Hello Malhar,
I live in Bangalore, let me know, if I can be of any help in your research.
Regards
Amit Singh Pal
Hello Malhar,
I live in Bangalore, let me know, if I can be of any help in your research.
Regards
Amit Singh Pal
@Malhar_Manek Hi Malhar. I have couple of queries pertaining to above stocks:
Talbros Engg:
How is this company better than Tabros Automotive. What is the revenue potential and scope of margin expansion, came to know that a new plant is getting operational in FY 24. There is no mention on potential business or growth in MD&A in 2022 AR, no investor ppt. On the contrary, Talbros Auto has clearly declared the new orders, potential of doubling turnover over a period of next 4 years. Your insights on this?
Loyal Equipments:
Nothing mentioned in MD&A regarding future potential. less info available in public as compared to Anup. In this scenario, how do you gauge the future potential in these kind of microcaps. Unless we have a strong conviction, allocation in individual stocks cannot be significant.
Agreed there is very little clarity anywhere for Talbros engineering . Margins have expanded for the last year. There is just a line in the annual report saying they will focus on exports for growth. New plant will start in fy24 according to AR
Hey @Malhar_Manek
Completely agree with you on finding insights in pages of history. As a 22 year old I only have experience of 4 years in the market but reading the great investor and businesses has improved me as a businessman (Like one of Buffetâs famous quips).
Iâm starting my research on Lakshmi Electricals and would love to do it with you. Letâs pool efforts and research?
Lakshmi Electrical control system AGM meeting details:
In meeting well over 200 investors and fund managers over the past couple of years, I have recognised something that separates the best from the rest: alignment. Alignment of interests, and alignment of time horizons. This post is on the latter.
Suppose a find has a long-term investment philosophy, e.g., an average holding period of 8 years. While raising funds, it is tempting to accept limited partners with shorter time horizons, in a quest to grow assets under management (and thus, fees). But doing so can wreck all sorts of havoc: furious clients begin calling after a quarter of negative returns or underperformance, not recognising the managing partnerâs much longer outlook.
The very best fund managers I know turn down â refuse to accept â potential clients, when they sense misalignment. They focus instead on attracting aligned capital.
Say no to misaligned capital. One rupee of aligned capital is worth hundred rupees of misaligned capital.
â Mr Utpal Sheth (source)
Doing this is difficult in the short run, since it entails willingly forgoing fees. But in the long term, it imbues the fund with what my mentor calls temporal leverage: the ability to survive in order to thrive.
Consider Nicholas Sleep and Qais Zakaria, who co-ran the Nomad Investment Partnership and returned ~20% CAGR over 20 years.
They also took delight in turning away investors who seemed unsuitable or irritating, regardless of how rich they were. Zakaria chuckles at the memory of a comically awful meeting with a team that managed billions for heirs to the food-packaging company Tetra Pak. These financial advisers demanded access to Nomadâs proprietary stock research as a condition for investing their clientsâ money in the fund. Zakaria says the atmosphere grew âfrostier and frostier,â with Sleep crossing his arms and legs in a sign of mounting annoyance. After fifteen minutes, Sleep and Zakaria showed their visitors the door.
â Richer, Wiser, Happier by William Green
Mr Nicholas Sleep
Beyond investment management, I can think of 2 parallels of how misaligned time horizons cause problems:
One of the study projects Iâm doing is what influences which sectors and themes drive a bull market. Recently, defence, railways, EVs, engineering/manufacturing and PSUs have been the leaders.
In the 2010-2018 cycle it was NBFCs and high RoCE asset-light consumer companies.
The 2003-08 cycle was led by real estate, infrastructure, metals etc.
I am trying to understand: what factors drive this?
Some of my hypotheses include:
Thoughts invited.
Have been studying BEW lately. Would love to discuss more on it.