How to become a Full Time Trader - Nooresh Merani Nooresh Merani
This is what I presented at Traders Carnival 2015 at Mumbai.
A lot more was discussed in the two hour presentation with a lot of fun.
The video will be shared as soon as DJ from Traders Carnival does it.
You can send me your feedback or queries on nooreshtech@analyseindia.com
The document discusses key drivers of long-term equity returns, focusing on the importance of investing in high-quality businesses. It analyzes companies in the BSE 500 Index between 2005-2013 that achieved over 20% compound annual returns, finding most had high return on equity, dividend payout ratios, and low debt levels. It argues quality, defined as a business's ability to generate returns above its cost of capital, is the primary determinant of investment returns. Quality must also be durable to avoid value traps. The newsletter examines examples to illustrate this point.
Phil Ordway on Building Products Companies - Best Ideas 2016valueconferences
Opportunities in Building Products: Armstrong (NYSE: AWI) and USG (NYSE: USG) operate within a profitable niche market for ceiling products, and both are interesting companies. They have ~50% and ~30% market share, respectively, in a very stable, high-ROIC business with exemplary pricing power and relatively little competition. Using AWI’s numbers, volumes are still well below their 2005/06 peak and their plants are running at ~70% utilization, but they’ve been able to raise prices consistently and revenues and margins are considerably higher compared to the prior cyclical peak. This cycle may be a little different -- namely, it has been much slower to recover than many expected, and we may not attain those 2005/06 levels anytime soon -- but therein lies the potential opportunity, as some investors may have lost patience. AWI is also undergoing a period of significant change. Its smaller, less profitable flooring segment is likely to be spun off in 2016, and the remaining ceilings business will then be under the full control of a new CEO (who is the current president of that division and has achieved good results).
This document outlines Paresh Thakker's presentation on value investing. The presentation covers defining value investing, important qualities of a value investor such as long-term thinking, good temperament, and ability to survive long-term. It discusses avoiding negative behaviors like overconfidence, envy, and living above your means. The presentation also covers things value investors should focus on, like simplifying decisions, continuous learning, associating with better people, prioritizing, identifying sustainable competitive advantages, and having guiding principles for stock picking focused on business and people fundamentals.
The Miasmic Asian Capital Jungle and the Tranquil Bamboo Innovator GroveKoon Boon KEE
This document summarizes a weekly column exploring investment opportunities in Asia by identifying resilient companies ("Bamboo Innovators") that can compound value over the long run. It profiles the Indonesian pharmaceutical company Kalbe Farma, which survived the 1997 Asian Financial Crisis. The column discusses Kalbe Farma's business model and transformation under its CEO Dr. Boenjamin Setiawan. While highlighting the limitations of only analyzing numbers, it aims to present companies as case studies to enhance understanding of sustainable business models. The document announces the upcoming launch of "The Moat Report Asia", a monthly report that will provide in-depth analysis of undervalued Asian companies with strong moats.
Exceptional Stock Market returns in Turbulent TimesAtul Khekade
This paper discusses historic patterns of Micro and Macro decisions and environment where the stocks have fetched exceptional returns in spite of the turbulent economic environment.
How to become a Full Time Trader - Nooresh Merani Nooresh Merani
This is what I presented at Traders Carnival 2015 at Mumbai.
A lot more was discussed in the two hour presentation with a lot of fun.
The video will be shared as soon as DJ from Traders Carnival does it.
You can send me your feedback or queries on nooreshtech@analyseindia.com
The document discusses key drivers of long-term equity returns, focusing on the importance of investing in high-quality businesses. It analyzes companies in the BSE 500 Index between 2005-2013 that achieved over 20% compound annual returns, finding most had high return on equity, dividend payout ratios, and low debt levels. It argues quality, defined as a business's ability to generate returns above its cost of capital, is the primary determinant of investment returns. Quality must also be durable to avoid value traps. The newsletter examines examples to illustrate this point.
Phil Ordway on Building Products Companies - Best Ideas 2016valueconferences
Opportunities in Building Products: Armstrong (NYSE: AWI) and USG (NYSE: USG) operate within a profitable niche market for ceiling products, and both are interesting companies. They have ~50% and ~30% market share, respectively, in a very stable, high-ROIC business with exemplary pricing power and relatively little competition. Using AWI’s numbers, volumes are still well below their 2005/06 peak and their plants are running at ~70% utilization, but they’ve been able to raise prices consistently and revenues and margins are considerably higher compared to the prior cyclical peak. This cycle may be a little different -- namely, it has been much slower to recover than many expected, and we may not attain those 2005/06 levels anytime soon -- but therein lies the potential opportunity, as some investors may have lost patience. AWI is also undergoing a period of significant change. Its smaller, less profitable flooring segment is likely to be spun off in 2016, and the remaining ceilings business will then be under the full control of a new CEO (who is the current president of that division and has achieved good results).
This document outlines Paresh Thakker's presentation on value investing. The presentation covers defining value investing, important qualities of a value investor such as long-term thinking, good temperament, and ability to survive long-term. It discusses avoiding negative behaviors like overconfidence, envy, and living above your means. The presentation also covers things value investors should focus on, like simplifying decisions, continuous learning, associating with better people, prioritizing, identifying sustainable competitive advantages, and having guiding principles for stock picking focused on business and people fundamentals.
The Miasmic Asian Capital Jungle and the Tranquil Bamboo Innovator GroveKoon Boon KEE
This document summarizes a weekly column exploring investment opportunities in Asia by identifying resilient companies ("Bamboo Innovators") that can compound value over the long run. It profiles the Indonesian pharmaceutical company Kalbe Farma, which survived the 1997 Asian Financial Crisis. The column discusses Kalbe Farma's business model and transformation under its CEO Dr. Boenjamin Setiawan. While highlighting the limitations of only analyzing numbers, it aims to present companies as case studies to enhance understanding of sustainable business models. The document announces the upcoming launch of "The Moat Report Asia", a monthly report that will provide in-depth analysis of undervalued Asian companies with strong moats.
Exceptional Stock Market returns in Turbulent TimesAtul Khekade
This paper discusses historic patterns of Micro and Macro decisions and environment where the stocks have fetched exceptional returns in spite of the turbulent economic environment.
We answer all your questions regarding small-cap investing in this free downloadable ebook.
- What is small cap investing?
- What are the characteristics of small cap investing?
- How do I choose a small cap manager?
- Why invest in a managed portfolio?
- What does market timing have to do with anything?
- What investment style REALLY works for small caps?
The 7-S framework is a management model that describes 7 factors for organizing a company holistically and effectively. These factors are shared values, strategy, structure, systems, staff, style, and skills. The model was developed in the late 1970s and published in books in the early 1980s. It analyzes a company based on these interdependent 7 factors. The core competence model focuses on a company's core strengths and competencies rather than outside factors like markets. It argues that long-term competitiveness comes from building core competencies better and faster than competitors. The BCG matrix analyzes a company's product portfolio based on market share and growth. It sorts products into cash cows, stars, dogs, and question marks
Venture capital funds are increasingly investing in seed funding rounds for startups, blurring traditional boundaries. Large VCs are writing smaller checks under $1 million for early-stage companies, competing with angel investors and seed funds. This expansion of options provides entrepreneurs more funding at higher dilutions from VCs or less funding at lower dilutions from smaller funds. While more funding allows for faster scaling, it also risks scaling too quickly before validating the business model. The increased competition has driven up average seed-round sizes and changed dynamics across the startup funding ecosystem in India.
Many thanks to Sid Choraria, Managing Partner, Marwar Capital, for mentioning The Moat Report Asia (Pg 9): "I find The Moat Report Asia an excellent source on learning about Asia".
The document discusses The Capital Group Companies, one of the world's largest asset managers. It summarizes Capital Group's history and track record of strong long-term performance. While it underperformed during the 2008 financial crisis, its long-term performance is still considered stellar. The chairman, Jim Rothenberg, discusses why the company is now more vocal in debates around active vs passive investing. He argues that while active management as a whole may not outperform the market, individual active managers can outperform over time.
Ashford Capital Management Small Cap Criteria White PaperCliff Short III
This “Small Cap Effect” has been analyzed, deliberated, and dissected for decades, and subsequent studies have proven that, with some caveats, the out performance of small capitalization stocks on both a risk-adjusted and absolute basis is real.
White Paper - Ashford Capital - Capturing the Small Cap EffectKristy Nichols
The document discusses small cap outperformance and Ashford Capital Management's approach to capturing the small cap effect through investing in "criteria companies". It describes how Ashford focuses on small companies with strong fundamentals like balance sheets, earnings, and business models. One example is given of a biopharmaceutical company Ashford invested in that was later acquired at a significant premium. The summary emphasizes Ashford's research-intensive process of evaluating management teams and identifying small cap growth opportunities before they are discovered by other investors.
White paper ashford capital - capturing the small cap effect (2)Cliff Short III
The document discusses small cap outperformance and Ashford Capital Management's approach to capturing the small cap effect through investing in quality "criteria companies". It outlines that small caps have historically outperformed on a risk-adjusted basis. However, stocks must meet criteria like strong balance sheets, earnings, and business models. Ashford focuses on bottom-up research to identify undiscovered companies meeting its criteria that can be held for long periods. This approach has allowed it to successfully capture the small cap premium over its decades of experience.
Agglomeration Information Pack_AG finalCallum Laing
- The document discusses problems that small and medium enterprises (SMEs) face, such as lack of scale, succession issues, demographic challenges, illiquidity, and difficulty creating wealth and expanding globally.
- It then describes the "Unity Agglomeration" solution created by Jeremy Harbour, which involves SMEs joining a holding company that provides instant scale through a consolidated financial profile and allows for succession through mergers. This publicly listed group also provides liquidity and motivates cooperation to increase share prices and drive orderly exits.
This document defines small businesses and outlines their characteristics. Small businesses are defined as having total assets less than $5 million and fewer than 200 employees. They are privately owned with few management layers and insufficient resources to dominate their fields. Small businesses tend to be labor intensive, specialized, and operate in small markets. They have personalized relationships with customers and employees and flexibility, but also face disadvantages like difficulty raising capital and risk of failure. Factors like the business cycle, regulations, access to capital, and mismanagement can influence small business success or failure.
This document provides a summary of the paper "It Ain't Broke: The Past, Present, and Future of Venture Capital" by Steven N. Kaplan and Josh Lerner. The paper presents a history of the US venture capital industry, discusses its current state, and makes predictions about its future. It finds that the US VC model has been very successful in funding many high-growth companies and IPOs. Historically, VC investments have remained a consistent small percentage of the total stock market value. The paper also finds that returns on VC funds this decade have not been unusually low compared to stock market returns overall, despite a decline in IPOs. It predicts that future returns on recent VC funds may be
Startup funding scenario in India _Entrepreneur surveySaiswaroopa Iyer
Results of a brief survey conducted among entrepreneurs in India. The subject was about the early stage funding scenario in India. Entrepreneurs responded to several Questions about their experiences in raising funds, challenges faced and future expectations
The document discusses the need for Niinue, a Kenyan marketplace investment platform that uses debt-equity crowdfunding. It notes that young Kenyan entrepreneurs struggle to access capital from banks to fund innovations, while middle-class Kenyans' individual investments often fail. Niinue aims to address this by allowing entrepreneurs to raise capital from many small investors, and investors to pool and spread their risks across multiple businesses. The platform facilitates equity crowdfunding through structured debt investments to comply with Kenyan laws.
The Downside Of Having Excessive Capital In A Volatile Economy - For CEO's An...TheEdge
Having excessive capital in a volatile economy can lead companies to make poor decisions in three key ways:
1) Companies may be tempted to make unnecessary or non-profitable acquisitions or focus on losing strategies.
2) Executives and employees can develop attitudes of complacency or lack motivation to succeed.
3) Companies may adopt a risk-averse mindset that discourages innovation.
Repro Investment Presentation: Bangalore Investor Group (April'2017)kumar Saurabh
The presentation was done during April 2017 for Bangalore Investor Group monthly meeting. Presenter has highlighted his investment rationale for Repro by providing a details of overall business and valuation
Venture Capital Funding Guide for Startups in India Region by Alps Venture Partners.
Comprehensive list of VCs in India, Approach Guidance and Valuation Methodology.
This document provides information on starting a business, including what qualities make a successful entrepreneur, the steps to legally start a business, and options for financing a new business venture. It discusses the importance of developing a business plan that describes the business, management team, marketing strategy, and financial projections. The document also outlines various financing options for startups, such as personal loans, lines of credit, and term loans. It promotes the financing and consulting services available through the Business Development Bank of Canada.
HireLabs Perspective: Increasing Vc Returns In Talent Assessment FirmsHireLabs Inc.
The VCs must ask themselves if they have CEOs who are capable of driving companies
as the recession bottoms.
Looking at the current slowdown in non-farm employment and the subsequent rebound strategies, HireLabs can forecast a recovery in the international labor market - lead by the US - sometime around Feb 2010 (Q1 2010).
Very few CEOs of venture-backed companies have experience of riding a company
through a recession successfully.
The questions that investors should ask there CEOs is
whether they are able to monetize on market-indicators as the recovery approaches.
Investors who are looking to capitalize on the recovery should predominantly understand the teams that are running the companies, and assess the teams’ ability to analyze and perform the market indicators....
Niinue is a marketplace investment platform that enables Kenya's middle class to invest in short, medium, and long-term opportunities. It uses debt-equity crowdfunding to allow investors to make small investments in startups and growing companies, spreading their risk across multiple ventures. By pooling capital from many investors and investing in scalable companies, Niinue aims to generate high returns for investors while also providing capital to entrepreneurs.
SME investments carry high risks such as companies disappearing or becoming worthless. When investing in SMEs, careful due diligence is important. Most SMEs may not survive beyond 10 years as their current value is close to zero. Predicting the future is difficult, but possible outcomes can be estimated based on understanding how industries and the universe works. Success requires both talent and luck. Regression to the mean is a powerful force, so exceptional performance should not be assumed to last forever.
Understand the VC math and valuation from the investors perspective. What is fair deal and a super deal for the investee and the investor shares Madhukar Sinha, India Quotient
Angel and Venture fundraising - A 360 perspectiveRavi Trivedi
This document provides an investor perspective on raising angel/seed funding for agribusiness startups. It discusses the types of startups that typically require funding, basics on venture capital and angel investing, the typical process of fundraising, and what investors look for in potential investments. The document covers key topics such as the stages of startup financing, differences between angel and venture investing, why investors provide funding and how they make money, common reasons startups fail, and details on term sheets, valuations, and deal structures.
We answer all your questions regarding small-cap investing in this free downloadable ebook.
- What is small cap investing?
- What are the characteristics of small cap investing?
- How do I choose a small cap manager?
- Why invest in a managed portfolio?
- What does market timing have to do with anything?
- What investment style REALLY works for small caps?
The 7-S framework is a management model that describes 7 factors for organizing a company holistically and effectively. These factors are shared values, strategy, structure, systems, staff, style, and skills. The model was developed in the late 1970s and published in books in the early 1980s. It analyzes a company based on these interdependent 7 factors. The core competence model focuses on a company's core strengths and competencies rather than outside factors like markets. It argues that long-term competitiveness comes from building core competencies better and faster than competitors. The BCG matrix analyzes a company's product portfolio based on market share and growth. It sorts products into cash cows, stars, dogs, and question marks
Venture capital funds are increasingly investing in seed funding rounds for startups, blurring traditional boundaries. Large VCs are writing smaller checks under $1 million for early-stage companies, competing with angel investors and seed funds. This expansion of options provides entrepreneurs more funding at higher dilutions from VCs or less funding at lower dilutions from smaller funds. While more funding allows for faster scaling, it also risks scaling too quickly before validating the business model. The increased competition has driven up average seed-round sizes and changed dynamics across the startup funding ecosystem in India.
Many thanks to Sid Choraria, Managing Partner, Marwar Capital, for mentioning The Moat Report Asia (Pg 9): "I find The Moat Report Asia an excellent source on learning about Asia".
The document discusses The Capital Group Companies, one of the world's largest asset managers. It summarizes Capital Group's history and track record of strong long-term performance. While it underperformed during the 2008 financial crisis, its long-term performance is still considered stellar. The chairman, Jim Rothenberg, discusses why the company is now more vocal in debates around active vs passive investing. He argues that while active management as a whole may not outperform the market, individual active managers can outperform over time.
Ashford Capital Management Small Cap Criteria White PaperCliff Short III
This “Small Cap Effect” has been analyzed, deliberated, and dissected for decades, and subsequent studies have proven that, with some caveats, the out performance of small capitalization stocks on both a risk-adjusted and absolute basis is real.
White Paper - Ashford Capital - Capturing the Small Cap EffectKristy Nichols
The document discusses small cap outperformance and Ashford Capital Management's approach to capturing the small cap effect through investing in "criteria companies". It describes how Ashford focuses on small companies with strong fundamentals like balance sheets, earnings, and business models. One example is given of a biopharmaceutical company Ashford invested in that was later acquired at a significant premium. The summary emphasizes Ashford's research-intensive process of evaluating management teams and identifying small cap growth opportunities before they are discovered by other investors.
White paper ashford capital - capturing the small cap effect (2)Cliff Short III
The document discusses small cap outperformance and Ashford Capital Management's approach to capturing the small cap effect through investing in quality "criteria companies". It outlines that small caps have historically outperformed on a risk-adjusted basis. However, stocks must meet criteria like strong balance sheets, earnings, and business models. Ashford focuses on bottom-up research to identify undiscovered companies meeting its criteria that can be held for long periods. This approach has allowed it to successfully capture the small cap premium over its decades of experience.
Agglomeration Information Pack_AG finalCallum Laing
- The document discusses problems that small and medium enterprises (SMEs) face, such as lack of scale, succession issues, demographic challenges, illiquidity, and difficulty creating wealth and expanding globally.
- It then describes the "Unity Agglomeration" solution created by Jeremy Harbour, which involves SMEs joining a holding company that provides instant scale through a consolidated financial profile and allows for succession through mergers. This publicly listed group also provides liquidity and motivates cooperation to increase share prices and drive orderly exits.
This document defines small businesses and outlines their characteristics. Small businesses are defined as having total assets less than $5 million and fewer than 200 employees. They are privately owned with few management layers and insufficient resources to dominate their fields. Small businesses tend to be labor intensive, specialized, and operate in small markets. They have personalized relationships with customers and employees and flexibility, but also face disadvantages like difficulty raising capital and risk of failure. Factors like the business cycle, regulations, access to capital, and mismanagement can influence small business success or failure.
This document provides a summary of the paper "It Ain't Broke: The Past, Present, and Future of Venture Capital" by Steven N. Kaplan and Josh Lerner. The paper presents a history of the US venture capital industry, discusses its current state, and makes predictions about its future. It finds that the US VC model has been very successful in funding many high-growth companies and IPOs. Historically, VC investments have remained a consistent small percentage of the total stock market value. The paper also finds that returns on VC funds this decade have not been unusually low compared to stock market returns overall, despite a decline in IPOs. It predicts that future returns on recent VC funds may be
Startup funding scenario in India _Entrepreneur surveySaiswaroopa Iyer
Results of a brief survey conducted among entrepreneurs in India. The subject was about the early stage funding scenario in India. Entrepreneurs responded to several Questions about their experiences in raising funds, challenges faced and future expectations
The document discusses the need for Niinue, a Kenyan marketplace investment platform that uses debt-equity crowdfunding. It notes that young Kenyan entrepreneurs struggle to access capital from banks to fund innovations, while middle-class Kenyans' individual investments often fail. Niinue aims to address this by allowing entrepreneurs to raise capital from many small investors, and investors to pool and spread their risks across multiple businesses. The platform facilitates equity crowdfunding through structured debt investments to comply with Kenyan laws.
The Downside Of Having Excessive Capital In A Volatile Economy - For CEO's An...TheEdge
Having excessive capital in a volatile economy can lead companies to make poor decisions in three key ways:
1) Companies may be tempted to make unnecessary or non-profitable acquisitions or focus on losing strategies.
2) Executives and employees can develop attitudes of complacency or lack motivation to succeed.
3) Companies may adopt a risk-averse mindset that discourages innovation.
Repro Investment Presentation: Bangalore Investor Group (April'2017)kumar Saurabh
The presentation was done during April 2017 for Bangalore Investor Group monthly meeting. Presenter has highlighted his investment rationale for Repro by providing a details of overall business and valuation
Venture Capital Funding Guide for Startups in India Region by Alps Venture Partners.
Comprehensive list of VCs in India, Approach Guidance and Valuation Methodology.
This document provides information on starting a business, including what qualities make a successful entrepreneur, the steps to legally start a business, and options for financing a new business venture. It discusses the importance of developing a business plan that describes the business, management team, marketing strategy, and financial projections. The document also outlines various financing options for startups, such as personal loans, lines of credit, and term loans. It promotes the financing and consulting services available through the Business Development Bank of Canada.
HireLabs Perspective: Increasing Vc Returns In Talent Assessment FirmsHireLabs Inc.
The VCs must ask themselves if they have CEOs who are capable of driving companies
as the recession bottoms.
Looking at the current slowdown in non-farm employment and the subsequent rebound strategies, HireLabs can forecast a recovery in the international labor market - lead by the US - sometime around Feb 2010 (Q1 2010).
Very few CEOs of venture-backed companies have experience of riding a company
through a recession successfully.
The questions that investors should ask there CEOs is
whether they are able to monetize on market-indicators as the recovery approaches.
Investors who are looking to capitalize on the recovery should predominantly understand the teams that are running the companies, and assess the teams’ ability to analyze and perform the market indicators....
Niinue is a marketplace investment platform that enables Kenya's middle class to invest in short, medium, and long-term opportunities. It uses debt-equity crowdfunding to allow investors to make small investments in startups and growing companies, spreading their risk across multiple ventures. By pooling capital from many investors and investing in scalable companies, Niinue aims to generate high returns for investors while also providing capital to entrepreneurs.
SME investments carry high risks such as companies disappearing or becoming worthless. When investing in SMEs, careful due diligence is important. Most SMEs may not survive beyond 10 years as their current value is close to zero. Predicting the future is difficult, but possible outcomes can be estimated based on understanding how industries and the universe works. Success requires both talent and luck. Regression to the mean is a powerful force, so exceptional performance should not be assumed to last forever.
Understand the VC math and valuation from the investors perspective. What is fair deal and a super deal for the investee and the investor shares Madhukar Sinha, India Quotient
Angel and Venture fundraising - A 360 perspectiveRavi Trivedi
This document provides an investor perspective on raising angel/seed funding for agribusiness startups. It discusses the types of startups that typically require funding, basics on venture capital and angel investing, the typical process of fundraising, and what investors look for in potential investments. The document covers key topics such as the stages of startup financing, differences between angel and venture investing, why investors provide funding and how they make money, common reasons startups fail, and details on term sheets, valuations, and deal structures.
The Fintech Paradox : Accessing the USD 480 billion of untapped SME and SCF r...Anand Pande
The document discusses opportunities for financing small and medium enterprises (SMEs). It notes a global SME funding gap of $1.6 trillion, including gaps of $700 billion in Asia and $900 billion in the rest of the world. Digital trade finance and supply chain finance solutions have so far only tapped a small portion of the potential $480 billion in untapped revenue opportunities. The Growth Paradigm Partnership recommends approaches focused on credit, compliance, capital access, and clients to help capture 0.5% of the global revenue pools.
Understanding the Banking Sector by Ashish Kila (CIO, Perfect Research) at Be...perfectresearch
This is the video of the presentation made by our CIO Ashish Kila at the Best Ideas 2019 Conference hosted by MOI Global. (Manual of Ideas)
For more details, please refer to:-
MOI Global Website at https://moiglobal.com/ashish-kila-201901/
Our Blog at http://perfectresearch.blogspot.in
Disclaimer:
-We are not SEBI registered Investment Advisors
-Nothing in this article is, or should be construed as investment advice. The stocks mentioned in the post are for educational purpose only and are not recommendations
- The purpose of this post is to highlight a framework which an investor can apply to any company.
-This is not an offer (or solicitation of an offer) to buy/sell the securities/instruments mentioned.
-All the posts on this blog, including this one, are for educational and discussion purposes only.
-Please do not take buy/sell or any investment decision based on articles you read on the blog. These are only meant to provide information and initiate discussion. The final decision is and always should be of the reader only.
-There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth.
-Perfect Group’s officers, directors, employees, principals and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated in this letter.
This document discusses midcap companies and provides arguments for including midcaps in an investment portfolio. It begins by defining midcap companies as those between the top 100 and next 400 companies by market capitalization in India. It then addresses common misconceptions about midcaps, arguing they are not necessarily small, cyclical businesses and have provided reasonably good returns historically. The document highlights the growth potential of midcaps, noting analysts forecast their earnings growth to outpace large caps. It also argues midcaps may benefit from an economic recovery in India. The document acknowledges risks to midcaps like high interest rates and lack of investor interest. It advocates managing midcap risks through portfolio construction, regular reviews, and bottom-up stock picking. Finally,
This document summarizes interviews with several experienced Indian investors - Anil Goel, Govind Parekh, and Bharat Jayantilal Patel. It discusses their investment philosophies and processes. Some key points include:
- Anil Goel focuses on undervalued, basic businesses and aims to achieve 5-10x returns over 5 years using a strategy of knowledge, conviction, patience, luck, and timely investment.
- Govind Parekh invests in top quality companies with credible management at low market caps and holds for the long run.
- Bharat Jayantilal Patel was initially a broker but now focuses on small/mid caps and aims for 18-24%
Silicon Valley Warsaw School of Economics (SGH) Presentation 2015.05.23Peter Szymanski
The document discusses factors that Silicon Valley investors look for in companies and advice for Polish startups seeking US funding. It describes 9 key factors including rapid growth, large market potential, predictable revenue, a proven management team, and a strong economic model. It also provides tips for Polish startups on setting up a US entity to facilitate fundraising, checking investor references, and global technology trends that may impact future opportunities.
Raising Funds in Silicon Valley -- Startup Chile Feb 2015 PresentationPeter Szymanski
This document discusses factors that Silicon Valley venture capitalists look for when investing in startups, global trends making it a good time to launch startups outside of Silicon Valley, and how to pick a venture capitalist or angel investor. It outlines nine key factors VC's consider, including having a large addressable market, the ability for rapid growth, achieving scale and $1B+ potential, predictable and recurring revenue streams, product and customer diversity, a proven management team, a weak competitive landscape, a strong economic model, and an elevator pitch that describes the company vision. It also notes global trends like declining mobile and internet costs that create opportunities for startups worldwide. The document concludes with discussing differences for Chilean startups and how to contact
Recent Revolution brought about by StartupsAyush Badala
A startup is a young company that offers a new product or service not currently available in the market. Startups are typically small and operated by a handful of founders in the early stages. They offer less competition but more flexibility and hands-on experience than established companies. Successful startups progress through several stages, from validating the initial idea to achieving scale and maximizing profits over multiple years.
Bitspiration 2015 Presentation for EntrepreneursPeter Szymanski
1) Raising funds from Silicon Valley investors requires Polish startups to demonstrate rapid growth, a large total addressable market, and a proven management team.
2) When choosing Silicon Valley investors, companies should reference check the investors' past portfolio companies to evaluate how they support struggling firms.
3) While Silicon Valley remains an attractive source of funding, its high costs may lead startups to consider global trends like declining smartphone and bandwidth expenses that could support development outside of the US.
This document discusses investing in India through two strategies - India Underserved and India Undervalued.
The India Underserved strategy focuses on businesses in underpenetrated categories that have significant growth potential as consumption increases with income levels. Examples include autos, hospitality, and coffee. The strategy screens for sustainable growth, cash generation ability, and margin tenacity.
The document provides two illustrations of companies that fit the Underserved strategy: PVR Cinemas and Mahindra & Mahindra Financial Services. For PVR Cinemas, while occupancy rates dropped, the market did not appreciate the secular strength of multiplex theaters replacing single screens. Identifiable catalysts for PVR included exiting its loss-making production business.
This document discusses an investment strategy focused on India. Section 1 discusses why India presents a good investment opportunity. Section 2 summarizes the fund's philosophy and process of focusing on fundamentals over short-term results. Section 3 highlights the "India Underserved" investment construct, providing illustrations of investments in PVR Cinemas and Mahindra & Mahindra Financial Services that have untapped growth potential. Section 4 discusses the "India Undervalued" construct and provides an illustration of an investment in Shree Cement. Section 5 covers market irrationality, the investment team, fund terms, and historical performance.
The document discusses a study on factors influencing the dynamic stock market environment and Religare's services compared to its competitors. It analyzes Religare's corporate structure, services, charges, and advantages over competitors like lower brokerage rates. Key factors influencing short-term stock prices are identified as inflation, FII investment trends, and exchange rates, while long-term factors include company fundamentals, FDI trends, and industrial influence. The study recommends investors adopt a CRR technique of focusing on capital, risk, and returns when investing and focus on companies with strong fundamentals.
Finsight - Private Equity in India: Recent observations and emerging trends a...South Asia Fast Track
This document discusses private equity in India, including recent trends, challenges, and strategies. It notes that while PE activity levels have increased over the past decade, challenging economic conditions have impacted returns. Both investors and fund managers have adapted their approaches in response, such as focusing on management quality and differentiated strategies. The document also examines trends in fundraising, deal sourcing and due diligence, valuations, sectors and geographies.
This document is a final report submitted by Deep Modi on his summer internship at Motilal Oswal Securities Ltd. The report discusses ways to create wealth through equity investments, including portfolio management services (PMS) and mutual funds. It provides details on Motilal Oswal's PMS strategies of Value, NTDOP, and India Opportunity Portfolio. It also describes work done during the internship on algorithmic trading, account opening contests, and business portal development. The report concludes with learnings around understanding the market and industry analysis.
Stepping into a role which requires business finance knowledge? Here is a short guide offering advice, tools, and expertise that you will need to equip yourself with to be successful. Check out our Diploma in Business Finance for more.
1. The document provides advice on investing in the stock market, emphasizing the importance of educating oneself first before investing.
2. It discusses Warren Buffett's value investing approach and methodology, noting his emphasis on assessing a company's intrinsic value and competitive advantage.
3. The document outlines various factors to consider when analyzing companies and selecting stocks for investment, such as earnings, growth prospects, and market trends in different sectors.
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf46adnanshahzad
How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
Introduction
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TIAA - stock idea - ganesh benzo - varadha
1. TIA 20-20 IDEAS SUMMIT 6th March 2021
Varadharajan Ragunathan
TAMILNADU INVESTORS ASSOCIATION 1
2. SPEAKER’S PROFILE
I’m a Chennai based individual investor, who’s passionate about murder mysteries,
corporate frauds and early warning signs. I’m also passionate about mental models –
the material, few mental models are the necklace that weaves together the pearls of
EPS, cash flow, revenue growth, governance etc. in investing. Ooh, and there’s one
more thing – I love to cycle everywhere now. When Howard Marks said all things are
cyclical, I didn’t know he was referring to the bicycle !
TAMILNADU INVESTORS ASSOCIATION 2
3. DISCLAIMER SLIDE
This is NOT a recommendation. I am not a research analysts. In fact, treat me as a
quack – don’t‘ take any of these words. Protect your money – do your own research
and build your own conviction. Trolling wont make you any money or save your lost
money. I have no inside information on any stock nor am I planning to add/sell more
stock because I did this presentation. This presentation, is a pure ‘labour of love’.
TAMILNADU INVESTORS ASSOCIATION 3
4. INVESTMENT PHILOSOPHY
• GVAP
• Growth
• G – learnt better than to invest into melting ice-cubes and fast glowing cigar
butts.
• V – Variant Perception –very little coverage, low institutional interest and a strong
variant perception of self and triangulated with an external validation/data point.
What are objective facts to show that “management wants to change their
behaviour over a period of time?”.
• A – Actions by Management in line with reducing the valuation gap – for example,
AR - > Presentations - > conference calls - > IR - > Institutional meets . What are
objective triggers in place that show that “management wants to manifest their
changes in behaviour”?
• P – Perception and change. What does Mr. Market think right now and based on V
and A what do I expect Mr. Market to change it to ? How do I get a temperature
check on Mr. Market’s bipolarity on this stock?
TAMILNADU INVESTORS ASSOCIATION 4
5. CURRENT TEMPERATURE OF
MARKET
Optimistically cautious:
• Tremendous liquidity.
• Hugely optimistic about India given the progressive budget and interest from FII’s.
• V- shaped recovery.
However, global macros look weak – tech bubble, fed action etc. and this can set off
a domino. Would specifically avoid sectors that have run up a lot (eg., tech) and
avoid story stocks in ultra fancied sectors (“trees grow to the sky”).
TAMILNADU INVESTORS ASSOCIATION 5
6. STOCK
• Least prone to disruption.
• Least prone to Covid/lock-down/lock-up
• Serving an essential utility
• Tremendous pricing power
• Limited, no competition (‘They aren’t making ‘em anymore)
• Has adjacencies to improve margins – “bundling” for a higher ROCE
TAMILNADU INVESTORS ASSOCIATION 6
7. GANESH BENZO
• LST – Liquid Storage Tank.
• 83 tanks 303,000 kl.
• “Cloak room” in a railway station type of business with free market pricing/low
regulations ; optionalities are porterage and ancillary services. Thoughtful expansion
can help grow 10-15 % over 5-10 years sustainably without erosion on ROCE’s
•60-80 Cr. of stable cash flow – what price will you pay for it for zero growth.
TAMILNADU INVESTORS ASSOCIATION 7
11. INDUSTRY ANALYSIS
• Local monopoly “toll road” business with stable, slowly increasing demand.
• Earnings increase comes from the huge delta between marginal revenues and
marginal costs.
• Mental model is brownfield expansion/forward integration on a “toll road” business
leads to disproportionate earnings increase.
• “They aren’t making it anymore “ – land close to a port is a scarce, un-substitutable
high ROE asset. Not a very high risk of disruption, black swans are recoverable from.
TAMILNADU INVESTORS ASSOCIATION 11
12. WHY DID I CHOOSE THIS STOCK?
• Steady progress after 2015.
• Thanks to Mr. Anand Mohan for recommending this stock in 2015.
• Name a misnomer – neither a stock for “god fearing” (stock holders of “god named”
stocks have had to become eventually god fearing; and this is not a stock for
“chemical lovers”.
• Simple, easy to understand business.
• Entry of second generation has shaken up things for better.
TAMILNADU INVESTORS ASSOCIATION 12
13. JNPT
• 245, 115 kl with 100% occupancy.
• INR 100 Cr. topline with 80 %+ EBITDA.
• Can store highly corrosive/inflammable liquids
•Cochin
• 43,500 KL.
•Goa
• 25,000 KL.
TAMILNADU INVESTORS ASSOCIATION 13
14. CHEMICALS BUSINESS
Chemicals business : - Chemicals Division is processing a quality range of food
preservatives, lubricants and API drugs. Its range encompasses Sodium
Benzoate, Benzoic Acid and Benzaldehyde, Food Preservatives, Petroleum
Sulphonate, Lubricant Additives, Lubricant Components, API/Bulk Drugs etc.
These are pure, accurate in composition and safe to use and extensively used in
food, automobile and pharmaceutical industries. The Company is the only
manufacturer of pure Benzoic Acid & its Derivatives like Sodium Benzoate well
known food preservative and Benzoplast a Specialty plasticizer which is a
superior plasticizer as compared with other plasticizers.
The company’s products are commodities and the company has little or no
pricing power which shows up in its low and fluctuating margins. Suffice to say,
that this business has very little equity value.
To its credit, the company has been reducing the capital employed in this
business over the years and as per FY 2017 numbers, the CE in this is less than
Rs. 10 lakhs. The business has been making consistent losses over the years.
TAMILNADU INVESTORS ASSOCIATION 14
15. OCF YIELD
TAMILNADU INVESTORS ASSOCIATION 15
•Expect Rs. 60-70 Cr. OCF – at 450 Cr. Mcap and Rs. 500 Cr. EV, its at a 12-13 % OCF
yield for what is a 25 + ROCE business with stable, predictable incomes, cashflows
and growth optionality.
16. SCUTTLE BUTT WITH FRONT LINE
‘ Demand is very strong. Lock down did not affect us at all. Post
covid, India’s imports have gone up a lot and this has improved our
utilization.”
‘Tailwinds for chemical industry means higher share of organic
chemicals imported and this is good for us as the Gujarat hub gets all
a chunk of its imports via JNPT
TAMILNADU INVESTORS ASSOCIATION 16
17. WHAT’S THE FUTURE OUTLOOK?
• ₹10-11 EPS for FY 22
• At CMP of ₹69, its at 6-7 x PE for a :
• 40 % ROCE business.
• 25 year + moat.
• 10-12 % growth on topline and 15 -20% growth on bottom-line.
• Demerger optionalities.
• Stake sale to a MNC.
• Preference allotment to promoters at ₹62/share.
See little downside as the company is seeing strong demand and if
expansion/demerger play out, see a re-rating.
17
18. WHO DOES NOT SEE THAT?
• NCLT case Vs Morgan Credits.
• Past history has been chequered – has changed with the new generation at helm.
• No history of dividends.
• Chequered governance – mitigated to some extent by presence of MNC.
TAMILNADU INVESTORS ASSOCIATION 18
19. MENTAL MODELS AT PLAY
• Monopoly, slow growth, disruption free business.
• MNC stake + new generation entrepreneur creates value after a generation of
squandering/stagnant value (eg. Hero Honda, Amara Raja)
• Reducing debt, reduced pledge, demerger, “optics” of responding to shareholder
queries shows intent, if not hunger to create value.
• Valuation catch-up with other larger players (1/6th of Aegis logistics‘ profits at
1/15th the mcap
•Strong OCF yield from a stable, cash flow business – its not a cyclical business but is
currently valued at cyclical multiples
•Buy before institutions come in. Right now very little institutional interest even from
small cap stocks
TAMILNADU INVESTORS ASSOCIATION 19
20. RECOMMENDED
BUYING/ALLOCATION
• Buy at ₹60-65 – 2%; if Morgan credits issue is resolved buy more
below ₹75-80; if earnings momentum continues in Q4, add more
below ₹75.
• Recommended allocation – 5 %
•Own the stock and may exit/add anytime. There’s nothing called a
fact – you perceive the same fact differently and hence all disclaimers
are bogus !
TAMILNADU INVESTORS ASSOCIATION 20
21. THANK YOU!
To my 10 year old daughter, who helped me design this PowerPoint, and to you all,
the viewers of this presentation!
TAMILNADU INVESTORS ASSOCIATION 21