My job as an investment adviser, and as a speaker in investment conferences or writing about investing is very difficult and challenging. What is the challenge? The challenge is to say the same things again and again without being found out! Seriously good advice is dull, boring, uninspiring, accurate, and creates wealth. However, the market […]

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Let me start by saying that our portfolio is a function of 2 things – a) what we do and b) what we do not do. Acts of commission and acts of omission. So I did not start my life by deciding what portfolio I should have in my life – how much work, how […]

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When you get the balance sheet of 2 companies that you want to compare the first thing you do is to make sure that both are in the same language! So if you are comparing Toyota Motors, Form Motors and Tata Motors – you need to bring them all to US $, and then start […]

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Well if I write this after 102…it has to be 103 I presume? Yes, it is taking it forward from 102 so I am calling it 103 When comparing the performance of any two companies, remember that comparisons have to be between companies that are comparable. If you want to compare a metal container company […]

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I had to call this 102 because I have already dealt with ‘what if fundamental analysis’ in the past. Also FA starts with knowing that there is a PnL, B/Sheet, MDA (Management discussion and Analysis) to start with. Of course there are ratios to be calculated, cash flow statement to be seen…etc. Now let us […]

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People do not do too much research before they buy shares – I am talking of the new investor! I met a few people who had gone long on Options of PSU banks and made a lot of money. They do not realize that it was SHEER LUCK – and it could have gone the […]

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Financial analysts try to determine the value of a stock by calculating a company’s discounted “free cash flow”. This is based on a series of computer models with assumptions about future sales, earnings and growth rates. These models are only as good as the programmers and analysts that build them. What you end up with […]

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