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Our key objective is to pick the right stocks at the right time by paying a fair price to
build a balanced portfolio which will enable us to outperform the markets and achieve
superior risk adjusted returns. We aspire to generate wealth by compounding money at a
healthy rate by spotting profit making opportunities in solid companies with strong
management which are available at a good discount to their intrinsic value.
Good Market Wisdom for this Month : (Interesting Excerpts from George Soros, David Tepper etc)
"The Market does not beat them. They beat themselves, because though they have brains they cannot sit tight" - Jesse
Livermore.
"The single greatest edge an investor can have is a long-term orientation" - Seth Klarman.
There is enough liquidity in the system. The world's combined GDP was about $55 trillion in 2008, and $140 trillion was the
debt. Today, the debt has moved higher to $200 trillion, but the world's GDP has moved slowly towards $70 trillion. To create
Stock market bubbles dont grow out of thin air. They have a solid basis in reality, but reality as distorted by a
misconception. Every bubble consists of a trend that can be observed in the real world and a misconception relating to that
trend. The two elements interact with each other in a reflexive manner. - George Soros.
I made two major discoveries in the course of writing: one is a reflexive connection between credit and collateral, the act of
lending can change the value of the collateral, and the other is a reflexive relationship between regulators and the
economies they regulate. - George Soros.
Whenever there is a conflict between universal principles and self-interest, self-interest is likely to prevail.- George Soros.
You have got to make decisions even though you know you may be wrong. You cant avoid being wrong, but by being aware
of the uncertainties; youre more likely to correct your mistakes than the traditional investor.- George Soros.
Money values do not simply mirror the state of affairs in the real world; valuation is a positive act that makes an impact on
the course of events. Monetary and real phenomena are connected in a reflexive fashion; that is, they influence each other
mutually. The reflexive relationship manifests itself most clearly in the use and abuse of credit. It is credit that matters, not
money (in other words, monetarism is a false ideology). - George Soros.
We invest in a lot of bonds and preferred (stock), which we can convert to equity. It not as risky as people make it out to
be. - David Tepper, Appaloosa Fund Management.
For better or worse were a herd leader. Were at the front of the pack. We are one of the first movers. First movers are
interesting; you get to the good grass first, or sometimes the lion eats you. - David Tepper, Appaloosa Fund Management.
Non-consensus ideas have to be lonely. By definition, non-consensus ideas that are popular, widely held or intuitively
obvious are an oxymoron. Thus such ideas are uncomfortable; non-conformists dont enjoy the warmth that comes with
There is a time to make money and a time to not lose money. - - David Tepper, Appaloosa Fund Management.
Some of our best positions were ones we initially lost money on. - - David Tepper, Appaloosa Fund Management.
I guarantee that in every great blow-up there has been at least one big-name investor involved all the way down. Dont stop
your work on the downside because you cant imagine so-and-so owner making a mistake. It happens all the time. James
Chanos, Kynikos Associates.
I am putting S. Drunkenmiller as "Head of Research" for the same reason, 18-year olds are sent to war. You are too dumb,
young and too inexperienced not to know to charge. We around here have been around since 1968. This was 1978. I think a
big secular bull market is coming. We've all got scars. We're not going to able to pull the trigger. So, I need a young
inexperienced guy. But I think, you have got the magic to go in and lead the charge Drunkenmillers first job CEO.
Regards,
Gokul Raj. P,
[Principal Fund Manager, HBJ Capital]
Date: April 1st 2015, Place: Bangalore, India.
Our Stocks including HSIL, Cera Sanitary ware and Indiabulls Housing Finance contribute almost 10%
each to our Equity portfolio and hence there is very little room to make mistakes here. While this
concentration increases the Volatility in the Portfolio, we believe that all these Stocks are good Businesses
and hence would be good for Long Term wealth creation.
TMP Connect
[For new members joined TMP]
New Members who has joined during last two months need
to replicate TMP Connect ONLY, Since they are joining in
between hence a replica of actual TMP is created for them.
Specialists in discovering Multibagger stocks
3%
Poly Medicure
3%
Sanghvi Movers
5%
EClerx/ Persistent
5%
7%
Mahindra Finance
4%
Bajaj Electricals
4%
CARE Ratings
5%
TV Today Network
6%
HSIL
4%
Biocon
3%
Indiabulls Financials
5%
VA Tech Wabag
6%
Greaves Cotton
4%
Heritage Foods
5%
Cash
31 %
Total
100 %
Allocation % - If your
planned portfolio size is say
10 Lacs, you will be
allocating Rs40K towards
Cera Sanitary ware at CMP
which is 4% allocation.
This is for new Clients who would like to have a little broader Portfolio
with additional stocks and would like to avoid the strongly run-up names.
We still believe that the TMP Portfolio itself would do well. So, this
Portfolio is only optional and useful for few clients alone.
Specialists in discovering Multibagger stocks
TMP Update
[For existing members]
Summary of TMP
Our Stock Exposure is currently above 95% of the overall Portfolio. Going forward, we would like to
increase Cash levels by a few Percentage points.
The total number of stocks is at 13. We intend to run a fairly tight and balanced portfolio. Hence, we
would not like to add new stocks without proper replacement.
During every significant fall, we shall be deploying cash pretty aggressively in fundamentally good
companies . We would build some Cash position for this from some of our Existing stocks.
Incase of opportunities where risk-reward is very attractive than any of our existing portfolio stock, we
would take a rational decision to swap the current share with the new stock.
Stock
Buying
Range
SIP Money
Allocated
80-100
5000
= 5000 Rs
THANK YOU