Perspectives

What do you believe in?

The first principle is that you should not fool yourself, and you are the easiest person to fool
– Richard Feynmann

It was the best of times, it was the worst of times
– Charles Dickens, A Tale of Two Cities

Trump, black money and implications for stock prices

Smart money threatened a 10-15% single-day drop in the US Market if Trump was elected and a one day 100 USD/oz. upward movement in the price of Gold. Well, Trump is king, the US markets have rallied and Gold has declined.

Developing competitive advantage as an investor

Investing literature is rife with guru’s urging investors to buy companies with competitive advantage.

Role of behaviour in long term investment performance

Investor behaviour is as much a determinant of long term investing success, as a fund manager’s skill in building a portfolio.

Tell me where I am going to die, so I will never go there

The above quote is attributed to Charlie Munger, universally acknowledged as amongst the wisest men in Investing.

The pain associated with being a long term investor

Our investment process emphasizes focus on “Secular and Structural” growth opportunities vs “cyclical” ones. Secular and structural implies growth irrespective of economic conditions while cyclical implies opportunities that will be affected by trends.

The British Referendum: is it time to load the elephant gun?

This morning, while listening to the Brexit results, I chanced upon a conversation on a business channel. The same anchor who a few months ago said it was futile to forecast, was waxing eloquent about how Brexit could be worse than the Lehman crisis and how it could affect Indian equity markets for years.

Investment Perspectives: Define your Guiding Principles

A prominent research house gave a bearish call on the market at the end of February. Despite the Index climbing over 16% in the past 2 months, the firm stuck to its guns.

We have found the enemy and he is us

The chart below shows the time the NIFTY has spent in its historical trading bands of between 10-29 trailing earnings.