The law firm's investment management practice represents a full range of U.S. domestic and non-U.S. clients
in all aspects of their organization and operations. Our clients include start-up investment managers/advisers and
investment funds, seasoned private equity and venture capital professionals and established/industry-recognized investment companies and institutions.
This is part of the Education Series prepared by StockStream Financial Services. This session looks at the difference charting techniques available to technical analysts.
Listing agreement and Listing RequirementsGurpreet Singh
Presentation on Listing agreement and Listing Requirements of NSE and BSE. a comparative analysis of requirements. NSE and BSE both share these guidelines for investors.
The law firm's investment management practice represents a full range of U.S. domestic and non-U.S. clients
in all aspects of their organization and operations. Our clients include start-up investment managers/advisers and
investment funds, seasoned private equity and venture capital professionals and established/industry-recognized investment companies and institutions.
This is part of the Education Series prepared by StockStream Financial Services. This session looks at the difference charting techniques available to technical analysts.
Listing agreement and Listing RequirementsGurpreet Singh
Presentation on Listing agreement and Listing Requirements of NSE and BSE. a comparative analysis of requirements. NSE and BSE both share these guidelines for investors.
Alternate grp project hedge funds in india Saurabh Mittra
HEDGE FUNDS IN INDIA, SCOPE OF HEDGE FUND, PRESENT SCENARIO, STRATEGIES OF HEDGE FUNDS, OVERVIEW OF HEDGE FUND, FEES STRUCTURE OF FUNDS, PERFORMANCES OF LOCAL AND FOREIGN FUNDS, ASSET UNDER MANAGEMENT DATA
Investment Portfolio: A Comprehensive Guide to Building and Managing Your WealthStock Venture
You can safeguard your financial future by learning how to construct an effective portfolio. Master the art of advanced portfolio management by learning about concepts like diversity, setting goals, evaluating risk, and others. Start your journey to financial success right now!
Mutual Funds or Stock Investments Best 5 Facts for Wise Investments.pdfNazim Khan
https://pivotstocks.com/
When investor takes entry into the world of stock market, lots of investment options attract investors to grow their wealth. Two popular choices are mutual funds and stock investments. While they both involve investing in the financial markets, there are important distinctions between the two. In this article, we will find out the differences between mutual funds and stock investments, helping you make informed decisions about your investment strategy.
1. Understanding Mutual Funds
1.1 Definition and Structure of Mutual Funds
Mutual funds are investment vehicles that aggregate money from various individuals in order to invest in a diverse portfolio of stocks, bonds, and other securities.
They are managed by professional fund managers who make investment decisions on behalf of the investors. Each investor in a mutual fund owns shares that represent their proportionate ownership of the fund’s assets.
1.2 Types of Mutual Funds
There are various types of mutual funds, including equity funds, bond funds, index funds, sector funds, and balanced funds. Equity funds focus on investing in stocks, while bond funds primarily invest in fixed-income securities. Index funds track specific market indices, and sector funds concentrate on specific industries. Balanced funds aim to provide a mix of stocks and bonds to balance risk and return.
1.3 Advantages of Mutual Funds
• Professional Management: Mutual funds are managed by experienced professionals who have expertise in analyzing and selecting investments.
• Diversification: Investing in mutual funds allows you to diversify your portfolio across multiple securities, reducing the risk associated with individual investments.
• Liquidity: Mutual fund shares can be easily bought or sold, providing investors with liquidity.
• Accessibility: Mutual funds are accessible to both small and large investors, allowing individuals to participate in various markets.
1.4 Disadvantages of Mutual Funds
• Fees and Expenses: Mutual funds charge fees for management, administration, and other expenses, which can impact overall returns.
• Lack of Control: Investors have limited control over the investment decisions made by fund managers.
• Capital Gains Taxes: Mutual funds distribute capital gains to investors, which may result in tax liabilities.
2. Stock Investments Explained
2.1 Basics of Stock Investments
Stock investments involve buying shares of individual companies. When you invest in stocks, you become a partial owner of the company and have the potential to benefit from its profits and growth. Stock investments offer the opportunity for capital appreciation and the ability to earn dividends.
2.2 Types of Stocks
Stocks can be categorized into different types, including common stocks and preferred stocks. Common stocks represent ownership in a company and usually come with voting rights. Preferred stocks have a higher claim on a company’s
Mutual funds offer a convenient way to invest in a diversified portfolio of securities, managed by professional fund managers. However, before diving into the world of mutual funds, it is essential to understand the basics and learn how to manage the associated risks.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
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Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
2. A Sound Intellectual Framework
Emotional Discipline
1.
2.
1
“
To Invest successfully over a lifetime does not require a
stratospheric IQ, unusual Business insights, or insider
Information. What's needed is:
Provided by the
Book
We have to Supply
- Warren Buffet in Preface
“
3. 1. INVESTMENT VS SPECULATION
An Investment operation is one that, upon
thorough analysis, promises the safety of the
principal and an adequate return.
Operations Not Meeting these requirements are
Speculative.
Results to be expected by the intelligent investor
depend on their approach to investing.
Importance of Conducting thorough research and
analysis before making investment decisions
rather than blindly following market trends.
2
4. Total Number of Individual traders participation in equity F&O Segment 3
FY 19 FY22
50,00,000
40,00,000
30,00,000
20,00,000
10,00,000
0
Sebi study of traders
in the Equity F&O
Segment.
5. Defensive
The Defensive investor is
someone who is primarily
concerned with preserving
capital and avoiding losses.
Stability > Growth
Aggressive
The Aggressive investor is someone
who is willing to take on more risk in
order to potentially earn higher
returns.
Comfortable with Volatility
DEFENSIVE VS AGGRESSIVE INVESTORS
4
6. 2. INVESTOR AND INFLATION
What is Inflation?
The Money Illusion.
2 % Raise and 4 % Inflation
2 % Cut and 0 % Inflation
How to Protect against Infaltion?
Stocks that have history of increasing dividend
High Quality Bonds that protect against
Inflation.
Diversifying across range of asset classes.
5
7. INFLATION!
The author emphasizes the
importance of understanding
the impact of Inflation on
investment decisions and
taking proactive steps to
protect against its effects.
6
8. Author emphasises on Long Term Perspective
What is P/E Ratio?
General P/E Ratio = 15
Individual Stocks having High P/E Ratio
Current State of the market
Overvalued Stocks
Warns that market will not necessarily
continue to grow
3. CENTURY OF STOCK MARKET HISTORY
7
10. Safety + Stability > High Returns
Key Principles:
Diversification across a range of industries and
asset classes.
Focus on Quality - High Quality stocks and
bonds with a long history of stable earnings and
dividends.
Avoiding Excessive Trading Activity which
can cause high expenses and significantly erode
investment returns.
4. GENERAL PORTFOLIO: THE DEFENSIVE INVESTOR
9
11. Short-term goals
Long-term goals
Risk tolerance
Time horizon
Investment Goals
10
5. The Defensive Investor and Common Stocks
How should an individual's personal situation be taken into account when selecting securities
for their portfolio, in light of the general investment policy discussed in this chapter?
Income level
Expenses
Current assets
Liabilities
Financial Situation
Regulatory constraints
Tax considerations
Liquidity needs
Ethical and social considerations
Investment Constraints
12. Rule 1: There should be adequate diversification
Rule 2: Each company selected should be large, prominent, and conservatively financed.
Rule 3: Each company should have a long record of continuous dividend payments.
Rule 4: The stocks should be bought at a price that is not too high.
Rules to be followed by The defensive investor
11
Growth Stocks and Defensive Investor
A growth stock is a stock that has increased its per-share earnings at a rate higher
than common stocks and is expected to continue to do so in the future.
IBM has been the leading growth stock, but it has experienced significant market
price declines in the past.
Growth stocks are uncertain and risky for the defensive investor, who should
instead consider large companies that are relatively reliable
13. 12
6. Portfolio Policy for the Enterprising
Investor: Negative Approach
The punches you miss are the ones that wear you out.
—Boxing trainer Angelo Dundee
What does Graham suggest about diversifying your bond portfolio
with foreign bonds compared to today's options, and what are his
"don'ts" for aggressive investors when it comes to high-yield bonds?
14. Junkyard Dogs: High-yield
bonds
Foreign bonds with poor credit
ratings
Unfamiliar foreign currencies
Long-term bonds with low
credit ratings
13
Graham's "Don'ts" for
Aggressive Investors
Exchange-traded funds (ETFs)
Bond mutual funds
Corporate bonds with high credit
ratings
Treasury Inflation-Protected
Securities (TIPS)
Today's Options for
Diversifying Bond
Portfolio
15. ETFs: Low fees and diversification, but risk
of market fluctuations
Bond mutual funds: Professional
management and diversification, but
potential for high fees
Corporate bonds with high credit ratings:
Higher yields than government bonds, but
risk of default
TIPS: Protection against inflation, but lower
yields than other options.
14
Advantages and
Risks of Each Option
Importance of
carefully considering
options for
diversifying bond
portfolio
Balancing risk and
potential returns
Monitoring and
adjusting portfolio as
needed.
1.
2.
3.
Conclusion
16. 15
What factors contribute to the seemingly unstoppable rise of growth
stocks such as General Electric, Home Depot, and Sun Microsystems,
and how can investors navigate the unpredictable market fluctuations that
often accompany them?
7.Portfolio Policy for the Enterprising
Investor: The Positive Side
It requires a great deal of boldness and a great deal of caution to make a great
fortune; and when you have got it, it requires ten times as much wit to keep it.
—Nathan Mayer Rothschild
17. The impact of timing
General Electric's decline
Home Depot's struggle to adapt
Sun Microsystems' downfall
16
The fall of growth
stocks
Market conditions and trends
Company management and
leadership
Innovation and technology
Financial performance and
metrics
Factors contributing to
growth stock success
18. 17
Strategies for Buying Big Growth Stocks
Focusing on Industry Leaders
Investing in Companies with a Clear
Growth Strategy
Paying Attention to Valuation
Metrics
Diversifying Your Portfolio
19. The importance of diversification
The need for continued innovation
and adaptation
The role of timing in investing
Balancing risk and reward in
growth stocks
18
Lessons learned from growth stock
20. 19
8. Investing in Investment Funds
What are the advantages and disadvantages of investing in mutual funds, which
were introduced in 1924 by Edward G. Leffler and are known for being affordable,
convenient, diversified, and professionally managed?
Types of mutual funds
Equity funds
Bond funds
Money market funds
Hybrid funds
21. 20
Pros of investing in mutual funds
Diversification
Professional management
Low cost
Convenient
Cons of investing in mutual funds
Lack of control
Fees and expenses
Risk of underperformance
Tax implications
22. 21
What are the high-risk obstacles that investors face when investing in funds that
produce high returns, as discussed in the article, including migrating managers, asset
elephantiasis, no more fancy footwork, rising expenses, and sheepish behavior?
Manager Migration
Definition and explanation of manager migration
Risks involved with manager migration
How to identify funds with high risk of manager migration
Strategies for mitigating risks associated with manager migration
23. 22
Asset Elephantiasis
Definition and explanation of asset
elephantiasis
Risks involved with asset elephantiasis
How to identify funds with high risk of
asset elephantiasis
Strategies for mitigating risks
associated with asset elephantiasis
No More Fancy
Footwork
Definition and explanation of no more
fancy footwork
Risks involved with no more fancy
footwork
How to identify funds with high risk of
no more fancy footwork
Strategies for mitigating risks
associated with no more fancy footwork
24. 23
Rising Expenses and Sheepish Behavior
Definition and explanation of rising expenses and
sheepish behavior
Risks involved with rising expenses and sheepish
behavior
How to identify funds with high risk of rising
expenses and sheepish behavior
Strategies for mitigating risks associated with
rising expenses and sheepish behavior
25. Satisfactory
P/E Ratio
A Sound Investment
Strong
Financial
Position
Longevity of
Performance
9. The Investor and Market Fluctuations
24
Correct
Timing
Right
Pricing
Profit
from
Pendulum
Swings
Where to Invest? A Swing Trader's Strategy
26. 25
Graham's Message: "Kryptonite for the Bear Market"
Be scarcely "forced
to sell" your shares
Don't focus on short
term fluctuations but
instead in the long
term underlying value
of the company.
Don't be stampeded by
unjustified market declines
Investors overly concerned with
market fluctuations, are prone to
make poor investment decisions.
Don't let other's poor judgement
affect your investment decisions.
Don't overvalue market
quotations
Market quotations are
widely defined by the supply
and demand of the stock and
do not reflect the true valued
potiential of the company.
This chapter provides a valuable reminder that market fluctuations are a normal and inevitable part of
investing, and that investors should maintain a disciplined, long-term approach in the face of volatility.
27. 10. The Investor and his Advisors
26
Need and
Importance?
Evaluation
Metrics
Investor's
Responsibility
Trust or Not?
This chapter provides detailed guidance on how to evaluate financial advisors and avoid unethical
advisors, while emphasizing the importance of maintaining an independent mindset and taking personal
responsibility for investment decisions.
28. F
i
n
a
ncial Ana
l
y
s
i
s
Security
Analysis
27
11. Security Analysis for the Lay Investor
This chapter emphasizes the importance of conducting thorough security analysis. The chapter provides
practical guidance on how to approach stock selection.
Management
Factors
Affecting
Capitalization
Rate Dividend Record
Current Dividend Rate
29. 30%: Increase in average daily flights
16: New international routes launched or
announced
1,200: New employees added to the workforce
2x: Increase in average daily revenue of the airline
Source: Business Standard
Publish Date: January 27, 2023
The Takeover Success: Air India 2.0
28
30. 12. Things to Consider About Per-Share Earnings
29
Earnings per share (EPS) is calculated by dividing a company's net income by the total
number of outstanding shares.
Case Study
Non-recurring events, results
high EPS value, which
misguided the investors.
Long-term earning trends
were volatile to Aluminium
prices and production levels.
Observation Solution
Use of Average Earnings.
A 10-year and 7-year mean
is "useful for ironing out"
fluctuations in company
profitability and business
cycle.
This chapter warns against using per-share earnings as the sole metric for evaluating a company and
highlights the importance of examining other factors.
31. 13. A Comparison of Four Listed Companies
Eltra Corporation
Emerson Electric Company
Emery Air Freight
Emhart Corporation.
The four companies which Graham compares are
1.
2.
3.
4.
Graham’s detailed comparison of the companies is based on a collection of
financial data compiled.
30
32. Chief Elements of Performance
Profitability
Stability
Growth
Financial Position
Dividends
Price History.
We’ll use the tables below to take a closer
look at
31
33. 14. Stock Selection for the Defensive Investor
Adequate size
A sufficiently strong financial condition
Continued Dividends for at least 20 years
No earnings deficit in the past ten years
Ten-year growth of at least one-third in per-share earnings
Price of stock no more than 1.5 times net asset value (NAV)
Price no more than 15 times average earnings of the past three year.
Graham takes us through what we should look for in stocks if we’re going to pick
stocks and are of the Defensive Investor disposition.
The Seven Quality and Quantity Criteria
1.
2.
3.
4.
5.
6.
7.
32
34. 15. Stock Selection for the Enterprising
Investor
Graham notes that he cannot offer one particular style for all aggressive
investors, but suggests that they consider all of the reasonable market that fits
their parameters at an original paring of results.
The better way is to look for cyclical enterprises , when the current situation
is unfavorable, the near-term prospects are poor, and the low price fully
reflects the current pessimism.
33
35. 16. Convertible Issues and Warrants
Graham explains what the investor should understand about
convertible bonds and preferred stocks. He opens by defining stock-
option warrants as : long term rights to buy common shares at
stipulated prices.
Graham also cautions that convertible issues can be complex and
difficult to evaluate. He advises investors to carefully examine the
terms and conditions of a convertible issue before investing, paying
particular attention to the conversion ratio, the conversion price, and
the yield to maturity.
34
36. 17. Four Extremely Instructive Case Histories
35
Invest in co.
with strong
financial
discipline
NVF Corp.
Wait for a better
buying opportunity
Patience and
discipline in
investing
Ling-Temco-Vought
Inc. Not to rely on
speculation
alone
Importance of
diversification
AAA Enterprises.
Importance of
analyzing
financial
statements
Penn Central Co.
Emphasizes the importance of value investing and thorough analysis of statements and balance
sheets. Serves as a valuable guide for investors, providing practical examples of how to apply the
principles of value investing in practice
37. A B
1 Real Estate Investment Trust
Realty Equities Corp. of New
York
2 Air Products and Chemicals Air Reduction Co.
3 American Home Products Co American Hospital Supply Co.
4 H&R Block, Inc. Blue Bell, Inc.
5
International Flavors &
Fragrances
International Harvester Co.
6 McGraw Edison McGraw-Hill, Inc.
7 National General Corp. National Presto Industries
8 Whiting Corp. Willcox & Gibbs
18. A Comparison of Eight Pairs of Companies
36
By comparing the companies on
multiple criteria, the author
provides readers with a
comprehensive analysis of the
investment opportunities presented
by each pair of companies.
Bold - Better investment
opportunity than other
38. Dividend Policy
37
19. Shareholders and Managements :
Higher growth potential
Lower growth potential
High payout ratio
Lower payout ratio
Companies with -
Dividend payout ratio, which is the
proportion of earnings paid out to
shareholders as dividends.
Graham suggests that investors should
consider the dividend policy as part of their
overall investment analysis. Advises investors
to be cautious of companies that have a high
dividend payout ratio but low earnings or
unstable financials, as this may be an
unsustainable dividend policy.
39. Margin of safety is a principle of investing through which investors purchase securities
only when their market price is below their intrinsic value.
38
20. "Margin of Safety" as the Central
Concept of Investment
Margin of Safety - Not JUST a Defensive Concept
Emphasizes the importance of the margin of safety as a key principle of successful investing, and
provides guidance on how to use this concept to identify undervalued stocks and minimize risk in
investment.
40. CONCLUSION
It recommends companies with strong financials, a competitive advantage,
and a reliable track record, as well as a margin of safety.
It also emphasizes the importance of discipline, patience, and emotional
control in the investment process, and that investors should stick to their
investment strategy and avoid making impulsive decisions.
The Intelligent Investor emphasizes that investment should be made with a
long-term perspective and a focus on fundamental analysis.
1.
2.
Overall, investing requires a rational and disciplined approach, with a focus
on long-term value creation rather than short-term gains. 39