저자: VijayKedia · 외국인
요약 보기
주식 투자에서 후회하지 않는 태도와 '스토리 추종' 원칙을 강조. 장기 보유(10~20년)로 성공한 사례로 Sudarshan(Sudarshan Pigments)과 Tejas(Tejas Networks)를 들며, 통신장비 업체의 턴어라운드 스토리를 근거로 보유 철학을 설명. 실질적인 시장 전망이나 개별 종목의 향후 가격 예측은 제시하지 않음.
다듬은 글
Look, there are only a few stocks that are going up, like Vasera, as Tejasvi Judge himself talked about, whatever came out, Atul Vatul also gave me a lot of money earlier, then I had left, I have just re- entered last year in 2023, so this is fine, so [sound of clearing throat] the lesson that I learnt from these winning stocks was to stay in the market, stay on the pitch, do not leave the pitch, the same thing that I told you, chase the story behind the stock not becoming on the table, this worked for me in all these companies and if I look back in the history of 15-20 years, then I don't regret much, Suniya ji, because regret, I don't know, its definition is also very strange, you should consider regret in your mind that I sold it, regret, hey, you are not God, brother, you will sell it, you were scared, your senses were not in your control, you got scared If you get nervous then sell it, if you sell it then sell it, you should not regret the decision you have taken.
I am intune my mind in such a way that whatever decision I have taken after thinking carefully and emotionally, it is the best. Sometimes its result will be opposite and sometimes its result will be correct. So I don't regret anything in my life. I am slowly making myself do this. I have no regrets.
Regret What is regret? For example, suppose, as I told you, I have some shares, they also did not perform within 4 years, then you can say that this is a regret, but why did I not sell those shares, if this situation is created for me later, then also I will probably do the same thing, okay, because their story is not over, because in this process my other shares have multiplied, so I will not change my theory, what I can do in this is that I sold them little by little, so that even if it falls completely, if you understand, then it is okay, at least I am safe, and I am looking for another story, my mind is alert, my mind is working, if I sit with one share, then there is no need for me to look for another, I do not have any such regret as far as the market is concerned, I feel that whatever decision you take is your destiny, whatever decision you take is your destiny, so you should have conviction in it, conviction in it.
Accept what I did right, if I did good then it happened, if I did wrong then it also happened, then why regret, so what I always say everywhere is that whatever I got, I considered it my destiny, whatever I lost, I kept forgetting it, I kept supporting life, so I always say this, so it remains with me in life that yes brother, this is Geeta Sir, I enjoyed it, wow wow, I enjoyed it a lot, I was waiting for that, actually for your Sher and Shayari, but you have many friends, many mentors, be it Ramesh Damani ji or Radhakishan ji, they keep meeting me in the stock market.
What is your biggest learning from him? See, every person has his own style and we learn something from every person. And what I think is that the one who is going to learn, I feel that you are like Ekalavya. Ok? Now I learn more by watching than by someone telling you. I am sitting with you. What are you doing?
I am observant. Like I told you to be objective. So now you will find one thing common in them, whatever names you have taken, of course they are very big names, so I just learn from their names, I do not have to sit with them much, I have to sit with them very rarely, but I learn from their names or some of their interviews keep coming, I learn by watching them, you will find only one thing behind them [nasal sound] that whatever shares they took, they caught the story in the beginning, they chased the story behind the stock, whenever the story was starting, they caught the story and remained sitting inside it.
These people did not travel on the footboard, they boarded at Churchgate, got off at Bombay Centre and then boarded again. Then the darkness descended. Then he did not do this work. You will find this thing common. He did a great job and he is a marathoner. This is not a sprint, these guys. So this confirms my belief.
This is what Rakesh ji did. The courageous work he did. You will find this thing in all of them. Their courage, their risk taking capacity, their mindset, they like the story of the bamboo tree, like I have a story that you plant 20 bamboo trees, nothing is visible for three-four years, nothing happens and in five years it becomes 50 feet tall.
This is the stock market. Even after seeing them, it seems that yes, these people are also doing the same work. So this means we are on the right track. Sometimes it will go down, sometimes someone will rise, sometimes someone will fall. The journey should be enjoyed. We will keep reaching our destination properly.
The journey should be enjoyed. Correct. So, if we look at the compounding and your philosophy, you mostly believe in value investing in the stock market. Not So Much Growth Investing. Because you said that you grasp the story very quickly. But when there is growth in it then I catch it. I keep waiting for shares for 10-10 years.
I had told somewhere 10 years ago that what I do, like when any old athlete falls ill, I keep an eye on that athlete. When will this athlete recover? I did the same thing in Sudarshan and I did the same thing in many companies that the person who has the strength inside him and falls ill, like the sportsman who is making a good record and when he is out of form, I pay attention to him.
So what was Sudarshan's story? I mean, you told me that whenever you went to China, you saw the opportunity; this company has been on my radar for 15-20 years. I have been waiting for 10-15 years. I bought its initial quantity in 1923 when I came to Bombay. So you did not invest much in it for 101 years.
No, at that time I just sold whatever I had bought. Some quantity remained with me. That too was 40,500 shares. Some remained lying near me. I kept them for 10-12 years and I am just waiting to do nothing. After 20 years, suddenly in 14th a light came on in my mind that this was because I had faith in the management of the company.
Well, I was thinking that this management is very neat and clean, well-organized, intelligent and the leader of his line. But the stock did not last for 10-12 years. The stock did not run for 10-12 years. So I had a limited quantity, a small quantity. So I kept that. Ok. The dividend is coming. That's ok.
Good. In 14, when I felt that the infection point has also come, then you are a long race horse, a very marathoner, marathoner, correct, correct, be a marathoner, so what happened after 101 years, then when its time came again in 2014, when my eyes of knowledge opened, after going to Beijing, thanks to China, when I felt that this is a turnaround, then I said then what is the point of holding on to, I should hold on to the best company in the world, the best ethical company in India, in pigments, so I bought this company and luckily I got the shares at that time, otherwise you think that at that time you have illiquid shares, you don't get them in mid cap, we got those shares, now I keep waiting for the companies that when will the turnaround happen, this turnaround will be less, I waited for three-four years for Tejas also, I had bought some of it in 15-16, I had bought an initial quantity, it decreased after that decreased I kept lying with it and said okay, let it be, these signals of Covid started appearing in 2019.
Jio etc. had come. You just understand simply that who was the one who gave him the business ? Jio was going to give it business. Jio probably came later in 15-16. Jio was B, Airtel and Vodafone. We all had stopped our expansion. The government had taken control of RP. The companies were not earning anything.
She was earning very little. Vodafone was facing a similar problem. The game changed from there when Jio came. It expanded. The government also understood that if we control these more, then it will be more on RP. So only three telecom companies, two and a half each, survived. There were 16 companies at one time.
So they started their expansion. When they started the expansion, you will do the expansion only when you earn money. Only then will you start the expansion. Looking forward to your future, Jio was the game changer. So its indications started coming. This happened after Covid, the share which was priced at ₹400 became ₹40.
Tejas But you stay put. Yes. So I had limited quantity. There was very little quantity which did not make any difference to me. So I kept sitting with it. So the company was available at a price of ₹40, maybe for ₹400 crores, the market cap of the company was something like this, as far as I remember it was ₹ 400 crores, yes and the company had cash of ₹100-150 crores inside the company and here their expansion had started and talks had started from 2G to 3G, 4G, all this is within 2G.
Now they will do it in 4G. Jio said I will invest. He said B said I will invest. It manufactures 4G equipment. So I felt that we did not take that much risk. 400 is available for 40. We have a market cap of ₹450 crore. ₹100-150 crore is lying in the bank. ₹100-150 crore is to be taken from BSNL and it is to come from B Net.
Getting company for free. There are so many patents , so much technology. The second one is not there in India. A campaign to shut down Huawei started across the world. But you never felt that ₹400 came down to ₹40. Meaning there must be some problem in the stock. Yes, there was a problem because these telecom companies were not performing, so orders were not being given to them.
People were stuck on 2G, 2G was running inside India. I can hear hello. I can hear hello. That's still going on today . Even today the same thing is happening in speaking. This is what is going on. Can you hear the sound? The sound is coming. Oh, the sound got cut off. The sound cut off. That's what's going on man.
So you can understand how good our 5G is. Think about this. That is a different story. Yes. So it seemed to me that now 2G to 4G has not come to India but 3G. So it seems that preparations are being made to move from 2G to 4G in India. So now he will get work. And Hui was started by people all around the world that Huawei is not working with Huawei that yes.
So he had packed his bags and left India too. So I started to understand that perhaps its future is bright. Still, if something goes wrong, it will happen. Well then I took whatever I could get. Ok. So your loss taking capacity is also high. Not just profit, not just risk taking but even loss taking because yes.
So how can there be profit without loss? Yes, yes. If you are in loss then also in loss if the story and because I have limited quantity then it may be wrong, I don't know. You do n't get answers to everything in life all the time. Some things have to be ignored. Ok? This is my style. As you eat, you drop a little bit.
It does n't have to be so perfect that I eat it and it doesn't fall apart. Baba, whom should I show you? What can I say, this is how things go on in life. So this could also be wrong. But okay. I had a very limited quantity. That was not even a percentage of my portfolio. So I took it. I fell. He said, okay, let me sit.
It seemed as if it would revive. There is no other company in India. There is no competition for it in the world. I remained sitting after saying this. If he had kept sitting , it would have benefited me.
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