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Alpha Moghuls - Weekend MBA in Investing - Analyse India Learning Series

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The Weekend MBA in Investing.

We are starting with a weekly post under Analyse India Learning Series – The Weekend MBA in Investing.

What is it ?

There is so much of content available on various media like youtube, blogs, podcasts etc. But the maximum hits are on the worst possible content.

Over the last 10-15 years a lot of great content is freely available on Investing in an Indian Context.

I was part of a few podcasts on the www.stoicinvesting.com podcasts and there are some amazing ones on that site thanks to Puneet and Manish.

There are many such interesting resources now available thanks to many investors,fund managers, individuals willing to share their views.

In this Series we will be curating some of the best content which is available mostly for free or in form of books.

I initially thought of creating a total collection but realized such a document only gets downloaded but never used well.

So what we will be doing is every week for the next many weeks we will be sharing One Post which you can go through over the weekend.

The Focus is going to be only Indian Origin Content.

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Alpha Moghuls - Weekend MBA in Investing - Analyse India Learning Series

  1. 1. www.nooreshtech.co.in Analyse India – The Weekend MBA In this series, Bloomberg Quint’s Market Editor Niraj Shah interviews India’s leading Fund Managers and Most Successful Investors.
  2. 2. www.nooreshtech.co.in Analyse India – The Weekend MBA – Alpha Moguls Mr. Samit Vartak is the Founding Partner and Chief Investment Officer of SageOne Investment Managers LLP. Samit has been investing in the equities markets since 1999 and has experienced and studied many bull and bear cycles over the last two decades. • “If you find good earnings growth companies, even if you pay a little bit higher in terms of valuation, the risk definitely reduces. I think earnings growth is the best defensive mechanism in investments.” • “In 2012-13, I picked Amara Raja batteries over Exide Industries, where Exide was a market leader by a margin, but Amara Raja was snatching away market share from others because it had the lowest cost structure in the industry and they were the most efficient. Hence, even if they were selling at 15% discount to Exide, their margins, ROE, ROCE were much higher. Also, they focussed on the replacement market, where the margins were higher and that was an untapped market, which is a very price sensitive market.” • “If you look at just the cash flow from operations and compare it with the net profit which is collected by the company and if that efficiency is at least 60-70%, that itself will save you from a lot of fraudulent companies.” Nov’17 : https://www.youtube.com/watch?v=lp0B3lLY-ro Sep’20 : https://www.youtube.com/watch?v=tJy1veLrzpg Interview with Mr. Samit Vartak Samit Vartak
  3. 3. www.nooreshtech.co.in Mr. Basant Maheshwari is a Commerce graduate from St Xavier's College Kolkata and is also a Cost Accountant. As a full time equity investor, Basant brings with him 22 years of experience in stock market investing. • “Sooner or later, economics like water, finds its own level. How long can you ask people to be patriotic and not consume Chinese goods, whether it’s Indians or Americans or Russians or Africans. We all live and die for money. It looks so capitalistic, it looks so brutal for me to say this but at the end of the day, who would work 10 hours a day for free.” • “Concentration with low quality stocks is a perfect recipe for disaster. Concentration with high quality stocks is going to create volatile returns. As long as you get home, you don’t care about volatility too much.” • “Earnings will support you, if you have a three-year view. If you have a three-month view, it’s to liquidity, if it’s a three-hour view, it’s on sentiments and emotions.” Link : https://www.youtube.com/watch?v=EMHhmFZjqTo Analyse India – The Weekend MBA – Alpha Moguls Interview with Mr. Basant Maheshwari Basant Maheshwari
  4. 4. www.nooreshtech.co.in Mr. Vijay Kedia is a well known investor, who is known for picking several multibaggers. He has been involved in the markets since he was 19. He strictly adheres to SMILE as a principle in investing; which translates into Small in size, Medium in experience, Large in aspiration and Extra-large in market potential. • “I am just looking for a share, which is not a crocodile in a pond. I always try to find a company which is a fish in the ocean. For me, it is very important, that the underlying opportunity in the sector where I am investing is huge.” • “When a company has fallen down (due to a temporary period of struggle) a lot and the business model hasn’t changed, this is when I have to wait. When I find that the struggle is over, I try to get into the share. If your principle is that ROCE should be good, ROE should be good, then in the struggling phase all those parameters are down only right. All these indictors give you indication of the past, they don’t tell you anything about the future.” • “Loss doesn’t disturb me. If there is a disturbance in the underlying story of the stock, that disturbs me more, even if I am making money.” Link : https://www.youtube.com/watch?v=VcvpLw34GkA Analyse India – The Weekend MBA – Alpha Moguls Interview with Mr. Vijay Kedia Vijay Kedia
  5. 5. www.nooreshtech.co.in Mr. Hiren Ved is the Co-founder, Director, CEO and CIO at Alchemy Capital Management. Hiren has deep knowledge across sectors and is known for his bottom up research and stock picking skills. He has built a long-term track record of generating significant alpha over the last 18+ years. • “Markets keep changing character. For example, small-caps and mid-caps were very cheap in second half of 2013. They were actually trading at a 7% discount to the Nifty. In January (2019), they’re trading at a 22% premium. I mean, that’s a massive re-rating that they had gone through. No matter how much you like them, everything is good at a price and you have to look at the risk reward for an investor. It’s great to say that you should be 5 or 10 years invested in companies, but in the interim, you have to manage the volatility.” Link : https://www.youtube.com/watch?v=ProRvrnVkVY Analyse India – The Weekend MBA – Alpha Moguls Interview with Mr. Hiren Ved Hiren Ved
  6. 6. www.nooreshtech.co.in Mr. Porinju Veliyath started his career in Mumbai as a floor trader with Kotak Securities in 1990. Later, he joined Parag Parikh Securities in 1994, where he worked as research analyst and fund manager until 1999. In 2002, he founded Equity Intelligence, a fund management firm. • “We’re like a mega cap, when I look at the demographic of India. As a market capitalization, we’re a small cap. Going down further, if you see the per capita income of the Indian, it’s like a penny cap. It cannot sustain like this for a long time.” • “The economy is really moving from black to white, from unorganised to organised. Theoretically, everybody knows, but people are grossly underestimating the significance of this, the impact of this, in the medium to long term, on corporate earnings and economic growth.” Link : https://www.youtube.com/watch?v=ZvtmEsurgyk Porinju Veliyath Analyse India – The Weekend MBA – Alpha Moguls Interview with Mr. Porinju Veliyath
  7. 7. www.nooreshtech.co.in • “Circle of competence is a very important concept. A person like Warren Buffet, would consider 95% of the stocks outside his circle of competence. If Warren Buffet can’t figure out 95% of the businesses, for the rest of us humans, we can’t figure out 99% of them.” • “You’re definitely better off buying a growing company, then a cheap, no growth company. If I buy an asset that is cheap, that has very limited growth, all I am going to do is cover the gap (between price and intrinsic value). Now, if I am buying a company, that has secular tailwinds, great management and long growth engines, as long as I am not paying up too much, it’s the best place to be.” Mr. Mohnish Pabrai is an Indian-American businessman, investor, and philanthropist. He has written a book on his investmadeing style: The Dhandho Investor: The Low - Risk Value Method to High Returns. In June 2007 he headlines by bidding US$650,100 with Guy Spier for a charity lunch with Warren Buffet. Link : https://www.youtube.com/watch?v=XBY6aLezago Mohnish Pabrai Analyse India – The Weekend MBA – Alpha Moguls Interview with Mr. Mohnish Pabrai
  8. 8. www.nooreshtech.co.in Mr. Nagar is the founder of Malabar Investments LLC, and founder and Managing Director of Malabar Investment Advisors Private Limited. Mr. Nagar has over a decade of experience in portfolio management and investment analysis as well as tremendous experience in operating roles. • “What you would find over the every long term (upwards for 5 years/10 years), the smaller companies would always end up outperforming the larger companies. The reason is simple – smaller companies can grow faster.” • “Globally, in any country or any region, you only find 2 or 3 players (in the luggage industry). Therefore, even in India, three branded players control 90% of the branded business. The reason is because luggage takes a lot of space. If you have five different products, three different sizes, you have hard and soft luggage, suddenly you have 30 different luggage’s which you want to put somewhere. No shopkeeper is going to give you that space, unless your product sells. That’s why the branded players have a deep entrenched advantage in this space.” Link : https://www.youtube.com/watch?v=K-gM-w3zs0k Analyse India – The Weekend MBA – Alpha Moguls Interview with Mr. Sumeet Nagar Sumeet Nagar
  9. 9. www.nooreshtech.co.in Mr. Kenneth Andrade is currently the CIO of Old Bridge Capital Management, an India-based registered PMS. Along with over 27 years of experience in Indian Capital Markets, portfolio management and investment research he has a formidable 15-year track record managing some of India's most successful equity funds. • “We look for business opportunities which exist on the ground with low-capacity utilisation and an industry which is not really in the pink of its health. Businesses which are growing slowly and consolidating. Hopefully, at that point in time, valuations are in our favour. So those are the businesses we actually look out for.” • “As an investor, we look over an investing cycle. We need to compound earnings and valuations have to also step up. So, you get higher earnings and higher valuations and there is compounding of capital. It’s imperative for us to have both these things in our favour.” Link : https://www.youtube.com/watch?v=AOnZtd_0sOE Analyse India – The Weekend MBA – Alpha Moguls Interview with Mr. Kenneth Andrade Kenneth Andrade
  10. 10. www.nooreshtech.co.in Mr. Prashant Khemka is the founder of White Oak Capital Management. He is the former CIO and lead portfolio manager of GS India Equity at Goldman Sachs Asset Management during March 2007 to March 2017. He has 23 years of experience in the markets. • “The more macro you go (in terms of your investing philosophy), the more it (the probability of success) becomes coin flip. The more micro you are, the more it remains stock-picking.” • “How we think about a great business is one that has these key attributes – 1) superior returns on incremental capital, scalability and good management.” • “The markets always look beyond the horizon. They may be wrong very often, but they’re always looking beyond horizon.” Link : https://www.youtube.com/watch?v=fNDwVTmMII4 Analyse India – The Weekend MBA – Alpha Moguls Interview with Mr. Prashant Khemka Prashant Khemka
  11. 11. www.nooreshtech.co.in Mr. Charandeep Singh jointly leads the investment decision making process at Girik Capital. His experience includes more than 10 years of investing in India, prior to which he was with Lehman Brothers as Director of investment banking division. Mr. Varun Daga is co-founder of Girik Capital and jointly leads the investment decision making process. He has developed proprietary systems and screeners in order to identify promising growing companies, well in advance of their big gains. He is a self-taught investor. • “More than p/e ratio or valuation, what is more important is how the company’s growth can accelerate in the future. When the growth comes, in hindsight it’ll look very cheap. Look at D Mart or Bajaj Finance. Some of these companies were expensive always.” • “It’s one of the greatest paradoxes in the market that what seems too high, usually goes higher and what seems too low, usually goes lower. It took us many years to understand that.” • “We believe, it’s very important, when you are managing public money, to be in the right sector, where there is tailwind, where there is earnings growth and to stick to the leaders.” Link : https://www.youtube.com/watch?v=hgtpIi1PDzM Analyse India – The Weekend MBA – Alpha Moguls Interview with Mr. Chanrandeep Singh and Varun Daga Charandeep Singh and Varun Daga
  12. 12. www.nooreshtech.co.in Nooresh Merani 9819225396 nooreshtech@analyseindia.com twitter.com/nooreshtech

The Weekend MBA in Investing. We are starting with a weekly post under Analyse India Learning Series – The Weekend MBA in Investing. What is it ? There is so much of content available on various media like youtube, blogs, podcasts etc. But the maximum hits are on the worst possible content. Over the last 10-15 years a lot of great content is freely available on Investing in an Indian Context. I was part of a few podcasts on the www.stoicinvesting.com podcasts and there are some amazing ones on that site thanks to Puneet and Manish. There are many such interesting resources now available thanks to many investors,fund managers, individuals willing to share their views. In this Series we will be curating some of the best content which is available mostly for free or in form of books. I initially thought of creating a total collection but realized such a document only gets downloaded but never used well. So what we will be doing is every week for the next many weeks we will be sharing One Post which you can go through over the weekend. The Focus is going to be only Indian Origin Content.

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