- How’s business?
- Really?
- Could you expand on that?
- Why?
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Author: Raoji
Hat Tip: Nooresh Merani
Source: Kalpen Parekh
Chart of DSP Black Rock Govt Securities Fund Vs BSE 200 since the Modi Govt took power
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Alpha Ideas finds a mention in ET
There is an article in ET today where Alpha Ideas found a mention:
Investors are punting that the next multi-billion dollar baby from the HDFC stable is born – HDB Financial Services, the non-banking finance subsidiary of HDFC Bank, the nation’s most valuable lender.
It may soon head to Dalal Street where many average investors have turned millionaires by investing in Housing Development Finance and HDFC Bank.
HDB Financial, the company that gives out personal loans, car loans and does recovery services, is being traded in private deals at anywhere between Rs. 500 to Rs. 550 apiece, valuing it around Rs. 45,000 crores. That is almost a triple of where it was trading six months ago. It is the sixth most valuable NBFC in the roll of honour.
“This is now the largest unlisted NBFC with a market capitalization of Rs 45,000 crore,” says Nitin Rao, Founder of alphaideas.com, which tracks shares in the unlisted space.
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Linkfest: July 27, 2017
Some stuff I am reading today morning:
Swiggy, a House of Cards (Tumblr)
Interview with Saurabh Mukherjea (ET)
Good,Bad and Ugly of GST (Bloomberg)
Bitcoin used to launder $4 Billion (Mint)
Stock Talk: Lasa Supergenerics (Alpha Invesco)
20 Ways to save money in India (Groww)
The Questions that Matter (Medium)
Latest Memo from Howard Marks (Oaktree Capital)
Investing is hard because nothing is black and white (Morgan)
A market history lesson from Peter Bernstein (CS)
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S Naren: 3 Lessons from the 1994-95 Boom
This market resembles 1994-1995 that was the first bull market where FIIs were allowed entry into India and you had a massive liquidity boom from FIIs.
Just like that, we are seeing a big liquidity boom from local investors in this cycle.
What did I learn from 1994-1995 boom?
I learnt that you will have to actually implement asset allocation. Once the market goes into bull frenzy, you have to practice asset allocation.
The second learning that I learnt from 1994-1995 was that you do not move from good quality companies to bad quality companies just because they are cheap on price to earnings or price to book or things like that.
The third is that you cannot believe that you will actually get an exit on the way down. In 1994-1995 boom, no one got an exit on the way down. So I believe that it is very important to maintain your asset allocation in equity but if people think that they will be the last person correctly exiting the markets that is not going to happen