A year into the company we decided that the right business model would be working with individual service professionals directly, and empowering them to be independent entrepreneurs. That made a big difference to their loyalty to the platform. HR challenges for the first few years were focused on mak- ing this happen successfully.
ESG will serve the interests of the community, society and countries better if we promote ESG investing that encourages people to invest in companies that are improving their ESG scores. Why not encourage a thermal, steel, cement or car company to become more efficient and reduce its carbon footprint? I think that would be a more proactive, productive and rewarding approach to ESG rather than this simplistic way of investing in which one sector is considered good and another bad.
Sales were difficult in the first few years since we were new. Once we started creating enough value for our service professionals, sales became easy. We realised the best sales pitches are those focused on one strong value proposition. Contrary to opinions, powertrend we market one service at a time. So, contrary to popular opinion, it is quite clear that the Imran-Faiz duo has lost the gambit. Imran Khan’s crutch, Lt Gen Faiz, is out and now it’s only a matter of time when the two shall be ousted completely.
Some of the best investments I have made have been contrarian. Examines in-depth the workings of the futures markets and how market sentiment affects those markets. It’s in two parts — central team and service partners.
‘The mind is far more open to contrary ideas when you are not doing well’
I hope over the next few quarters, these businesses get a fair value and, if that happens, it would justify the entire holding period. «Clears up misconceptions of contrary opinion and makes it a valuable analytical tool for all commodity traders.» «With this book, Earl Hadady becomes the natural successor to Humphrey Neill, the father of contrary opinion. This concise, highly readable account of why con-trary opinion theory works is the best every written.» «The supreme value of Hadady’s analysis is to see contrary opinion dealt with objectively in quantitative terms. Easy to read and informative, with little known facts that focus on the principles involved.» «A provocative lesson by the master of contrary opinion.»
So, I think it is a lot of hard work, a lot of luck at the right place and the right time but I think the fundamental approach to valuing these businesses isn’t different. But since cash flows are so unpredictable, so non-linear, I think forecasting them becomes extremely difficult. The approach of exclusion will be counterproductive, it will not work.
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What is happening to metal prices today and why are metal prices going up so sharply? One reason is that in the last years, you have not created new capacities. The reality of the business is what it is and over time it will be evident to everyone. Perception is what brings uncertainty to this business. As you gain more experience, you try and appreciate these issues a little more, otherwise, there is no exact science to reading perception or to knowing when it will change.
He never shied from stating a contrary opinion, be it about Tagore or Naipaul. Whenever perception diverges from reality, there is an opportunity. So, something gets overvalued and something gets undervalued. Again, you understand a business, go back to the basics, and if your assessment of the business is different from the perception, then you may time your entry or exit to take advantage of a particular direction in which the markets are moving. Over time, at least a person like me would like to do what one thinks is right from a long-term perspective.
there may be good reasons for his opinion but we are not consciously aware of them
In the same period, there have been many businesses which have destroyed wealth permanently. When you talk of underperformance, here at least wealth has not been destroyed. They may have given lesser returns than the market, but there were a lot of businesses that were mega caps a few years back and have now disappeared.
But what is equally important is what you did not own and what did not work. Playwright, actor, director, thinker – he donned IG: A Legitimate and Trustworthy Forex and CFDs Broker many hats in his life, with ease. He had opinions about politics, without being political like U R Ananthamurthy.
The reason is very simple — when the whole world dislikes a theme, it is likely to be cheap and when the whole world likes to buy into a theme or a stock or a sector, it is likely to be extremely expensive. There is one fundamental difference between investing in elections. The majority decides the rfp software development outcome in elections but in investing, the majority can be wrong. Of course, I am not shy of taking a contrarian view. If the market thinks in one way but to my mind, it does not make sense and I’ve arrived at that conclusion after careful evaluation, then I am not shy to bet against the market.
- What is happening to metal prices today and why are metal prices going up so sharply?
- A year into the company we decided that the right business model would be working with individual service professionals directly, and empowering them to be independent entrepreneurs.
- The reason is very simple — when the whole world dislikes a theme, it is likely to be cheap and when the whole world likes to buy into a theme or a stock or a sector, it is likely to be extremely expensive.
- «A provocative lesson by the master of contrary opinion.»
If an opinion contrary to your own makes you angry, that is a sign that you are subconsciously aware of having no good reason for thinking as you do. You can enter a word by copy & post, drag & drop, or by typing in the search box above to get the meanings of contrary to ones opinion. Is your act of excluding making any change on the ground? If you starve a sector of investments, then what will happen? Over time the prices of the output of that sector will go up sharply.
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As developer of the Bullish Consensus, R. Earl Hadady has fine-tuned sentiment, measuring the opinion of a specific majority, to a calculable figure. Traders can now develop a winning trading plan around the Bullish Consensus and buy or sell as warranted by its numbers. There are many examples in capital markets where a business has not done well for five to seven-eight years and, in the following two years, it gives a return that justifies the holding period. Again, in this industry, people always look for what you have owned and what has not worked.
Coming to the issue of corporate banks, it is true that the pain has been much longer . Whether one could have estimated this or not, it’s a matter of theoretical debate. A few points — the IBC said that the resolutions should be reached within a year, but they took three years.
I think we have maintained a discipline by avoiding most of these businesses because they did not pass the test of sustainability. In the businesses that we have invested in, the rough weather has been extended and it has delayed the proper price discovery of these businesses, but the businesses have grown in value over time and that value will be evident whenever normal profitability returns. Along with the growing franchise, the scale, the size, the competitiveness of the core banking businesses, you can also see how much value has been created in the non-banking businesses of these banks. So, I would say yes, there is a price that has been paid in terms of active performance. Things have improved significantly in the last few quarters.
Whatever the reasons, merits or demerits, I don’t want to get into that. Now, your investment approach has to be such that it is able to handle these unforeseen developments or rough weather. That’s why I emphasise the sustainability of a business foremost.
«Contrary to popular opinion, quitting is for winners.»
Based on public data, over the last five years, from 2015 till 2020, the profit growth of non-bank PSUs has been higher than the broad market. I think the reason for the underperformance, therefore, is a particular disinvestment approach the government had followed. I think the government has understood that and they have taken corrective steps. The DIPAM secretary has emphasised time and again that, going forward, the focus will not be on exchange-traded funds . It will be on strategic sales and occasional waivers.
I think a significant opportunity has been created here because of the underperformance of these companies. Most participants in the market base their view on recent price performance. But, whenever I am faced with such a situation, when the price underperformance has not been due to the business underperforming, I think there is an opportunity. Therefore, we have stayed put and, wherever possible, we have even increased our exposure within a prudent limit. I am happy to say that, if you look at the performance over the last few months, you would have noticed how these stocks are coming back in favour. This underperformance of the last few years is not because of the financial performance of these companies.
That’s why I said there is one fundamental difference between elections and stock markets. That’s why it is important that while there is the risk of being wrong, people like me don’t have a choice of not investing according to our understanding. Contrary opinion is the opposite opinion of the sentiment held by the majority. If eighty percent of traders are bearish then a bullish view would be a contrary opinion.