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The Art of Investing · The Morning Brief

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  Speaker 1: This podcast is brought to you in association with BSC
• 0:04
  Speaker 1: and its investor awareness initiatives.
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  Speaker 1: Investing holds different meanings for different people. For many, it's
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  Speaker 1: simply a process of making money for some. It's a
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  Speaker 1: lot more philosophical and then there are those who find
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  Speaker 1: a spiritual meaning in it. These days, we are hearing
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  Speaker 1: a lot about investing, being in art and then there
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  Speaker 1: is plenty of debate around that too. We are about
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  Speaker 1: to find that and a lot more from two accomplished
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  Speaker 1: practitioners in the field of investing.
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  Speaker 1: They need no detailed introduction to the investing community, having
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  Speaker 1: managed public money for decades. What these gentlemen buy and
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  Speaker 1: sell is watch closely in the market, listen on because
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  Speaker 1: this promises to be a great conversation.
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  Speaker 1: I am Nishant Vasudevan, the markets editor of the Economic
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  Speaker 1: Times and your host in this episode.
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  Speaker 1: First, I'm pleased to welcome Kenneth Andrey founder and Cio
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  Speaker 1: of Old Bridge capital management.
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  Speaker 1: Welcome Kenneth Hi. Not to start with for many people
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  Speaker 1: in the investment industry. The the process of investing typically
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  Speaker 1: starts with uh with numbers and ratios and spreadsheets and
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  Speaker 1: other things for you as an investment practitioner. When does
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  Speaker 1: this science evolve to or something like an art.
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  Speaker 2: Well, it's a mathematical introduction at the end of the
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  Speaker 2: day and you get better at it after you have
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  Speaker 2: been through years of experience with it. Right.
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  Speaker 2: So my investing journey started almost 30 years ago and
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  Speaker 2: I've been through a couple of bear market cycles and,
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  Speaker 2: and a lot of bull market cycles. Uh and I
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  Speaker 2: think experience has taught us everything. So the numbers ratios
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  Speaker 2: deductions of how a company will grow, et cetera would
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  Speaker 2: be completely meaningless if I haven't gone to see how
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  Speaker 2: all of these ratios did, all of these structures did
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  Speaker 2: well uh did in the past. So it's just a
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  Speaker 2: accumulation of experiences that you have. That is what brought
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  Speaker 2: us to this stage.
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  Speaker 2: Uh So yes, there's a science behind it and there's
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  Speaker 2: a math behind it. The art comes with experience,
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  Speaker 1: right, correct. Perfect. As a, as a fund manager, as
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  Speaker 1: an investor, was there a big turning point in your
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  Speaker 1: life that that changed your approach towards investing, you know,
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  Speaker 1: that moment of epiphany, you know, where you feel felt that,
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  Speaker 1: you know, this is what you know, I shouldn't be
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  Speaker 1: doing or this is what I should be doing.
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  Speaker 2: So it was that effective journey in year 2000 all
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  Speaker 2: the way from 1997 to 2000 where nothing went wrong.
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  Speaker 2: And in 2000 to 2003, everything went wrong. It was
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  Speaker 2: that journey between, between buying value,
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  Speaker 2: ok? To believing that growth would uh to buying growth
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  Speaker 2: at any price or holding on to growth at any price.
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  Speaker 2: And the cycle that came after that, it was a
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  Speaker 2: significantly large learning experience and that's what's made me what
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  Speaker 2: I am today,
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  Speaker 1: right? Many people in the market will be familiar with
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  Speaker 1: your portfolio. Uh They kind of might be knowing your
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  Speaker 1: stocks by heart, but very few might be knowing about
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  Speaker 1: your stock selection process. Basically, how do you identify a stock?
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  Speaker 1: When do you decide to buy it? And how much
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  Speaker 1: do you buy it?
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  Speaker 1: Now, it would be helpful for our listeners if you
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  Speaker 1: could elaborate with some kind of an example, something that
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  Speaker 1: you've done in the past, have you kind of how,
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  Speaker 1: how does the entire process work for you?
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  Speaker 2: So, so fundamentally, we try to buy capital efficiency at
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  Speaker 2: a price and that's where the art of investing actually goes,
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  Speaker 2: right? Capital efficiency. Everyone knows how a business is managed.
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  Speaker 2: Everyone can calculate the Roe and Roc of the business, right?
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  Speaker 2: But if the Roc and the Roe or capital efficiency
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  Speaker 2: is very high in most contexts or in most environments,
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  Speaker 2: you end up paying a, a very large price for it. OK.
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  Speaker 2: A great business is always available at a great price.
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  Speaker 2: So what we try to do is try and find
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  Speaker 2: a great business in an industry which is not doing
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  Speaker 2: very well.
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  Speaker 2: The company's profitability is also not great, but it is
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  Speaker 2: better than the rest. And that's where we like to
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  Speaker 2: step in simply as an investor. What I'd like to
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  Speaker 2: see in multiple markets. So that is which company or
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  Speaker 2: its stock in a 52 week low. That's my go
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  Speaker 2: to place. Ok. So capital efficiency of one of the
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  Speaker 2: best businesses in a down cycle is a time where
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  Speaker 2: you get it at that at a reasonable price.
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  Speaker 2: Uh That that's a short and the long form of,
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  Speaker 2: of what the process is all about.
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  Speaker 1: Uh uh Could you elaborate that, you know, for, in, in,
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  Speaker 1: in terms of an example that you know, something has
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  Speaker 1: worked well for you in the past.
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  Speaker 2: So let's put a, let's put a case of something
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  Speaker 2: that we've done and it's held us in relatively good
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  Speaker 2: stead since we started our journey, right? Largest airline debuted at,
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  Speaker 2: at the next amount of market cap when the industry
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  Speaker 2: had four or five participants at that point in time,
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  Speaker 2: right, a very attractive business, a cost leader, profitable, generating
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  Speaker 2: cash flows in an industry which was which you would
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  Speaker 2: always find businesses struggle to generate cash flows and then
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  Speaker 2: you hit a down cycle this business on every single parameter.
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  Speaker 2: OK. And traded at a valuation which is much lower
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  Speaker 2: than we've ever seen it before. OK. And continued its
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  Speaker 2: ability to be the cost leader today. The metrics is
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  Speaker 2: completely changed. So aviation and in India, India's largest aviation
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  Speaker 2: company is today the second largest in terms of market
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  Speaker 2: capitalization in the world.
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  Speaker 2: OK. Has got cash on its balance sheet is something
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  Speaker 2: that the word and something that this industry has never seen,
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  Speaker 2: probably globally, you've probably seen it one or two companies,
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  Speaker 2: but in Indian company has that and one of the
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  Speaker 2: most important things is the marketplace is completely consolidated.
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  Speaker 2: So you got the price right when you got and
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  Speaker 2: and it still holds itself in good stead in in
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  Speaker 2: the entire competitive framework in its within its industry,
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  Speaker 1: right? So, so yeah, so everybody focuses on buying a stock,
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  Speaker 1: you know, when to buy, when to you know the
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  Speaker 1: timing of the purchase, the price of the purchase. But
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  Speaker 1: there is very little literature on selling part of it,
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  Speaker 1: which
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  Speaker 1: typically tends to be a lot more complicated. How do
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  Speaker 1: you think about this entire approach of selling
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  Speaker 2: well, when
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  Speaker 2: an industry does well, the last common denominator in that
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  Speaker 2: industry or the smallest company in that industry starts doing
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  Speaker 2: extremely well. Now think about it this way when everyone
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  Speaker 2: in an industry makes money, you are heading towards hyper
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  Speaker 2: competitive competition, right? Because the largest company is investing in
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  Speaker 2: the smallest companies investing, which means more capacity is coming in.
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  Speaker 2: Quite contrary to what most investors would like to believe
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  Speaker 2: that any industry where everyone makes money is a great
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  Speaker 2: place to be in. We hate being in a place
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  Speaker 2: where every single participant in an industry is profitable or
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  Speaker 2: is making money and reinvesting its money back into that industry.
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  Speaker 2: That's our side discipline, quantitatively putting it together
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  Speaker 1: in the, in the recent past. Have you come across
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  Speaker 1: any such set up in an industry
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  Speaker 1: which is kind of gone through this kind of a
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  Speaker 1: phase and where you felt that, you know, there is
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  Speaker 1: going to be a, there's going to be a fair
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  Speaker 1: bit of competition and you think that it's a time
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  Speaker 1: to kind of move. So
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  Speaker 2: let me give you a sense of what happened in 2006,
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  Speaker 2: 7 and eight, right? And you see some similarities of
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  Speaker 2: that lay out in today's environment though. What happened in
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  Speaker 2: 67 and eight, we had this big boom in infrastructure
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  Speaker 2: and every company that was out there was setting up
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  Speaker 2: was bidding.
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  Speaker 2: What is
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  Speaker 2: so the higher order book, higher market gap, more ability
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  Speaker 2: to raise money, more ability to raise money, higher ability
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  Speaker 2: to take more contracts.
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  Speaker 2: Ok. And that became the most inefficient part of the marketplace.
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  Speaker 2: At that point in time, capital is usually available. Companies
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  Speaker 2: want to say company want to build auto book because
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  Speaker 2: the minute you want to build auto book, you're getting
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  Speaker 2: market cap. The minute you get market cap, you have
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  Speaker 2: to demonstrate the ability to get a higher order book,
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  Speaker 2: which is the first structure of deterioration of
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  Speaker 2: margins. When you have deterioration of margin. There's someone who
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  Speaker 2: is going to come and be big below your price,
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  Speaker 2: something similar took place. And, and within our portfolios at
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  Speaker 2: the asset management company, we we basically build out a
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  Speaker 2: structure around pharmaceuticals which are outwardly facing. Ok. And the
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  Speaker 2: Indian manufacturers actually consolidated the global space in terms of
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  Speaker 2: generic manufacturing.
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  Speaker 2: Ok. That's the consolidation part. What are you seeing bringing
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  Speaker 2: is the fragmentation part in the infrastructure, infrastructure business. Now
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  Speaker 2: timing this is completely different. Yeah, you you will have
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  Speaker 2: to work to see that you do not sell too
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  Speaker 2: early into a cycle like this.
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  Speaker 1: Perfect Kenneth. The other question that we have in mind
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  Speaker 1: is generally, you know, you are a stock picker and
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  Speaker 1: the biases normally tend to be the smaller caps. The
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  Speaker 1: general perception over there is that the corporate governance standards
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  Speaker 1: are not the best in my in this entire space.
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  Speaker 1: So for you as a fund manager, what comes first?
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  Speaker 1: Is it the price or the corporate governance? So
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  Speaker 2: again, the corporate governance can be quantified. OK. Uh Now
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  Speaker 2: let me put it this way, take a portfolio in
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  Speaker 2: our company
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  Speaker 2: and see if it's attracting the right talent.
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  Speaker 2: OK? And it is getting incremental market share in its industry.
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  Speaker 2: OK? It was attracting the right talent
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  Speaker 2: and it's getting higher market share. Now, how can two
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  Speaker 2: of these things be wrong if it's got bad governance?
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  Speaker 2: So when I say you can quantify corporate governance, we
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  Speaker 2: can actually quantify corporate governance out there.
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  Speaker 2: Why am I talking about governance in, in a small
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  Speaker 2: cap business? Right. So usually when you, when you look
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  Speaker 2: at a business in a down cycle or, or you know,
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  Speaker 2: in a down cycle and you try to capture a
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  Speaker 2: great business in a down cycle, mostly investors, we keep
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  Speaker 2: that space because they want industry to well and the
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  Speaker 2: company to actually grow well.
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  Speaker 2: And when there is no ownership in that entire business,
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  Speaker 2: because going through a rough patch, you usually get them
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  Speaker 2: at mid cap market caps, mid cap market caps, right?
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  Speaker 2: And I think that's a great entry point for all
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  Speaker 2: of us.
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  Speaker 2: So while a portfolio kind of represents a small cap
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  Speaker 2: and mid cap is bias, they usually the largest companies
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  Speaker 2: in their categories, just they represent their market capitalization because
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  Speaker 2: they're going through a weak cycle.
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  Speaker 2: OK? So when we invest, we don't compromise on corporate governance. OK?
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  Speaker 2: And we try to find this pricing which you most
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  Speaker 2: most often than not usually get it in this space
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  Speaker 2: or this these kind of companies. And that's what we,
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  Speaker 2: we try to, I try to enable with the process.
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  Speaker 1: Yeah. So Kenneth, you know, investing tends to be, it's
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  Speaker 1: it's tricky people kind of, you know, it is subjective,
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  Speaker 1: but according to you in investing, what is the skill
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  Speaker 1: that is the most overrated and what is the skill
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  Speaker 1: that is the most underrated?
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  Speaker 2: Okay, the most underrated skill I would think is patience.
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  Speaker 2: Ok. Nobody likes to wait on the stock. Uh Nobody
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  Speaker 2: wants to buy it at its appropriate time.
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  Speaker 2: Ok. And that's what I think most investors almost always forget.
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  Speaker 2: Ok. And it's happened with me as a beginner investor.
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  Speaker 2: I just didn't have the patience to, to wait on
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  Speaker 2: a stock or to find it a little cheaper and
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  Speaker 2: to understand what makes a good business.
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  Speaker 2: Ok. And I think the most overrated part of investing
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  Speaker 2: is gut feel.
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  Speaker 2: OK? Our intuition
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  Speaker 2: because what drives intuition and what drives gut feel has
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  Speaker 2: to be quantitative at the back end?
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  Speaker 2: OK. You can't wake up one day and say that
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  Speaker 2: intuitively. I think this company will do well because this
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  Speaker 2: is a limited amount of data that I have. So
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  Speaker 2: you have to watch a business for an extremely long
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  Speaker 2: period of time.
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  Speaker 2: OK. And that will drive intuition,
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  Speaker 1: right? Uh Kenneth, before we wind up this discussion, our
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  Speaker 1: listeners would want to get some wisdom from you on
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  Speaker 1: some kind of advice from you on investing. Uh If
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  Speaker 1: you were to give them one good advice, one solid advice,
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  Speaker 1: what would that be?
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  Speaker 2: I think everyone is in the process of finding the
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  Speaker 2: next
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  Speaker 2: big winner in the market cycle like this side.
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  Speaker 2: So if you're trying to find a value where it exists, none,
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  Speaker 2: OK. Don't go searching for it. And I think this
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  Speaker 2: is very contextual and I learned it in 2017, 18,
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  Speaker 2: despite all the years in of, of investing into 2017
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  Speaker 2: and 18, we went into a market cycle where I
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  Speaker 2: went looking for value as they exist. Not right. So
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  Speaker 2: you want to tread a little carefully, have that patience
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  Speaker 2: and the discipline to stay away from things you don't know.
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  Speaker 2: Ok. And, and in a market environment like this, I
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  Speaker 2: don't think there's any value that you to search out. Yes,
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  Speaker 2: there are businesses that will grow, there are businesses that
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  Speaker 2: will keep you safe and there are businesses that will
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  Speaker 2: compound capital. They are all out there. So you just
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  Speaker 2: have the discipline to wait till it comes to your price.
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  Speaker 1: Thank you, Kenneth. Thank you for talking to us. Thank
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  Speaker 1: you for this great discussion. It was nice having you
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  Speaker 1: and I'm sure our listeners have benefited a lot from this.
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  Speaker 2: Thanks. Thanks for having me on the show.
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  Speaker 1: Now. I would like to welcome Sunil Singhania, founder of
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  Speaker 1: a asset management. Welcome Sunil. So thank you for having me. So,
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  Speaker 1: so basically, you know, people know about Sunil Singhania portfolios,
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  Speaker 1: about the stocks, you own, etcetera,
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  Speaker 1: but they don't know much about your stock selection process. Basically,
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  Speaker 1: how do you identify a stock? How do you buy
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  Speaker 1: a stock? How much, how much do you buy? I mean,
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  Speaker 1: if it would be nice if you could tell our
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  Speaker 1: listeners about this entire process, probably through an example of
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  Speaker 1: something how, how a past some kind of a pick.
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  Speaker 1: So when we set up a backers, we had a very,
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  Speaker 1: very clear investment philosophy, you know, very quickly I can
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  Speaker 1: run you through the investment philosophies of first is we
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  Speaker 1: don't allocate, we invest, you know, we are not going
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  Speaker 1: to invest in a company just because, you know, you
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  Speaker 1: want to have an exposure to the particular sector or something,
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  Speaker 1: we would like to individually on merit, look at each company. Secondly,
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  Speaker 1: at least from our perspective, we are very, very balance
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  Speaker 1: sheet focus. So we don't look at loss making companies.
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  Speaker 1: So for us, the return on capital employed is sector.
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  Speaker 1: And therefore, you know, typically we invest only in companies
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  Speaker 1: with the Roc or Roe is at least 14 15%.
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  Speaker 1: The second important criteria for us is the profit growth.
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  Speaker 1: And therefore, typically we look at companies which can double
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  Speaker 1: profit ideally in four years, a maximum of five years,
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  Speaker 1: which is a 14 to 18% cagle growth. Because you know,
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  Speaker 1: if the profits double the value of the business will
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  Speaker 1: automatically double. The third thing we look at which is
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  Speaker 1: in the current kind of an environment which is, you know, disruptions.
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  Speaker 1: Then the other thing is, you know, the valuation, our
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  Speaker 1: view is that the best company is not necessarily the
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  Speaker 1: best stock. So if you remember four or five years back,
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  Speaker 1: we had come out with a note called bubble in
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  Speaker 1: quality and our view was that yes, quality is good.
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  Speaker 1: But at what price? So you know, if a company
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  Speaker 1: is trading at 7080 P multiple growing at 10%
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  Speaker 1: I don't think that investor is going to make returns
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  Speaker 1: out of it. So we are very conscious about the valuations.
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  Speaker 1: So I think all said and done, these are the
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  Speaker 1: key criteria which we look at recently, we bought an
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  Speaker 1: auto ancillary company called sh it was ignored, but it
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  Speaker 1: clicked all the boxes, you know, and I think so
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  Speaker 1: far touch wood, it's been going very well, very, you know,
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  Speaker 1: evaluation focused investment of 24 25% and growing also decent,
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  Speaker 1: you know, this is just an example, but I'm just
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  Speaker 1: giving a broad perspective of how we look at things
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  Speaker 1: great. So as a as an investor, as a fund manager,
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  Speaker 1: what has been the biggest turning point in your life,
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  Speaker 1: you know, that is kind of changed your approach towards investing. No,
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  Speaker 1: I think two or three things, one is obviously joining
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  Speaker 1: a mutual fund and basically, you know, getting into the
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  Speaker 1: groove as far as long term investing is concerned. Second,
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  Speaker 1: as I said, you know, we all learn from our mistakes.
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  Speaker 1: So many times you end up selling early
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  Speaker 1: and those were huge lessons. You know, I think in
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  Speaker 1: the case of Bajaj finance, we were large investors. When
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  Speaker 1: I was in reliance mutual fund, we made good money,
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  Speaker 1: but we sold early and from there on the stock
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  Speaker 1: has multiplied 50 times. And I think from a turning
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  Speaker 1: point perspective, I think the biggest I would say learning
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  Speaker 1: is that if you are investing in equity,
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  Speaker 1: you have to be positive on the economy or vice versa.
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  Speaker 1: If you are positive on the economy, then only you
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  Speaker 1: should be investing in equities. And I think that is
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  Speaker 1: what we have basically tried to do
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  Speaker 1: so beyond ratios and the balance sheets and and you know,
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  Speaker 1: the industry prospects. Do you also look at the so
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  Speaker 1: the softer aspects in your investment uh checklist? So Nishan
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  Speaker 1: in a in a mid size or smaller company, obviously
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  Speaker 1: meeting the company makes a big difference in a mid
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  Speaker 1: to small size company. The management becomes very important because
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  Speaker 1: the second layer and the third layer might be might
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  Speaker 1: not be as strong as the top layer.
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  Speaker 1: And therefore meeting companies become very, very important hygiene factors.
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  Speaker 1: You know, we do company visits when we do company visits,
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  Speaker 1: we come to know, you know how they are treating people.
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  Speaker 1: What is the cleanliness? What is the, you know, the
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  Speaker 1: whole quality aspect that becomes very important. Obviously, when we
• 17:44
  Speaker 1: go through multiple year balance sheets, you know, they are
• 17:47
  Speaker 1: compliance in terms of taxation.
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  Speaker 1: There any red flags by the auditors. I think those
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  Speaker 1: are again, things which we have to basically look at.
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  Speaker 1: And more importantly, you know, if you have a history
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  Speaker 1: of the company over the last 1015, 20 years, then
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  Speaker 1: you know how the company has behaved in different cycles.
• 18:04
  Speaker 1: I think that also helps now. So most investors, you know,
• 18:08
  Speaker 1: at least the people who kind of, you know, who
• 18:10
  Speaker 1: has started off the entire focus is on buying the
• 18:14
  Speaker 1: timing of the purchase, the price of the purchase.
• 18:17
  Speaker 1: But there is very little discussion on when to sell.
• 18:21
  Speaker 1: Uh What is your philosophy in this?
• 18:24
  Speaker 1: No, I completely agree with you. I think uh when
• 18:27
  Speaker 1: to sell, how much to sell, whether to sell food,
• 18:30
  Speaker 1: whether to sell partial is always a concern or a
• 18:32
  Speaker 1: question or uh I would say an uncertain kind of
• 18:36
  Speaker 1: a decision from our perspective. There are three reasons why
• 18:39
  Speaker 1: we would sell a stock first is if we go
• 18:42
  Speaker 1: wrong in our hypothesis, you know, so we invested in
• 18:44
  Speaker 1: a company based on particular assumptions or hypothesis and that
• 18:48
  Speaker 1: is not turning out well,
• 18:49
  Speaker 1: maybe the sector has gone, you know, worse than what
• 18:52
  Speaker 1: we expected. The company is not performing the way we expected.
• 18:56
  Speaker 1: So I think the earlier you realize and the earlier
• 18:58
  Speaker 1: you sell out, the better, you know, then you should
• 19:01
  Speaker 1: not look at whether you would want to wait for
• 19:03
  Speaker 1: a pop up or not. I think you have to
• 19:05
  Speaker 1: sell second is a lot of times, you know, you
• 19:08
  Speaker 1: go right and the stock moves much beyond what you
• 19:12
  Speaker 1: would expect is to be the fair. Value.
• 19:14
  Speaker 1: See, ultimately, we are investors, we are investing from a
• 19:16
  Speaker 1: 345 years perspective. But if you feel that, you know,
• 19:20
  Speaker 1: in the next two years, the stock has discounted what
• 19:23
  Speaker 1: you thought was uh possible in 4 to 5 years
• 19:27
  Speaker 1: without any significant improvement in fundamentals, you would want to
• 19:30
  Speaker 1: book profits. And the third important uh decision is, you know,
• 19:35
  Speaker 1: capital is limited.
• 19:37
  Speaker 1: So if you have something in the portfolio and you
• 19:39
  Speaker 1: come across something else, which is looking much better than
• 19:43
  Speaker 1: what you already have in the portfolio. Obviously, you would
• 19:45
  Speaker 1: like to switch, you know. So these are the three
• 19:47
  Speaker 1: main reasons why we would sell a stock. And what
• 19:50
  Speaker 1: according to you is the most overrated part of investing
• 19:54
  Speaker 1: as a, as a profession and what is the most
• 19:56
  Speaker 1: underrated skill required? I mean, that is not being talked about.
• 20:01
  Speaker 1: I see one thing is every investor I just said
• 20:05
  Speaker 1: would have a different way of investing. I would say
• 20:08
  Speaker 1: that the most overrated is, you know, trying to figure
• 20:13
  Speaker 1: out when to buy, when to sell on a daily basis.
• 20:16
  Speaker 1: You know, it just adds to the noise, it doesn't
• 20:19
  Speaker 1: add to the returns. I think the most underrated is
• 20:22
  Speaker 1: the compounding effect,
• 20:24
  Speaker 1: you know, in reliance when I was managing growth fund,
• 20:27
  Speaker 1: we became 100 X in 100 years in sorry, 21 years,
• 20:31
  Speaker 1: but that was a keg of only 20 to 23%
• 20:35
  Speaker 1: which is great. But it doesn't look very big, but
• 20:38
  Speaker 1: when you see 100 X in 21 years, that looks very,
• 20:40
  Speaker 1: very big. I think investors instead of looking at who
• 20:44
  Speaker 1: did the best in the last one year and switching
• 20:47
  Speaker 1: from one fund to the other fund, I think more
• 20:50
  Speaker 1: than that they should find someone who would be very
• 20:52
  Speaker 1: consistent
• 20:53
  Speaker 1: and we would keep on just adding to the returns. Yeah. Yeah,
• 20:57
  Speaker 1: soon as that's a, that's a great point, you know,
• 20:59
  Speaker 1: to actually, you know, stick to a particular investment and
• 21:02
  Speaker 1: you know, stay with it, you know, so that allowing
• 21:04
  Speaker 1: it to allowing it to compound assets. So before we
• 21:08
  Speaker 1: uh wind up this discussion, you know, our listeners would
• 21:11
  Speaker 1: want to know your some important advice on investing. What
• 21:15
  Speaker 1: would you add?
• 21:16
  Speaker 1: See, investing one has to be first positive on the
• 21:20
  Speaker 1: underlying country and the and the asset class. So I
• 21:24
  Speaker 1: think if you are positive that India is going to
• 21:26
  Speaker 1: grow from four trillion to eight over the next eight years,
• 21:29
  Speaker 1: then you should definitely invest in equity. Second is, you know,
• 21:32
  Speaker 1: don't try to maximize return every day. I think equity
• 21:36
  Speaker 1: is ultimately investing in companies and your returns are going
• 21:39
  Speaker 1: to be commensurate with the earnings growth of the company.
• 21:42
  Speaker 1: I think the other thing is you have to give
• 21:44
  Speaker 1: time to your investments. You know, you can't invest for
• 21:47
  Speaker 1: one month, two months and six months and then get
• 21:49
  Speaker 1: scared because of some event uh because then you will
• 21:52
  Speaker 1: be entering at the wrong time and uh exiting at
• 21:54
  Speaker 1: the wrong time. More importantly in this today's world where
• 21:58
  Speaker 1: knowledge and information has become a commodity. I think don't microanalysis,
• 22:02
  Speaker 1: micro analyze everything, you know, something or the other will
• 22:05
  Speaker 1: be wrong in some part of the world.
• 22:07
  Speaker 1: I think that doesn't mean that you get negative and
• 22:10
  Speaker 1: not disillusioned from investing. I think you have to just
• 22:13
  Speaker 1: look at the broad perspective. And as I said, be
• 22:16
  Speaker 1: confident on the country you are investing on the asset
• 22:18
  Speaker 1: class or you will make money.
• 22:21
  Speaker 1: Great, great. Thank you, Sunil for joining in. It was
• 22:24
  Speaker 1: great talking to you. I'm sure our listeners would have benefit. No, no.
• 22:28
  Speaker 1: Thanks a lot. And thanks for having me. It was
• 22:30
  Speaker 1: a pleasure sharing uh my experience with your viewers. I
• 22:33
  Speaker 1: hope uh they find it useful. Thank you
• 22:36
  Speaker 1: with this. We wrap up our episode. The key takeaway
• 22:40
  Speaker 1: from both conversations is that money is not just about
• 22:43
  Speaker 1: getting lucky. It's more about having proper systems in place
• 22:48
  Speaker 1: that need to be followed with a lot of discipline
• 22:51
  Speaker 1: and patience. Thank you once again, Kenneth and Sunil for
• 22:55
  Speaker 1: joining us in this conversation and a big thank you
• 22:58
  Speaker 1: to our listeners.
• 23:01
  Speaker 1: This episode was produced by Vinai Joshi and the sound
• 23:05
  Speaker 1: was designed by Amrit Regi.
• 23:07
  Speaker 1: This is your host, Nishan Vasudevan, signing off. Thank you
• 23:11
  Speaker 1: and stay tuned.