Thanks for your kind words! I appreciate it very much…but frankly, I have a long way to go before I reach anywhere near your clarity of thinking and judgement.
Yes, HMVL was the first one to go because of capital allocation issues and I felt there are better opportunities available in my opportunity set
In terms of my mistakes, I have many mistakes of commission! Sintex, HIL, GRP, GSFC, Kaveri- luckily did not lose much because most of them were bought at very attractive valuations.
Mistake of omission- Symphony remains at top! I was too stuck with P/E range and did not give enough weightage to the quality of business. Page/Astral remain other few mistakes of omission - again valuation always acted as barrier.
However, over a period of time, am trying to get over that valuation barrier. Another thing that I have realized over time is that different businesses should be valued differently. there is no single valuation matrix that can be applied to all businesses equally effectively. It is the art part of an investor to have right judgement on which way a particular business should be valued.