its never expensive to buy a book if you derive more value out of it than you pay for it ( otherwise you will not buy it in the first place ) - also these books you may wish to refer more often so borrowing is a bad idea .Need to consider what is an expense and what is an investment.
Posts tagged Value Pickr
P. I. Industries Ltd. – A Unique Business Model can make it a Great Play on Agri & CSM Space (11-12-2015)
haha..so much for value investing.Everyone was talking about Munger and Buffett when the stock prices were raising and once the stock prices started falling and promoters are selling their holdings everyone started questioning the biz model and promoters ambitions. IMHO this is a non-event for biz and doesnt need this much attention. Even if Cartica sold or PI promoters sold how does it matter..No wonder there is a lot of hypocrisy in Value Investing that became evident today
Ajanta Pharma (11-12-2015)
very interesting views sir. goes on to show your understanding of nature of markets & more importantly your faith in it.
in cricket lingo, this is like seeing the new ball off or waiting for the slog overs knowing that theres definitely going to be one later
on the flip side, can you throw some ideas on how you manage thinking/emotion when a story doesnt play out as expected or takes too long?
say for ex, switching over to torrent pharma and torrent pharma not performing on expectations for say 6months. how do you assess the scenario then?
PS: there's no like button for the photos probably, must add that the new photo looks perfect
Ajanta Pharma (11-12-2015)
Nice way to describe someone who has the great great ability to pick temporary top in his stocks. Wish to meet you all one day soon.
Ajanta Pharma (11-12-2015)
Hitesh Ji
Each and every response from you is highly educative.
Thanks a lot
P. I. Industries Ltd. – A Unique Business Model can make it a Great Play on Agri & CSM Space (11-12-2015)
It seems quite a few respected funds like GMO emerging market fund, sbi etc have lapped up shares of PI Industries in bulk deals ( today).
Hitesh (this question is for U as i feel you are an expert in pharma space) any midcap pharma stocks to buy other than Granules and suven. Thanks in advance.
Ajanta Pharma (11-12-2015)
No wonder we are in love with one of the smartest minds (not just in VP) that we come across in our investing journey.
I would request every passionate learner to visit the Man in Baroda :). He is a great host by the way. I still remember I sought out Hitesh in one of my journey to Mumbai in 2010 and asked to meet him in Baroda the next day. His house was getting renovated ...and he still gave me undivided attention almost the whole day, among interruptions.
2 things stand out for us when we think of Hitesh in Team VP.
1. Ability to cut through the clutter - very sharp - and he keeps sharpening the saw
We used to marvel at his ability to summarise in 2 minutes Pros and Cons and a good enough entry price band for the business - after say finishing off a Management Q&A of 2 hours
We used to do this with everyone asking everyone to take 2 mins to summarise. Almost all of us would take a week before things actually sunk in for us - and obviously our 2 min summaries wouldn't be sharp, nor would it be able to present pros and cons in that level of simplicity, or 80%+ complete
2.Unemotional Investing (as Juzer has so aptly mentioned)
I haven't seen a more ruthless and dispassionate examiner of facts/merits of a candidate in your portfolio (after you have held for a few years). Many of us can be really ruthless about a new prospect.
I have admired this trait much more and have tried to emulate as best as I could - still miles to go.
There is a saying - if you admire some quality in someone greatly, you will slowly start imbibing those qualities - it's an universal thing - quoted in Bible and our Vedic scriptures as well.
CAUTION POINT: About switching. unless you can sleep peacefully with hits n misses after switching (as Hitesh mentions), do not try to emulate this aspect. Know yourself well - know what suits you. If we are not that sharp (which holds true for most of us) it's far more easier holding on to a good story where we know the business well, hold management in great esteem, and know the business has a very decent competitive advantage period in front. I subscribe to the view more money is made more easily (read lazily) by holding on to great stories (thru swings of over and undervaluation) than by switching out trying to second guess how far say an Ajanta can go, or Astral or Mayur, or even Avanti, or Atul Auto, or PI industries, or many others can go.
if you belong to this camp, then a very effective way to resist any such temptation is to ensure some steady healthy cashflows coming in on a regular basis (then you can easily resist the temptation to do a all-out-switch and can still invest meaningfully in both). For salaried folks who are financially well-managed, this can work easily. For full-time folks like me, you can work hard at establishing a steady consulting cash flow.
INDIGO ready for takeoff :airplane: (11-12-2015)
Detailed report released by Motilal Oswal today.
http://www.motilaloswal.com/site/rreports/635854309721504957.pdf
Disclosure : bought today..12% of portfolio
Mcap when posted : 37323 cr
Ajanta Pharma (11-12-2015)
Thanks hiteshbhai. Too good.