Shyam Sekhar Profile picture
Investor. Portfolio Manager. Personal finance thinker. Nationalist. My channels are
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Feb 21, 2023 7 tweets 3 min read
“Why should I practise multi-asset investing?” Any die hard equity investor would loathe the idea. Investors tend to believe multi-asset investing is only meant for those with lower return expectations. But, that in my view, is stereotyping.

Multi-asset investing = Versatility. When i decided to work in the advisory space, i asked myself a simple question. What will allow me the freedom to invest wherever the opportunity is most attractive? Only an open-minded approach would give me that freedom. Multi-asset investing helped me do that professionally.
Feb 5, 2023 15 tweets 3 min read
Owning vast tracts of farm land was sign as wealth in 60s and 70s. Losing that land was seen as economic failure. So if you wanted to make a community lose economically, you had to make them sell their land. If they lost economically, they would automatically lose social status. If they lose social status, they will have nothing left that motivates them to stay. So making people sell their land and leave was seen as political genius.

It worked for a few decades. Actually, it worked very well. People sold their lands, misallocated their monies and fell.
Feb 3, 2023 8 tweets 2 min read
#newtaxregime - good or bad?
The debate has just begun.
Firstly, no sensible person saves or invests to avoid taxes.
We do it because we know we need to.
It's for our own good.
By investing a part of our income, we ensure we have enough money when our income stops or reduces.1/n When we invest for our future, we need to have a plan.

We need to have measurement.

We need flexibility.

We need to practice a blended approach.

When one studies what people did with their tax savings, it will be amply clear their investing lacked on these critical needs. 2/n
Dec 29, 2022 13 tweets 7 min read
Time for some fun.
Instead of mocking others, let's do some self mocking.
This is the "best collection" of stocks.
I'm going #equalweight.
Just Ten MostBoring Stocks.
All-in-one Hall of fame list.
The #BoringStocks of 2023.
Feel free to track & ridicule.
Here we go. #HDFC. The mother of all boring stocks. Soon to be #hdfcbank.
Should do better simply because the expectations have never run so low.
Nov 11, 2022 7 tweets 3 min read
This is for #Nykaa investors.
Assume you hold 100 Nykaa shares from the #IPO.
The IPO price was 1125.
A 5:1 bonus was issued.
Today you own 600 shares.
The cost of your original 100 shares will be your IPO purchase price.
If you sell now at 175, let's see the overall impact. 1/n First , let us see the tax impact.
Your original 100 shares cost ₹1125.
IPO listing date was November 11, 2021. Share allotment date was between November 1 and 8, 2021.

If you sold your original 100 shares at ₹175, you attract a long term capital loss of ₹950. #Nykaa 2/n
Sep 18, 2022 4 tweets 2 min read
Assume your stock is trading at 1000.
PE is 50.
EPS is 20.
If earnings go up by 15% &
PE multiple falls by 30% .
What will be the impact on your investment?

If you understand this simple math, it will help you learn what 100 videos on #BAAP #Quality stocks don't teach you. Assume your stock is trading at 1500.
PE is 75.
EPS is 20.
If earnings go up by 15% &
PE multiple falls by 30% .
What will be the impact on your investment?

When PE is higher, derating can hurt far more. If you fall from a higher place, then the injury will be worse.
May 23, 2022 5 tweets 3 min read
Here is a thread on #SBI. It simply shows what storytelling is lying all the time to you. "Changing timelines can change the Narrative and numbers." The next line of defense is just about to be taken down. So,here is the first image that seems to support that arugument. But, wait.
May 21, 2022 5 tweets 2 min read
The space where institutions don’t own any shares, or own insignificant part of the equity maybe the GoTo place for new ideas.

If you can find five to seven good companies in the next two years and buy enough of them, you are going to remember this phase all your life.

Why should you not look at companies with heavily institutionalised ownership? Simple. Institutions will be forced to change their portfolios in tthe next two years. They will be forced to sell down their weaker, non performing stock holdings and buy newer stock ideas. 2/5
Apr 19, 2022 7 tweets 3 min read
A #PMS must show performance. No escaping it. But,the crucial questions for an investor to choose a PMS must be more nuanced. What fee do I pay in bad times? Do i pay more fees in good times? Is the product going to do anything special for me if i wish to be more ambitious? 1/7 A #PMS which mechanically invests money into its model portfolio just like a mutual fund usually does can only offer you a mediocre experience.

Investing is commoditized and mechanized. Some dealer is blindly filling up stocks like a petrol pump attendant fills your car tank.2/7
Feb 16, 2022 5 tweets 2 min read
When I look back at what mattered most in early years of investing, the answer is simple.

Avoiding permanent loss of capital.

This always happens when markets reverse from a peak & we are stuck in the wrong stocks.Also, stock specific risks are felt more then. @ithoughtmfd 1/n In previous bull runs, we had two sides to the market. One, richly valued. Another, under valued.

Now, markets are far more expensive across the board. Valuation excesses are all around, including in mediocre companies. The scope to lose money has risen more. @ithoughtmfd 2/n
Feb 2, 2022 5 tweets 2 min read
In investing, choices matter. Even with the right choices, you need a sound investment process. Where you invest, how you deploy & how you manage the investment journey are 3 critical success factors.

Product investing like MF's & ETF's need this even more. @ithoughtmfd 1/n Bull markets and past performance in euphoric times make fund investing look too easy. Bear markets make the same MF's look difficult to hold on. Recent performance often misleads more than it guides you. Sustainability often fails to show up in past performance. @ithoughtmfd 2/n
Dec 29, 2021 10 tweets 4 min read
Time to take stock. It is 29 months since @ithoughtpms rolled out @SolitairePMS. We began modestly. We kept it simple.
Fixed fees.
No distributors.
No promotions.
No influencers.
No model portfolios.
Bespoke portfolios.
We wanted to build a feature rich, investor centric PMS. 1/n We invested gradually. Even as we finished deploying in Feb 2019, covid struck. Clearly, our portfolio was not exactly positioned for a pandemic. In fact, we had the wrong positioning.We were overweight pandemic victims. But, we stuck to our approach & built on opportunities. 2/n
Nov 23, 2021 6 tweets 3 min read
Looking for certainty of outcome is the seed source of all #InsiderTrading.

When i see analysts or fund managers know everything about a company having all the answers, my first reaction is "WoW, investors just became insiders!".
But, there is another way far more enjoyable. 1/n Uncertainty can be a bigger source of gr8r success. Not knowing everything or having a hotline with promoters or insiders can actually be good for investing.

For starters, you always believe something can go wrong. Insiders don't. So you are better prepared for BIG shocks. 2/n
Jul 17, 2021 7 tweets 1 min read
The problem statement for many people now reads
“Oh! Everybody has made a lot of money”. The unspoken word.
“How did it become so easy to make money in stocks?”
Jul 4, 2021 8 tweets 2 min read
This year's central road and infrastructure cess is expected to top Rs. 4.5l crore.

The Agri infra development cess will collect 50k crore.

We are taxing the present very heavily to invest for the future.

From 2018-19 to now, this allocation to Central road and infra fund has more than quadrupled. It was 90k cr in 2018-19.

#Cess has been the major National capex funder for our country.
Feb 2, 2021 6 tweets 2 min read
Dec 5, 2020 10 tweets 6 min read
This thread is on disruption in #Advisory . I am sharing my thoughts and beliefs. I lean on my experience as an advisor and professional. 1/n Product Selling & #Advisory were jumbled up at the start of the decade. Neither #Advisors nor customers could clearly draw lines. Conflict of interest was high. But, we significantly reduced these in a decade. Now, the system looks set for its most investor centric phase. 2/n
Mar 14, 2018 23 tweets 2 min read
If a small investor, what can you do now? I will create and run this thread today. Hope you find it useful. 1/25 @shyamsek Firstly, take stock of what you own. List all your investments in one place. Rank them by size in descending order. 2/25