Hey @Malkd – Hope you doing good. Been long we interacted.
I see you mentioned above that last 6 months – 1 year you were away from equity and more into debt or related instruments like REITs etc. and feel that it may not be right thing to do in hindsight …but I feel it was not that bad also considering how markets have behaved broadly. A diversified portfolio of patient investor (who generally follow buy and hold for at least medium term) have probably gone nowhere – including mine.
Overall my portfolio is down around 9% from the peak it did back in Oct/Nov 21.
There maybe some stocks which have done reasonably well but in sum, the peaks are far away…
So debt and related instruments over last 1 year sounds good in hindsight to me…
Regarding REIT – no one would have guessed new rules coming in…plus I was always wary of the sponsors in India, unlike probably US, where you may be able to trust the sponsors…In India sponsors are real estate builders and that did not click the first box itself for me…Still these REITs are down probably because of change in rules – which is kind of an external event for them which no one can be prepared for…so one may not put the onus of that judgement to oneself is what I feel…
Also, I remember we talked about ITC a lot and I admired your conviction. Incidentally, over last 2-3 years it had been my biggest allocation in terms of buying cost and currently second largest holding in terms of Market value…
Would like to know how your thinking has evolved around ITC with time, with some re-rating it has seen, stock run up with broader market doing nothing and a probable stake sale by government, possibility of increase in taxes subsequently as still India is much below the WHO recommended taxation of 75% (India is probably somewhere between 55-60%) etc.
Also, what weightage it holds in your overall family portfolio with current run up?
Wish you best for your new picks and good to see you writing again.
Cheers!
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