Some of these tenets are being turned on their head. The PSUs are all the rage. Despite long gestation period, PSUs building ships and planes are all the rage. Coal India is every body’s darling.
I have long avoided the PSUs because they are inefficient. Defence PSUs because of high PEs. The Public Sector banks? The ROEs/ROCEs are pathetic 4 or so.
But where have most investors made money? Do you have the courage to stand on the side-lines and watch that?
Logic says ‘yes’, but watching others carry moolah in sacs, and not rushing out to join must take a strong heart.
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