Thoughts on Investing
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Is Hold = Buy ? A Perennial Debate
Model Portfolio vs Customized Portfolio In the investing world, there are two schools of thought – one which believes there are only two states for a stock – Buy or Sell, while the other believes there is also an interim state called Hold. The logic behind the former is that when you hold a stock […]
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Memo – Risk, Benchmarking & Taxation
Stalwart PMS completed its first full year of operation in May 2024, this memo is intended to help our initial partners understand our risk mitigation strategy, assess the portfolio performance vs benchmark and the taxation vs MF. In a roaring bull market like we witnessed last year, often the risk takes a back seat and […]
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Exiting Suven Pharma with 663% Return in 4.5 years!
We invested in Suven Pharma in December 2019 (pre-demerger) at a price of Rs 131 a share (adjusted for the demerger of Suven Life Sciences). Over the last four years, the stock has zoomed to Rs 1,000 implying a 7.6 bagger (663% return) for us in one of the highest quality pharma business of CDMO run by an incredible […]
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Nifty@21,700: What should be the Portfolio Strategy for 2024?
‘Market has risen too much too soon, a crash can come anytime. I have started selling’ ‘I am raising 20% cash (i.e. selling 20% of my portfolio in one shot) as the market seems heated’ ‘Valuation seems too expensive so I will not enter the market now & will wait for a correction’ These are […]
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Selling in Bull Market: Discipline or Mistake?
Following is a copy of an Investor Memo shared with Treasure Trove subscribers We have received feedback from some subscribers questioning & wondering if we made a mistake by exiting businesses like Mrs Bectors (2x) & Sanghvi Movers (5.3x) early. It is natural to feel this way given these stocks have continued their run-up after our selling […]
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Why Selling Strategy is as Important as Buying?
The stock market is like a pendulum that swings from one extreme to another. While it often comes to the center, rarely does it stay there for long before moving to either of the directions. This cycle of greed and fear is what generates attractive opportunities for value investors with a long horizon of 3-5 years. […]
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[Investor Memo] Wise to Optimise Expectations & Review Asset Allocation
In April 2022, we published an important subscriber memo titled ‘Wise to Optimise Expectations & Review Asset Allocation’ While the two pillars of the bull market: Liquidity & Growth are slowing, Export is the bright spot. Following are some edited excerpts from the same. After crashing in March 2020, markets have been on steroids ever […]
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[Video] Webinar with Vivek Bajaj – Investing Framework & Case Studies
In this session, Stalwart’s CIO, Jatin Khemani discusses: Stalwart’s Investing Framework – 20:20 & Special Situations Drivers of Long-term Returns – Volume Growth Industry Life Cycle List of Promising Industries Deep-Dive into Security Services | SIS Ltd. Portfolio Allocation Strategy Learnings & Mistakes Advice to New Investors Free sign up to access Guest Dashboard: https://investor.stalwartvalue.com/users/sign_up
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Tenets of Commodity Investing – Framework, Experience & Learnings
In this post regarding investing in commodity businesses, I cover the following: Natural vs Processed Commodities, 10-pointer framework/takeaways based on our experience, How our stock-picking has evolved and current commodity positions in the portfolio. We broadly divide the commodity universe into two categories – first is Natural Commodities (/Resources); these are nature’s gift to mankind. […]
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Introducing Anti-‘ES’G smallcase by Stalwart Advisors
Excesses at one end often create opportunities at the other, which can be leveraged by pragmatic investors. Environmental, Social & Corporate Governance (ESG) theme has gained tremendous momentum over the last few years with billions of dollars flowing out of companies that score low on some arbitrary parameters, to the companies that score high. In […]