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Sanjay bakshi value investing club

sanjay bakshi value investing club

Sanjay Bakshi, eminent teacher and practitioner of value investing and behavioural economics, is better known for his moat investing. Prof Sanjay Bakshi, professor and value investor, wows the people present at BSE with a scintillating and thought-provoking presentation. Preston and Stig interview one of India's popular professors in the field of finance and investing and value investing legend, Sanjay. DYNASTYFINANCIAL AZIONE PUBBLICA When a logging can have a and applied to 2 Click either software version for. Stay on top users to be tricked into clicking to keep track. Overall: Overall the contents in a the service will is only deleted screen sharing, chat.

Candlestick Screener. Stock Screener. Market Classroom. Stock Watch. Market Calendar. Stock Price Quotes. Markets Data. Market Moguls. Expert Views. Technicals Technical Chart. Commodities Views News. Forex Forex News. Currency Converter. Rahul Oberoi. Rate Story. Font Size Abc Small. Abc Medium. Abc Large. Sanjay Bakshi, eminent teacher and practitioner of value investing and behavioural economics, is better known for his moat investing philosophy. Notable among them were a 4. Ambika Cotton Mills manufactures specialty cotton yarn to textile mills and windmills.

They are not relevant to me They disrupt the reading flow Others. Read the now! Indulge in digital reading experience of ET newspaper exactly as it is. Read Now. Also, ETMarkets. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds. Powered by. Check out which Nifty50 stocks analysts recommend buying this week.

Midcap stocks with high upside potential: Stock Reports Plus. View More Stories. The other thing that you can do vicariously is to observe the folly of other investors and businesses. So instead of only focusing on things that go right, you must also focus on things that go wrong — and learn to avoid doing things that produced that folly. Again, this happens over and over again. You will see the economic expansion resulting in overconfidence amongst investors and businesses which feeds upon further expansion often fed by borrowed money.

Overconfidence and leverage go together. People will become rich and richer for a while, and then the bubble will burst. The most leveraged players will be the ones that will get slaughtered in that collapse. So whether it is individual investors who borrow on the margin to buy stocks, or it is banks who are blowing up because they are over-leveraged or are gambling in derivatives, or giving loans to people who could not afford to pay them back, or it was any operating business that was expanding recklessly with borrowed money — whatever the case may be, you will find overconfidence and leverage as a very lethal combination.

This is like the place where you are going to die so you can decide not to go there. These were darlings yesterday. One of the things I tell my students is that all learning comes from the extremes. So if you think of the world as a bell curve, then at one extreme lie the great successes — and most people and teaching institutions will tell you to learn from the great successes.

At the other extreme, are the great failures, which can also be your great teachers. What can you learn from them? Well, you can learn how not to end up like them! The base rate of having a druken-driving accident are higher than those of having accidents in a sober state.

But the averaged-out experience of putting money in penny stocks is bad, because most of those companies are junk companies. They get influenced by individual stories like a smoker who lived till he was Well, the averaged out experience of people buying stocks of highly-leveraged companies in such an environment is bad! This is what you learn by studying history. You know that the base rate of investing in an airline business sucks.

You start with a billion, and then you buy an airline. That applies very well in this business. It applies in so many other businesses. Take the paper industry as an example. Averaged out returns on capital for paper industry are bad for pretty good reasons.

You are selling a commodity. And if you understand micro-economics, you really are a price taker. Extreme competition in such an environment is going to cause your returns on capital to be below what you would want to have. Look at the track record of paper companies around the world, and the airline companies around the world, or the IPOs around the world, or the textile companies around the world.

But we need to focus on the average experience and not the exceptional ones. The metaphor I like to use here is that of a pond. You are the fisherman. The same idea applies to investing, You may be think you are super-skilled in penny stocks, or leveraged stocks in bull markets, or IPOs, or airline stocks, or paper stocks.

On the other hand, the base rate of investing in dominant FMCG companies bought at attractive prices over the long-term, is good. So one of the great lessons from studying history is to see what has really worked well and what has turned out to be a disaster — and to learn from both.

Find role models The other thing that I want to tell you is to find a few great role models. I have a many role models, and every year I pick up a few more. So to go back to your question on how do you inculcate all this — you have to read through the lives of these people and what have they done over the years and how did they learn, and then learn from their experiences vicariously.

Some time back I gave a talk on Confessions of a Value Investor , where I listed out mistakes people made, including me. So you really have to do your own homework. Value of patience You asked about the value of patience. There are other kinds of investing — momentum investing is one, and high frequency trading is a variant of that.

There are lot of ways in which people make money in the stock market. Value investing is just one of them but to become a successful value investor, you have to have patience. You may not need patience if you are a momentum investor, but you do need extreme amount of patience if you want to be a successful value investor. You just have to see how people have got rich in stocks.

If you look at genuinely successful people in the stock market, you will find that an over-whelming majority of them bought stocks of good companies at attractive prices and just sat on them for a long-long time. I give this example in the classroom. I put up two situations and you are a super-smart stock picker in each of them.

Imagine that you can double your money every year. By the end of year 2, the stock doubles again. You sell it, and invest the post tax, post transaction costs proceeds in another stock, which again doubles by the end of year 3. This process continues for 30 long years. The excel model shows that you would have turned that one rupee into Rs 17 cr.

Not bad at all. In this situation, you end up with Rs 95 cr. The staggering difference between the results of the buy-and-hold investor and those of the market timer cannot be attributed to superior stock picking skills, because they were the same in both situations.

So, what explains the difference? Well, the answer is transaction costs and deferred taxes- both derived from a single virtue: patience. In fact,you can use the same example, and work backwards to figure out how much well the stock picked by the buy-and-hold investor needs to do to equate its return with that of the stocks bought and sold by the market timer, and students find out substantially poorer stock-picking skills in a buy-and-hold strategy equates superior stock-picking skills in a market timing strategy.

The next post will be on Friday, 3rd August…and it will be the complete interview of Prof. The workshop was filled with in-depth discussions around stock markets, money, and human behaviour. His passion to teach Value Investing is contagious and his informal yet definitive style of teaching is par excellence…He has a great grasp of the subject and yet, makes it easy for others to understand.

The Art of Investing workshop is a must-attend for every person who is into investing or consdiering to put his money into the stock market. Vishal has put together a superb material based on various concepts of asset allocation, fundamental analysis and most importantly human behaviour. The workshop is an eye-opener even for someone who has been actively involved in market as the compelling presentation stresses upon having a wholesome investing philosphy that is so crucial for an investor.

At the end of the day anyone who has attended the workshop takes back home a full fledged knowledge of important concepts like asset allocation, calculation of intrinsic value, important ratios to focus upon while doing fundamental analysis, usage of excel sheet, and above all how to put together a checklist to do smart and intelligent investing.

I am glad that I have attended a workshop because not only there was great discussion about value investing, but I also met some interesting guys and made some good friends. I am looking forward to the next workshop, already! I am into value investing for the last five years and was quite impressed to hear Vishal giving a comprehensive overview of the value investing process in just one workshop. The workshop is relevant for all who want to be serious value investors and one must definitely try to attend it.

Very few people take out the time and energy and go out of their way to share the knowledge they have gathered over the years, Vishal is one of them. Kudos to his initiative Safal Niveshak! Not only was I able to brush up again on some age old wisdom, but some thoroughly fascinating ideas were imbibed which gave food for thought to munch on later.

He explained all the things beautifully and patiently, even taking some offbeat questions in his stride — be it irrational behaviour, asset allocation, behavioural science and the distillate of wisdom of gurus like Munger, Buffet, Fisher, Klermann etc.

Along the way, many popular myths were busted like you need to be a genius to be successful in stock market or that you have to impeccably time the market. He demonstrated how the key to success is simple, uncomplicated approach and discipline. The participants were also great and it was amazing how twenty year olds interacted so well with fifty year olds, with some phenomenal ideas being shared. All the concepts of Value investing, Asset allocation, fundamental analysis, Ratios to look for, pre-screening process, common pitfalls to avoid and most important how to develop a holistic approach to Investing have been beautifully explained in a superb presentation.

Down to the nitty gritty, the basic Balance Sheet Analysis was done hands on with some actual balance sheets which vastly improved my perception of the whole thing and removed some cobwebs from my mind. I am sure this will immensely help all the participants in their investing process.

I am already looking forward to the next workshop and have requested Vishal to put me on auto-register. Initially, the idea of travelling kms to attend the workshop seemed daunting but I am really glad that I was able to make it. I met a lot of interesting people there and made some good friends.

It is constant interaction with such likeminded individuals, who are on same wavelength as you, which develops you so much intellectually. I thank Vishal for scheduling this workshop and wish him the very best in this wonderful initiative in years to come. Finally, as always, I would like to thank all Safal Niveshak tribe members to have instilled in me the confidence that, amidst all the madness out there in the stock market, there are people who are smart and believe in the idea of sensible, long-term investing.

The next Workshop is scheduled for Pune on 18th August Saturday. If you are in Pune that day, and would like to attend the Workshop, click here to register. Subscribe to our best stuff on investing, stock analysis, and human behaviour.

All for FREE! Be a part of our growing tribe. Join us on Twitter. Thanks Vishal for taking all the trouble and posting this wonderful interview that you had with Prof. Anything written or said by Prof. Bakshi is filled with a lot of wisdom and by looking at the first glimpse , I am eager to read the rest of the interview.

Same here Manish. I should have told Nakul that I will be leaving early and then we could have got the photograph together at Lunch time. Fully Justified the travel of km either side. Would luv to come again as soon as Vishal plans next session at Delhi. Thanks Sanjeev! It feels great to know that you liked the session. My pleasure, Manish! Bakshi that day. As expected a very good article on the interview. Eagerly waiting for the next part. One thing I noticed that, Prof. Bakshi has reduced.

Eagerly looking forward to the rest of the interview. Thanks Vishal for the excellent post. Waiting for the Fridays post. The interview is fascinating to say the least. Waiting to read more of the interview and the books mentioned there as well. No clue about that, Krish. First of all, Congratulations Vishal. I have seen your post of Facebook how excited you were to meet Prof Bakshi. I am slowing going through some of your post that I missed as I make time for it during my travels, but when I received your mail on this post, I just kept everything aside for 20 minutes and went through the entire post.

Thanks for sharing, this was a real pleasure to read. Sanjeev looks so much different in your picture, Congratulations Sanjeev bhai, you deserve it for your great contribution to this blog. Ofcourse you look better in the workshop pics, no doubt about it. Just wondering how much MoS you have used for this? I WAS a great deal chubbier at that time. Reduced greatly over last one and half year when I realised that OUR health as parents is perhaps as important, if not more, as our investment process for the sake of our children.

All carefully thought out plans for our kids can go haywire if one of the parents is not there till they are settled. So took up active sports, curtailed bad eating habits fortunately, neither drink nor smoke, so that was already a headstart etc. Trust me, we OWE it to our children to have a healthier lifestyle. Leaving bank balances for them is one part, being always there for them for as long as possible is another.

One cannot compensate for another. Sorry, you looked chubby, happy?? Please change your avatar now. I totally agree with you, no point in making all the money when you are not there for the people you care about. I have been trying really hard to workout regularly but travel makes it all the more difficult, still I try to put time aside to get back to being a little more fit. Thank you Vishal for this Post. This is real treasure. Also, great idea to divide the load of wisdom into parts.

Thank you Prof Bakshi. Learning a lot form this post. Vishal, congrats for meeting one of the best brains in value investing…. Saw the photo in FB.. We r eagerly awaiting fot Aug 3…. Congratulations Vishal, for such a wonderful opportunity. One can understand how you would have waited for it. Great Work, Vishal. And a very nice idea to split it into parts.

Amazing insights from a man who himself is a role model for so many people out there. If he can work his magic so well in just a short span of 2 hours interview, it is no wonder there is so much demand for his courses a MDI. Feel sort of jealous of his students who have a chance of interacting from such a personality who is a great humble human being to match.

It is difficult to find great minds with humility these days, with hot airbags all around us. It is a wonderful read and we all are looking forward to the rest of the post. Agree with Avadhut. Prof Bakshi looks much younger now.

It was really, really wonderful meeting you and having a wonderful session out there at Delhi. Keep me on auto-register for next one. Had great time there and made some good friends.

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