) Shrimp, as a premium protein demand is growing. China is a big importer now. With affordability increases, Shrimp demand expect to go up in long run.