Dear Small & Irrelevant Investor,
You must be surprised to receive this letter from me – the ever-so-busy Stock Market Analyst working for your friendly, neighbourhood broker.
But you see I have been enjoying some free time these days because the markets are weak and people are not buying stocks, and thus not reading much of my recommendations.
So here I am, sparing some of my precious time writing to you. I am heart-broken reading all the maliciousness that is being spread these days about me, and my graceful profession.
I’ve even heard that there is this guy called Vishal Khandelwal who’s running this funny, charitable, new website called Safal Niveshak (sounds similar to “Suffer Niveshak”! Ha-Ha-Ha!) and is trying to throw a lot of s**t on my work…but I’ll handle that later in this letter.
You see, it’s not that I am not used to malice – but then you must have seen dogs bark at the sight of a strong, ravishing elephant. Let me clear here that I am that strong, ravishing elephant!
It’s just that I want to tell you “my side” of the story and why you must stop trusting those who are spreading words about how unethical and distrustful my profession has become.
Let me tell the critics that I am not the one to be blamed for whatever I’ve done over the past few years. There have been several factors that have contributed in shaping me, and I’ll talk about them below.
Once upon a time…
I still remember when I started my career as a stock market analyst, I knew that I didn’t make this world, and so it didn’t satisfy my equations.
I then understood that my work may have enormous effects on society, many of them beyond my comprehension.
I understood that my analysis and views could make the difference between a comfortable retirement and a miserable one.
I understood all this. And I promised myself to be an honest, hard-working guy I had always dreamt of becoming.
But then, you see…the weather has been terrible over the past few years, which led me to completely lose focus on where my career was headed.
I have faced severe floods of job offers that priced me at money I never imagined (or deserved).
Then there have been several periods of drought when I could not find any good stocks, but had to recommend duds (see I’m being honest with you!) or otherwise my owner – the broker – would’ve had to shut shop…and fire me from my job.
In all, I’ve dedicated my entire life to the well-being of my owner, and live my entire waking hours serving his interest, because that also serves mine.
You might’ve sometimes seen me on the television, offering my advice on stocks I don’t understand (but you don’t know that, right?).
But, let me tell you the truth now, or it’s going to kill me.
Those views I offer on business TV – whether on a stock that is going to double, or on the entire market that I see crashing, or on inflation that is rising faster than my salary in these bad days (sob…sob!) – are actually those I’ve been asked by my owner to speak.
Of course, the views are fully backed by my analysis, but let me also confess that my analyses is backed by my owner’s analyses. After all, it’s not anymore about his broking business but also about his investment banking business.
So there might be a lot of times you might hear me asking you to buy a stock because my owner is looking to strike an investment banking deal with that company. And in any case, I recommend more ‘buys’ then ‘sells’ simply because there are so many companies that my owner wants to tap to earn the bulky investment banking fees.
Anyways, don’t blame me for all the dud stocks you have bought based on my advice over the years. You see, I have been afflicted by a lot of grave mental disorders over the past few years, which have snatched even the last bit of rational thinking from me.
So now, I don’t have any control on what I write and recommend. And thus it’s entirely your responsibility to take control of your emotions before buying into my written and spoken words.
I’m sure you might be interested in knowing what mental disorders I’m suffering from.
So, here is a small list that includes some of them. I can’t list down all of them in the public domain (or what will you think of me!).
Believe me, my hands are sweating, my body is shaking, and my nerves are cracking as I write to you about my serious mental disorders, some of which you may have never heard of. So your discretion is advised.
Plus, I beg you not to show this list to your children or they will start to wonder if God can really be so crazy!
7 mental disorders I, the analyst, suffer from
Let me start and finish fast, for my owner is pestering me to work on a brand new company…because investors are not buying my old ideas anymore, and thus I’m at the risk of losing my job!
1. I suffer from ‘black swan’ disorder
Or why did you think I called the 2008 bust a “black swan”? Of course, it was the simplest way for me to abdicate my responsibility of warning you when things were getting overheated, and valuations had reached unrealistic levels.
In hindsight, I knew things were going to fall off the cliff, but I suffered from the black swan disorder that helped me cover up all my faults.
I don’t remember but I read this somewhere about the black swan disorder…
Think of it like the mentality of turkeys in the run-up to Thanksgiving. Every day a kindly human turns up to give them water, feed them, and tuck them into bed. Then one day this same kindly human commits turkey genocide! From the turkey’s point of view this is clearly a black swan. From the farmer’s point of view it is anything but.
In the stock market, know that you are the turkey and I am the farmer.
2. I suffer from over-optimism
My MBA degree in finance, plus my CA and CFA qualifications have led me to believe in the song – “Always look on the bright side of life” – and that’s exactly how I’ve been looking at the stock market for long.
This is not because I am not good at looking for the bad news (see my over-optimism!), but because I believe if you see the world the way it really is…then you are the clinically depressed. And I don’t want to suffer from that depression!
So whether it is my earnings forecasts, stock recommendations and price targets, you can see my over-optimism everywhere.
I am especially over-optimistic about the companies that do investment banking deals with my company. Believe me or not, my price targets for such companies are, on average, 80% too high versus only 20% too high for companies that are not involved in raising money through us.
Now, don’t ever think that I lie in my recommendations, even if I sound so overly upbeat that my forecasts of earnings and stock-price targets are hardly more accurate than falsehoods.
Of course, this over-optimism and the inability to see the darker side of stock market has captivated me for long, but that’s the way I’m wired to look at things.
So while I know that this is a grave disorder that will put me (and you, who follow my advice) into dangerous situations time and again, know that here is something over which I have no control.
3. I suffer from illusion of control
Okay, while I believe I don’t have control over my mental disorders, I think I still suffer from an illusion of control over everything else – like EPS and price targets of stocks I track.
I think, or let me say, I believe that I have influence over the outcome of these and other uncontrollable events. I think that even if something does go wrong, I will be able to sort it out.
Now while people call this a mental disorder, this is one thing I’m proud of. And that’s one reason (that I have the control over the uncontrollable) I think I’m the master of the universe.
4. I suffer from distorted incentive disorder
You may know it or not, but who cares! I am paid for the amount of commissions I help my owner (broker plus investment banker) earn, and not based on how my stock recommendations perform.
That is why you can see me almost every week on TV recommending new stocks, and rarely recommending a ‘sell’ on a stock.
The equation for making ‘buy’ recommendations 90% of the time is simple – once I ask you to buy a stock, I also ensure my owner his next commission that will come when I ask you to sell that stock. But if I ask you to ‘sell’ stocks, we lose out on our future commissions.
By the way, thanks to my repeated buy recommendations, and subsequently the great business my owner has been doing for years, here is a rough chart of how my salary has risen over the years, as compared to the rise in Sensex.
I’m sure you’re feeling jealous on seeing this chart, but then that is the price I’ve earned by working in a smart profession where I need to pump a stock recommendation just once, and then dump it on to thousands of foolish investors…and in the process making my owner and myself rich!
You can’t even blame me for this regular pump-and-dump activity, for it’s you – the investor – who has chosen to believe me. I never forced you!
Anyways, there’s another side of this distorted incentive disorder. The commissions my owner earns from big, institutional investors are much-much more than the peanuts you pay for trading with us.
Thus, a stock that I might recommend as a ‘buy’ to my institutional client, I might recommend as ‘sell’ to you (or vice versa).
Now stop cursing me for this distortion because I am not alone in the game. I’m sure you must have heard of this instance where a leading competitor of ours sent out two reports on Punj Llyod (a company I once loved), with two different views, and on the same day!
See, I also have a proof or you might think that I’m just kidding to cover up on my disorders!
As I’ve learnt, the first report above (with a ‘buy’) was only for their “private client group” and the second one (with a ‘sell’) was a free report for the masses (you included).
Again, this was not an isolated case. I read about a technical analyst Mathew Easow who was caught by SEBI in 2006 for issuing ‘buy’ recommendations on stocks he was selling from his personal trading accounts!
So these distortions are normal to me, simply because the incentives in our industry are abnormal.
But why should I complain when I just love the sound of so much salary credited to my bank account at the end of every month.
I’ve not yet talked about my annual bonuses, but then let me not add to your jealousy!
5. I suffer from EMT
Of course, I know how to pick stocks that can become multi-baggers in a few years (if not me, who can?).
This is despite the fact that I suffer from EMT, or Efficient Market Hypothesis disorder…and thus believe it’s impossible for anyone (especially you, the small investor) to outperform the stock market.
I am a firm believer in the CAPM (Capital asset pricing model) theory of valuing stocks, despite anyone saying that this has many failings. I also believe in the “Beta” of stock, and thus believe that a stock’s price can be useful in calculating how risky a company is.
You may think this is ridiculous, but so is your belief that you can use that failure of a strategy called “value investing” to beat the markets!
6. I suffer from LOA
That’s “lack of accountability”!
As I’ve written above, my salary is dependent upon how much money I help my owner earn via trading commissions, and not on the performance of my recommendations.
So I don’t feel any accountability towards my clients, especially when the client is a small, insignificant guy…like you. (I’m sorry for belittling you again and again, but please don’t blame me for that. Blame my mental disorders!)
In simpler words, I work in an industry where “heads I win, and tails you (the investor) lose.”
7. I suffer from myopia (not of the eyes)
While I have a great pair of eyes that can easily spot great stocks, I am a staunch believer in the philosophy of “eat, drink, and be merry, for tomorrow we may die.”
Of course, this ignores the fact that on any given day we are roughly 26,000 times more likely to be alive than dead. But you see, in a world where short-term profits are valued so highly, it is exceptionally hard for me to focus on the long-term picture.
Again, this is something that’s not under my control!
That’s all from me
These are just some of the mental disorders that I suffer from, and that has caused you to disbelieve me at times.
By the way, I recently heard of this guy named Vishal Khandelwal, who himself was an analyst some time back – though not with a broker and thus probably suffering from fewer of such disorders – but is now trying to wash his sins by trying to educate people like you to become your own research analysts. Huh!
I also came to know that he is trying to tarnish my image, which he will never be able to do.
While you must avoid him at all costs, if you still meet him, tell him I HAVE NO REGRETS about whatever I have done with investors over the past many years…simply because things have never been under my control anyways.
Also tell him that he is a fool to have left such an amazingly well-paying job to live the life of a “masterji” (teacher) not knowing where he is heading in life!
As for me, well I’m heading to my Head of Research’s cabin to discuss my next hot stock idea, and also my upcoming bonus!
You stay where you are, for whatever this Vishal guy is telling you, I’m sure you’ll isolate him and come back to me when the time turns bullish, and you need some bull***t.
Before I close, here is a small video I love because it depicts my story of how I became the master of this universe called ‘stock market’. Click here if you can’t see the video below.
If you are confused about who is who in this video, let me clarify…
This is ME, the master of the universe…
This is my ‘BUY’ recommendation’…
This is YOU in a bull market (see the aura I’ve created around you using my ‘buy’ recommendation, and see how powerful you feel)…
Anyways, I hope now you can empathize with me, and appreciate how, despite having all the right intentions towards you (the investor), I have not been portrayed in the right light!
I would love to read your reply to this letter in the Comments section below.
Remember, this is your one and only chance to tell me something about how you feel…because I generally don’t have much time to waste listening to a small investor like you.
At your service,
Your friendly Stock Market Analyst
I always think of the same, but I was never confirmed. I always thought why those TV channels want us to be wealthy, Infact TV is a good platform to manipulate the market and Analysts are doing the same for years. One of my friend is doing intraday from 1 year and he make trader based on those views, I warned him also but he continues the same. I think this letter will be useful to him. Anyway, Vishalbhai, Thanks for this information.
Thanks for your feedback, MoneyMonk!
Excellent letter, was waiting for this one…. Missed the Anecdotes though.
I have always maintained that we always think of other person to be more intelligent or believe that the other person (analyst) has some sort of inside information, and in the process we ignore our common sense, forget the phenomenon of paid news or vested interests or are simply too lazy to work hard (its not that hard, though). The fact is, the news on TV or in research reports (for small investors) comes much AFTER the smart money has already moved in and it is time for them to reap the dividends by manipulating the market.
Just watch the program on CNBC where people ask for their stock queries on telephone. It is so amusing for people having invested a princely sum of Rs.2000/- asking for Expert (??) advice AFTER they have invested. Stock Market is probably the only place where a man with BMW asks for advice (and acts) from people who ride a metro, believing that they have some holy grail for stock picking. E. Mathews case was not alone, and I have heard that many cases were pushed under the carpet because some big names were involved. The same story was there too, buying/selling in their personal accounts while advising the opposite on TV. I personally know of 2 people who have taken advisory services from Ashwini Gujral, all have their 10 lac portfolio down to zero after paying something like 25K a month in F&O. There too, the same thing was happening. One of them was getting BUY call in Nifty Fut while other one was getting SELL SIMULTANEOUSLY. Either of them has to be correct, no?…LOL. This came to light when they coincidentally met and exchanged notes…. 😀
My fav caveat: “Sawaari apne samaan ki khud jimmewar hai”. There is no harm in borrowing someone else’s brain, but the final action, and responsibility of the consequences, must lie with you, and you alone.
Thanks Sanjeev! It feels really sorry to hear about such experiences that small investors have with the experts 🙁
Something has to give somewhere…and that something has to be the investor starting to own the accountability for his money. I mean we spend years through our education and career to earn a satisfactory living…and then lose it all in a moment of madness!
Dear Vishal,
I found it slightly hilarious (and cynical) but I also believe there are many a commercial enterprises doing something or the other, some adding value some fooling people some just riding a wave.
Lets not ridicule them, they live their life and die their own death as do humans.
If you have been part of an industry or set up it is only natural to feel cynical (insider) in many a cases.
Just my personal humble view.
Regards,
Thanks for your view Sudhir, which I respect a lot! The truth is that this cynicism comes first from being an insider to that industry and after having seen how people work there to make a mess of the lives of innocent investors, and second from talking to such investors who’ve lost it all in that moment of madness. Like I met this 70 year old gentleman last week, and also my aunt, who have lost a large part of their savings to bad investment advice. Of course, and as I told them that the responsibility lied with them and it was no point blaming anyone else, but then that is the predicament so many people (young and old) face, especially when they have no clue about what risks they are taking by going with the expert view.
Sanjeev, for instance, has mentioned two other real life examples of how these experts have messed up with the savings of his friends.
Of course, I will not put the entire blame on these experts because they are the products of a distorted incentive system (and I have seen some such people feeling bad for what they have done, but only after spending 20-30 years in the industry doing so).
But then, I take your feedback and will try and reduce my ridicule of the profession because I realize that the bigger task on hand for our community is to become independent of the experts and plot our own financial lives. Regards.
Vishal, there lies the problem. People in general try so hard in their life to get good degrees, work hard and earn money but don’t strive to get an iota of Financial Literacy. Everywhere I go, people are willing to just sign on dotted line as their “advisor” (?) says and then blame him for all the problems later on. The truth is, these salesmen (they are really that) will sell only what suits them not what suits you. It is upto us to analyse everything carefully and the ironic part is, it is really so simple to garner that knowledge. It is all around us, the only requirement is a will to learn
Yes Sanjeev. Here I remember a dialogue from Rajesh Khanna in Bawarchi – “Its simple to be happy but difficult to be simple.” We are prone to make our lives complicated, and that gets us in trouble!
bang on. that was the intent. lets keep up the constructive work.
hopefully some ‘building’ will come up which will provide shelter to those who seek.
Also Vishal lots of people have lost lots of money in various other avenues which are not at all regulated and even if they are there is opacity and negligible recourse. Real Estate is a prime example. In fact through history real estate has made and unmade a far larger no. of people than any other asset class.
We can try and do decent work while crooks will try and do their not so decent work. No point ridiculing.
Yes, one must warn and cite enough cases to show what all is happening so that people are aware of the pitfalls.
In fact ‘pitfalls’ could be a good topic to write on.
Yes Sudhir, that’s a a good topic to cover. Will try and do that. Is there any expert among us who can cover the subject of “pitfalls to avoid in real estate”? I can write some things on this topic, but my understanding here is limited.
Hi Vishal
Good Morning
What a way to start the day,with a hearty laugh……You can compare the analyst with the guys of one of the famous serials running around since last 10 years…..well the guess is correct CID,the serial is having lot of funny aspects,if some day you have a problem of indigestion…then watch CID,or some Mithun movies from the 90s,for eg… in one movie named “Military Raj”,Mithun goes into the interrogation room,the criminal is not speaking anything,now mithun wants to hang his military cap,so what he does he takes a punches a hole in the wall and puts a nail in the hole and then hangs his cap,looking at this,the criminal divulges everything. These analysts on the TV in CNBC are something like that,watch them you have your food digested within couple of minutes.
I will not hesitate to take the name of one the analyst here,in the latter part as i move on.There was one company,oh sorry its still there,which debuted around 2007 on the exchange in mid september with an ipo band of 370 to 415,its was buy on everybody’s list,This firm was into retailing…..the hot as pepper sector at that time.Around Mid feb 2008,this stock hit a high of 1000 Rs,Perplexed i thought let me move around the stores of these retailer,to find out whats so great about its sales….its was selling with 90 % discount…with a mumbo jumbo structure that i could not understand,for three to four months,weekly i used to check out,the retailer was having his some three stores in the radius of 500 Meters at one place in vadodara,two in malls with high rental,the footfalls were less and the sales far less then that,Quality of product-nothing to boast about,after all he was also selling clothes,what other 70 stores in the periphery were doing with the likes of central and Pantaloon at a walking distance.One thing i was sure,the team of the firm did not conduct any due diligence before opening of the stores, as if it was just interested in showing the large number of store.Note:No MBA in finance required to understand this matter that sales were not great,that means the stores were burning cash and that too at express speed…now money was needed to burn, the IPO proceeds had emptied in couple of months,now its was taking loan on aggressive expansion,without any sales i sign.Now it was confirmed that i need no further research in this company,even i need not look into the P/L Account and Balance sheet,Was sure this company is going KAPUT .Even advised a couple of close friends who had invested in this company,to move out,there is some serious trouble coming ahead.These friends on my advice moved out.
Now around October 2010,one of my friend who had earlier exited these scrip came up to me and said one famous analyst has come with a long term buy on this scrip,which now was trading at around 100-115 range.I told him if so interested and to satisfy his burning desire buy 100 and not 1000Nos which he initially planned to do.End of the Story—–My friend still has those 100 share of that company,because it never went above that price,Currently its trading around 10.The company Name is KOUTONS RETAIL INDIA and the analyst iam talking about is.Mr.Ambareesh Baliga–(At that time he was with Karvy) Below is his buy call that he gave in Mid oct 2010 to a TV Channel:”Koutons Retail India actually should be quoting at much higher levels but currently it is having those issues as far as the pledge shares of the promoters are concerned and when there are technical issues, you really don’t know as to what the bottom is. Because at every lower levels, there is someone financier who is getting hurt because of which you are seeing the flood of shares in the market, exactly the same thing what had happened to Orchid possibly two years back when the shares were sold by the financier and you saw rock bottom prices.”
He further added, “I think if one has patience and one believes in the business which we do, we still believe that this model is workable and whatever issues are there, are basically short-term. So possibly in the short-term you will have troubles for this company but if people have patience they could actually buy and hold on, look at the longer-term story. If one is willing to wait for the next 12-15 months, I suppose one should be able to get gains but this is surely not a stock for a trader.”
Well now said Dear Stock Market Analyst we are ready to suffer with our niveshak but are not ready to die an untimely death,with you.So you mind your way,we are happy with our structure.CARRY ON VISHAL.
Happy Investing
Reni, You see such examples everywhere. Just a couple of days ago, one of my friends bought KFA and Suzlon, both companies I would not touch even with a 20 feet pole. The logic was, they have gone down so much, how more low can they go. Met a person from Angel Broking, bragging about how their calls are “100% accurate” saying “KFA to lena banta hai,1 saal mein to yeh share milega hi nahin”. What you can do? 🙁
Dear Sanjeev
You know there is saying in Hindi “Ulu ulu kya karte ho,nazar utha ke dekho har sakh be ulu baithe Hai.”Agar KFA Lena banta to,wouldn’t vijay mallya himself had bought some from the open market,to make his position in the company strong.well ultimately these type of people will never understand… and when the lose the money,then they will curse it on their luck,paisa apne naseeb meinhi nahi tha………because it all depends on randomness,its like the russian roulette .
Thanks Reni! The irony is we investors can’t get away from such people and their advice till we can shut off the noise and listen to our inner being, who is much smarter than we think. Or we would continue to curse life saying – “Life happens to me!”. No! It’s your life and you create it! Regards.
True Vishal… Again an interesting episode yesterday on Real Estate.. (REEL Estate).. buy this land .. multiply by 100 times in 5 years… i closed both my years and ran away… Life’s Getting tough !!!!!! Phew….!!!
That was a wonderful post Vishal….During my initial days of investing I used to watch all business channels for their buy/sell recommendations and soon started going mad about their suggestions… Then I started looking for something solid, then I learned about value investing…In the journey of my investing life you really played a stalwart role.. Thank you and Keep up the good work.:)
Thanks Shankar! It would be my pleasure if I am able to help you in even a small way in your investing life.
Nice One Vishal… All of us are having such similar experiences… Had such experiences when i started investing. There was one guy who was called an analyst.. he will be keep on sending tips to me whicj i will ignore.. seems he got some big clients and they were playing around.. One fine morning this analyst disappered and when enquired, the people who had invested as per his idea had lost virtually lakhs…
One of the guys in the brokerage house told me that this person was a salesman who dont know even abc of investing.. he had lured investors to F&O segment and also to currency/commodity segments..
for bonus…
oops……………..
Oops! In fact, I recently got two calls in a day from a DSO of HDFC Mutual fund, where the two guys who called me (at different times) said that they were “Fund Manager” and wanted me to invest in some dud schemes! When I asked, “Wow! And which schemes do you manage?”, each of them told me, “I manage all equity schemes of HDFC Mutual Fund!”.
I wish Prashant Jain (HDFC’s “real” fund manager) were to hear this! He would have resigned from his job. My worry is – I know what rubbish these guys were t alking. But what about someone who has no clue and invests his hard earned savings in such dud schemes because he was advised directly by the “fund manager”! Sad!
Vishal.. Hope you would have read the article on KFA in THE HINDU Today…
As usual some PSB bank is made the scapegoat..
“So now, I don’t have any control on what I write and recommend. And thus it’s entirely your responsibility to take control of your emotions before buying into my written and spoken words.
I’m sure you might be interested in knowing what xxxxxxxxsorders I’m suffering from. I write to you about my serious xxxxxxxxsorders, some of which you may have never heard of.”
I realise there is a strong undercurrent that made a very Stable and Nice Person like you loose control, so much so you made the feeling Public, We all have a past, one which we cherish, If some one or something is trying to pull us down, reaction to it should be the last resort,
See people like me blindly follow what you write we have the image of a Super Financial Wizard at work. Such writing will only confuse us. Leave alone not believing you when on TV the thing about if this person could do it then for his Boss may be I should think twice, kinda thing.
I look forward to more Learning from you Sir.As you are such a simple and open Person.
I KNOW Mr. VISHAL IS A FIREBRAND AND WILL NOT COMPROMISE A PERSON WHO ONE CAN BANK UPON.
God be with you in all your efforts.
Dear Mr. Venkateshwaran, let me clarify that the letter I wrote above wasn’t the past I lived, by the past I saw people around me (analysts working with brokers) were living, and continue to live. My reaction to was just a way to vent my feeling of agony on seeing so many small investors suffer at the hands of bad, biased advice from such analysts, who were and are more bothered by how much commission they can help their broker-owner earn and not on the quality of their recommendations.
So you can rest assured when you are dealing with me, for thankfully I never had such a past (though I has my own analyst biases, but never a disorder that led me to cheat people).
Secondly, I would suggest you not to see me as an financial wizard, but just a normal, straight-thinking, responsible friend who is trying to guide you to the right path of investing your hard-earned money. And in this process of working with you, I am on my own learning curve.
You can rest assured that the day my mind goes berserk (it has not happened so far in the past 33 years), and leads me to even think of playing tricks with people, that will be the last day for Safal Niveshak.
Thanks anyways for you belief in me and the Safal Niveshak initiative. It is this belief that continues to push me on the path of righteousness. Though I will still request you to not follow me blindly, for that goes against the core of Safal Niveshak, which is to try and make you an “independent, self-thinking” investor. Regards.
Don’t Laugh at KFA . Maybe some day your pants will fall off when you read the News that it has been acquired by a Multinational.
It was very well explained that how analysts and anchors do all this bad business…I was and am an avid follower of CNBC TV-18, which is where i learnt the nuances of investing. But the difference between what i was earlier and what i am at present is i stopped listening to the running commentary about the fall of 5 or10 paisa in share, i seriously believe that the present day TV channel anchors selection is more biased to their beauty index, something similar to what u explained in one of your earlier post..I just hate those ppl when they relate every move in the market to incidents such as Iran crisis etc, and the next day if we listen to the same ppl, the tables have turned around.
finally i would like to congratulate you for this honest letter about your earlier profession and thank you for all your posts, each of which has a learning, and i can very safely assert that your blog would become a “wisdom of learning” .
Hi Rakesh, thank s a lot for your inputs and motivation!
I read about Koutons retail from fundamental analysis website called moneyworks4me.com with a buy recommendation saying the company was fundamentally strong the stock tanked couple of months later because of huge debt and interest payments.
Vishal you are very honest god will give you power to help people who really need. Thank you …………………………………………………….
Thanks Someshwar!