book review-one up on wall street-peter lynch


Investing Wisdom From The Real Investor Yogi- Peter Lynch from his book One Up On Wall Street

Lynch was the most successful fund manager of his time in the US, managing Fidelity- The mutual fund company.
The takeaway in this book is that it will not confuse you with a lot of numbers. Lynch who himself did B.A in his graduation was not keen of numbers. He always thought that to buy a good company, all you need to know is the prospects of the company rather than the financial statements. The book is based on Lynch’s real life incidents. The book has story style of narration, which makes the read very interesting and full of learning experience, especially for beginners.
Moreover, readers are clearly guided on how to get off to an impactful start in the stock market.
One Up On Wall Street gives the wisdom and experience from one of the greatest money managers of all time.
Through Lynch’s real experiences, the readers get to know that just like them, Lynch was also a normal guy, one of the mango people. He believes in himself and does his independent research on companies. Just like a curious kid, he asks a lot of questions, and maybe sometimes gets caught in the wave of the market at times, just like anybody.

Investor Yogi strongly recommends Peter Lynch’s One Up On Wall Street for beginners in investing, before they ever make their debut purchase in the stock market.

Peter Lynch’s TOP 10 Investing Lessons

Though the book had a ocean of lessons to be learnt, we have collated TOP 10 lessons from Mr Lynch’s book. These are:-

1. WHY this stock?


Normal people buy a particular stock when the see its price increasing. This may work only for a short period of time. On the other hand an Investor Yogi will always understand the nature of the business before buying a stock. A stock is a share in the business. If you don’t know about that business, then you will never be able to guess the collapse of the pillars on which the business was standing, which shall make you loose all your money. An investor Yogi shall have specific reasons to buy and hold the stock, which again will depend on the pillars of the business rather than its price.

2. Everyone loves product X, lets buy the company making the product X :- WRONG.

An Investor Yogi will always consider the contribution of the specific product to the company’s profit when relying on that particular product to buy the company’s shares.
You may say that you love Cadbury chocolates, hence Mondelez is a definite buy. WRONG! You must first know the profit contributions of Cadbury chocolates in the entire portfolio of products offered by Mondelez. It may be so that Cadbury chocolates are only contributing 2% in the company’s revenue, which in turn should direct you to re-think your investment decision.
A great product should definitely be considered as a potential investment, but as an Investor Yogi, checking the magnitude of the product in the company’s profits should be the ruling decision.


3. 50-100% company growth a year? Are you kidding me ?


An Investor Yogi will always be suspicious of the companies that are growing at a rate of 50-100% annually.
An Investor Yogi knows, that such high growth cannot be upheld for long. Its competition will always want to take the market share of a growing industry.

Another reason to be suspicious is the requirement of capital for growing business. Such high growth rate will demand simultaneous increase in capital requirement. This shall either be executed by increasing debt or diluting equity by issuing new shares, both of which are bad for the existing shareholders.
Not only this, slowdown in the market shall make the company vulnerable to the maximum impacts, leading to sharp fall in the stock price.

4. Diversification = Diworsefications (Term introduced by Mr. Lynch)

An investor Yogi shall distrust diversification, which mostly turn out to be disworsefication. Disworsifiation refers to the loss to the companies because of the unplanned, un-strategic and un-reasonable acquisitions by a company. Mr Lynch states that such deals are done to satisfy the egos of the promoters and not for the real benefit of the company. Hence, diversification often leads to disworsefication.

5. Employee in industry X, buying shares of companies in industry X > Employee in industry A, buying shares of companies in industry X

An Investor Yogi knows that insiders to an industry get impactful fundamental information from their jobs that may reach an outsider after months or maybe even more than that.
Just as a fish shall know any discrepancy in the water, maybe years before a human knows it. Same is the case in investing. Inferring this, a fish shall be a fool to judge the quality of air in the atmosphere, same is the case of a person working in the banking industry to buy a share in the pharma industry, especially when he is unaware of that industry.
Note:- One must always aim higher. The fish shall study, understand and buy the share of the air industry but her prime focus should be the water industry.

6. Reject all stock tips, even though the tipper = very smart, very rich, his last tip went up

You never know how much weight the tipper is giving to the stock he is recommending, in his portfolio. It may be just 0.2% of his portfolio. In this case, a sharp decline in the stock won’t affect the tipper/advisor much, but you shall be doomed.
He may be perceived as a savior, since he invested only a little percentage of his portfolio in that stock and helped in saving the overall return.
No matter how prudent the fund manager is, an Investor Yogi shall always do his independent research on buying a stock before ever following the advise of the tipper.

7. Is the company Dull, Boring, Not so favorite, and haven’t been talked on the street? LETS BUY

Boring companies, which are not covered by the wall street analysts and media are available at a bargain. There is a great chance that these companies are available at their fundamental values. An Investor Yogi shall buy such companies to maximize his wealth in the long run, and definitely before they catch heat in the stock markets, making them expensive.


8. I never borrowed = I never owed anything to anybody = No Bankruptcy


Such companies, who have no debt shall never go bankrupt. Mr. Lynch clearly emphasizes on this point, when looking to buy a share. He emphasizes it to be the most important lesson.
Companies growing on borrowed money may appear good, since they are “growing”, but an Investor Yogi will be suspicious of such growth because often more than less, such companies are unable to handle growth and in turn mess up their balance sheet, eating away the little wealth of the shareholders being created in the growth years.

9. “Learning an hour a week, keeps the losses away.”

Mr. Lynch clearly emphasizes the power of independent research of investments in the prosperity of the investor. Just as a Yogi is consistent in the search of nirvana, an Investor Yogi is consistent in the search of financial knowledge.

10. Doubt = Not the current moment to invest.

An Investor Yogi is aware of the mental conditioning require to become an Investor Yogi. Magnitudes of mind controlling is required to become a successful investor, indeed an Investor Yogi. A Yogi never lets the market manipulate him. He is disciplined to take an informed decision, rather than flow with the forces of the market. He is determined to reach financial nirvana. He shall always wait , research, become sure of his decision and then finally invest.

Happy Investing.
Regards,
INVESTORYOGI.COM


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Warren Buffet- The Real Investor Yogi



WARREN BUFFET- THE REAL INVESTOR YOGI

Warren Edward Buffet needs no introduction. Other than being the richest persons in the world(2008) he is also a father of 3( Susan, Howard and Peter). Born on August 30,1930 in Omaha, U.S he is famously called the “Oracle Of Omaha”. He is deemed to be the living investing legend, thus justifying his title of the greatest investor ever born. Buffett is the C.E.O and majority shareholder of Berkshire Hathaway.


BUFFET AND ENTRPRENEURSHIP

Warren buffet filed his first income tax return at a tender age of 14 years. How many of us do that? How do you think he is able to analyze businesses so well? He is one of the early starters in the fields of business. He started his entrepreneurial journey at the age of 14 by working at his grandfather’s grocery store, delivering magzines and newspaper door to door, selling chewing gums, Cola bottles, golf balls and stamps, and detailing cars. Eventually, he set up his own paintball machines in barber shops to earn money which he later sold for $1200. Not only this, later, buffet bought a 40 acre farm with his personal savings of $1200.


BUFFET AND INVESTING

“Someone is sitting in the shade today because someone planted a tree a long time ago.”
– Warren Buffett

Buffet’s dad had his own brokerage firm. Buffet first invested as a school boy at an age of 10 years. Again, how many of us do that? This is the reason why Investor Yogi urges each and everyone to start young with investing. This is so because, stock returns and time go hand in hand. You will probably never go wrong with a stock if time is on your side. Not only this, have you thought about the learning Buffet would have gathered by the time he reached his high school or even college? The mistakes made as a kid didn’t affected Buffet financially, since he invested small savings to learn about investing, but the knowledge gained meanwhile was immense.

A lot more is coming on the Oracle Of Omaha- The Real Investor Yogi very soon.
Till then happy investing.
Regards,
investoryogi.com


Impact of central bank on stock market

Impact of central bank on stock market



WHAT IS A CENTRAL BANK?


Central bank is the controller, producer and distributor of money in a country. Central bank has the monopoly and authority over any other bank in the country to control the money supply and credit of the country. Central bank regulates other financial institution in the country like the commercial banks. Also, the central bank manipulates the economic policies in a country to attain the desired economic growth and control inflation.


IMPACT ON STOCK MARKET


Central Bank’s policies have a huge impact on stocks.
It changes the trends of the market. Markets and individual stocks react to events.

Market participants should equip themselves to understand and decipher these events. The trend of the market changes on the basis of the “expectations” from the changes which might come after the announcement from the central bank.
One of the main tools by which the central bank affects the stock market is by changing its Repo rate.
Repo rate is the rate at which the central bank lends money to the commercial banks. If repo rate is less, then banks would be happy as the cost of borrowing would be less. One more benefit in turn achieved is the of ease of liquidity as banks can pass on the benefit to the consumers with decreased borrowing rates (interest rates) which would then increase investments and consumption in the economy.
Interest rates reflect the state of the economy i.e. if the central bank wants to reduce inflation, it makes loan expensive by increasing repo rate (interest rates effectively). And, it cuts rates when it wants to encourage borrowing and induce growth.
Central bank’s responsibility is to balance growth and inflation which it does by tweaking interest rates. As an investor it affects us in a major way. Rate cut implies availability of credit which implies more demand which implies more profit of companies which in turn implies increase in stock prices of companies.

policy of central bank

policy of central bank

Falling inflation means that the central bank will carry out more rate cuts to spur economic activity. This is the right time to buy shares of sectors that gain directly from falling interest rates (Decrease in repo rates implies decrease in interest rates). These sectors include BSE Sensex, BSE Realty and Bankex (Banks, auto, real estate). Falling interest rates improve corporate profitability by reducing interest payments and increasing revenue. For example:- Automobile industry is benefitted from falling interest rates as most vehicle purchases are financed by banks and if borrowing rates is less, then it would be directly benefitted. Similarly, demand for consumer durables increases as people can take loans at cheaper rate to buy air conditioners etc.
Bond yields and market valuation have an inverse relationship. Falling rates increase demand for older bonds as they were set in earlier higher rate market. So, banks and mutual funds also report a rise in value of bond holdings when interest rates fall.
Investment activity is not solely based on interest rates, but it is surely one of the factors impacting it. The rate cut will provide the right signal to companies to invest and consumers to spend.

Happy Investing.
Regards,
investoryogi.com


what is a stock. Stock defination. learn investing.
STOCK BASICS


What is a stock?

Stock in easy words, refers to the amount of ownership/share in a company. Ownership in any given thing comes with both its benefits and risks. In case of stocks, while the risk is limited to the money invested, the benefits can be unlimited. The maximum amount at risk is the money you have invested, while the return on the money invested has no limits. For example:- Mr Sam invested $5000 in company ”Z”.


Case 1:- All money lost.


Company ”Z” found itself in losses. Slowly the company filled for bankruptcy. The share was delisted from the stock exchange. Mr. Sam lost all the money he had invested, that is $5000. Point to be noted here is that, other than the $5000 invested, Mr. Sam doesn’t had to pay the company’s losses or any financial obligations from his personal assets.


Case 2:- Steady money gained.


Company “Z” with its strong fundamentals and management, grew steadily at a rate of 15%. This awarded its shareholders, one of whom was Mr. Sam, with a fair dividend and a capital gain of 15% that year. Here Mr. Sam can en-cash(sell) this 15% gain and move out from the shareholders list of the company or he can stay and enjoy the future benefits just as he received this year.


Case 3:- Sudden money gained.


Company “Z” with its strong product, launched an innovative product in the market, which had an edge over the other products in the market. This made the sales of the company grow 5 times, that is 500% growth in sales. Not only this, the government awarded the company with exclusive patents for the breadth-taking innovation portrayed by the company. Here the market capitalization of the company will increase many fold. Market capitalization refers to the share of the company’s product in the entire market. This will increase the profits of the company exponentially. In this case the share price will also rise exponentially giving Mr. Sam a great return on the money invested.

Sub-example:- When Steve Jobs introduced iPod, the market for Sony Walkman was took over by Apple, thus increasing Apple’s market capitalization, which in turn increased the sales and profits of the company, whose benefits were enjoyed by the Apple shareholders.


SHAREHOLDER IS THE OWNER OF THE BUSINESS

As and when you buy a share of a company, you get the right to the ownership in the company. Buying a share makes you entitled to the ownership of each and every asset and earnings of the business, thus , making you a part owner of the business. Value investing strategy emphasizes on considering the business you want to invest in to be your business while doing the fundamental analysis of the business. It says that you should understand the business as your own while investing in the business and reap its long term benefits. This is so because, when you will consider the company to be yours, you will evaluate the fundamentals diligently. You will take all corrective actions to keep the management accountable, since as the owner of a business, you will never ignore how a company is being run by your staff. Yes, you must consider the management as your employees who are entitled with a very important responsibility of running your business. Also, you will not exit your own business just because the shares are high one day. You shall seek long term benefits when the company belongs to you.


WHY WILL A COMPANY ISSUE SHARES(GIVE SOMEONE ELSE OWNERSHIP) WHEN IT CAN RAISE MONEY BY TAKING A LOAN(DEBT ISSUING) ?

So, logically thinking, if it comes to you, as a owner of a company, would you like to give lakhs of general public any ownership in your company? Will you like to share the profits of your hard-work with other people? Probably the answer to the questions above is NO.
So why will large companies go for raising money through equity instead of a going through debt financing? This is because, when you take a loan, you must pay the original borrowed amount with the obliged interest. On the other hand raising money through issue of shares does not guarantee repayment of principle amount to the shareholders. Also, it depends on the management whether to give dividends to its shareholders. Not only this, if the company goes bankrupt and is liquidated, then the shareholders will be paid last, after the repayment of all the loans and external obligations.
In short, from the shareholder’s perspective, maximum risk is the money invested while the gains can be unlimited.


CONCLUSION


Just as yogi reads all his chants diligently, attains immeasurable wisdom and successfully reaches nirvana, the same applies to an investor. Diligently gaining investing knowledge will give an investor immense wisdom to successfully analyzing a company and attaining financial nirvana.

Happy Investing.
Regards,
Investoryogi.com


intrinsic value, learn investing,

INTRINSIC VALUE

Intrinsic value refers to the true worth of a business. Investors following the value investing model are known to evaluate a security based on its intrinsic value. Intrinsic value is very subjective and is difficult to estimate. It takes into account both qualitative and quantitative factors affecting the business.
Qualitative factors include the quality of the product offered by the company, level of innovation portrayed by the brand, brand goodwill, desirability of the brand, quality of the management , governance etc. This list can go to any extent since it depends on the evaluator on what ground he analyses a security, which may differ from analyst to analyst. For example:- Investor “A” may look at the taste and quality of the food of the restaurant chain he wants to invest . On the other hand, investor “B” may not be interested in the taste and quality of the food while calculating the intrinsic value of the same restaurant chain.
Quantitative factors include the financials of the business including the asset evaluation, trial balance, balance sheet, profitability ratios etc.
Intrinsic value is used by the value investors to see if the market price paid by him is justifiable or not. He aims for a market price which is less than its intrinsic value. This is because, in case something bad happens with the company, he would have considered a margin of safety while investing his hard earned money. Margin of safety refers to the margin taken by the investor while buying a security to safeguard his interest from future price fluctuations.
Read more about Margin Of Safety here.
For example:- Security X had an intrinsic value of $1000. Here the investor knows that whatever may happen to the business in the short term, the prices will correct them in the l ng run and will at least pay the investor its intrinsic value , that is $1000. Hence he will focus for a market price that is below the intrinsic value of the share, thus taking into consideration margin of safety.

Conclusion

“Price is what you pay. Value is what you get.”

-Warren Buffett

Intrinsic value is what the investor expects the value which he shall get back, no matter what may happen to the business he is investing. Hence he evaluates intrinsic value to collate it with the market price of the security and apply the principle of margin of safety. In the end an investor yogi will take all the important factors while evaluating the intrinsic value, just as a yogi considers his best pupils while teaching his best chants.

Happy Investing.
Regards,
investoryogi.com


margin of safety, what is margin of safety, intrinsic value, benjamin graham

 

WHAT IS MARGIN OF SAFETY? 

 

“Prevention is better than cure.”

Consider the air bag in your car, the helmet for your bike, or any other measure you take to prevent yourself from any mishap. Same is the case with margin of safety in investing. Margin of Safety refers to the difference between the intrinsic value(actual worth) and the current market price of the share. The higher the margin of safety, the higher will be the safety and higher will be the possibility of the growth of the share in the coming future.

Benjamin Graham and David Dodd invented this term while explaining their another invention known as value investingThe Intelligent Investor and Security Analysis are two books written by these Investor Yogis which explains these concepts beautifully .

While buying a share by applying the strategy of value investing, intrinsic value of the company is calculated. Graham quoted –

“the margin of safety is always dependent on the price paid”.

For example- The intrinsic value of the company is calculated to be $100, then according to the principle of margin of safety, the investor should keep a margin of 30%, while buying a share. So the investor should buy the security only if the market price is below $70. Hence the price paid for the security is the point of concern while taking Margin of Safety into consideration.

Investor Yogi like Warren Buffet, who is a devoted believer in the margin of safety has actually applied this principle to the extent of as much as 50% discount to the intrinsic value of a stock as his buying price.

 

MARGIN OF SAFETY DOES NOT MAKE YOUR INVESTMENT BULLETPROOF

Yes, applying the principle of Margin of safety, won’t bulletproof your investment from declining in the future. What it does is, to provide you is with a room of error in your analysis of the security in question. Calculating the real worth(intrinsic value) of a company is highly dynamic. Every investor uses different measures and assumptions while evaluating a security, which may or may not be right. Also, predicting a company’s future earning is not as easy as doing a cat walk. A yogi cannot reach nirvana, just by calling himself a yogi, he has to really do what it takes to reach nirvana.  Margin of safety provides a pillow against errors in evaluation.

 

Happy Investing.

Regards,

Investoryogi.com


What is growth investing? Learn growth investing.

GROWTH INVESTING

 

Growth investing refers to an investment strategy where the stock is bought on the basis of its extra ordinary future performance and not on the current market price.  The security may be over priced but growth investing ignores it all together. Growth investing does not take Intrinsic value of the share in consideration. It says that as and when the company will perform in the future, the intrinsic value will raise as per it, hence it shall be ignored.

 

Growth investing took pace in the dot-com bubble in the late 1990s, when growth investing rewarded the investors bountifully.

 

A prudent Investor Yogi will look up for the following things when applying the Growth Investing strategy to build his portfolio. The invaluable advice is as follows:-

  1. Is the company growing regularly from the past?

A minimum of 5 year period should be taken to analyze the stock performance. If a period of 10 years is taken into consideration, then it is even better, since a company is most likely to perform on the footprints of this long, a term of 10 years.  Different industries grow at different rates. A growth rate which is high for a particular industry may not be the same for another industry, hence due consideration should be taken industry wise. Independent research should be done for the industry in which you are investing your hard earned money. Company size should also be taken into consideration. Usually Large Cap companies should grow at more than 5% for the last 5 years , where as mid cap and small cap companies should grow at a minimum of 7% and 12% respectively.

 

  1. Will the company grow at a strong pace in the coming years?

The company in consideration should grow a minimum of 10-12% in the coming years. A return of 15% will be well asked for while indulging in growth investing. Again different cap companies and companies falling in different industries will grow differently.
Such growth predictions can be found by analysis reports or self-analysis of companies. The point to be noted here is that these analysis are only predictions, nothing is assured. Because of this, a growth investor should always follow due diligence by checking the credibility of the source, understanding the company, its business opportunities, economic environment and the industry in which the company is operating in.

 

  1. Is the Management of the company magical?

There are companies whose revenue/sales are huge. Sales are even increasing at a very good pace but the earning per share(EPS) has not increased over the years. Why so ?
This is because of declining/stagnant profit margins. Growth investor should always look out as how much is the profit before tax and interest. Is the product offered by the company’s competitor has margins greater than the company you are looking to invest in? Is the company taking appropriate steps to cut down costs, innovating better products, increasing margins? These are the questions a growth investor should take in consideration while evaluating the company and its management. Efficiency can be quantified by using the concept of “Return On Equity” (ROE). A stable or rising ROE is a good factor. ROE shall also be compared with the past performance of the company and the industry.

 

 

  1. Hey stock! Will you at least double my money in 5 years?

A growth rate of 10% will double your money in 7 years. To double the money in 5 years, you need a growth rate of 15%. So, if the stock does not even double within 5 years, then it may not be at all a growth stock. You should look at these with this perspective while also taking into consideration the factor of inflation over these years. This shall also decrease the net value of your money. Hence you need a stock that at least doubles within 5 years.

 

CONCLUSION

So, its not very difficult to find a growth stock. Growth investors should look for companies which consistently introduce apex products in the markets, which shall make the company grow at more than the normal prevailing growth rate. The growth investor don’t mind paying a premium for an investment since he knows the potential of a company in the long run.

 

Happy Investing.

Regards,

Investoryogi.com

Take a short quiz to test your knowledge on Growth Investing.


1

WHAT IS VALUE INVESTING

Value investing refers to an investing strategy wherein the investor looks out for appreciation of the share price due to its long-term business value. Value investing is achieved after doing thorough fundamental analysis taking into consideration the principle of ” Margin of safety” and Intrinsic Value . Margin of safety refers to the difference between the price and value of the share. This means that a share may have a high or low share price but its actual value may differ. According to fundamental analysis, a company may under perform or over perform in the short term but in the long run, the company will perform as per its real potential only.
The difference between the price and value is the safety(profit potential) or risk(loss potential). The higher the value as compared to the price, the higher will be the profit of a specific business and vice versa. Investor yogis like Warren Buffet usually keep a Margin of safety of around 30%. For example- If the current price of the share is 70$ and the intrinsic value is 100$, then an investor yogi is ensuring a Margin of safety of 30% before investing his hard earned money, which, shall probably reward him fruitfully in the future.

MINDSET OF A VALUE INVESTOR

Value investing is done with a mindset of “investing in a company and not in a mere stock”. Value investors feel themselves to be the owner of the company they are investing. They are usually not interested in the short term gains/losses to the company. They are assured of the long term capability of the company and therefore hold the security for a very long time.

BUYING AND HOLDING THE SHARE

According to the wisdom inculcated while doing value investing, a value investor don’t care about what the crowd does in the market. He/she don’t fear market reactions/movements. He/she’s investment decision won’t change because of what the crowd decided to do with a particular investment. Knowing, the real value of the business once, a value investor holds his security just like a yogi holds on to his honest pupils.

FOUNDERS OF VALUE INVESTING

Last but not the least, Value investing was founded by Benjamin Graham and David Dodd whom pupils include the likes of investor yogis such as Warren Buffet etc.

Happy Investing.
Regards,
investoryogi.com

Take a short quiz to check your knowledge on Value Investing.


What is Investing?What is Investing?
Investing refers to the use of already existing assets (can be anything: time, money, real estate, etc.) in some other assets (people, shares, financial instruments, real estate etc.) through some facilitated mechanism (stock exchange when investing money to buy shares) with the motive of gaining a profit is known as investing.
Investing is done to make your already existing assets to work for you to make more such assets. Investing inculcates the power of compounding. Compounding refers to the earnings generated by investing both the principal and interest again and again to give an exponential return. Compounding was quoted as the 8th wonder of the world by Albert Einstein.
There are various instruments and approaches to investing. It depends on the investor to choose a style or inculcate his/her own way of investing. Two prominent investing styles include Value investing and Growth investing. Value investing is considered as the supreme way of investing which is followed by the likes of investor yogis like Warren Buffet. Value investing focuses on buying a stock when the trading price is well below the intrinsic-value of the stock, taking in consideration the principle of Margin of Safety. On the other hand Growth investing focuses on capital appreciation, focusing on buying companies with extra ordinary/above average growth potential even if it requires a purchase at an expensive price. Thomas Rowe Price Jr. has been called the father of growth investing. There is a mid-way as well which is called “Growth at reasonable price” which focuses on buying a high growth company at a reasonable price. After the Dot Com bubble bursting, investors have given the “Growth at reasonable price” due consideration. There have been many instances where these two styles are hugely debated which resulted in the extraction of pros and cons of both the styles.

*Click here to read more about Value vs Growth investing.

Investing Is Not Speculating
Investing involves thorough analysis of the asset in which the money is invested by the investor. Investing does not involve putting money on the basis of a hot tip by the stock broker or any other news in the media, nor does it involve putting money in any asset only since the markets are rising. This is mere speculation. Warren Buffet has an invaluable take on this. He says

“Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway”.

Investing is a process involving the utilization of your investing knowledge and not the mere use of your gut feeling for a stock which you just hear from somebody to rise and put money in the same. Investing should be done with utmost care and knowledge just as a yogi precisely sings all his mantras diligently.


Why America is called “The Land Of opportunities” ?

1. More than 60% of the American citizens invest in the stock market. This percentage is exponentially greater than any country in the world. This shows the confidence among people in their economy. They trust their home grown American companies with their hard earned money. Also, country’s money stays within […]