I wrote a post on volatile markets a couple of days back and said:

Is the market at a low? can it go to 15,000 – frankly I do not have an answer.

today I received a note from Prashant Jain and he has used exactly the same nos. and the same words..

It is just the thought process – do value investing, hold for a long period and you will make money. So when the thoughts are the same the words come out in a similar vein? The admiration was translated by investing in the schemes that he manages – even 10 years ago when he was not so famous…

In fact I told somebody about a fortnight back, I said ‘I am too dumb to look for new fund managers, so having put my money in your fund, I keep praying for PJ’s health and MB’s health!

Prashant’s note should not be difficult to find on Google or on the website of Hdfc mutual fund…read it and hold your sanity, you will reap the benefits of patience – over 5 years if not 3.

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  1. thanks damodar…i knew somebody would do it. In fact I think he also said ‘It is darkest before dawn’, though I have no clue whether it is darkest or whether dawn is nearby, I agree with him in toto..

  2. Here is the actual link of the original article:


    The first thing I did this morning at 4a.m was to provide the above link in our portal.

    I started investing in mutual funds around 13 years ago; Zurich, Kothari Pioneer and Alliance used to be my preferred choice then. These fund houses were subsequently taken over by HDFC, Templeton and Birla respectively.

    Especially talking about the first two, I’ve been more than rewarded for my faith in them.

  3. Same question as brijesh. Who is MB ?

    I now know you admire PJ & SN, but want to know who is MB ?

    I am already invested in 1 scheme each managed by managed by PJ & SN for the past 1 year. Evidently am the new kid… 🙂

    Any views on Kenneth Andrade of IDFC ?


  4. By any chance is he refering to Milind Barve, who is the CEO of HDFC MF?! Kenneth is very good in Mid & Small cap space.

    One fund house which is very good but not recogonised for its worth is DSP.

  5. Dear Subra Sir

    In 2008 – Corporations/COMPANIES/Institutions were falling which were too big to fail, hence many were bailed out by governments. Smaller ones burst and the markets fall over 40% all over the world and then rose after 2+ years but no where near to the previous tops…

    In 2011 – GOVERNMENTS are falling (S&P is just telling the king is getting naked) or starting to fall and mind you it is the big names in G7 are in question and no one can bail them out…

    My view – The markets should fall minimum 40% (Sensex will fall to it low between 9000-12000)and the recovery will be extremely slow this time inspite of QE3, QE4…We are not decoupled to the extent that no FII activity there will not be any retail activity either even if the valuations are mouth watering. Next 4 years will be a testing time for all the equity investors BUT will reap the reward after that and will be spectacular for future under the next central govt be it any party/coalition… here or around the world. As all of you personal finance gurus are advocating i am going to dumb all my savings i will generate from now in SIP for the next 4 years minimum… If this goes through according to prediction – Sir I will retire before YOU.. 🙂


    NB : I too pray with you for PJ.. :), But who is MB?
    My prayers for you too for your great service.

  6. Sir

    You never taught that :(.

    Closed th demat a/c some time back understanding the hard way that it is not my cup of tea. Not worth the time and efforts. Much better yield praying for PJ.. 🙂

    Thanks anyway.

  7. Thanks for your reply Muthu. Am regular reader of your blog too 🙂 Your posts’s are very grounded and informative, i enjoy and learn from them.

    Are you referring to Apoorva Shah here ?


  8. Apporva Shah – Yes. The fund houses I like not only pertain to the fund manager but also processes, the quality of assets they hold, not chasing momentum etc.

    One advantage of being an advisor is that you can lot of questions in this regard and the fund houses are more than happy to answer such questions. Ofcourse, discretion has to be used while absorbing what is being shared.

    For example, if you want to analyse MIPs, one fund house may tell you that they have taken so much position in G-Sec as the interest rates may fall and another may tell you that they may not be able to time this and hence they are holding papers with a certain maturity and the coupon which would enable the investors earn the coupon rate (minus expenses) etc.

    If you find a mid-cap fund not doing well, the fund house would tell you what call went wrong and how they are re-positioning the portfolio and on what basis they expect do well in future and so on.

  9. I have been buying mutual funds for a very long time. Started with the great UNIT-64.

    This industry has really matured over time and now offers a good choice to investors. The costs related to investment have also come down.

    I am a great believer in HDFC funds. If you have no time to study the stocks, then one must invest in mutual funds of good repute. valueresearchonline gives a very good overview of the indusry.

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