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Now let me tell you one thing about entering. Your question is that we entered, what did I say, Sir, only two people know the top and the bottom, one is God and one is a liar. Right, so your question is related to that, that when I enter, I should know that it is the bottom. Correct, that is impossible here, no one knows this.
Okay, now we enter and the market falls. Everyone is always afraid that if I enter and the market falls, then you will regret it. So, Sir, my quote is also on this, regret is a lifestyle disease of stock investing, equity investing. It comes with you, that is regret. If you take an investment and after taking it, the market falls, then you regret it.
If you do not take an investment, thinking that it will not fall and the market rises, then also you regret it. You have to regret it in every situation. Out of these two regrets, you have to choose one regret for yourself. Saying this, I said KYC is more important than KYC, know yourself. Are there two regrets that you bought shares and the market fell?
This is one regret, but if you have a long term vision, like I said, I don't do business for two, four, six months; I work for five years, 10 years, 15 years. So, of course, it's not that I do n't feel pain, but this is the rule here, I will have to accept it. One regret is that I bought and it fell.
Another regret is that I did not buy and it rose. Which of these two regrets will let you sleep at night, ask yourself this. For me, this regret is very heavy that I did not buy and the market rose. It is better for me that I bought and the market fell and I am living with that sorrow. If that sorrow is there, or whatever it is that I am living with, I still enjoy it.
That is better than that. For me, one regret is about entry and second, you asked about exit. Exit is the simplest, so there is no There's not much of an answer to this. There are many reasons for exit, but what I've understood grossly are two reasons. One is that when the stock is trading low, you should exit that stock.
And when the focus of the stock and management doesn't change, you should exit that stock. I'll give you an example of this in simple terms. Imagine you're building a three-wheeler company. You're the management of a three-wheeler company. I'm building three-wheelers. Suddenly, I have a cash flow of 100-200 crore rupees every year.
The company has a cash flow of 700-800 crore rupees. I feel like my future is bright. I think now I'm not short of money, I have cash flow, my bank rating is good, and I'll get more loans. I'll go and buy a tire plan, which is way beyond my means. If I do something like this, my focus changes. It's beyond my means.
I do something like this, my focus changes. It's beyond my means.One should exit from that stock. Another solution for the same is that when the focus does not change, suppose I am making automobiles, whether two-wheelers, three-wheelers, four-wheelers, and suppose I am making petrol IC engine vehicles, petrol vehicles, diesel vehicles, LPG vehicles, CNG engine vehicles, but if with time, if I do not enter into electric vehicles, then even if that change does not happen, my future will slip away in two to four years.
So, having said this, one must definitely know how the management is understanding the trend of its sector and what steps is it taking to evolve itself. This is one way. I had given an example many times at many places. Today I am giving it back. I had bought shares of a company, that is Jayshree Tea.
That company used to make tea. So, I had bought a few shares of that company at a price of Rs. 400, so the shares were not very big. Then after a few days, I came to know that it was the second largest tea company in India, still probably the second largest. Macal has closed down, I don't know if it will be the first one.
This happened seven to ten years ago. Then one day the management came and said that now we will buy sugar milk from sugar. We are buying sugar from Bihar. Bihar is considered as the main UP sugar belt. Bihar is not considered as such a sugar belt. So they have a chemical, tea is also chemical and sugar is also chemical.
Now the sugar company which will buy it will also go and buy it from Bihar. So I did not understand what exactly this company is trying to do. So this focus has changed, this is a wrong focus change. After a few days, I went to meet BK Babu in the AGM. There I also met BK Babu and got the privilege of meeting BK Builder.
There such a conversation was going on with their director rector. Then I understood their mind that some people are talking about someone buying a milk company in London, the company which makes milk. So it came to my mind that they have tea as well, they have sugar as well, they have milk as well.
They are yet to open a tea shop. I went and asked them. And in the last 10 days, in one and a half months, I sold all the shares that I had. And if something happened, then for an example, I told you that you should stay with the management all the time, you cannot do it with your eyes closed, like what I told you about the plant, keep watering the plant, keep airing it, keep adding fertilizer, keep looking at the sunlight, keep talking to them, they also talk to your plant, so this plan, this is important here, okay, so this is the end exit which I understood.
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