What's happening at Evergrande? Here's a collection
(A Thread of Threads and Articles and all that, because no point writing out threads)
One by @KirtanShahCFP - the cause, now seems to be regulatory tightening:
Evergrande and Lots of Debt, by Kyla Scanlon
(HT @CalmInvestor )

A nice one on how the regulatory change was actually benign, but thit the leveraged player hard:

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More from @deepakshenoy

16 Sep
Finally, a better map of the world in the RBI Bulletin - moving away from that degrading Mercator projection.
Toll collections are back, but EWay bills are still not close to the peak in March, yet.
Vehicles and transport don't look greawt. Petrol consumption (by volume) is up above Feb 2020, but Diesel and others are still low. Vehicle registrations still struggling.
Read 9 tweets
9 Sep
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.
Read 4 tweets
26 Aug
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.
Read 4 tweets
12 Aug
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…
(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
Read 4 tweets
6 Aug
RBI: no change in rates in August 2021
GDP will grow at 9.5% in 2021-22. 21.4%in Q1, 7.3% in Q2, 6.3% in Q3, 6.1% in Q4. 17.2% in the subsequent year: RBI
Recovery more important than inflation, which will remain closer to the 6% upper band. Inflation to moderate in the Oct-Dec quarter. #RBIPolicy
Read 12 tweets
4 Aug
Do you want to know about e-RUPI?
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.
Read 4 tweets

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