A movie theater is no longer about the movie. Its about the experience, the going out, the togetherness, the popcorn and all that.
Coffee shops taught us that. The coffee is crap and irrelevant.
Investing sometimes is that too. The narrative drives the feeling of superior returns even if the returns are not. You want the narrative because oh god how can't it be so boring as just buying an index.
The world eventually optimises for behaviour, not rationality.
Its the same with everything..we judge books by the cover and make idioms in the hope we don't.
We build technology to help isolate us from each other, and after enough of it everyone just wants to meaninglessly meet.
All you need to do is to sell it right.
The problem however is that we can't see ourselves as so ephemeral or full of bs so it's difficult to admit the lack of rationality. So we build statistics and flog numbers to appear rational. Lockdowns, shutting down schools and buying a cancer generating indian tobacco co.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
SEBI will allow accredited investors a more relaxed framework (for PMS, AIF etc): lower minimums, unlisted stocks etc. To be one
- your net worth must be 7.5 cr. (half in financial assets like MFs/stocks)
- OR you have an income of 2 cr.+ a year
- Or Income 1cr+Networth 5 cr.
Primary house can't be used in net worth.
For Companies net worth should be 50 cr+
Needs certification by an accreditation agency
For accreditation, you'll need to give PAN card, Passport/Aadhaar and IT returns for one year or a certificate from a CA for net worth, plus demat acct statement (where applicable)
Accreditation for 1 yr if you give docs for 1 yr
for 5 years if you give last three years docs.
Zomato may not choose to do conference calls, but every phone call they do with an investor or a prospective investor must be announced (pre or post) and soon, SEBI rules mean a recording needs to be made public.
SEBI march 2021 board meeting had approved this, but the notification hasn't yet come: sebi.gov.in/sebi_data/meet… sebi.gov.in/sebi_data/meet…
(voluntary for a year, mandatory after, 5 years archive of recordings, permanent record of transcripts)
Correction: this has been notified, thanks to @subodh for the info:
- All earnings/qtry calls to be recorded and placed on website in 24 hours, archived 5 years
- transcript in 5 days, retained forever.
- Compulsory from April 1, 2022
The biggest thing about e-RUPI that's not been talked about is: you can give welfare money to someone who has a loan and the bank can't appropriate it.
Also now the government can restrict a time (expires in 6months) or use case (only for hospitals) for a welfare scheme. Yes abuse will be there but can easily be found.
Even if the system is gamed in a few cases (Videcon, Siva etc), I think the IBC process is a very good thing for India to develop. Quoting low "recovery" rates is not the correct way to look at it, IMHO. (Thread)
Often quoted are recovery rates like 20%, 10% or even 3%. We must note that banks often pile up penal charges, interest after the account was NPA, and other fees as part of their "ask" - and this can be more than 50% or 60% of the amount they want!
The banks are also gaming this by demanding as high as they can. Penal interest and interest after account turns NPA are not to be accounted, but banks can demand them in a resolution process. This inflates the amount demanded, but banks don't expect this to be paid.