Few observations of current investor mindset:

1. Patience is no longer considered a virtue. Average holding period likely has collapsed significantly compared to long term average. Also, the tendency to look for near term triggers rather than long term capability 2. Investing is more top down and thematic now compared to bottom up. Sector rotation has become an important value creator especially in the short term

This is in response to the question by @unseenvalue

If I had to buy 1 stock today, anywhere in the world, no avg. up or down, 5 year holding period (I will make that as 10 year for thesis to play out)

Since I track mainly Indian equities, restricting the choice to this space Few points to look for
1. Strong macro tailwind rather than headwind, huge growth runway for company/segment. It can't be in a niche space & demand must not be easily substitutable
2. Strong Biz Model, high growth curve (15%+ over the period), strong ROE profile (hurdle rate 20%)

#IRCTC in simple terms: Assume 800 Cr. convenience fee next year, ~85% EBIT, so 680 Cr., tax on this (~no interest) would be 170 Cr. (at 25%), if full PAT given as dividend, ~340 Cr. Govt. share (at 67%) + ~25 Cr. tax on dividend. So total accrual to govt. 170+340+25=535 Cr. 1/n With 50% revenue share, 400 Cr. to govt. + 25% tax on 280 EBIT (400-120) = 70Cr., + 140 govt. share of profits as dividend and ~10 Cr. dividend tax. So, 400+70+140+10 = 620 Cr. ... 2/n

A lot of you would have wondered why so many IPOs together... hardly any time to study them well.

Precisely....hardly any time to study them well... that's the genius of a reason

(1/n) Mediocrity hides in a crowd...many a mask it wears
As "smart" investors in IPOs
Play a game of musical chairs

(2/n)