Personal Investment Journal

I am Ildar Davletshin. I have spent about 20 years in Investment Research & Corporate Finance. Most of my net worth is invested in a concentrated equity portfolio. Here I share my thoughts, analysis and ideas on investing.
High-conviction investment ideas, tools and principles

My Latest Investment Articles

On Markets & Investing

High-conviction Ideas

my portfolio
Insightful ideas published by other investors and analysts on third-party resources.
Third party research
Ideas that I am currently working on (‘Watchlist’), decided to pass (‘Too hard pile’) or waiting for a better entry point (‘Wishlist’).
Stocks under consideration
Investment theses on my past positions.
Exited positions
My core stock positions with reasons I bought them and still hold in the portfolio.
Current positions

Carry the wisdom of investment legends in your pocket, always within reach.

Vice-Chairman of Berkshire Hathaway
Charlie Munger
“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up. And boy does that help — particularly when you have a long run ahead of you”.

Books I Recommend

library
Latest additions
Every month I try to read about 5 books (sometimes more) and I add reviews on the best of them to the Library section of this website.
I think books are one of the most under appreciated source of knowledge and wisdom for investors. Authors spend years writing them, distilling lots of raw facts and pieces of information into key messages and we can consume them within couple of days.

Simple …

10% - average annual equity return based on 100-year history of US stock market.

Stocks have been the best investment among all asset classes. $1 invested in US stock market 100 years ago would be worth $500 million in 2021.
Value of 100 dollars invested in different instruments at the end of 1927

but not easy

• 7 out of 10 investors lose money in the stock market
• 9 out of 10 investment funds underperfom the broader market
• 70% of stocks generate negative real returns
Yet …
Annual cumulative returns by different asset classes over 100 years
WHY?

Three Key Pillars For Success

For this formula to work you need to focus on three key factors.
“The key organ in your body is your stomach, it's not your brain. If you can add 8+8 and get to 16, that's the only level of math that you need to know. It's always going to be scary, there's going to be always something to worry about, and you just have to forget about all of that. If you own good companies, you'll do well”.
Avoid Human Biases. Have you happened to buy a great company but put just 1% of your funds in it because you were worried about macro outlook? Or have you sold a great business too early due to some other worries? I think this is because decision making process is not perfect and is often distorted by psychology. I try to add relevant materials to minimise these effects.
Use the best Analytical Tools — how to decide if the price is worth it?
Apply the right Investment Principles — what type of companies to look for and where?
Having spent almost two decades in financial markets, I have concluded that successful investing can be boiled down to a rather simple formula: Find a great business and make sure you don’t overpay for it.
Peter Lynch

Value in your inbox

At least one new book recommendation about investing, biography of a legendary investor or entrepreneur, history of a particular industry or company, personal development to expand your circle of competence.
New investment skill or tool to improve your investment process.
Invitation to webinars and meet-ups to find like-minded investors.
Interesting stock idea or industry analysis that I have come across at other investment resources.
At least one company that I have bought (sold), or major developments around my core positions.
Every month I send 1-2 emails which are absolutely free, with no ads or promotions. From each email you will learn:

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