Bambino Agro-Horse inside the stable?

  1. Yes, we were wrong on MPS. We were not mature enough to distinguish that growth would be hard to come by (even for a strongly differentiated player) in an industry that is minuscule and not growing. Don’t think Margins were ever a problem

  2. Readers be informed that I have never met Mahesh Shah, so I could have never invited him personally in to VP. In fact till date no senior member of VP has ever been able to meet him in person, ever. I have tried twice while in Mumbai to meet, and while he initially agreed to meet, both times he happened to have some urgent work in other side of Mumbai, specifically Vashi in my case. Others like Nagabrahma have tried to meet him on several occasions, but simply couldn’t.

  3. I have spoken to Mahesh Shah probably only 2-3 times in the entire decade (at least once extensively on PI Industries) on the phone. All interactions in the early part of the decade by 2010-2012 timeframes. I can’t say I know him, or know him at all. Simply put, I don’t know who Mahesh Shah is, what he looks like (I guess no one in my circle - not a small one - knows Mahesh Shah personally), whom he works for, or anyone else in the immediate circle of friends he works with closely. (That by itself is an anamoly in our small investor world😉)

I am putting this on record here purposely, so that this false claim of intimate knowledge of each other is scotched at the bud, for my own good.


Great Donald…you continue with your attempt to malign my personal character. However, remember one thing, truth and good intentions always meet their deserved fate however hard anyone tries to malign them.

First things first…have private messaged you my address and mobile number. Second, if I can find your mobile number in my old contact list (and if its not changed) then will personally whatsapp video call you today so your wish of seeing my face also gets fulfilled. It will be just a courtesy call Donald and nothing else. Yes, you are free to interact with me in the way you like.

Thirdly, is ‘personally’ called only in-person ?? Doesn’t personal email also called ‘personally’ ?? You have came to the level of eating each and every word quoted by me and interpret it in the wrong way so nothing can be done about that. I don’t know what ill feeling you have for me and why, but from my side there is nothing of that sort.

You should remember Donald that when you had started VP and seen my works and contacted me (via email) I was writing and sharing my works on only forum of Mr. Batra (late Kukkuji). I will try to find that old email of yours if I have and it was you only who invited me to write and share my works on VP. (I think in 2010 if I remember correctly). This was what I was saying you personally inviting me and hope you don’t eat any of my words again.

You talking me only twice Donald and that too only uptill 2012 – twice we talked on PIIND, one time on Riddhi Siddhi Gluco and one time on MPS in 2015 (you must be remembering you had called me to ask me where I am seeing disconnect in management commentary and actual organic growth; i think before your management meet) – this is the minimum I can remember of us talking over phone. This is in addition to we interacting many times via emails/PMs but yes email interactions died down post 2012.

Now, personal meet – only one time you had asked me to meet personally and you wanted me to come to I think Andheri (if I remember correctly) where you were stationed at that time. I am based at Opera House (South Mumbai) Donald and because of genuine reason I wasn’t able to come. Second time when you are saying you told me to meet frankly I really don’t remember but there must be some genuine reason.

Where I claimed we have intimate knowledge of each other Donald ?? You know me since last 10 years I said – in what context it was and how you have taken ?? – haven’t we interacted on forum on multiple occasions in last 10 years and have we not seen each other’s works over last 10 years ?? doesn’t that mean knowing each other ?? where I have written the word ‘personally’ we know each other very well ?? You seem to have decided to take all my words and sentences in the wrong way Donald – Please come out of your prejudice whatever you have for me and talk humbly and in an unbiased manner.

Regarding zoom/video call with VP (not only seniors but any) members – was I invited to any such call and I refused ?? On my works I am ready to answer any queries via forum, email, voice call or video call. And these I say not only for ‘seniors’ but any member/non-member of VP (my preference is always email or forum as I can answer in my free time). There are many members here who message me and I reply to them at my earliest and to the best of my ability. But, if you say that for posting my works or before posting my works I need to interact with seniors, then I am sorry Donald I won’t and I can’t. Yes…to establish identity as you say you or any member wants to meet up its fine but I am not a social animal who will have many and frequent personal meetups. Its my nature.

Today I want to give you personal invitation Donald, whenever next time you are in mumbai, do spare your half day and come at my place for lunch or dinner so you will be able to meet us as family as also we can interact at length (my brother too). I am sure no doubts will remain in your mind post that.

Regarding detailed profile, I have always concentrated on my works Donald and hardly have bothered to build my image in front of all – when I joined VP there was no such thing required and over these many years also, when, since last few years we have admin, moderators and all, no one has uptill now told me to update my profile. If anyone would have said I would have updated it surely.

Right now itself I want to put my background on record here (have already messaged you my address and mobile number) – I am based in South Mumbai (Opera House area) and is MBA(Finance) by qualification and into full-time equity investment profession. My elder brother is BE (Electronics) and he is also into full-time equity investment profession. We work as team and are into full-time investment since last more than 15 years. We had Engineering Books publication business (Fanatic Educational Services – was popular in mumbai university for its books Fanatic Engineers Guide) which was wound up in 2011 as equity research and investment needed more concentration and fully dedicated mindspace.

Lastly, Donald in all these talks of yours and mine where has the Bambino note gone ?? You in your first reply to my post on Bambino, put varied allegations and used many words – in my reply to you I highlighted the facts (pagewise) that in entire note there is only historical and current information in the form of charts, figures,etc which is based on publicly available information and all the explanations are one-liners only as are ‘Red Flags’ in one-liners. And, Red Flags are not only mentioned in the end but also in the first page, in middle and in end. The intention of the note is to provide historical information in a digestable form and not to hype anything or explain anything. I also told you that if you feel that this writeup can in anyway be detrimental to investors I would like to withdraw that. So, where is that talk gone ?? Isn’t your comment ‘doodh ka doodh pani ka pani’ a one-liner ??

Anyways, would not like to waste time on these rubbish arguments as I am sure you have aplenty of them and I also can go on counter arguing them. We are not here to prove our point which gets evolved from our ego ; atleast I am not.

Just one sincere request Donald – when you are in a peaceful mind just close your eyes and introspect –

couldn’t this matter been handled more humbly by you without personally attacking someone and raising questions on his intentions ??

If you felt that modifications were needed in the writeup, wasn’t it proper to immediately private message me rather than directly putting personal allegations on a public forum ??

If you had issues with the writeup and you put that issues publicly, still, were you right in the words you used for putting up your issues – personal attacks are a strict NO in any respectable public forum – didn’t you yourself parted away from etiquette of VP ??

To conclude, when success goes into head of someone it is best to disassociate ourself from that person. VP is a great forum and it will remain one in future too. Have learned many things from VP over last decade or so and have enjoyed to the core interacting with knowledgeable members of the forum. Donald you yourself, Hitesh, Ayush, Rohit require special mention and pardon me if I forgot many names. Right from 2010, the first company Riddhi Siddhi on which me, you, ayush and nagabrahma had detailed discussions uptill today (even this Bambino), it was a great experience. No other forum has such knowledge repository that VP has. However, for me its time to call it quits… And it is for my self-respect which I value the most. When owner of a forum is attempting repeatedly to doubt my intentions, question my integrity and paint my character in bad shape, there is no point in arguing or remaining part of that. Silence of moderators and other ‘senior’ members on use of such impulsive words within 3 hours of posting of my writeup is even more surprising. No talks of flaws in the note, where we see hype in the historical informations provided and just being judgemental that this is a ‘hype’ created is really surprising.

Henceforward, I won’t be sharing any of my works on any company on this VP forum. However, if anyone has any queries on my works posted uptill now, I will be replying them to the best of my ability.

Lastly, I have disassociated myself from forum Donald but not at personal level. I have no ill feelings for you and my personal invitation is genuine and remains as it is – whenever you are next time in Mumbai do make a point to visit me – I want you to meet me and my brother so whatever doubts you have on my integrity, credibility are put to rest.

As I said before, this thing could have been handled in a better way – just tell me one thing – the words that you used – don’t ever you feel that if you are wrong in your judgement of my intentions, such personal attack you should not have made ??

I have given my address, mobile numbers, will be attempting video call, provided my background…if anything else is required do tell me. And this is not to remain part of this forum or post my works here – that I won’t be doing in any case from now on…but, the doubts that you have need to be put to rest.

I am resting my case Donald and now if you feel you can continue maligning my character and raising 100 doubts on them you can continue to do so and run a monologue I won’t be replying.

Thanks for Everything and again apologise if any of my words have hurt you even remotely.



@Donald, @Mahesh This is a company thread. Please post only content related to the company. All personal communication can go to personal messages.


If there is merit in the investment case, and the Management track record is unblemished, let it first get established through a proper deliberate examination of the negatives.

But no, As fully-expected, there will be NIL expansion/proper deliberation on the REAL NEGATIVES from Mahesh’s side. That has always been the pattern! Instead, one would resort to 500-1000 word of round-and-round smartly-worded emotional BS, and clutter up even more space. That has also been the pattern.

As part of Munger’s due diligence process on any business, he instructs us to spend disproportionate time trying to kill one’s own idea. He goes on to say, you must know the business that well that you can be a better critique of the business than anyone else. And only then, should a stock pass your. muster!

We knew that someone will buckle - under these simple tests. We would have loved to be proven wrong, though. But some folks cannot afford to have an established identity at public forums for obvious reasons. As the founders of the Forum, we reserve the right to intervene decisively, whenever needed. We have a duty to protect lay investors.

To be noted: VP is on the radar of SEBI, and there are SEBI officials registered as VP users too. Anyone writing prolifically at VP has to upload his (verified) profile picture for complete traceability.

PS: Mahesh Shah was asked to specifically upload his profile picture and meet senior VP Members in person in 2015, when we had had to again intervene decisively, on very similar concerns. So all this talk of first time reprimand, and not been asked to update profile anytime previously, is pure BS. This is recorded under a long thread on public accountability. Let me hunt that out, and settle this messy business once and for all.


Thread is being locked for about a week for proper archiving purposes. Some posts will be shifted to a public accountability thread.