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Sanjay Kumar Elangovan Profile picture
@sanjaylangval
Feb 4, 2023 • 14 tweets • 11 min read • Read on X
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We now have @balajispice to talk about the Art and Science of Investing - the Solitaire way!

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Mr G R Balaji is a passionate equity investor with over 17 years of experience in the Financial markets. He has worked with Fidelity, Reliance and IIFL Wealth across various functions in Asset Management and Wealth Management. He is also a regular columnist at The Hindu.
GREAT INVESTMENT =
STRONG FUNDAMENTALS + ATTRACTIVE VALUATIONS

#VoicesofTomorrow #VOT2023 #ithoughtVOT
USP of Solitaire PMS

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Solitaire is a portfolio of market leaders!

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Superior Balance Sheet: low leverage portfolio

We take half the risk of the Index in terms of leveraged companies!
BALANCED SECTOR COMPOSITION
Solitaire Investing Framework 1 with Twitter's favourite ITC as an example:

Patience is a good virtue!

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Framework 2 - Investing is counter-intuitive

The best hotel stocks have done 1x- 2x better than Nifty 50!

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Framework 3 - Seeking long term performance!

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Framework 4 -
Valuation matters!
Cant overpay even for a great business.

Walmart is up only 2x in 23 years despite EPS growing 4.9x!

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Framework 5 -
Daily usage products - both in consumer and industry

Which is the best performing stock in US?

Apple? Google? Nope. None of the FAANG stocks!
Its Monster Beverages!

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Proof of the pudding:

Solitaire performance!

#VoicesofTomorrow #VOT2023 #ithoughtVOT

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More from @sanjaylangval

Sanjay Kumar Elangovan Profile picture
Sep 19
RIR Power Electronics

Dr. Vijay Malik has made some observations on RIR in his analysis.

Since I have done some deep research on RIR, I thought I will clear the observations and share my work on their technology & capabilities.
Dr. Harshad Mehta is a man of integrity. If you had attended the past AGMs, you will know that he is very transparent.

Link to FY23 AGM:


How many AGMs have crossed the 2 Hour mark?
Dr. HM is 72 years old if I am right. He is based out of US. Since the day he bought out RIR, the firm has been run by professionals.

Mr. Trasi has been the CEO for a very long time & he himself is 75 years old. He will soon retire. It makes all the sense for Mr. Trasi to sell.
Read 38 tweets
Sanjay Kumar Elangovan Profile picture
Feb 4, 2023
We now have @rohitkrishnan to talk about - Is the time right to unearth hidden gems?

PE style due diligence!

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Rohit has 10 years of experience in public markets. He has previously worked with McKinsey & Co, Elevation Capital (previously SAIF Partners) a sector and stage agnostic fund, RARE Enterprises – Mr. Rakesh Jhunjhunwala’s family office.
#VoicesofTomorrow #VOT2023 #ithoughtVOT
Some of the big winners over the last 10 years - stocks have gone more than 10x and some have gone 50x. All were below 1000 Crores. These are very well run, companies having some sort of market leadership in their niche. We were also lucky to have participated in a few of them.
Read 12 tweets
Sanjay Kumar Elangovan Profile picture
Feb 4, 2023
We are back now. @theninjax will talk about multi asset investing.

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Mr Niranjan Sridhar has over 17 years of experience in the Financial markets with over 12 years at ithought. He has an avid interest for financial markets and has been following the equity markets since his school days. He is a certified FRM (Financial Risk Manager).
Market cycles

Winners can quickly become losers. And the vice versa.
Government Securities were at the top in 2016 and the bottom in 2017.
Gold rose from the bottom of the pile in 2021 to be the leader in 2022.

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Read 8 tweets
Sanjay Kumar Elangovan Profile picture
Feb 4, 2023
Anupam Joshi of @hdfcmf is now live! He will be talking about the Indian Fixed Income opportunity.

Anupam has over 2 decades of experience in Fund Management and Research. He holds a PGDM in Finance. He has been part of HDFC AMC for the last 7 years.
#VOT2023 #ithoughtVOT
Yields have risen substantially across the tenors.
With rate hikes of 225 bps during 2022, large part of curve flattening has already happened. Now entire yield curve remains above RBI CPI inflation target range

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Interest rate outlook and the key drivers for future:

With global monetary policy cycle nearing peak, yields likely to trade in a range with a downward bias. It is a good time to start locking in yields!

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Read 7 tweets
Sanjay Kumar Elangovan Profile picture
Feb 4, 2023
Next is Mr Ihab Dalwai (@Ihabdalwai). He is the lead Fund Manager for ICICI Prudential Large & Midcap Fund and ICICI Prudential Infrastructure Fund. He is the youngest in history of @ICICIPruMF to be given the additional responsibility of Fund Management along with Research role.
Themes that are shaping India:
As income level rises, few sectors will see non linear growth.

Number of Indian households with income of more than $10000 is expected to more than double this decade!

#VoicesofTomorrow #VOT2023 #ithoughtVOT
Read 7 tweets
Sanjay Kumar Elangovan Profile picture
Feb 4, 2023
Up next @KalpenParekh on International Investing and #Budget2023!

Mr Kalpen has over 2 decades of experience in Asset Management. He is passionate about behavioural finance and believes that investor behaviour is one of the most crucial aspects to a good investment experience.
He starts with a question - "If you were an alien from Mars, how would you invest on earth?"
1) Largest companies of the world?
2) Most profitable companies?
3) Multiple countries?

Or will you invest all your money only in India? India is a nano market in the world market size.
Read 10 tweets

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