Speaker 1: Samit Vartak, Founder SageOne Investment Managers @SamitVartak @sageone

Equity market cycles and current small cap cycle: landmine or goldmine?

In the last few years even 25% returns seems to be disappointing for most, yet one has to realise such returns don't come without risk. Risk can be of timing, valuations or just things not working out. Right now expectations are high - so highly probable you'll get disappointed.

Some context.. Take 2 buckets - quality portfolio and the Sensex.

A quality stock is one which sustains high ROCE over a long time.

In 2000-08, quality portfolio vs sensex had similar PE, earnings and returns.

In 2008-18, quality portfolio PE jumped, sensex remained the same. However earnings growth for quality portfolio was 2x sensex. That's why quality PF got 18% returns vs 8% for sensex.

Why did this happen?

• Migration to growth because overall growth slowed down

It's the 11th edition of @TIA_Investors Bullet Proof Investing Seminar.

Here are the insights from the speakers:

https://twitter.com/shyamsek/status/1834641087245238692

S Naren, CIO @ICICIPruMF

'Past' holds lessons from the present

6 bull markets since 1991, each with its own patterns. In 1991, if you avoided the Harshad Metha stocks, you would've made money.

Boarding passes, shopping, meetings, payments - It's interesting how most things are digital these days. Even solar! ☀

Recently, I came across SundayGrids - they claim to make solar investments easy for those without a rooftop. They have approached it differently. Business model:
1. SundayGrids partners with a host to install a solar plant in their premises;

2. Investors "reserve" power generation from that project for 15 years;

20-20 2024 Ideas Summit by @TIA_Investors at @iitm_respark
Disclaimer: none of the stocks discussed are recommendations. @TIA_Investors Speaker 1: G Maran of @unificapital

• More than stock name, investment approach must appeals more

• Tailwind - a wind that blows from behind a moving vehicle

• Example - pressure cooking co - what's the innovation? why did they deliver 0 returns for 10 years and then 60x?

TIA Bullet Proof
9th September 2023, Chennai

Speaker 8 Fireside Chat with Govind Parekh, moderated by @shyamsek

@TIA_Investors SS: If you ask me to use one description for Govind Parekh, it is consistent.

Across cycles he has stood consistent. Always been true to his philosophy, always maintained his investment style and always succeeded in doing this cycle after cycle.

Mr Govind Parekh is a chemical

TIA Bullet Proof
9th September 2023, Chennai

Speaker 7 Rajiv Khanna

@TIA_Investors - When @shyamsek asked me to speak today, I was reluctant because my methods are unconventional and I don't want you to get the wrong ideas

I got into IIT, but I was sleepy in class and had attention deficiency

TIA Bullet Proof
9th September 2023, Chennai

Speaker 6 S Naren @ICICIPruMF

@TIA_Investors - Market extremes (bear) comes once a decade and you maybe get 5 opportunities according to Buffett.

Do you have the capability to act in a big way on those 5 days?

Such opportunities come rarely.

- it's best to be a part time investor

TIA Bullet Proof
9th September 2023, Chennai

Speaker 5 - Samir Rachh, Fund Manager @NipponIndiaMF

@TIA_Investors - Started reading capital market magazine and eventually joined their database team
- Job was to read 10-12 ARs daily and enter data for CLine software. I was lucky
- they saw my interest and took me in editorial department
- Responsible for scoreboards

TIA Bullet Proof
9th September 2023, Chennai
@TIA_Investors

Speaker 4 Krishna Kumar Karwa, MD Emkay Global @KarwaKK When to sell is as important as when to buy

Sell when you have a requirement of funds.
It's okay to pay taxes. Don't postpone selling decisions based on taxation.

Sell on events like
- development in biz or management
- capital mis allocations
- changes in industry dynamics

TIA Bullet Proof
9th September 2023, Chennai

Speaker 3 @EASundaram

@TIA_Investors
#bulletproof2023 - Most important quality of an investor is temperament, not intellect. You need a temperament that neither derives great pleasures from being with the crowd or against the crowd. - Buffett

- bulk of stock market conversation is about which stock will go up, what will fed do, etc

TIA Bullet Proof
9th September 2023, Chennai

Speaker 2 Manish Chokhani @chokhani_manish

@TIA_Investors
#learnfromthemasters
#bulletproof2023 - in Chennai, you find many companies with value and values

- Investing is a fun, spiritual profession. You've to be immersed and your learning is cumulative. Horizons are always expanding
- Valuation is an interplay of micro, macro, market cycles

Notes from TIA Bullet Proof
9th September 2023, Chennai
@TIA_Investors
Speaker 1

Rajeev Thakkar @RajeevThakkar
@PPFAS

Theme: Recent Developments in Artificial Intelligence & Investment Implications - ChatGPT - peak traffic to declining usage. The use cases are limited. 30%+ of people going to ChatGPT and openAI is for codes. Another 20% is kids doing their homework. So is it really earth shaking?

AB Capital. Was part of Indian rayon then got spun off and listed separately.

One of the largest nbfc loan book and started as a wholesale lending company. But post ilfs most of the wholesale lenders got de-rated. But here a transformation happened. Here you have to first ask what do I like about this co?

- liability side - Because of strong parentage, they have access to capital at same cost as Bajaj finance. Mahindra too had npa of 10%+, but due to parentage they still had aaa+ rating.

Thread of stocks covered at 20-20 Ideas Summit by @TIA_Investors at @iitm_respark.

Disclaimer: none of these are stock reccomendations. Pls consult your advisor before acting on the discussion. Speaker 1 G Maran
- What if the life expectancy rate of India was and is now?
- How many credit card holders? About 5%
- How many have passports? About 5%
- How many Indians have demat? 5%
- How many Indians pay Income Tax? 5%