Hi Surender
Simple answer – contentment.
Long winded answer –
A few years back, I would’ve regret. Regret when something I bought went down a percent by close of the day. Such silly things.
Now, no more really. The volatility makes you thick skinned. In the market there’s no scope for regret else it will kill you. No scope for sensitive feelings. Market is the most practical thing.
Oh, had I not sold this, I would have made x more & inverse. No more such feelings.
At the end, the sum of all changes should result in positive change at the whole PF level in the medium term – that’s all matters.
Also, after a certain stage in life or portfolio level – am not competing with anyone. I do well, good, else, learn from others/ market & move on. Unless, someone has ambitions of billion dollar PF or become a large PMS house, there’s no point.
Coming to Page question, it’s a 18-20% grower & am fine paying 40-45 times forward PE. It’s RoE > 50%, Pays 50% EPS as dividends like clockwork, maintains superb financial discipline. It warrants premium as long these attributes stay. So, I think buy at PE 45 & make 16% CAGR.
In US, Walmart grows at snails pace, I think now the bond yield must be greater than its growth but yet in this high valuation carnage it held pretty well at 25 times PE. I’m assuming such companies will consolidate long & then pick up.
What I learned personally is, am unable to make more by switching in & out rather than stay put in a stable compounder & come back in 4 years time. My inability probably. If someone is good at this, why not? I have a mental block of putting money in low quality, bad promoter, look for quick re-rating & exit type of scenarios.
Sorry, long post, hope this helps.
| Subscribe To Our Free Newsletter |
