Vijay Kedia Curated

Owner, Kedia Securities Pvt. Ltd.

CURATED BY :      +44 others

This profile has been added by users(CURATED) : Users who follow Vijay Kedia have come together to curate all possible video, text and audio interview to showcase Vijay Kedia 's journey, experiences, achievements, advice, opinion in one place to inspire upcoming investors. All content is sourced via different platforms and have been given due credit.

  • When you started in 1980s what was the social acceptance? I remember you were telling me that when you entered into stock markets, your mother told you "beta share bazaar mein mat ja, shadi nahi hogi, share bazaar satte walo ka hota hai." (Son, don’t go to the stock market. No one will marry you. It is meant for gamblers.)

    Now there is a reasonable amount of respect for stock market investors, in fact there is a cult following now. You get invited to IIM Ahmedabad and various forums. It must be a satisfying feeling? For me it is a good feeling but I do not think that situation has really changed a lot. Even now, new investors do not have that kind of knowledge about investing. They still feel that stock market is a platform to make easiest money but as I say and I have put it on my Tweeter also, the stock market is the platform to make the easiest money in the hardest way. People’s perception about stock market is still not that good.

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  • Courage could also be gambling?

    Yes could be gambling but it could be termed as gambling or it could be high risk or high gain. Usually people term the stock market as a gambling den. But the market rewards you as per your perception. It is a high risk and high gain business. Until and unless. we have that appetite of taking risk in this business, you cannot create wealth for you.

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  • We often think that stock market is a place for sharks, you need to be extremely qualified, you need to understand the nuances of finance, you need to understand balance sheet. You are a local lad from Kolkata with very humble beginnings, with not a large backing of a business school and yet you made money in capital markets.

    I feel courage plays a very important role in creating wealth. It has no definition. It could be Rs 1 crore. It could be a Rs 1,000 crore or Rs 10,000 crore. It is subjective or comparative. But courage certainly plays a very important role.

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  • But when markets fell, how were you able to protect your capital? People lost their shirts….

    Everything. The cost of purchase plays a vital role in this. Whoever had entered the market in 2017 or 2018, I am sure must have lost their entire capital. But suppose you invested in the market from 2014 or 2015, then even after this fall of 30-40%, your capital is still protected. That is very important.

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  • The so called cement manipulation during the Harshad Mehta bull run…

    During that period, yes that cement thing started.

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  • After Punjab Tractor, what was next?

    Then I got ACC. That was my first “moon shot.”

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  • Give me an example of a thought which is not your original thought but which you have implemented and it has helped you.

    One of my friends is quite elder to me and he is in Kolkata. His name is SP Modi. I started with him because he was only inclined to invest into companies with a AAA kind of rating. The quality of the management. That was the first thing I learnt from him. I am following it till today. In between, I have made many mistakes and I invested here and there in bhangar cap (penny stocks) but I immediately realised my mistake and came back to the centre point that management is the first thing. The quality of the management, the quality of the business is the first thing and I still believe that that is the only thing which can really help you make wealth in stock market. Your money cannot make wealth for you. In the last crisis, companies like Manpasand and PC Jewellers -- a list of companies which once were termed as a good companies that went burst. So, quality of management is very important in the market.

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  • Who has influenced you?

    Everybody. Believe me I am telling you everybody has influenced me. I am a mixture of everybody including you.

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  • You are not a Buffett disciple or a Peter Lynch disciple. You do not look at largecap or midcap companies. You look at smallcap stocks. There is no formula and yet you have managed to identify a lot of multibaggers. How?

    Initially when I bought Punjab Tractor, I did not have much conviction. I just read somewhere that tractor industry is turning around and that was the only reason I bought Punjab Tractor. At that time, hardly three-four tractor companies were listed in the market. You can call it a luck or fluke, Punjab Tractor clicked. After that, I started reading about investing. Unfortunately, so far, I have not read any books in my life. I am a little impatient so I cannot read a 300 pages books. . But I used to watch investors, I would read their interviews and read magazines.

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  • And then what happened after that?

    Nothing. I held this. I had about Rs 35,000 at that time, collected over 10 years. I put all that money in to Punjab Tractor and luckily that stock went up by 4-5 times. That was the starting point of my investing career.

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  • And when was that?

    That was long back 1990.

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  • Which is the first stock you bought?

    First stock I bought in investment that was Punjab Tractor.

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  • Just explain that.

    For example, if you do not know the nitty-gritty of investing, then whatever money you have, may get bust like in October and September. In one such euphoria or crash, all the money can go.

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  • Most of the successful investors like Rakesh Jhunjhunwala, Radhakishan Damani and Vijay Kedia -- some of the old street’s most successful investors -- have had a very humble beginnings. How did create capital and then started taking large bets?

    I do not think you need a large capital to build capital or wealth in the stock market. There are two types of approach. If you are backed by money, then it does not follow that you are going to make money in the stock market. You may lose your money also.

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  • You had made your crores when you came to Dalal Street first?

    No. I had only road, not crore.

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  • When did you come to Dalal Street first?

    When I was 30 years of age. After a long struggle.

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  • When you fell in love with stock market...what do you mean by that?

    It means day and night you are thinking about market. I pestered my grandfather to get me admitted into the stock exchange. But since I was under-age, I was not allowed in. During Diwali and some other festival, I used to go to the Kolkata stock exchange to ring in the new year with my grandfather and at home also, I used to do mock trading with my grandfather... ki 50,000 yeh liya hai, 1 lakh yeh liya hai, 2 lakh yeh becha (I have taken Rs 50,000 of this, Rs 1 lakh of that and sold it for Rs 2 lakh). My grandfather thought I had gone mad. actually. That is why I say my first love is with stock market.

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  • What is first memory of the stock markets?

    First memory starts way back when I was 14 years of age and that was the time when I really fell in love with the stock market but finally that was in Kolkata.

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  • We have got markets trading at record levels and at the same time, there is a bit of an imbalance in the market given your portfolio. What would be an average return you would be looking at going forward?

    I do not calculate like this because it is very difficult to calculate your return on a yearly basis. So, I do not have any price target. I do not have any time target and I just have a target. Maybe, I will sail through this company for the next five or 10 years. I do not know although I can change my mind tomorrow.

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  • Price is not forcing you to sell?

    Yes, down by 30% from their peak but that does not actually bother me. I am not worried about it as long as structurally there is no problem in all these companies. I am still invested.

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  • Which are the three big investments? Sudarshan Chemicals and Vaibhav Global are three-four-year-old investments; you made an investment in a niche IT company Repro. You own about 6% stake there. As an investor, are you still committed to three large holdings?

    Yes, yes of course I am not bothered let me tell you all these stocks…

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  • Which is one bank you own?

    Right now, DCB Bank.

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  • Will you buy more of Federal after the numbers because the earnings were not at par with the expectations?

    No, I do not have Federal Bank. So fresh purchase.

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  • Hypothetically if you had cash and if you have to buy one stock, what would you buy?

    I like banking. Maybe, if I have money I would buy some of the banks like DCB Bank or RBL Bank or Federal Bank.

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  • They are smart app voters, they are whatsapp voters…

    And the second blunder that Rahul Gandhi did was he started calling Prime Minister chowkidar chor hai (The guard is the thief). India is a poor country where more than two-thirds of the population in India is actually very poor and their asset is family value. You go 20 villages -- tier two, tier three, tier four cities -- people will call you uncle or tau. This is Indian culture. When a 48-year old man starts calling a 69-year young man chor and that also without any corruption charges against him, while his almost entire family is out on bail, that does not go well with the people. I think this was the biggest blunder he or his party did in his life.

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  • As a voter, as an observer?

    Rahul Gandhi made two blunders according to me. One blunder was when he went to the Prime Minister in the parliament and hugged him and when he came back to his seat he winked and that wink gave a very indecent kind of signal to the voters. Do not forget that this time 80 million new voters have come to cast their votes and all of them are young people.

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  • Why is Congress losing?

    There are two reasons Congress is losing. I am not a political analyst as a layman I am just giving you my own perspective.

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  • From a market standpoint, why is the market so excited about NDA-2?

    I am not a political analyst but what I have understood and what makes me stay in this market is that whatever policies have been laid down in the previous regime, they could not implement them properly. A case in hand, is demonetisation. Although the step was good but they could not implement it properly. Same was the case with Jan Dhan, Aadhaar, RERA and GST. This time they are smarter. They will learn from their mistakes. They will also learn from the noise which opposition is making. They will certainly learn from their own mistakes and whatever reforms they had announced will be expedited. NDA is coming to power because of the simple matter, aur kon hai (Who else is there?). There is no one else who can face Modi.

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  • From a market standpoint, why is the market so excited about NDA-2?

    I am not a political analyst but what I have understood and what makes me stay in this market is that whatever policies have been laid down in the previous regime, they could not implement them properly. A case in hand, is demonetisation. Although the step was good but they could not implement it properly. Same was the case with Jan Dhan, Aadhaar, RERA and GST. This time they are smarter. They will learn from their mistakes. They will also learn from the noise which opposition is making. They will certainly learn from their own mistakes and whatever reforms they had announced will be expedited. NDA is coming to power because of the simple matter, aur kon hai (Who else is there?). There is no one else who can face Modi.

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  • What do you like within infrastructure? Everyone is spinning their hopes on the overall election move. I know you do not like to play the event but is there anything that you like?

    They should do well but I have not identified any stock so far. I am looking for some kind of opportunity but I do not know when. I do not have money, I am fully invested in the market. So whatever other information or whatever I am getting is just news to me.

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  • The midcap maverick…

    Yes I invest only in midcap.

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  • High beta at all given the current environment or you would stay away completely?

    No midcap only. I am a middle class person…

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  • We have also been talking about the cyclical story and in some part of the market we are now starting to see a revival. Would you be interested in that segment of the market?

    I never invested cyclical stocks because I do not understand their cycle. The moment I go to buy, they start falling. So it is better to avoid, better to stay where you understand alittle bit.

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  • What are the other names then?

    DCB Bank, Federal Bank, CUB, RBL and all these sort of banks should do well.

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  • But you have sold Karnataka Bank.

    Karnataka Bank, long back yes.

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  • Within banks, are there newer names or would it be only HDFC Bank and ICICI Bank?

    No not HDFC and ICICI and Kotak. ICICI could take part in this but certainly not… like HDFC certainly is going to outperform the index but I am more bullish on smaller banks and medium types of banks including SBI and all.

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  • Within banks, are there newer names or would it be only HDFC Bank and ICICI Bank?

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  • If you have to cull out a list of five names, which you believe one can buy even today because the index is not really reflective of the larger pool of the market?

    I cannot name all those companies because I am very much biased and whatever stocks I am holding, I am bullish on those shares only but besides all these stocks, banking is going to lead this next rally in the market or the next bull market will be led by banking stocks.

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  • That is the Nifty but there is no party in the small and midcap stocks. In fact, in the mid and smallcap stocks there is a bear market feeling?

    What I am saying is this index is actually meaningless. The new index or new high in midcap index or this main index it is meaningless because poor people are not celebrating, not a part of this party. Only 5 or 10 shares are taking this index to new highs. So this is meaningless.

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  • The mantra of the voice on D Street today is that phir se Modi sarkar Sensex hoga 50,000 (Modi government again and Sensex will touch 50,000). Would you agree with that? The first half may be, not the second half?

    Nahi (No), of course the second half, but the question is when? Not now. This market has fully discounted the Modi sarkar and as for 50,000, that will also happen. Even 1,00,000 will also happen but it will take some time. The event-based upswing in the market is already there and there is a saying that when there is a party, you should enjoy but do not get drunk. One should not get drunk at this level. This market is fully priced in.

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  • Would not that be a politically disastrous move though?

    Either you repair the economy or keep your political thing in focus, it depends on the government. I think this government is adamant. They are ready to take bold steps. Let us see if happens sooner or later.

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  • We were hearing about possible measures like taxing online transactions. Trying to widen the tax net and find alternative ways. Do you think some of these measures will have the desired impact?

    I am not eligible to answer this question but I certainly I have one thing in my mind. Why don’t they tax agriculture? They should make some benchmark. The small farmers or those having an acre of land, I do not know what that government should decide. Agriculture should also be taxed because a lot of black money is coming into the market or generated from agriculture only.

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  • Do you also think the messaging in terms of whether they ought to tax the rich and give to the poor is important from a market perspective. Many are wondering whether or not there is going to be an inheritance tax? Whether a tax on the super rich is critical from a market sentiment point of view?

    I will give you an answer like this. You can certainly tax the super rich but how does it matter? Until and unless a lot of people are brought into the tax net, your economy will not solve your problem, I would certainly like to see how they bring more and more people into the tax net as that will revive the sentiment and the economy.

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  • So what will be the most important?

    To me most important is not dividend distribution tax or long term capital gains tax. To me as a small investor, it is very important that the government revives the sentiments of the people. Stock market is not the country. What is good for the economy, is good for the stock market. What is good for the economy, is good for India and my focus would be how to revive the economy and the sentiment. The sentiment is weakening day by day. Even after the Budget, let us see how this government handles all the situations.

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  • Mood theek rahega ke nahi aaj? (Would our mood be fine?)

    It depends. The market is light. So far technical is concerned, I do not think the market is heavy with the position. So, mood is very light and people are confused. Although we expect a lot of things, but as it is said “you can please some of the people all of the times, or you can please all of the people some of the times. But you cannot please all of the people all the times.”

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  • You are an investor. So, it does not matter what happens in the short term.

    I bought Neuland Lab because they are into APIs and I got to understand that the dominance of APIs in China is actually receding. Somebody told me that maybe the time will come when Indian APIs will export their products to China itself. That is why I bought Neuland Lab. I bought JMC because I am very bullish on infrastructure. This budget will focus on infrastructure. I found this company reasonably priced and balance sheet wise also sound..

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  • What is the last declared purchase of Vijay Kedia? You had bought two stocks -- Neuland Labs and JMC Projects. You have historically not bought pharma. So, why have you bought into a midcap pharma name like Neuland?

    First of all, let me tell you both the stocks are down by 10 and 20% from my purchase price.

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  • Bank Nifty in the runup to the budget is not at a all-time high, which means that traders are not approaching the Budget with high expectations?

    Yes, exactly that is what I am saying. People are actually confused. Let me tell you, there is a trust deficit with the government. People must be thinking that whatever team is there in this finance ministry, is the new team and the situation in the market and the economy is very bad. People would like to wait. They are not sure what the government can deliver. So, until and unless that surety is there, markets will not take any call.

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  • Today is Budget day. Let us talk about the market positioning. You have always said do not look at the event, look at what is priced in. What has happened to the market in the runup to the budget is small and midcap stocks have gone higher and largecap stocks have not outperformed. In the last one month, Nifty is down 1%, midcap index is up 5% and the smallcap index is up 6.5%! Irrespective of how good or bad the budget is, are markets already factoring in a lot of good news?

    Earlier, largecaps index was rising right and the midcaps were falling. Now this correction is happening. Stocks which we are participating in the index earlier now falling or correcting to some extent and midcap is recovering. There is of course a lot of potential in midcaps to rise further but I do not think that this supports the new bull market. I do not believe that depends on the Budget.

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  • Just anything to do with infrastructure?

    Anything to do but there are hardly any solvent company left in the sector. So let us see.

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  • Infrastructure?

    Yes, infrastructure.

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  • Is conserve and spend the strategy now? Do not be foolish, do not look at the prices and deploy all your cash in one go?

    Yes may be that is . Basic principles are always the same in the market. I am just focussing where the government focus is.

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  • Are you looking at donating a lot of your wealth towards charity?

    I have set up one trust. I am doing my bit.

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  • Why is a midcap investor like your not panicking in this market?

    Of course not panicky. Aaram se yoga karta hun, meditation karta hun, gana gaata hun, maja karta hun, koi panic wanic nahi! Sharir bhagwan ka, dhan sarkar ka, apne kya? Apne iss samay gita gyan hai. Kya leke aya tha, kya leke jayega. Kuch nahi hai dost. (No use panicking. I do yoga, I meditate, I sing, I have fun. Body belongs to God, the wealth belongs to the government. What did I bring to this world, what will leave with?) This is the time to learn philosophy.

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  • What is Vijay Kedia’s muhurat pick, apart from not trading?

    There is no muhurat. I am doing a little bit here and there because I do not have money.

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  • You have made your money by trading and you are telling others not to trade.

    Yes

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  • So start the SIPs, stay away from trading?

    Yes, of course.

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  • How does the song end now?

    Hua ghata to mene decide kiya sabse pehle trading ko goodbye kiya, penny stock hataya, mutual fund mein lagaya, paisa itna kamaya maja aagaya! (Once I started making losses, I kissed trading goodbye, removed penny stocks and invested in mutual funds. I am happy with the money I am making)

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  • Since all you have done is recorded songs and put them up on YouTube -- is there one for the market on Diwali Day, a song for the market describing the current market mood?

    Thoda paisa jo aana shuru hogaya, mujhko lagne laga mein guru hogaya. Confidence wo aya bada daav lagaya paisa itna dubaya maja aagaya mere future options. (Since I started making a little money, I considered myself an expert and bet big on future options and lost a lot of money).

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  • You have got to be bullish when everyone is bearish and right now, the only bulls you can find on the Street are a handful of old timers. Everybody is so bearish that you cannot find bulls on the Street.

    has become fashionable to be bearish.

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  • My only problem is that somebody has to take risk in the market. In this downturn, I do not see too many people talking about capex, leveraging their balance sheet or using low interest rate to build more capacities. The sentiment is still off, if at all. Leverage I guess will be the last of the cycles when the animal spirits come back.

    That is the problem in the market and certainly that is why we are seeing this carnage in midcap and smallcaps. But we live in optimism. As the government has announced corporate tax cut plus 15% tax for any new unit, I think all these things will bring some investment into the country.

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  • That is okay. In the market, everybody has to understand risk. Experts like you always have this disclosure going which is that please do your homework. You may have a different perspective. Your risk, your appetite, your time horizon is different. What you have been up to?

    I would invest in some infrastructure stocks. I am watching this government very closely. I am not in the camp who keep on criticising every move of this government because they have that negative mindset. The best thing in this market is to focus where the focus of the government is. What I have understood from the interviews given by this Subramanian our CEA (Chief Economic Advisor) is that this government is going to change the business model in India. Earlier they were emphasising on consumer-led growth model. Now he is of the opinion that consumer-led growth model is not working in a developing country, it is more for the developed country. So he is putting more emphasis on investment-led growth model and they have also announced that the government is going to spend Rs 100 lakh crore in the next five years on infrastructure. So my focus is there.

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  • Okay just to add to your position.

    Or maybe I can buy some new shares also, like I have bought again. Then it will become a recommendation and you know whatever stocks we have discussed in the past, all have not fared well.

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  • Okay let us assume you had this Rs 5,000 crore. Where would you allocate that money in the current market?

    Wherever I have my own investments, maybe I can increase my holding.

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  • What is stopping you from raising capital and investing?

    I do not invest with borrowed money because that gives me a headache. The purpose of life is to be happy. May be 1, 2, 3, 4, 5% leverage for the time being, but that is different.

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  • What is stopping you from increasing your allocation? Is it liquidity or are you not convinced?

    Liquidity. I am fully convinced if I have Rs 5,000 crore today, I will invest in the market right now.

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  • But purely in terms of a market strategy?

    No, nothing as I said, I did nothing. I sold 5-10% of my old holding just to buy some new shares because I am 100% invested since last 30 years.

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  • What have you done in the last six months? What are the stocks that you have gotten out of and what are the new spaces that you are looking at?

    In last six months, I have done nothing. I have written seven songs and posted on YouTube.

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  • So they bought in 2009?

    No, they must have bought in 2003 or 2005 or 2008 because the market moves on rotation. The stocks which performed between 2002 and 2007 or 2008, did not perform between 2008 and 2014. This market moves on rotation, the stock which performed during the boom of 1992 to 2000, did not perform at all between 2003 and 2008. Ultimately, that is why it is said that you should have a 10 years horizon so that ou will get one cycle to recover or make your money.

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  • A big correction in mid and small cap stocks started in 2008-2009 and mid and smallcap stocks went into a tailspin till 2013-14. That means there was a bear market for 5-6 years for mid and smallcap stocks . 2018 was the peak for mid and smallcap stocks and this is 2019 end. Could mid and small cap stocks as an investment cluster remain in a bear market for another two or three years?

    I will reply this differently. You said there was a bear market from 2009 to 2013-14. I differ. If I look at my investments, I got most of the reward for my investment between 2009 and 2013-14. So it is a myth. Most of the HNI investors -- ask Rakesh Jhunjhunwala and other investors also -- must have made a lot of money between 2009 and 2013.

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  • How do you make a case for equity still being the most attractive asset class especially for retail investors who are looking at the broader markets as an opportunity?

    In the stock market, you can make money only if you hold the shares for 10 years or for five years. You have to extend your horizon a little further.

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  • But the markets will price that in advance? You are saying that the peak of the pessimism has not quite hit the mid and smallcaps? There is more pain in the offing?

    Yes, but it depends on which side of the fence you are, because it is a large gamut of stocks. We are discussing 5,000 stocks here. Bottom must be in place only in about 200 of them. But it does not matter. What is the significance of the bottom if majority of the stocks are not going to come to the level we saw in 2016, 2017 or 2018 for maybe the next five or 10 years? Very few quality stocks are capable of coming back to their previous highs.

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  • When do you see recovery coming in for the small and midcaps?

    It depends. Last Diwali, I thought that maybe 90% of the stocks in the market are bhangar (junk). This Diwali, I think 95% of the stocks are coming into that category. It is very difficult to say when all these stocks are going to revive. But broadly speaking, in the majority of good stocks, the bottom must be in place but recovery will take some time. I do not think it is going to happen very soon for the simple matter that bottom in the market may be in place or will be made maybe in the next two months or three months, but number wise, companies are going to report not so good numbers for at least the next two, three quarters.

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  • So Anarkali is the small and midcaps, right?

    Yes

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  • But why are you not selling them? Are you convinced that you want stay invested in some of the stocks which you have bought like Repro, Karnataka BankNSE 3.74 %? Have you altered your portfolio, cut some stocks?

    I quit Karnataka Bank a long time back, maybe last year or one-and- a-half-year back. Whatever we have discussed in the past on your channel, I am holding all those stocks. Maybe I have sold a small portion of some of those stocks to buy some new stocks. This is what I am doing just to pass my time and to keep my mind active in the market. Even if I am giving another chance, I do not think I will do something different or buy some other stock or sell the existing stocks. I am comfortable, I am okay with the stocks in my portfolio.

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  • Last year was terrible for midcap and smallcap investors. How are you managing this volatility when a large part of your portfolio is midcap and smallcap facing?

    We investors are like Salim of movie Mughal-e-Azam where he says that Anarkali quaid kar le gayi aur main dekhta raha (Anarkali got imprisoned and I kept looking). This is our situation in the market. Having said that, I am doing nothing I am just staying put in whatever investments I have made in the last 2-4 years. You can say Unko jhel raha hun, (I am tolerating them).

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  • At a time when investors are thinking of cancelling SIPs and turning away from equity investment, what is your advice?

    Sentiment has worsened due to the messages doing the rounds on social media. The other day my driver also asked if I was all right. One should immediately stop SIPs (systematic investment plans) if one thinks that India is going to become the next Venezuela. However, in that case, your FD (fixed deposit) is also not secure. Have faith in India, and have faith in the government. Fear has two meanings: forget everything and run away or face everything and rise. Watch my songs on the stock market on YouTube. In my last song, I said, ‘raat ke baad prabhat hai’.

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  • A recent World Bank report said India had slipped to the seventh slot in the global GDP ranking. Will the government be able to achieve its target of turning India into $5-trillion economy by 2024?

    Well, even the seventh slot is not bad. A slowdown in some sectors such as consumers and automobile is like turbulence, a temporary problem and can be sorted out. But, there are structural problems in a few sectors such as real estate and financials. If the government recognises the problem and starts fixing it, then even five trillion is possible. But, you cannot cross the ocean until you have the courage to lose sight of the shore.

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  • July auto sales numbers are not encouraging. Most of the auto names are trading with double digit cuts. Do you think this sector can turn out to be the dark horse?

    The automobile sector contributes to half of India’s manufacturing GDP. This sector alone provides jobs to three crore people, and one cannot expect a recovery in the Indian economy without this important sector. Timing is known to god.

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  • What can the government do to improve the sentiment on D-Street?

    DDT (dividend distribution tax) at the company end and then at the recipient end and then capital gain is a sin. Investors are in a tax bracket of 60-70%. The government is treating investing as they treat cigarette and alcohol industry. Investing is a difficult business. The stock market is a platform to make easy money in the most difficult way.

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  • Foreign institutional investor (FII) sentiment has turned bearish for Indian markets. Data suggests that funds are moving to other emerging markets, where there is no excess tax burden. Do you think the outflows have just started and will only pick up pace?

    Honestly, none of my investments has even been chosen on the basis of investments by FIIs or DIIs. I least care for them. Having said that, for general market, sentiments about FII flows are very important. It's an agony that their Rs 1,000 crore of outflow can destroy market cap of one lakh crore out of 2.8 trillion USD market cap. DIIs impact on the stock market is insignificant and very much like a new and novice investor.

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  • How should investors make a case for investment when everything is falling? What are the factors to be looked at for an informed investment approach?

    Investments thesis does not change, but it sure can be modified with the changing environment. I am strictly following my own investment philosophy of “SMILE” and I feel it is still relevant.

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  • The year 2019 could well turn out to be the year of long-term investment. A year in which many multibaggers could be born if someone holds them for a long-term period or maybe less? What are your views?

    In Hindi they say saawan ke andhe ko hara hi hara dikhta hai. I am that kind of person. I am fully invested. And, honestly speaking, I am sad as all my investments are down, but I am hopeful. The index may fall more or take some more time to recover. But, I don't invest in the index. The first principle of being successful in the stock market is to be optimistic. Better to die in optimism then keep living in fear. I remind myself of my own quote which says “your investments belong to the market and your profit belongs to you”. I am holding on to all my shares and am hopeful they will turn around, as all my companies are well managed, have comfortable debt and are not likely to be disrupted by some other technologies or trend. Please remember this has not happened for the first time. The market has always recovered with a big bang after such a crisis. But, timing is still unknown.

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  • The year 2019 could well turn out to be the year of long-term investment. A year in which many multibaggers could be born if someone holds them for a long-term period or maybe less? What are your views?

    In Hindi they say saawan ke andhe ko hara hi hara dikhta hai. I am that kind of person. I am fully invested. And, honestly speaking, I am sad as all my investments are down, but I am hopeful. I remind myself of my own quote which says “your investments belong to the market and your profit belongs to you”. I am holding on to all my shares and am hopeful they will turn around, as all my companies are well managed, have comfortable debt and are not likely to be disrupted by some other technologies or trend. Please remember this has not happened for the first time. The market has always recovered with a big bang after such a crisis. But, timing is still unknown.

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  • Do you think investors are caught in the dilemma “what is looking cheap is not safe, and what is safe is not cheap”?

    You are absolutely right. And, the biggest victims are the small and new investors, who have mainly entered the market in the last three to four years. They have never seen such a crisis in their life But, this is the reality of the stock market. Remember, my statement: There are four caps—large caps, mid caps, small caps, and the bhangaar (junk) cap. Almost 90 percent of the stocks come into that last category and unfortunately, 90 percent of the new investors invest in that category, and I feel sad. However, in such a market, barring five or six stocks, all are down by about 30-50 percent from their last peak but bhangaar caps are down 90 percent and are never going to come back. Their game is over.

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  • There are so many domestic and external factors impacting the markets, should investors be cautious?

    When you mentioned the word "cautious", again it depends on what is the horizon of your investment. If you are invested only for one year then you have to be very cautious. But, if you are invested in the company then your horizon is about 10 years. In that case, you do not have to be cautious. Let the management of the company be worried about all your investments. Why are you worried? There is another quote from my side: "Buy like a bull, sit like a bear and watch like an eagle". So, for me after investing, the only work that is left is to watch my companies. Whatever development is going on in India or in the world, whether my company is going to be affected—that is the only job which I am left with after investing. I am watching all the development that is taking place in India very closely. That's it. This is the approach I have.

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  • You have a knack of spotting good stocks that give higher returns or generate wealth for investors. What are the key parameters for retail investors or new investors, who want to invest in the stock market for the first time?

    First-time investors should stick with mutual funds. I think the government should ban new investors coming and investing directly into the market, otherwise, you are just ruining your wealth. For direct investing, my principles and fundamentals are very simple. Buy stocks that are actually very cheap, and do not look at the market. I have another concept as well. Either you are investing in the markets or you are investing in the stocks or you are investing in the company. Now-a-day, I am attuning my mind that neither I am investing in the markets, nor I am investing in the stocks, but I am actually investing in the company. If I am investing in the company, this thought process only will change the way you think. If you are investing in a company that means your vision is at least for the medium-term. If you are investing in the company then your vision will grow with the company. See, the idea of choosing 'investing' as a career is to become stress-free. But, if you become a short-term or medium-term investor, that you become at the cost of your health and happiness.

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  • In one of your ted-talks you mentioned, "Success is a series of accidents". How many accidents did you experience, before you got the success formula right?

    Oh, I do not remember how many accidents. Even today, I am facing accidents. Accidents come in one form or another. So yeah, that's the process of life. You have to learn from your mistakes and the idea is not to repeat the same mistakes again. If you have not failed in the stock markets then you are in the danger zone. Success and accidents are like two sides of the coin of the stock market.

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  • What is your advice to first-time investors?

    Investing is a 24x7 business and it can’t be your part-time job. If you have a job then the best way to make money is you invest in markets via mutual funds. For new investors and for small investors, this is the clear-cut message, please do not invest in the markets directly. You are playing with fire. You cannot make money without experience, or without failing in this market you cannot pass in this market. This is well written on the wall. The new investors should start their career with mutual funds. Then side-by-side they should keep on learning which might take 3-5 years. Once you have gained enough experience, investors should think of investing directly in the markets. Because, as I said earlier, this is a very risky business and you cannot predict the markets.

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  • So you are saying that companies whose earnings are not growing, but multiples are getting elevated...

    Multiples are elevated, but that happens only in one season and that is in a bull market. Not only earnings even the top-line is also not growing which should be your first clue, because the size of the company is not growing. So, those companies are actually in trouble.

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  • You also recently introduced a concept known as bhangar-cap. So, what exactly is bhangar-cap all about and how should investors avoid getting trapped in these bhangar-caps stocks?

    Bhangar-cap simply means penny stocks. But, not necessarily all penny stocks are bhangar-caps. Remember, all mid, smallcaps are not bhangar-caps. Yes, I have noticed that there are a number of stocks around 2,000-4,000 stocks that rise only in the bull market, and when the bull market gets over, these stocks also come down along with the market. And, we have noticed that there are some stocks where the company is not growing, only the PE multiple is growing in a bull market. Just because the market is euphoric, these stocks multiply or they get better evaluations. When euphoria in the market dies down, the stock price and valuation also come down from 15x to 5x or 6x. I call these stocks also bhangar-caps, which have a very limited scope/side of growing.

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  • What is the definition of a good return?

    Well, you cannot calculate returns on a year or 2-year basis if you are long-term investors. In a bull market, it is not given that the stock will multiply every year. Even 15 percent, 10 percent or 5 percent market returns for some years can be called a bull market. In one year, you may double your stock; then maybe for the next 2 years, you will get just 5 percent returns or maybe no returns at all which is also good. So, that is also a bull market.

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  • You talk about "smile", apart from this there is also a concept of "Chinese Bamboo tree". Can you throw some more light on it?

    According to me, these investment styles are relevant at all times. These concepts do not change with time. Of course, I am following the principle of "SMiLE", which is "Small in size, Medium in experience, Large in aspiration and Extra-large market potential". I am certainly following that and whatever investments I have done, you will know that the flavour "smile" applies to all my investments. But, one very important thing every investor must understand that until and unless your buying price is cheap, you will not succeed in this market. The reason you feel the pain in this market is because if you have made any investment in 2018, or in late 2018 then you are in loss. But, if you have made investments in the year 2016 or maybe an early part of 2017, then even after this fall of 20-50 percent you are above your cost-price. So that gives me good sleep. Alteast I am not losing my money. My principal is still intact. Whatever money I was making in 2018, today, according to that price, I am losing. But, that is not the way to calculate your returns in the stock market.

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  • Do you think the investors should really worry about who would come at the Centre after the general elections?

    I do not worry about elections, because this is an external event which you don’t have any control and thus investors should also not worry about it. If you keep doing the right things in terms of your investment, the health of your portfolio should be fine. See, the elections come and go. Every year there are some elections, so why do you want to gamble with your health by worrying about elections? Data say that for the last 30 years, India's GDP has always grown 5 percent plus irrespective of the government at the centre. So, this tells us that India is in an auto-mode. If any good government comes, the GDP may grow 7 percent or 8 percent. Even if the government is not-so-good (coalition), even then India has grown by about 5 percent. So, I am not actually worried about the outcome of the elections. I am very comfortable with all the investments I have made. I am very sure that in a given time, they will show me good results.

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  • From the bountiful year of 2017 to momentum fizzling in 2018 to an equally dormant 2019 till now, what really happened in this span of these three or four years?

    Actually, this is what we have read in childhood that excess of everything is bad. So, this is what is happening in the markets. We drank too much in 2017, and the hangover is yet to end. But, this is not happening for the first time. In 2017 as well as in 2018, there was so much of euphoria in the market that people forgot what should be the PE ratio and, hence, the fair value of their stock. What people remembered was that if you buy today and sell after 15 days, they can get 10-20 percent returns. The number of multibaggers was reduced to a single digit in 2018 compared to what we saw in 2017. So, we can say hardly 5-10 percent of the shares multiplied or carried momentum in 2018. One has to be very selective and at the same time cautious. Please remember investing is a very risky business. Even if everything is in order, related to the financials of the stock, chances are that things may go wrong due to external factors. So, I think after the euphoria of 2017, it looks like that the market is now correcting itself. But, the good part is that most of the correction is already over for the market. At the same time, there is a possibility that some of the pockets will still correct. But, more or less, I think that the correction is over. That is what I could say about my stocks.

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  • At a time when investors are thinking of cancelling SIPs and turning away from equity investment, what is your advice?

    Sentiment has worsened due to the messages doing the rounds on social media. The other day my driver also asked if I was all right. One should immediately stop SIPs (systematic investment plans) if one thinks that India is going to become the next Venezuela. However, in that case, your FD (fixed deposit) is also not secure. Have faith in India, and have faith in the government. Fear has two meanings: Forget everything and run away or face everything and rise. Watch my songs on the stock market on YouTube. In my last song, I said, ‘raat ke baad prabhat hai’.

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  • A recent World Bank report said India had slipped to the seventh slot in the global GDP ranking. Will the government be able to achieve its target of turning India into a $5-trillion economy by 2024?

    Well, even the seventh slot is not bad. A slowdown in some sectors such as consumers and automobile is like turbulence, a temporary problem, and can be sorted out. But, there are structural problems in a few sectors such as real estate and financials. If the government recognises the problem and starts fixing it, then even five trillion is possible. But, you cannot cross the ocean until you have the courage to lose sight of the shore.

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  • July 2019 auto sales numbers are not encouraging. Most of the auto names are trading with double-digit cuts. Do you think this sector can turn out to be the dark horse?

    The automobile sector contributes to half of India’s manufacturing GDP. This sector alone provides jobs to three crore people, and one cannot expect a recovery in the Indian economy without this important sector. Timing is known to god.

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  • What can the government do to improve the sentiment on D-Street?

    DDT (dividend distribution tax) at the company end and then at the recipient end and then capital gain is a sin. Investors are in a tax bracket of 60-70%. The government is treating investing as they treat the cigarette and alcohol industry. Investing is a difficult business. The stock market is a platform to make easy money in the most difficult way.

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  • Foreign institutional investor (FII) sentiment has turned bearish for Indian markets. Data suggests that funds are moving to other emerging markets, where there is no excess tax burden. Do you think the outflows have just started and will only pick up the pace?

    Honestly, none of my investments has even been chosen on the basis of investments by FIIs or DIIs. I least care for them. Having said that, for the general market, sentiments about FII flows are very important. It's an agony that their Rs 1,000 crore of outflow can destroy market cap of one lakh crore out of 2.8 trillion USD market cap. DIIs impact on the stock market is insignificant and very much like a new and novice investor.

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  • How should investors make a case for investment when everything is falling? What are the factors to be looked at for an informed investment approach?

    Investments' thesis does not change, but it sure can be modified with the changing environment. I am strictly following my own investment philosophy of “SMILE” and I feel it is still relevant.

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  • The year 2019 could well turn out to be the year of long-term investment. A year in which many multi-baggers could be born if someone holds them for a long-term period or maybe less? What are your views?

    In Hindi they say saawan ke andhe ko hara hi hara dikhta hai. I am that kind of person. I am fully invested. And, honestly speaking, I am sad as all my investments are down, but I am hopeful. I remind myself of my own quote which says “your investments belong to the market and your profit belongs to you”. I am holding on to all my shares and am hopeful they will turn around, as all my companies are well managed, have comfortable debt, and are not likely to be disrupted by some other technologies or trends. Please remember this has not happened for the first time. The market has always recovered with a big bang after such a crisis. But, timing is still unknown. The index may fall more or take some more time to recover. But, I don't invest in the index. The first principle of being successful in the stock market is to be optimistic. Better to die in optimism then keep living in fear.

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  • Do you think investors are caught in the dilemma “what is looking cheap is not safe, and what is safe is not cheap”?

    You are absolutely right. And, the biggest victims are the small and new investors, who have mainly entered the market in the last three to four years. They have never seen such a crisis in their life. But, this is the reality of the stock market. Remember, my statement: There are four caps—large caps, mid-caps, small caps, and the bhangaar (junk) cap. Almost 90 percent of the stocks come into that last category and unfortunately, 90 percent of the new investors invest in that category, and I feel sad. However, in such a market, barring five or six stocks, all are down by about 30-50 percent from their last peak but bhangaar caps are down 90 percent and are never going to come back. Their game is over.

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  • What a person should do at a time when the stock markets are at the lifetime highs but their shares haven't grown in the same proportion?

    Whenever I think about the share market it reminds me about the story of five blinds and an elephant - that I read in my childhood - in which each of those was trying to analyse the looks of the elephant by touching different parts of its body. One of them who holds its tail was thinking that the elephant is similar to a snake, while the other with legs thought it as a pole/pillar, the other with trunk feels it is like a rope and so on. There is a saying in Hindi that reads 'जाकी रही भावना जैसी, प्रभु मूरत देखी तिन तैसी' which translates to 'things will be similar to your imaginations' fits the best on the share market. So, it depends on the place where you are standing. If you do not have a large-cap and index shares then let others light the lamps at their homes as it will give a shine to yours as well. And, if your shares haven't increased, then you should introspect where you went wrong that your shares didn't perform or fell. So, it is a matter of the individual. If you ask me then I am happy by seeing the lamps of others' homes with the hope that my time will also come.

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  • There is a dilemma that the economic conditions don't seem that strong that the markets can reach the lifetime highs but it is happening as the market is on the lifetime highs. Why is this contradiction?

    It is a good question. I think about it every day and it always remains in my mind and I think I have got an answer to it may be to satisfy myself. Similarly, one friend of mine asked the same question to me in the recent past to which I replied, hypothetically, have a look on a flat in Mumbai's Malabar Hills costs more than one lakh per square feet and at the same time if you look at the price in Kalyan, which is around Rs5,000 per square feet. Then a person may say having a view on the price of Malabar Hills that India is prospering as the price of property here is too high, which is wrong. Similarly, if his comments are based on the prices of Kalyan, which is just Rs5,000 then it is also a wrong one to some extent. But the majority price revolves around the same rate. Thus, this is just a perception of every person. But, everyone is aware of the economic situation of the country. I have said this in an interview earlier that I have travelled to some 6-7 cities (two-tier, three-tier, and four-tier) in the last two months and met several people. And, during my communication with people - I have friends in different fields and businesses - I came to know the economic condition is not so bad. To be true that everyone thinks about the share market index, which is too high around 40,000-42,000. Any fall of the index below these levels will make people believe that there is a crisis like situation in India. The 6-7 shares that are performing at present is giving hope to people. The situation is bad at present.

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  • Thus, you want to say that the upside will remain limited in 2020 but what is your take on slowdown?

    When it comes to slow down/recession, then I am invested in mid-cap and small-cap, which has already ruined and have either halved or have reached the one-fourth level, till now. I have some shares that are valuing above the cost price while some are below it. So, I don't see much slowdown in them. I think, we commit a mistake in case of the mid-caps, that houses around 5,000 to 5,500 mid-cap stocks. I have been saying on every platform that we have large caps, small caps, and mid-caps as well as Bhangaar Caps on the platform. So, those 4,500-5,000 Bhangaar Caps will never rise in its life. And, the problem is that the new investor, a school pass-out or someone using his father's money in the market, are investing in these stocks only because they feel that their investment of Rs5 per share will double. But, this is a misconception and they should be educated and your channel is doing the same through your programme, Gurukul. I feel these 4,500-5,000 stocks should not be listed on the share market because I don't think that there are some 500 stocks that can be trusted and one can invest in them. Anyway, if you try to take out the valuation of these 4,500-5,000 stocks than I don't think that it will be between Rs500-1,000 crore. Thus, they act as dirty fish in the market.

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  • To what extent this slowdown is a self-created one and to what level it has been an imported one. Because even the global economy is not in a good shape may it be America or Europe or China but their markets are also making highs. Are we following global foot-steps to a great extent?

    The global economy hasn't affected us a lot as we are not too dependent on it. If we have a look at the import-export data then we are at a deficit. Thus, we depend on them but not so much. We are a domestic driven economy and there is a slowdown in consumer demand and it has happened due to the sentiment and job losses. Thus, this is our problem and we are stuck in the same. So, we can find an excuse that even global is also bad. But global always remains in a bad shape. There are many countries in the world of which 20 are facing protests, 10 are going through recession then name the economy on which we are dependent. China's economy was still dependent on the world's economy but we never relied so much on the global economy if some industries are not included in the list.

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  • Generally, we believe that the market is visionary. So will the market fall from because the economy is not in good shape or the market is trying to say that the economy will get better in time to come?

    Those who are working under/in the government, whether they are economists or economic advisor or ministers, they all are saying that the measures taken by the government will improve the economic conditions of the country. But, those who have left the government, whether he is Arvind Subramanian, the former Chief Economic Adviser to the Government of India; or Raghuram Rajan, former RBI Governor; or Rathin Roy, member of the Economic Advisory Council to the Prime Minister, all the intellectual property of India are warning us during their interviews that we are heading towards a crisis-like situation. A few days back I read Subramanian that we are moving towards a crisis that is worse than the crisis of 1991. So, I am completely confused and you can consider me as a scared Bull. Thus, I do not think that the market will move above these levels, index wise, in 2020.

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  • Warren Buffet, who started at the age of 13, says he was late in the market but with a license?

    You can start studying at such a tender age and that was a different era when people were getting married at the tender age of 11.

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  • Do you think that there are certain stocks in mid-cap and small caps that make you think that they should be bought?

    Two things are there and they are share prices may go down and there is no doubt about it and you have a view of 5-10 years and you feel that this company and its product will not disrupt for the next 5-10 years then you can buy them. But even then you will have to think that this share may break by 10-25% if some defection hits the market. I have a one-liner that only two people, the God, and the Liar, knows about the top and bottom of the market. So, if you have a 10-year-long view and feel that this company can sustain for these many years. Then, the same question props, which shares should be taken from those 400-500 shares. I don't believe that the shares that have dropped from Rs500 levels to Rs50 will once again regain the same value of Rs500 in near future, maybe not even in the next 20 years. As the euphoria of 2016, 2017 and 18, which was history, has ended and the chapter has been closed as will not come back. The list of such stocks is very long.

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  • Can you suggest the themes and sectors where one can pay attention in 2020?

    India has been a consumer-centric country since the beginning. And in the last 30-50 years, we have seen that is you take shares related to consumers then you will not be disappointed. They are going to do well for the next 30-50 years. But, you will have to understand its valuation, which is too high and I can't work in those but it doesn't mean that other stocks and sectors will not perform. At times, such stocks turn up to be such that they turn fancy for FIIs where 50-80% shares are held by the FIIs and promoters. It creates a condition in which the small investors like us are disqualified at the doors. This means, they can't go into them mentally but the share will do good and any fall in them or adjustment takes place or does not grow for 2 years then they may get cheap, and then its time when we should take care of it. I am scared a bit from the year 2020 and feel that the year should pass away in any manner and the government becomes conscious and accept that they have made a mistake or maybe it was a borrowed one and some correction takes place and it takes some drastic step. In the case of BPCL, they were saying that it will be completed by March 2020 but a minister in the near past was saying that it will not happen till March. Similarly, they took three years to sell Essar Steel which made us happy that finally, the money has reached us. Coming to your point, it seems that several sectors will do well and tourism stocks will do well. When it comes to tourism then we are standing nowhere as if you go to other countries then you can sense the true meaning of tourism and the kind of people who reach there. However, India houses almost everything and I have said earlier in a tweet that India has Switzerland, Spain, London, Hill Station, Sea, and beaches, but we don't have an infrastructure. One of my friends informed me that during their visit to Khajuraho they were not able to find a single restaurant, where they can have hygienic food. Thus, it was an issue of infrastructure and I see a big boom in the infrastructure because this government has the intention to develop the infrastructure and it as already said that Rs 100 lakh crore will be invested in infrastructure in the next 5 years.

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  • Your expectation from the finance minister on February 1, 2020, that can end your fear from the year, yet to come?

    The finance minister's agenda is being highlighted daily in a newspaper that there can be a tax cut. However, I have read an economist that even there is a tax cut then those sitting in the higher slab will be upgrading themselves from Apple 6 to Apple 11 and will start traveling in business class instead of the economy but such cuts will not benefit the economy. I don't understand this but feel that sentiments may benefit the economy. But, I feel the government should pay attention to the remedies suggested by the economists - who are warning repeatedly - and look forward to reviving the investment climate. If you want to know what can relieve me then the government should do something big to improve the investment climate at a time when there are talks related to job cuts. And, it is said that around 1.50 crore join the league of job seekers every year and we don't have jobs. Those who had been getting out of it. It should work, at the earliest, for the betterment of investment climate. It should also world to encourage demand and consumption for which people have been warning. So, the government should have some will and I don't know that it has it or not.

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  • Is conserve and spend the strategy now? Do not be foolish, do not look at the prices, and deploy all your cash in one go?

    Yes, maybe that is. Basic principles are always the same in the market. I am just focussing on where the government focus is.

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  • Are you looking at donating a lot of your wealth towards charity?

    I have set up one trust. I am doing my bit.

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  • Why is a midcap investor like you not panicking in this market?

    Of course not panicky. Aaram se yoga karta hun, meditation karta hun, gana gaata hun, maja karta hun, koi panic wanic nahi! Sharir bhagwan ka, dhan sarkar ka, apne kya? Apne iss samay gita gyan hai. Kya leke aya tha, kya leke jayega. Kuch nahi hai dost. (No use panicking. I do yoga, I meditate, I sing, I have fun. The body belongs to God, the wealth belongs to the government. What did I bring to this world what will leave with?) This is the time to learn philosophy.

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  • What have you done in the last six months? What are the stocks that you have gotten out of and what are the new spaces that you are looking at? But purely in terms of a market strategy?

    In the last six months, I have done nothing. I have written seven songs and posted them on YouTube. No, nothing as I said, I did nothing. I sold 5-10% of my old holding just to buy some new shares because I am 100% invested for the last 30 years.

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  • A big correction in mid and small-cap stocks started in 2008-2009 and mid and smallcap stocks went into a tailspin till 2013-14. That means there was a bear market for 5-6 years for mid and smallcap stocks. 2018 was the peak for mid and smallcap stocks and this is 2019 end. Could mid and small-cap stocks as an investment cluster remain in a bear market for another two or three years?

    I will reply to this differently. You said there was a bear market from 2009 to 2013-14. I differ. If I look at my investments, I got most of the reward for my investment between 2009 and 2013-14. So it is a myth. Most of the HNI investors -- ask Rakesh Jhunjhunwala and other investors also -- must have made a lot of money between 2009 and 2013.

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  • How do you make a case for equity still being the most attractive asset class especially for retail investors who are looking at the broader markets as an opportunity?

    In the stock market, you can make money only if you hold the shares for 10 years or for five years. You have to extend your horizon a little further.

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  • But the markets will price that in advance? You are saying that the peak of the pessimism has not quite hit the mid and small-caps? There is more pain in the offing?

    Yes, but it depends on which side of the fence you are because it is a large gamut of stocks. We are discussing 5,000 stocks here. The bottom must be in place only in about 200 of them. But it does not matter. What is the significance of the bottom of the majority of the stocks are not going to come to the level we saw in 2016, 2017 or 2018 for maybe the next five or 10 years? Very few quality stocks are capable of coming back to their previous highs.

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  • When do you see recovery coming in for the small and midcaps?

    It depends. Last Diwali, I thought that maybe 90% of the stocks in the market are bhangar (junk). This Diwali, I think 95% of the stocks are coming into that category. It is very difficult to say when all these stocks are going to revive. But broadly speaking, in the majority of good stocks, the bottom must be in place but recovery will take some time. I do not think it is going to happen very soon for the simple matter that bottom in the market may be in place or will be made maybe in the next two months or three months, but number-wise, companies are going to report not so good numbers for at least the next two, three quarters.

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  • Last year (2018) was terrible for midcap and smallcap investors. How are you managing this volatility when a large part of your portfolio is midcap and smallcap facing?

    We investors are like Salim of movie Mughal-e-Azam where he says that Anarkali quaid kar le gayi aur main dekhta raha (Anarkali got imprisoned and I kept looking). This is our situation in the market. Having said that, I am doing nothing I am just staying put in whatever investments I have made in the last 2-4 years. You can say Unko jhel raha hun, (I am tolerating them).

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  • What is your investing strategy, in the middle of the pandemic?

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  • Do you think investors should pick their stocks before the pandemic ends?

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  • What according to you, should investors do during a pandemic?

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  • According to you, how far down can this market go?

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  • Do you think that the stock market should be closed during the pandemic?

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  • How the pandemic affected the market according to you?

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  • What are your views on people who don't have patience in the market?

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  • What do you see first, sector or industry and out of the internal and external factors which should be given more weightage?

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  • What does it take to be in the stock market?

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  • What do you mean by the term "Bhangar Cap"?

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  • What is Market according to you?

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  • How to be sober in such market conditions with global risks looming?

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  • What are your views on Repro India?

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  • Which stocks according to you are money baggers?

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  • What do you see in the future?

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  • What themes do you play with good monsoon in the backdrop?

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  • What should you stay away from while investing in a market?

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  • How did you enter the stock market and what rules you followed at those times

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  • How is it possible to start with a small capital and multiply it?

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  • How did you manage this successful career in the stock market?

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  • Which sectors according to you should people approach?

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  • How much the Global market affect the Indian Market?

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  • What according to you would be a bad investing sector?

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  • What according to you can be a bad budget?

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  • What do you consider good in the current Indian budget?

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  • What are your views on the Indian Budget?

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  • What did you learn from past mistakes?

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  • What is your advice to others?

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  • What is your mantra in life?

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  • How much interested are you in entrepreneurship?

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  • How bigger is the political risk in the market right now?

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  • What according to you is the biggest risk in the market right now?

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  • What are your views on the SME space?

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  • What are your views on people complaining about the current market?

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  • What is your advice to the current investors?

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  • How passionate you are about the stock market?

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  • Do you think, one should know already that when to sell the stock?

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  • What are your stories of greed?

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  • How do you convince yourself to invest somewhere?

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  • How much time should a person invest in the stock market?

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  • What is your advice to the youth who are interested in this sector?

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  • What are your expectations in the future?

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  • What was your first hit in the market?

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  • Will you agree to the statement that bigger risks will give big rewards?

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  • How risky is the stock market according to you?

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  • How much does luck play a role in the market?

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  • When did you realize that you are actually good at this?

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  • What made you start investing in the market?

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  • You have a famous quote that-"Rome was not built in a day, but Hiroshima was destroyed in a day", what do you really mean by this?

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