원문 보기
What do I think? What do I think brother? Investing is a blessed business. I have said this many times that there is no bigger secret business in the world than investing. [nasal sound] You are not a CA , you are not an MBA, you are not educated, you own shares in a company. By buying that share you become a co-partner of that company, you become a shareholder.
And Mukesh Bhai Ambani tells you dear shareholder with your permission. I am raising my salary. Is this a blessing for you or not? Whether he takes salary or not, you get dividend, his salary may be more or less. You get dividends. Do you have blessings or not? You are not working on the shop floor.
Nor do you have to fight the union. You don't have to please anyone. You took the shares while sitting in air conditioned room. You have become a shareholder. This is blasé business, man. There is no better business than this. But this is a 24-hour business. This is a 24*7* 365 business. Then you have to enter into this.
This is where to live, here to die, here to go beyond this. This is life. This is the color and form of this life. You have to involve your entire body and mind in it. There is no better business than this. But of course, I think that once any investor makes an investment, he must have this desire in his mind.
Now he became an entrepreneur. Till now I had taken shares of others. He should give his shares to the people. Yes. This must be a desire that remains inside. So that's fine, let's see [laughs] now you have started startup investing as well, so obviously that journey has started because when you invest in a startup, you actually get involved.
Yes, they do get involved and you have to do a little bit of hand holding. Sir Chali Manger has said one thing that tell me when I am going to die then I will not go there. So if someone tells me that some place is wrong, then I should not go there. From your experience, do you feel that there should be some exclusion criteria for new investors that they should not go into these types of companies or should avoid these types of sectors.
I think the most important thing is my coat. Whatever I am saying, I feel that I have woven them all in all my 30-40 coats. That's what I think. I also have a quote that if the management itself does not become a billionaire then how will you become a millionaire? Because we are buying a part of that company.
So first he will reach from Rs 500 crore to Rs 500 crore, then I will reach from Rs 5 crore to Rs 50 crore. For example, unless the management has that capability of being honest, hungry and smart, which is my quote, if the quality of management is not there and it is not honest, then it will earn money for itself.
That is why I said that out of 6000 companies, 5000 are scrap cap. We are like that because they come only in a bullish environment and then they end. So the investor will have to narrow his scope first. You are seeing so many things, I don't want to hear any useless news. For study, I definitely listen to the headlines of the companies in which I am not interested.
I understand this but I do n't want to get too involved in it. That just four days ago someone sent me a proposal from an LED manufacturing company saying, Sir, I am interested in this. I don't even want to study. If I am reading then I am using my memory in my mind. I'm using my my focus. I am using energy.
I don't even want to ask the name of the path I don't want to take. My grandfather explained it to me. So I don't want to go inside that path. So the less news you read, the more you will focus on what you are reading. So you will have to reduce that scope. But whenever you see new people coming initially, they do not have that much knowledge.
They don't even have knowledge. They do n't have that much guardianship or anyone to hold their hands. So they all work like this. But what lasts is what lasts with a margin of safety. Let us keep playing. Stand at the empty crease even if you don't score any runs. You still learn, you learn, this is a game of learning, friend, a game of experience here [sound of clearing throat] if money is my quote, if money is the only skill you have in stock market very soon you will go broke, if you want to win the stock market on the strength of money, thinking that I will earn money here, Diwali is about to happen, here it is a game of experience only, I have seen that you should take experience from yourself, take it from your wins and losses or take it from the wins and losses of others, if you take it from the wins and losses of others then you will learn quickly, if you take it from your wins and losses then one life will be reduced.
It will take us a lifetime to score those runs. It is better for us to learn quickly from the mistakes of others. What does that quickly mean? Only when you stay with him/her 24 hours a day will you experience it. Only if someone else can be my Girdhar Gopal. So there is no such exception sector or stock listed as such.
If you see in any sector that a new opportunity may come and the management is hungry, then you will evaluate it. No, in any sector I have a quote that I am saying the court is like this, buy stay in a sunrise sector at any cost stay out of a sunset sector at any cost. Good. So that court defines itself all the things, correct that I always try to learn and stay in new sectors.
Okay, I won't go to the old sector. For example, textile did well once upon a time in 1980, at that time textile was in demand. Bombay Dyeing Century was an eventual darling. After that, you see, he could not do anything for 20-30 years. The shares we hold in textiles. So this sector keeps changing like this.
This rotation of sectors, I do not see them changing yearly. I try to see the trend wise change, what is its structural change, that this sector will not grow for 20 years or it is not a figure of 10-20 years. But will it grow for 10 years or not? But if there is no clarity in it then I will avoid it.
[sound of clearing throat] Because I have limited money. Every person has limited money. Even if you have ₹00 crore, it is still limited, it is not unlimited with you because you have invested it somewhere or the other, after that you are zero, you are like a million dollar person. Now if you search for a new idea, you will have to sell some shares.
You must not have kept money in the bank, if you have kept money in the bank, then you are not an investor. It is a different matter that you have ₹500 crore, say ₹1 lakh, if you have kept ₹5 lakh in the bank, that is a different matter, then it means that the opportunity is always less, sorry, the opportunity is more, the money is very less.
And even among the opportunities, good opportunities are very few. So I always try in such industries which are going to prosper. Should I diversify [sound of clearing throat] or expand on those who have a future ahead? Sir, I want to ask one last question, the most important one is about exit strategy.
From what you are saying, it seems that you generally do not exit stocks. But definitely you must have exited, so you can either tell some case study that you had exited in this stock and had exited for this reason. Because you do not exit after seeing the price. No, I don't do it after seeing the feelings.
Atul did it after seeing the price in the auto. I had also given another example that the PE ratio of Atul Auto had become 45 and the PE ratio of Bajaj Auto was 20 to 25. When I did it, we are not even 10% as big a company as Bajaj Auto. As per the principle, a small company cannot continuously have a higher PE than a big company.
It can survive as long as there is growth in it, but it will not sustain forever, right, because of the economy of scale, just like I did with Atul. Just for example, I took Everest Industries. I had some 6-7% shares. We then I left her. We and he for this I came out that what was one it had three divisions.
We also had asbestos. Inside it there was PEB and another one was board and panel etc. The PEB sector is a drag on the company. His turnover was also 1/3. The profit margin used to be two to three rupees, so that sector always had this, sometimes asbestos is earning, this is earning, and steel prices increased, then that increased, and if they fell, then cement fell, so there was some drama in it, so he understood that this is a little bit of a dicey factor and then the people who make asbestos in it, its raw material is imported, it is not made in India and as far as my knowledge is concerned, what I understood is that only two countries make it, one is Ukraine and the other is Russia, all these three-four people in India are dependent on them, so two years ago some country banned it and even otherwise asbestos is banned all over the world, it is used only in India and China, okay, and because here there is demand, of course, in villages and like without asbestos, it has a huge contribution in terms of housing in India, so when they banned it, then maybe Ukraine did it or Russia did it, then some other country banned it The prices were also increased a lot and there was a shortage.
Yes. I was shaken there. That day I felt a little bit that since it is dependent on these two countries, if someday the world, WHO or any other agency does it, then this work will be over. This is what Milking Cow is all about. There is a margin inside it. Everything else is like that. So I got scared that day.
I thought that maybe if this is not there in ESG like cigarettes, if something happens then this will happen. I waited for the market to recover, but by then the market had already sunk in 2020. So I waited a little and then the recovery started. When I recovered, I came out of it. So this is an example which is the latest.
Understand? So where there are any changes in the underlying theme and structure of the theme or there is no clarity in you or understand that somewhere there is government control or somewhere there is someone against it, where there is no clarity. Simply, you do n't know what satisfaction will be.
On one side, there was a drag of steel inside it, one third came from there in its raw material, then it happened, now it started from both the countries, but I left, I have to sleep with such a share, just like I sleep at night, in which I do n't have to think, I have to answer after thinking, if you will say this share then I will have to go there, my mind does not need to think first, the purpose of life is to be happy, then what will you do in life by worrying so much, it is right sir, sir [sound of clearing throat] I do n't feel like closing it, but I know that I have got only this much time of yours, so I am very very blessed
댓글 0