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Insights for Informed Investments
Explore insights, trends, and strategies in asset management. Stay informed with expert analysis and updates to help you make smarter investment decisions.
Munger on Multidisciplinary Thinking, Part 1
In April 1998, Charlie Munger, the legendary investor and Vice Chairman of Berkshire Hathaway, delivered a speech at the fiftieth reunion of...
Munger on Why Economics Needs Psychology
In his 2000 speech at the Philanthropy Roundtable, legendary investor Charlie Munger introduced some interesting concepts, such as the conce...
Why PMS Returns Can Differ Between Investors
Portfolio Management Services (PMS services) have increasingly become a preferred investment avenue for investors seeking personalised portf...
Munger and the Impact of Crowd Folly
In November 2000, legendary investor and Berkshire Hathaway Vice Chairman, the late Charlie Munger, gave a speech at the Philanthropy Roundt...
Munger and the Concept of Febezzle
In Charlie Munger’s November 2000 speech at the Philanthropy Roundtable, he introduces a concept called “febezzle,” a term he cr...
Munger on Why Bull Markets Mask Rising Costs
Charlie Munger’s November 2000 speech at the Philanthropy Roundtable touches upon the perils of excess: how rising stock prices create psych...
Munger on the Wealth Effect
In November 2000, Charlie Munger gave a speech at a Breakfast Meeting of the Philanthropy Roundtable. The talk touches upon several interest...
Munger on Activity vs Patience
Charlie Munger’s 1998 speech, Investment Practices of Leading Charitable Foundations, observes how large charitable foundations and universi...
Munger on the Hidden 3% Tax
In 1998, Charlie Munger, the legendary investor and Vice Chairman of Berkshire Hathaway, gave a speech called Investment Practices of Leadin...
Munger on Overconfidence in Investing
Charlie Munger gave a speech at a meeting of the Foundation Financial Officers Group in Santa Monica, California in 1998, called Investment ...
Munger on the Dangers of Diversification
Charlie Munger’s speech Investment Practices of Leading Charitable Foundations, given at a meeting of the Foundation Financial Officers Grou...
Munger on the Dangers of Complexity in Investing
In 1998, Charlie Munger, the legendary investor and Vice Chairman of Berkshire Hathaway, gave a speech called Investment Practices of Leadin...
Charlie Munger on the Importance of Investment Psychology
Legendary investor Charlie Munger’s speech, A Lesson on Elementary, Worldly Wisdom as It Relates to Investment Management and Business, offe...
Charlie Munger on the Importance of Investment Psychology
Legendary investor Charlie Munger’s speech, A Lesson on Elementary, Worldly Wisdom as It Relates to Investment Management and Business, offe...
Charlie Munger on Why Great Businesses Beat Bargain Businesses
In 1994, celebrated investor and Berkshire Hathaway Vice Chairman Charlie Munger delivered his famous speech The Art of Stock Picking as a S...
Why Some Businesses Win: Charlie Munger on the Pros and Cons of Scale
In 1994, legendary investor Charlie Munger delivered what would become one of the most widely read speeches in business and investing: The A...
Intelligent Investor: Margin of Safety
In the final chapter of The Intelligent Investor, Benjamin Graham once again talks about the margin of safety: or the difference between an ...
Intelligent Investor: Shareholders, Managements, and Dividend Policy
In chapter 19 of his book on investing, The Intelligent Investor, Benjamin Graham talks about the relationship between shareholders, i.e. in...
Intelligent Investor: Four Constructive Case Histories
In chapter 17 of his book The Intelligent Investor, Benjamin Graham shares the case studies of four real companies to show how irrational be...
Intelligent Investor: Convertible Issues and Warrants
In the world of markets and investments, certain instruments are often marketed as offering the “best of both worlds.” Convertible securitie...
Intelligent Investor: Stock Selection for the Defensive Investor
In an earlier blog, we examined Benjamin Graham’s views on how a defensive or conservative investor should build his portfolio. In a later c...
Intelligent Investor: Stock Selection for the Enterprising Investor
In the previous blog, we looked at Benjamin Graham’s take on how defensive investors should pick stocks for their portfolio, as outlined in ...
Intelligent Investor: Things to Consider about Per-Share Earnings
Benjamin Graham, the grandfather of value investing who counts Warren Buffett among his disciples, published his book The Intelligent Invest...
Intelligent Investor: Security Analysis for the Lay Investor, General Approach
In the information overload era, with excessive data, expert opinions and market noise, how should an ordinary investor evaluate a stock or ...
The Intelligent Investor: The Investor and His Advisors
Economist and financial analyst Benjamin Graham is widely known as the “father of value investing.” In his book The Intelligent Investor he ...
The Intelligent Investor: Investment Funds
For most of us looking to build wealth, it isn’t about whether we should invest in funds — but how. Should you build a portfolio by yo...
The Intelligent Investor: The Investor and Market Fluctuations
The Intelligent Investor by Benjamin Graham lays out an investment philosophy grounded in discipline, structure, and careful research, princ...
The Intelligent Investor: The Aggressive Investor’s Portfolio with a Positive Approach
First published in 1946, Benjamin Graham’s The Intelligent Investor outlines an investment philosophy rooted in discipline and structured, w...
Long-Term Investing Myths That Hurt Wealth Creation
Long-term investing is widely regarded as one of the most effective ways to build sustainable wealth. Yet, despite its popularity, several p...
Investing in India’s Consumption Story Through PMS Investment
India’s consumption story is one of the strongest long-term structural investment themes in the country’s growth journey. Rising disposable ...
How PMS Schemes Capture India’s Long-Term Structural Growth
India’s long-term structural growth story presents one of the most compelling investment opportunities in emerging markets. From rapid digit...
Valuation Discipline in Long-Term PMS Investing
Valuation discipline is one of the most critical pillars of successful long-term investing. While identifying high-quality businesses is imp...
The Intelligent Investor: The Aggressive Investor’s Portfolio with a Negative Approach
First published in 1946, Benjamin Graham’s The Intelligent Investor outlines an investment philosophy rooted in discipline and structured, w...
The Intelligent Investor: The Defensive Investor and Common Stocks
Benjamin Graham’s book The Intelligent Investor, first published in 1949, offers advice that is based on discipline and discernment.The book...
The Intelligent Investor: The Defensive Investor’s Portfolio
Benjamin Graham’s book The Intelligent Investor, offers an investment philosophy rooted in discipline. The book may have been first publishe...
The Intelligent Investor: Understanding The Aggressive Investor
Benjamin Graham’s book The Intelligent Investor, offers an investment philosophy rooted in discipline. The book may have been first publishe...
The Intelligent Investor: Understanding The Defensive Investor
First published in 1949, The Intelligent Investor by Benjamin Graham remains one of the most influential books ever written on investing and...
The Intelligent Investor: Investment vs Speculation
In the world of finance and wealth creation, investing and speculation are often misunderstood. Benjamin Graham, widely regarded as th...
The Intelligent Investor: Jason Zweig’s 7 Virtues of Great Investors
Jason Zweig, the journalist well known for his column “Intelligent Investor” in the Wall Street journal, has written about seven virtues of ...
The Intelligent Investor: Benjamin Graham’s 4 Investing Cornerstones
Benjamin Graham is widely regarded as the father of value investing and one of the most influential thinkers in the history of financial mar...
A Lesson on Elementary Worldly Wisdom: The Danger of Overconfidence and Sector Rotation Fads
In his 1994 speech A Lesson on Elementary Worldly Wisdom given at the University of Southern California, legendary investor Charlie Munger, ...
A Lesson on Elementary Worldly Wisdom: Incentives and Human Behaviour in Business and Investing
In his speech A Lesson on Elementary Worldly Wisdom given at the University of Southern California in 1994, Charlie Munger, the legendary in...
A Lesson on Elementary Worldly Wisdom: Tax Efficiency and Passive Costs
Legendary investor Charlie Munger gave a lecture in 1994 at the University of Southern California titled A Lesson on Elementary Worldly Wisd...
A Lesson on Elementary Worldly Wisdom: The Importance of Quality Businesses and Long-Term Holding
In a 1994 lecture at the University of Southern California titled A Lesson on Elementary Worldly Wisdom, Charlie Munger talked about how inv...
A Lesson on Elementary Worldly Wisdom: Mathematics and Probabilistic Thinking
In his influential 1994 lecture, A Lesson on Elementary Worldly Wisdom, delivered at the University of Southern California, Charlie Munger l...
A Lesson on Elementary Worldly Wisdom: Recognising Opportunities and Loading Up Selectively
In his influential 1994 lecture A Lesson on Elementary Worldly Wisdom, delivered at the University of Southern California, legendary investo...
A Lesson on Elementary Worldly Wisdom: Psychology of Misjudgement
In his well-known lecture A Lesson on Elementary Worldly Wisdom, given at the University of Southern California in 1994, legendary investor ...
A Lesson on Elementary Worldly Wisdom: Economics and Competitive Advantage
In his seminal lecture A Lesson on Elementary Worldly Wisdom, given at the University of Southern California in 1994, legendary investor Cha...
A Lesson on Elementary Worldly Wisdom: Applying Multiple Mental Models to Understand a Business
In a famous lecture titled A Lesson on Elementary Worldly Wisdom, given at the University of Southern California in 1994, Charlie Munger — t...
Munger Investment Checklist Part 10: Focus
Warren Buffett’s longtime partner, Charlie Munger, left behind a legacy that reached far beyond the world of investing. Celebrated for his s...
Munger Investment Checklist Part 9: Change
Charlie Munger, Warren Buffett’s longtime partner, was well known for his sharp intellect and simple, straightforward wisdom on matters rela...
Why Loss Aversion Shapes Portfolios More Than You Realize
In investing, numbers tell only part of the story. Human behaviour, emotions, and psychology often shape decisions in ways that can be more ...
Munger Investment Checklist Part 8: Decisiveness
Warren Buffett’s longtime partner, Charlie Munger, left behind a legacy that reached far beyond the world of investing. Celebrated for his s...
The Case for Quality Over Quantity in Stock Selection
In the world of investing, it is easy to be swayed by the idea that owning more stocks automatically means greater diversification and, ther...
Why Conservative Investors Shouldn’t Ignore Equity
When it comes to building wealth, conservative investors often prefer fixed-income instruments such as bonds, deposits, or government securi...
A Lesson on Elementary Worldly Wisdom: Circle of Competence
In a famous lecture titled A Lesson on Elementary Worldly Wisdom, given at the University of Southern California in 1994, Charlie Munger — t...
Top Mistakes Conservative Investors Make and How Portfolio Management Schemes Avoid Them
Conservative investors often enter the markets with the right intention: to protect capital and grow wealth steadily. Prudence is a strength...
Munger Investment Checklist Part 7: Patience
Warren Buffett’s lifelong partner, Charlie Munger, left a legacy that went far beyond investing. Known for his razor-sharp intellect and pla...
Munger Investment Checklist Part 6: Allocation
Charlie Munger, Warren Buffett’s long-time partner at Berkshire Hathaway, was admired not just for his sharp investment judgment but also fo...
Munger Investment Checklist Part 4: Intellectual Humility
Charlie Munger, Warren Buffett’s long-time partner at Berkshire Hathaway, was admired not just for his sharp investment instincts, but also ...
Munger Investment Checklist Part 5: Analytical Rigour
Charlie Munger, Warren Buffett’s long-time partner at Berkshire Hathaway, was celebrated not only for his sharp investing acumen but also fo...
Charlie Munger’s Investing Principles Checklist, Part 3: Preparation
Charlie Munger, Warren Buffett’s long-time partner at Berkshire Hathaway, was admired not only for his sharp investment instincts but also f...
Charlie Munger’s Investing Principles Checklist, Part 2: Independence
Charlie Munger, Warren Buffett’s long-time partner at Berkshire Hathaway, is admired for his investment acumen as well as his ability to sim...
Charlie Munger’s Multiple Mental Models Approach to Investment
Charlie Munger, the visionary vice-chairman of Berkshire Hathaway and longtime partner of Warren Buffett, revolutionised investing with his ...
Charlie Munger’s Investing Principles Checklist, Part 1: Risk
Charlie Munger, Warren Buffett’s long-time partner at Berkshire Hathaway, is celebrated not only for his investment acumen but also for the ...
The Role of Dividend Stocks in Conservative Long-Term Value Investing
In an investment world often driven by momentum and speculation, dividend stocks continue to be a beacon of stability, especially for conser...
Portfolio Management Services (PMS) vs Alternative Investment Funds (AIF Fund): Which Investment Route Is Right for You?
When it comes to wealth creation, the investment landscape offers a variety of sophisticated instruments that go beyond traditional mutual f...
Is Conservative Long-Term Value Investing the Key to Retirement Planning?
Retirement planning isn’t just about saving money—it’s about preserving and growing it in a way that provides security, income, and peace of...
How PMS Providers Are Adapting to SEBI Regulations to Serve Conservative Clients Better
In India’s fast-evolving financial ecosystem, Portfolio Management Services (PMS) have become a preferred investment vehicle for high-net-wo...
Becoming A Better Investor: The Lollapalooza Tendency
Legendary investor and former Berkshire Hathaway vice-chairman Charlie Munger often highlighted the powerful role human psychology plays in ...
Becoming A Better Investor: Reason-Respecting Tendency
Legendary investor and former Berkshire Hathaway vice chairman Charlie Munger often highlighted the powerful role human psychology plays in ...
Becoming A Better Investor: The Twaddle Tendency
Renowned investor and former Berkshire Hathaway vice-chairman Charlie Munger emphasised just how much human psychology affects our decision-...
Becoming A Better Investor: The Authority-Misinfluence Tendency
Legendary investor and former Berkshire Hathaway Vice Chairman Charlie Munger is known for his valuable advice when it comes to financial pl...
Becoming A Better Investor: The Senescence-Misinfluence Tendency
Charlie Munger, Warren Buffett’s longtime partner and Berkshire Hathaway’s vice-chairman, often highlighted the powerful role human psycholo...
Becoming A Better Investor: The Drug-Misinfluence Tendency
Charlie Munger — renowned investor, Berkshire Hathaway’s vice-chairman, and Warren Buffett’s trusted partner — often emphasised how deeply h...
Becoming A Better Investor: Use It Or Lose It Tendency
Charlie Munger, Vice Chairman of Berkshire Hathaway and a legendary investor and businessman, has a list of 25 psychological tendencies that...
How Portfolio Management Services Balance Risk and Reward in Conservative Value Investing
Conservative value investing has long favoured those seeking long-term financial growth with minimized risk. This disciplined approach centr...
Risk Management in AIFs: How Fund Managers Protect Capital While Pursuing Value
In the world of investing, capital preservation is just as critical as capital growth—especially for those taking a long-term, conservative ...
How HNIs Are Balancing Risk and Return with PMS and AIFs in 2025
In 2025, India’s High-Net-Worth Individuals (HNIs) are navigating a more nuanced investment landscape shaped by global macroeconomic shifts,...
Becoming a Better Investor: Deprival-Superreaction Tendency
Legendary investor and former Berkshire Hathaway Vice Chairman Charlie Munger is known for his valuable advice when it comes to money and in...
Becoming A Better Investor: The Social Proof Tendency
Charlie Munger, Vice Chairman of Berkshire Hathaway and a legendary investor and businessman, made a list of 25 psychological tendencies tha...
Becoming A Better Investor: Contrast-Misreaction Tendency
Legendary investor and former Berkshire Hathaway Chairman Charlie Munger is well-known for his work, Poor Charlie’s Almanac. In it, he highl...
Becoming a Better Investor: Stress-Influence Tendency
Legendary investor and former Berkshire Hathaway Vice Chairman Charlie Munger is known for his valuable advice when it comes to money and in...
Becoming a Better Investor: Availability Misweighing Tendency
In Poor Charlie’s Almanack, legendary investor Charlie Munger highlights 25 psychological tendencies that influence how we think and make de...
Becoming a Better Investor: Overoptimism Tendency
Charlie Munger, the legendary investor and longtime Berkshire Hathaway Vice Chairman, has some of the best advice on how to invest and make ...
Becoming a Better Investor: Excessive Self-Regard Tendency
Investing is within reach for everyone—and with the right mindset, it can lead to meaningful rewards. Legendary investor and longtime Berksh...
Becoming a Better Investor: Simple, Pain-Avoiding Psychological Denial Tendency
Investing is accessible to all of us. And with the right mindset, it can yield meaningful returns. Legendary investor and longtime Berkshire...
Becoming a Better Investor: The Influence-from-Mere-Association Tendency
Investing is for everyone. And if done with the right mindset, it can offer rewarding returns. Legendary investor and former Vice Chairman o...
Becoming a Better Investor: The Reciprocity Tendency
Charlie Munger, the legendary vice-chairman of Berkshire Hathaway and Warren Buffett’s longtime partner, often highlighted the role of human...
Becoming a Better Investor: Envy Jealousy Tendency
Charlie Munger, the longtime business partner of Warren Buffett and vice-chairman of Berkshire Hathaway, often emphasised how human psycholo...
Becoming A Better Investor: The Curiosity Tendency
Charlie Munger, Vice Chairman of Berkshire Hathaway and a legendary investor and businessman, has a list of 25 psychological tendencies that...
Becoming a Better Investor: Inconsistency-Avoidance Tendency
In Poor Charlie’s Almanack, legendary investor Charlie Munger highlights 25 psychological tendencies that influence how we think and make de...
Becoming a Better Investor: The Doubt Avoidance Tendency
In Poor Charlie’s Almanack, legendary investor Charlie Munger outlines 25 psychological tendencies that shape our thinking and decision-maki...
Becoming a Better Investor: Kantian Fairness Tendency
In the book Poor Charlie’s Almanack, legendary investor and Vice Chairman of Berkshire Hathaway, Charlie Munger, highlights 25 psychological...
Becoming a Better Investor: The Disliking/Hating Tendency
Legendary investor Charlie Munger, in his book Poor Charlie’s Almanack, highlights 25 key psychological tendencies that influence the way we...
Becoming a Better Investor: The Liking/Loving Tendency
Legendary investor Charlie Munger, in his book Poor Charlie’s Almanack, highlights 25 key psychological tendencies that influence the way we...
How to Evaluate AIF Funds for Conservative Long-Term Value Investment Goals
When it comes to conservative long-term value investing, Alternative Investment Funds (AIFs) can provide a valuable opportunity to diversify...
How PMS Services Enhance Conservative Long-Term Value Investing for Wealth Preservation
When using PMS services (Portfolio Management Services), investors gain access to expert advice and tailored strategies that align with thei...
Navigating Market Cycles with Conservative Long-Term Value Investing and Portfolio Management Services
Navigating market cycles can be one of the most challenging aspects of investing. The highs and lows, bullish and bearish trends, often leav...
Introduction of Specialised Investment Funds (SIFs): A New Opportunity for High-Net-Worth Individuals (HNIs)
In February 2025, the Securities and Exchange Board of India (SEBI) introduced a new category of investment vehicles known as Specialised In...
Becoming a Better Investor: The Reward and Punishment Super Response Tendency
When it comes to investing, few people inspire and command as much respect as Charlie Munger: legendary investor, trusted partner to Warren ...
Understanding the Three Categories of Alternative Investment Funds: Cat I, II, and III
Regulatory authorities categorize Alternative Investment Funds (AIFs) into three distinct categories, which serve different investment objec...
SEBI Extends Deadlines for Alternative Investment Funds to Transition Investments into Dematerialized Form
On 14th February 2025, the Securities and Exchange Board of India (SEBI) issued an important circular regarding the timelines for holdi...
How is SEBI Pushing For Growth and Transparency in AIFs?
India’s financial landscape is undergoing a transformative shift, fuelled by a confluence of factors. A decade-long surge in wealth has seen...
SEBI brings in changes for simplifying PMS investment
The Indian Portfolio Management Services (PMS) industry has seen a significant uptick in interest from High Net-worth Individuals ...
Navigating New Waters: A Look at SEBI’s Circular on AIF Fund Due Diligence
India’s alternative investment funds (AIF funds), which includes private equity funds, debt funds, real estate funds, and funds of funds, ha...
The Future of India
The ‘Future of India’ is larger than the headlines. Larger than our government. Larger than the bureaucracy; larger than the titans of indus...
Stocks from the South
“South Indians spend a lot of money on weddings. Even though we’re present in only 4 states of the South, we’ve managed a turnover of more t...
Indian Pharma Industry Sees Double Boost: API Prices Drop and Chronic Drug Sales Surge
Pharmaceuticals is an industry that, along with financial services could be labeled as one being underpenetrated in India. However, that’s c...
King coal holds strong in India’s energy mix
Despite the increasing focus on renewable energy sources, coal appears likely to remain dominant in most of Asia’s energy sector for some ti...
‘Premium’ flavour favours consumption demand
The post-COVID-19 pandemic period has seen a notable trend in the Indian consumer market. Wealthier individuals are spending more on luxury ...
Tata Technologies Scores a Blockbuster Listing
The much-anticipated initial public offering (IPO) of Tata Technologies, a global engineering and product development services company witne...
Demat Accounts: A Game-Changer in Democratizing Equity Markets
In the ever-evolving landscape of India’s financial markets, Demat (Dematerialized) accounts have emerged as a transformative force, making ...
Hyperlocal Jewellery Brands Dominate Small-Caps, Focus on Tier-II Cities
In an intriguing revelation within the sectoral indices, the Gems and Jewellery Index showcases a remarkable trend – the domination of hyper...
The K-shape in The Luxury Car and Two-wheeler Markets
India’s automotive landscape presents a contrasting tale of luxury and utility. Luxury car sales are racing to new heights, while entry-leve...
India Is Bigger Than Its Government
The Indian economy and the stock market has always been a subject of great fascination, not only for financial enthusiasts but also for poli...
What Is P/E Ratio And Why it Matters in the Stock Market
The Price-to-Earnings (P/E) ratio is a fundamental financial metric widely used by investors to assess the relative valuation of a stock. It...
A Simple Guide to Exchange Traded Funds
In the fast-paced world of finance, navigating investment options can be overwhelming. But if you’re looking for a straightforward and cost-...
Aeroflex, TVS and Concord Biotech Listings Gain on Debut in August 23
In a display of investor confidence and market enthusiasm, four Indian companies achieved stellar stock market debuts in August 2023. The fi...
Misunderstanding the Power of Compounding
In the fast-paced world of stock market investing, the concept of compounding often takes centre stage as a critical factor for long-term we...
Fortis gears up for Diagnostic Arm Agilus’ IPO
Healthcare conglomerate Fortis is looking to list its Diagnostic Arm Agilus (formerly SRL Diagnostics). The impending IPO is will reportedly...
Recent Small Cap IPOs Witness Divergent Market Debuts
In the fast-paced world of Indian business, the IPO market has been bustling with activity recently, with several companies making their deb...
IPOs 2023: Small Caps Thrive Amidst Market Caution
The Indian markets have displayed robust returns so far in 2023, though IPOs have encountered a somewhat cautious reception. While many list...
Conviction: How We Survived Covid
This quarter marks three years since the Covid pandemic hit India. At the end of March 2020 and beginning of April that year, the levels of ...
A Closer Look at Shepherd’s Hill’s Stellar PMS Performance
Last week, financial media outlets such as Business Today, The Economic Times, and Mint spotlighted Shepherd’s Hill...
Why Do Mutual Funds Favour HDFC Group Companies?
Indian mutual funds play a significant role in the country’s investment landscape, offering retail and institutional investors opportunities...
How Warren Buffett’s Mentor Demonstrated the Power of Compounding
Benjamin Graham, widely regarded as the father of value investing, asserted that the power of compounding is one of the most crucial concept...
Charlie Munger’s Sage Advice for Investors
In this year’s Berkshire Hathaway letter, Warren Buffett highlights some thoughts about life and investing expressed by his partner, Charlie...
A Comprehensive Guide to Portfolio Management Services in India
Portfolio Management Service (PMS) is a specialised service offered by professional money managers to manage investment portfolios on behalf...
A Primer on Alternate Investment Funds in India
Alternate Investment Funds (AIFs) have grown in popularity as a new way to grow wealth due to their potential for higher returns. AIFs are p...
Small Caps, Overlaps and ChatGPT
While it’s clear that conversational artificial intelligence is the new technological breakthrough everyone is talking about, using it to im...
Does India’s Asset Management Industry Need More Women?
SEBI lists 405 firms that have Portfolio Management Services licences. PMS investments has touched 26.7 lac crores. These numbers have only ...
Will Tata Tech Revive 2023’s Lackluster IPO Market?
The Tata Group has returned to the capital markets, for the first time since 2004, filing a “draft red herring prospectus” (DRHP) for Tata M...
Dont ‘Play’ the Stock Markets
The use of the word “play” when referring to stocks and stock markets is a misnomer that distracts from what should be a serious endeavour. ...
CAS: Your Most Important Investment Statement
The Consolidated Account Statement – or CAS – is a single, aggregated statement of all your investments in the securities market. All your i...
Equity Investing: No Free Lunches
At the beginning of the new year, there is a lot of uncertainty and volatility in the economy and the financial markets. The tightening grip...
Data Backup at the Stock Exchanges
In a talk at IIM Bangalore a few weeks ago, SEBI chairperson Madhabi Puri Buch described a very interesting development with respe...
Equity Investors Should Set Reasonable Expectations
With markets undoubtedly cracking over the last quarter, it is a good time to look back at the lastthree years and review our frame of refer...
The Thing About Independent Directors
In theory, an independent director is a guardian of minority shareholder rights. The independent director is supposed to scrutinise question...
Understanding Uncertainty
An important part of investing is understanding uncertainty – that we do not know what will happen. And yet, at the same time, we must remai...
The PE of The Boss
According to a recent New York Times article, Bruce Springsteen’s music catalog was sold for $550 million. According to Billboard, after ded...
Inflation Is Here
We had written in March about inflation creeping into the economy. It is now clearly visible in the data, as well as anecdotally. The Feder...
Please See if You Can Avoid PSUs
We have spoken earlier about investing in Public Sector Units (PSUs; government owned and controlled companies), and why they should be avoi...
The Wrong Reason to Invest in the Stock Market
Many people think that an important benefit of investing in the public equities market is that they can withdraw or liquidate the investment...
Flip the Price-Earnings Ratio Around
The Price-Earnings – or PE – ratio is used very often by investors and financial analysts to gauge the price level of any given company’s st...
SEBI vs. SAT
(Securities and Exchange Board of India versus Securities Appellate Tribunal) If you follow the Indian securities markets, you may often com...
Where To Not Invest
Our Fund Manager, Rishi Gupta, was invited to speak by the Pune chapter of the World Zarathushti Chamber of Commerce on Wednesday, August 25...
Bank Credit Growth Is Down
Total bank credit in India as of July, 2021 was 109 lakh crores. Between bank credit and corporate bonds, it is bank credit that does the he...
Introduction of Accredited Investor
The Securities and Exchange Board of India (SEBI) has introduced the concept of “accredited investor” to the Indian securities markets. Accr...
Is ITC a value buy?
The world is a complicated place for companies. Commercial, social, ethical, environmental and governance issues intersect and intertwine in...
Initial Public Offerings (IPOs)
IPOs are highly marketed events. There is an entire intermediary ecosystem that is built to package and sell an initial public offering. The...
Approach Approaches With Caution
SEBI has recently revised its reporting format for Portfolio Management Services (PMS) to include more detailed information regarding manage...
10 Years of Indian Equities Investing
Shepherd’s Hill has completed 10 years of investing in the Indian equity markets. It is a significant milestone for any investment organisat...
Buffett on Volatility and Risk
Continuing from last week’s discussion about the difference between volatility and risk, here are comments made by Warren Buffett on this to...
Volatility Is Not Risk
For the long-term value investor, volatility is not risk. This is a very important concept in the investment business. Many people, from ana...
First Mention of Fed Taper
The US Federal Reserve just released the minutes of its April joint meeting with the FOMC (Federal Open Market Committee), in whic...
Where Do Institutions Invest?
A recent report by Kotak Institutional Equities observes that almost 70% of the portfolio of mutual funds and more than 70% of por...
Liquidity – Lower is Better
In our previous post, we talked about portfolio churn and how it can be a good indicator of the quality of an investor’s process and portfol...
Portfolio Churn – Lower is Better
Portfolio churn can be calculated as the value of sells (or buys) in a given year divided by the average value of the portfolio during the y...
Happy Birthday NIFTY
The National Stock Exchange (NSE) Fifty index, better known as the NIFTY 50, or just the NIFTY, is India’s primary stock market index. It wa...
An Increase In LIC Claims Due to the Pandemic?
BloombergQuint has an interesting article out recently which cites a rise in Life Insurance Corporation’s (LIC) life insurance policy claims...
Supreme Court Judgment on Bank Loans
The Supreme Court has disallowed the extension of the moratorium period on loans allowed by RBI due to Covid. It has also vacated ...
The Changing Complexion of Bank Loans
For the past many years, commercial bankers have been saying that due to India’s high levels of non-performing assets (NPAs) in the corporat...
FM Speaks: Where To Not Invest – Part 2
In the second half of this talk, many pitfalls and caution areas are covered for investors in the Indian equity markets. Why should we not i...
Inflation Seems to Be Creeping In
When fiscal and monetary policy is loose or expansionary, there is always the possibility of inflation creeping into the economy. There are ...
The Case For Small-Caps
It is useful to think of investment opportunities in the publicly listed space in terms of market capitalisation. “Market-cap” is nothing bu...
Indian Budget: Stability of Tax Rates
A good feature in the recent Fiscal Year 2022 Indian budget presented by the Finance Minister was the minimal change in tax rates for the ye...
The Best Finance Writer of Our Times
Many people find finance a dry subject. It is true that finance can be difficult to write about and describe. Finance doesn’t lend itself to...
RBI Enables Retail Investors to Invest in Gilts
The RBI, in a recent announcement, has proposed to allow retail investors to directly access its system for placing orders for government se...
SEBI: Portfolio Manager Monthly Report
SEBI has been publishing monthly information reports on Portfolio Managers since 2013. These monthly reports are available to the public at ...
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