At my age attending Investment Conferences is not of much use. Not that I do not have anything to learn, just that I do not have enough time left in life to be implement new learning. So learning is not of much use – except of course to write blogs.

What did I learn from the 2 day conference – of what I attended! It was more a reinforcement of what I knew

  • Equities requires patience
  • I liked Ridham Desai saying ‘you get rewarded in equity because you sat out the dramatic falls’. So true.
  • I was near the ring when my broker was selling off my 2000 Mazda Industries between prices from 1200 to 450,
  • Imagine how scary is the scenario when your broker has defaulted in the BSE and you have done a Rs. 50L pay in !
  • When you had a choice of paying off a client or declaring bankruptcy, you choose to pay the client. OMG.
  • When Ramdeo Aggarwal says ‘Its going to be a Rural resurgence you feel happy
  • Next line he rubbishes the fertilizer industry. You tell yourself ‘Coromandel International.
  • When wealth studies are done without DIVIDENDS you chuckle and say ‘Colgate,Ntpc, PnG’.
  • Only about 200 out of BsE top 500 have clean books. Nice to know. I thought it was lower.
  • Kavil Ramachandran talking about Family managed companies was good
  • I have liked Murugappa group, Hdfc, Asian Paints better than LnT, Itc, many psu
  • Elder pharma – what a cruel end to a man’s solid effort but
  • Family is like socialism – everybody is protected
  • Business is capitalism – only the fittest survive
  • Family business is an amalgamation of the 2
  • Family business the kids get free grooming – true, but what if they do not want it?
  • families need shared mission, shared vision, scenario building
  • Murugappa group has been handling the family situation well, lets see how long
  • Dilemma, Deviation, Differences, Disputes, Destruction – family business in ruins soon!
  • Entrepreneurs have to be FORCED TO RETIRE…never retire voluntarily
  • nice to see women in fund management – they are likely to be calmer
  • In debt Momentum is an opportunity – and the risk too?
  • 10 year CPI is 4.2%.
  • Ignore CPI – 50% of it is food. We spend on lifestyles not food. For most of us it is 12% pa at least
  • US going through Liposuction of money, so it will be painful
  • Japan needs to eat more, preferably over overeat!
  • Interest rates are volatile
  • For the real good corporate bond markets are more lucrative than banks
  • one will see the banking sector shrink
  • Most bank balance sheets are shit. I would stay away except Hdfc and Kotak
  • Yes Bank and Indusind bank balance sheets are better than Axis for sure
  • Icici bank is still in a sticky wicket – be ready for volatility
  • fund managers need to risk price well, much better than banks!
  • FM need to monitor micro better than rating agencies
  • rating agencies have no skin in the game, and that is dangerous
  • need to look at many more parameters
  • fm have to look at cash flow coming from an escrow if possible
  • spv will kill lotsa bank transactions
  • good risk mitigation strategies have to be in place
  • active credit management is a MUST
  • FM will have to learn to say NO for poor quality
  • sitting tight on large funds will REDUCE THE YIELD on bond funds
  • private capex is not really happening
  • RBI will cut 50 bps in one year….

 

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