The truth?
You can copy someone’s portfolio, but you can never copy their mind.
Let me explain with three stories.
Rakesh Jhunjhunwala & Titan
There is no debate that Rakesh Jhunjhunwala was one of India’s greatest investors. I have followed his investments for nearly 18 years. Even before that, he was already a legend on Dalal Street.
His conviction in Titan was extraordinary. At one point, Titan (adjusted for splits, bonuses and dividends) traded around ₹50. Most investors looked at it and said,
“Titan has already gone up so much. How much more can it rise?”
Instead of buying Titan, they preferred buying his other ideas. Today, Titan has delivered nearly 90x returns. Ironically, even today, many investors still say,
“Isse zyada kya badhega”
The Stock changed.
Human psychology didn’t.
02
Warren Buffett
Warren Buffett is perhaps the world’s most respected investor. Most of us have learned investing by reading his letters, books, and quotes.
But can we truly replicate Buffett? Impossible.
I had the opportunity to meet him over a decade ago, and one thing became crystal clear. Buffett invests using insurance float capital collected today that may not need to be paid out for 60-70 years. That allows him to think differently. He can patiently own businesses for decades without worrying about monthly performance or daily market movements.
Most investors, however, check stock prices several times a day and expect alpha every month.
Buffett’s philosophy is admired by almost everyone.
Practiced by very few.
Buffett investing is like my mom watching the 2pm Rasoi Show every single day. When I ask why she never cooks any of the dishes, she just says, “This can be watched. It can’t be made.”
Silver - Conviction Cannot Be Borrowed
In April 2024, we identified Silver as what we called a “Halley’s Comet Opportunity.” Silver was around ₹80,000. We personally called clients and encouraged them to accumulate.
Some invested aggressively. Some ignored it. For almost two quarters, Silver hardly moved. As prices remained flat, conviction started fading.
Many exited around ₹100,000. Others sold between ₹120,000 and ₹150,000. Only a handful stayed invested until our exit. Even among those, some couldn’t exit when we did.
Why?
Buying on someone else’s conviction is possible. Selling with conviction is much harder.
Investing Is Much More Than Buying & Selling
Clients often ask us,
“Can I simply replicate the entire PMS portfolio in my personal account?”
If you can consistently do it for three years, we’ll happily congratulate you – because 99.99% of investors can’t.
What it's actually about
The part of investing that never shows up in someone else’s portfolio statement.
These are skills that cannot be copied.
Returns can be copied.
Conviction cannot.
And in investing, conviction is often the biggest differentiator.
– ROME
Returns can be copied.
Conviction cannot.
The next time you hear someone made extraordinary returns...
And in investing, conviction is often the biggest differentiator.
— ROME
Regards,
Rohan Mehta – CEO & Fund Manager
DISCLAIMERS:
Turtle Wealth Management Pvt. Ltd. (hereinafter referred to as “the Company”) is a SEBI registered Portfolio Manager, SEBI Reg. No: INP000006758. Investments in the securities market are subject to market risks, and there is no assurance or guarantee that the objectives of any investment portfolio will be achieved. Past performance is not indicative of future results. Above performance data is not verified by SEBI.