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TheEquityDesk and Consumer stocks - Perfect fit

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Topic: TheEquityDesk and Consumer stocks - Perfect fit
Posted By: basant
Subject: TheEquityDesk and Consumer stocks - Perfect fit
Date Posted: 12/Oct/2011 at 7:07pm
This caption was conceptualized with a lot of happiness and a little bit of arrogance. The ability of human nature to feel proud and happy on success is natural. Hence the kind of success that TheEquityDesk has generated for all its members through their collective debate and reasoning especially relating to the investment potential of consumer stocks is extraordinarily phenomenal. Most of the consumer names here have been up by four to twenty times over the last 2 years even while the broad market has done almost nothing!

Taleb would call this a random event and if it is that so be it. As someone mentioned that given an option in between being lucky and smart he would rather be lucky then be smart, the same logic applies for all the members of TheEquityDesk who have made a ton of money in the great Indian consumer boom.

In my relentless endeavour to interact with money managers and analysts I have seen no one being bullish on consumption stocks. Most of them have found it expensive and a few of them were courageous enough to admit that they missed it while a small percentage of the others were waiting for a fall to buy it. It is strange that people always want to buy a stock a in a recurring infinite loop 20% cheaper then what it quotes at.

So this story repeated itself with many of the consumption stocks where most of the Ted members made money while the world waited to buy it at a lower scale the believers pyramided with incremental salary cash flow thus creating a portfolio of multibaggers.

Most analysts argue against consumer stocks on the basis of a relatively high PE ratio. Quality growth stocks have to be bought with the thought that if the growth continues for a couple of more quarters the stock would become cheap. They are seldom available at absolute levels of cheapness (whatever that means) and when they are as in March 2009 the others trade at PE ratios of three and five with an yield greater then the PE ratio and many of them generating returns of 20%+ on invested capital. So relatively speaking, quality is always expensive.

The general market consensus is that everyone else has bought consumer names and are hiding in them so it can crash but no one says that he has bought it himself, so it is a case of no one buying this in bulk but still assuming that everyone else has bought it.

Another argument is that if you add the market cap of the top best performing consumer stocks (TTK Prestige, Page Industries, Jubilant Foodworks, Hawkins Cooker Bata etc) the total market cap is less than US$ 5billion. If you add Titan to this list then it moves closer to US$ 10 Billion. This is certainly not the sign of a bubble in an economy where private final consumption could hit US $ 3.4 trillion over the next ten years.

Over the past couple of years as these consumer stocks moved ahead there is a case of not even a single consumer oriented mutual fund being floated. How many did we have before the infra and real estate sectors went bust? I guess around three dozens and a few more.

But, here comes the important but, like all sectoral rallies this one will also collapse and to counter that we have to keep our eyes and ears to the ground both in terms of what the companies are doing as also as how the market participants are thinking. Both are equally important and also amongst the consumer names one has to keep getting out of the relatively expensive ones and buying more of the relatively cheaper ones something that is easy in hindsight and almost impossible in foresight but investing is about making educated guesses and we keep doing that.

However even when this music stops most of us will keep dancing as has happened in every boom over the last four hundred years and so it is important to stop and make sure that we have to dance as long as the music plays rather than assume that the music will keep on playing till we dance!

For the moment though there does not seem to be any signs of the drums stopping though depending on the beats one has to keep evaluating and switching the dance steps.


-------------
'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in



Replies:
Posted By: Jaishrikrishna
Date Posted: 12/Oct/2011 at 7:13pm
Keep writing Basantjee, Every bit you write on TED, is a learning experience for us.

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Don't Buy and Hold, Buy and Homework / Fish see the bait,but not the hook; Men see the profit, but not the peril.


Posted By: subu76
Date Posted: 12/Oct/2011 at 7:35pm

Great Article Basant Sir.

 
I think not enough research has gone into what's driving the huge consumer stock boom. While power and infra companies have engaged fund managers with gutso with statistics like per capita power usage consumer companies have not taken the lead in that aspect. I doubt anyone has done indepth analysis of the effect NREGA or trickle down effect has had on consumer companies.
 
Another aspect has been the relatively low market cap and low liquidity of consumer companies has not encouraged fund managers to participate.
 
I also think there is a huge disbelief about the entire consumer sector boom. For example what explains the huge sell off on Bajaj Electricals (a huge price warrior) to 1500 cr market cap when it a an extremely high ROE business that does 150 cr profit.
 
Another aspect is that tradition value measures like PE, BV can't be applied to measure immensely cash generating abilities of consumer stocks.
 
One more neglected aspect is that a lot of these consumer stocks have arrived now. While sales growth has been pushing up the topline the bottom line has been bolstered much more by economies of scale and that has caused the surge in profits and PE rerating. What is very heartening about a lot of consumer companies is that they were struggling a few years back. If you look Bajaj Electrical, Prestige, Hawkins, Whirlpool ... all of these companies were in a bad shape around 2000-2002. The huge economic growth and internal startegy changes they've made has resulted in a rich haul.
 
I think we have 2 consumer focused mutual funds only at this point (Read this in moneylife sometime back). However, we haven't see the huge "King without any clothes" IPO in this segment. Perhaps because investment bankers can't create a consumer company out of thin air unlike say power companies, brokerage houses or IT firms.


Posted By: subu76
Date Posted: 12/Oct/2011 at 7:41pm
Originally posted by subu76

Great Article Basant Sir.

 
I think not enough research has gone into what's driving the huge consumer stock boom. While power and infra companies have engaged fund managers with gutso with statistics like per capita power usage consumer companies have not taken the lead in that aspect. I doubt anyone has done indepth analysis of the effect NREGA or trickle down effect has had on consumer companies.
 
Another aspect has been the relatively low market cap and low liquidity of consumer companies has not encouraged fund managers to participate.
 
I also think there is a huge disbelief about the entire consumer sector boom. For example what explains the huge sell off on Bajaj Electricals (a huge price warrior) to 1500 cr market cap when it a an extremely high ROE business that does 150 cr profit.
 
Another aspect is that tradition value measures like PE, BV can't be applied to measure immensely cash generating abilities of consumer stocks.
 
One more neglected aspect is that a lot of these consumer stocks have arrived now. While sales growth has been pushing up the topline the bottom line has been bolstered much more by economies of scale and that has caused the surge in profits and PE rerating. What is very heartening about a lot of consumer companies is that they were struggling a few years back. If you look Bajaj Electrical, Prestige, Hawkins, Whirlpool ... all of these companies were in a bad shape around 2000-2002. The huge economic growth and internal startegy changes they've made has resulted in a rich haul.
 
I think we have 2 consumer focused mutual funds only at this point (Read this in moneylife sometime back). Accounting standards is "relatively" clean. However, we haven't see the huge "King without any clothes" IPO in this segment. Perhaps because investment bankers can't create a consumer company out of thin air unlike say power companies, brokerage houses or IT firms.


Posted By: nikrod12
Date Posted: 12/Oct/2011 at 7:48pm
Originally posted by subu76

However, we haven't see the huge "King without any clothes" IPO in this segment. Perhaps because investment bankers can't create a consumer company out of thin air unlike say power companies, brokerage houses or IT firms.
 
 
Very relevant point Subuji. You can't drag a million fools with tagline "COOKER ON INDIA ON" Smile


Posted By: subu76
Date Posted: 12/Oct/2011 at 8:02pm
Originally posted by nikrod12

Originally posted by subu76

However, we haven't see the huge "King without any clothes" IPO in this segment. Perhaps because investment bankers can't create a consumer company out of thin air unlike say power companies, brokerage houses or IT firms.
 
 
Very relevant point Subuji. You can't drag a million fools with tagline "COOKER ON INDIA ON" Smile
 
Yeah , just look at our collective skepticism about Actlife or Bajaj Almonds.
I remember during the dot com boom a kid wearing shorts could come to investors on his cycle could make a speech about eyeballs raise 500 million dollars just like that and then get stone drunk.
 
We're definitely not at such a bubbly state as far as consumer companies go.


Posted By: kumarn
Date Posted: 12/Oct/2011 at 8:07pm
From a very macro perspective the consumption story looks self sustaining for the next 30 years. That is a long, long time. The question is whether it translates to the same kind of growth in the companies we are targeting and in their prices in the stock markets.


Posted By: S.Varghese
Date Posted: 12/Oct/2011 at 9:12pm
Great Article Basantji, Subuji and other esteemed members of TED. I feel a bit ashamed to say that I never knew the power of the Indian consumption story. My first multibaggers were in the Power sector - Tata Power and BSES - and I was lucky to enter in mid three digits and exit at almost their peak. I am very ashamed of my investments methods then.
 
I used to invest based on the capex of various companies. More the capex, more of my capital got deployed. Now as far as capex is concerned, I have taken a complete about turn.
 
After that I made some serious multibagger losses in the IndiaBulls, DLF, Bharti Shipyards of the world. After that I made some serious money in high quality commodity producers like Sesa Goa and Tata Steel after the 2008 crash.
 
Despite all this Titan, Hawkins, TTK, Page never crossed my path because these stocks are not in the front pages of business newspapers - unlike their distant flashy cousins like BSES, RIL, da da da..
 
The best thing to happen in my investment journey was visiting TED. I dont know how it happened, but it happened and things have started moving up slowly but steadily. I have no "castles in the air" dreams, but I know along with other TED memebers I am in good company and in a reasonablly good path.
 
Hats off to Basantji, TED and other esteemed members of this great forum.


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Fools rush in where angels fear to tread.


Posted By: prabhakarkudva
Date Posted: 12/Oct/2011 at 9:33pm
Great write up Basantji as always.

We should all be thanking you for leading us on to this path and ensuring we dont stumble in between and make mistakes.This article is another of those reminders that there is still money on the table for anyone who is willing to bury his ego/mistakes and get on this train. Most of the companies we discuss on TED can easily do a 25% CAGR for 10 years - that is about 10 times in 10 years even after all the ups and downs that we'll see in the next decade - which can be an enviable result for a common man who dumps all his earnings in a fixed deposit or in buying apartments.

We need to take that step to allocate a meaningful amount of our portfolio to equity and then invest a meaningful amount in these consumer stocks and then become Rip Van Wikles. We probably won't do too bad.


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Take your chances and keep them in a box until a quieter time.


Posted By: SK1076
Date Posted: 12/Oct/2011 at 9:35pm

Basantji - You have Superbly Clap put across this consumption play story. Although i am not a very good dancer but am sure that will definitely learn one or two great steps with you @ TED


Originally posted by basant

This caption was conceptualized with a lot of happiness and a little bit of arrogance. The ability of human nature to feel proud and happy on success is natural. Hence the kind of success that TheEquityDesk has generated for all its members through their collective debate and reasoning especially relating to the investment potential of consumer stocks is extraordinarily phenomenal. Most of the consumer names here have been up by four to twenty times over the last 2 years even while the broad market has done almost nothing!

Taleb would call this a random event and if it is that so be it. As someone mentioned that given an option in between being lucky and smart he would rather be lucky then be smart, the same logic applies for all the members of TheEquityDesk who have made a ton of money in the great Indian consumer boom.

In my relentless endeavour to interact with money managers and analysts I have seen no one being bullish on consumption stocks. Most of them have found it expensive and a few of them were courageous enough to admit that they missed it while a small percentage of the others were waiting for a fall to buy it. It is strange that people always want to buy a stock a in a recurring infinite loop 20% cheaper then what it quotes at.

So this story repeated itself with many of the consumption stocks where most of the Ted members made money while the world waited to buy it at a lower scale the believers pyramided with incremental salary cash flow thus creating a portfolio of multibaggers.

Most analysts argue against consumer stocks on the basis of a relatively high PE ratio. Quality growth stocks have to be bought with the thought that if the growth continues for a couple of more quarters the stock would become cheap. They are seldom available at absolute levels of cheapness (whatever that means) and when they are as in March 2009 the others trade at PE ratios of three and five with an yield greater then the PE ratio and many of them generating returns of 20%+ on invested capital. So relatively speaking, quality is always expensive.

The general market consensus is that everyone else has bought consumer names and are hiding in them so it can crash but no one says that he has bought it himself, so it is a case of no one buying this in bulk but still assuming that everyone else has bought it.

Another argument is that if you add the market cap of the top best performing consumer stocks (TTK Prestige, Page Industries, Jubilant Foodworks, Hawkins Cooker Bata etc) the total market cap is less than US$ 5billion. If you add Titan to this list then it moves closer to US$ 10 Billion. This is certainly not the sign of a bubble in an economy where private final consumption could hit US $ 3.4 trillion over the next ten years.

Over the past couple of years as these consumer stocks moved ahead there is a case of not even a single consumer oriented mutual fund being floated. How many did we have before the infra and real estate sectors went bust? I guess around three dozens and a few more.

But, here comes the important but, like all sectoral rallies this one will also collapse and to counter that we have to keep our eyes and ears to the ground both in terms of what the companies are doing as also as how the market participants are thinking. Both are equally important and also amongst the consumer names one has to keep getting out of the relatively expensive ones and buying more of the relatively cheaper ones something that is easy in hindsight and almost impossible in foresight but investing is about making educated guesses and we keep doing that.

However even when this music stops most of us will keep dancing as has happened in every boom over the last four hundred years and so it is important to stop and make sure that we have to dance as long as the music plays rather than assume that the music will keep on playing till we dance!

For the moment though there does not seem to be any signs of the drums stopping though depending on the beats one has to keep evaluating and switching the dance steps.


-------------
Patience PAYS/-


Posted By: datta.supratik
Date Posted: 12/Oct/2011 at 9:58pm
Basantji,

Is there a way that we can consolidate all your posts and zip them :) I want to read them over and over again.
Please do publish a book.

I understand that great people are born not made...

Thanks a lot for your contribution in our life.

Regards
Supratik


Posted By: jagbir
Date Posted: 12/Oct/2011 at 10:30pm
Thanks a ton Basantji for a superb, crisp and to the point article squeezed in few hundred words having wealth of knowledge equivalent to thousand pages of an investing book!



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I find that the harder I work, the more luck I seem to have.


Posted By: manish_okhade
Date Posted: 12/Oct/2011 at 10:32pm
Each boom looks very obvious when it starts. Trick is get in and out if one has the guts to spot the trend. Few past fiasco: 1) Internet boom - Eyeball ration, easy to get rrillion dollar and so on... 2) Infra boom - wasn't it so obvious like consumption theme? India still has a long way to go for power, road etc. but music seems to have completely stopped. Now new theme is consumption, it is still in its infacy will grow young and later die old too so if thats the prognosis then time to run with this baby before it does.


Posted By: FutureBull
Date Posted: 12/Oct/2011 at 10:40pm
Great thanks Basantji!! this stimulates stock taking. I believe consumption theme will carry on for few decades but stocks would peak out at different point of time. Time changes need changes so within consumption one needs to keep open eye. Look at US, even today consumption themes are valued higher than other themes. Log way to go but keep eyes and ears open.

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‘The market always does what it’s supposed to — BUT NEVER WHEN’.


Posted By: subu76
Date Posted: 12/Oct/2011 at 11:02pm
I'd say it's not a great idea to extend the trend for the last 2 years and assume we'd get such outsized returns from a basket of consumer stocks over the next 10 years.
 
I just looked at the 10 year charts of Bata, Hawkins, TTK Prestige, whirlpool, VST and each on of them was extremely flat till 2009 before they started their steep climb.
 
Clearly this sort of steep climb is not sustainable forever. There is a huge difference between a steady compounder and a galloping stock in terms of wealth creating.
 
At a minimum we need to understand the factors which kept the stocks down from 2000 to 2009 before the take off started.
 
Also no one should wonder why they did not look at these stocks earlier. They were lucky since these underperformed badly between 2000 - 2009/


Posted By: garun1980
Date Posted: 12/Oct/2011 at 6:17am
Great write up Basantji. I still remember my tentative buying in Jubilant Foodworks not knowing whether I made the right decision. I have held on and have made healthy gains in excess of 60 percent in the last one year. All thanks to the reasoning and astute analysis of fellow boarders on the Jubilant Foodworks forum!

Many of us believe that small/midcap consumer names only can give healthy returns. I have been invested in ITC for a while and in the last one year the stock has given returns in excess of 20 percent.

Basantji has very correctly stated, we need to look for cheaper stocks in the consumer space. I will start evaluating a few names in that arena,  Tata Coffee (have a small holding), Tata Global and Talwalkar.

Once again a hearty congratulations to Basantji for this awesome forum.


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Back in school!!


Posted By: arjun
Date Posted: 12/Oct/2011 at 10:08am
well said! one should not get carried away by just looking at the immediate past!


Posted By: shontou
Date Posted: 12/Oct/2011 at 10:36am
Great insightful article Basant ji. Helped removed a lot of doubts from my mind.

Just to add one more factor in favour of domestic oriented consumer stocks is their immunity from currency fluctuation.

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Every day, self-proclaimed stock market "experts" tell us why the market just went up or down, as if they really knew. So where were they yesterday?


Posted By: Kautilya
Date Posted: 12/Oct/2011 at 11:02am
Originally posted by shontou

Just to add one more factor in favour of domestic oriented consumer stocks is their immunity from currency fluctuation.
Some of these domestic oriented companies, like Dabur, Godrej Consumer and Marico have made acquisitions overseas and thereby have dollar loans. I do not know if this matters so much.


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My indecision is final.


Posted By: RSS4245
Date Posted: 12/Oct/2011 at 11:09am
Superb write up Basant ji Clap
 
I think sooner or later Fund managers/Analysts will understand this & till that time Teddies will keep on accumulating consumption stocks....
 
This is where teddies have an edge over others like always....Thumbs%20Up


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FUNDOOSEARCH


Posted By: wiseowl
Date Posted: 12/Oct/2011 at 11:21am
Originally posted by basant

Hence the kind of success that TheEquityDesk has generated for all its members through their collective debate and reasoning especially relating to the investment potential of consumer stocks is extraordinarily phenomenal. Most of the consumer names here have been up by four to twenty times over the last 2 years even while the broad market has done almost nothing!

Taleb would call this a random event and if it is that so be it.


Actually, I consider it more akin to what Buffett calls "The Superinvestors of Graham-and-Doddsville".


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You alone are responsible for your actions.


Posted By: rajnsharma
Date Posted: 12/Oct/2011 at 11:31am
Originally posted by manish_okhade

Each boom looks very obvious when it starts. Trick is get in and out if one has the guts to spot the trend. Few past fiasco: 1) Internet boom - Eyeball ration, easy to get rrillion dollar and so on... 2) Infra boom - wasn't it so obvious like consumption theme? India still has a long way to go for power, road etc. but music seems to have completely stopped. Now new theme is consumption, it is still in its infacy will grow young and later die old too so if thats the prognosis then time to run with this baby before it does.
 
Very valid points Manish. I feel the key to identifying these issues is valuations. One should never loose sight of it. Like in both internet and infra boom it was all hypothetical calculation based on future earnings. One has to be cautious when too much of future earnings are built in the price.


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Wall Street makes money by it's activity, while you can make money by your in-activity - Warren Buffett


Posted By: nikrod12
Date Posted: 12/Oct/2011 at 11:50am
Great article Basantji...Clap. I am too inexperienced to comment but hats off to TED for identifying the theme. Let us ride it, be cautious and help ourselves wlth collective wisdom of all TEDies.


Posted By: tejas.k
Date Posted: 13/Oct/2011 at 12:05pm
as always great post basantji.
manish had made a very good point. i wonder why all of a sudden most of the consumer stocks got rerated.  ( because everyone knows these are evergreen and and not very capital intensive). subu also highlighted the stagnant stock price of TTK etc till 2009. do you think investors realized the potential of consumer stocks because of the recession in 2009?..  i think one cant attribute it to the raising per capital income. because if that were the case, rerating should have happened from early 2000 itself..



Posted By: shontou
Date Posted: 13/Oct/2011 at 1:13pm
Originally posted by Kautilya

Originally posted by shontou

Just to add one more factor in favour of domestic oriented consumer stocks is their immunity from currency fluctuation.

Some of these domestic oriented companies, like Dabur, Godrej Consumer and Marico have made acquisitions overseas and thereby have dollar loans. I do not know if this matters so much.


You are spot on Kautilya. That is why one should concentrate only on purely domestic oriented companies.

-------------
Every day, self-proclaimed stock market "experts" tell us why the market just went up or down, as if they really knew. So where were they yesterday?


Posted By: smart_prof
Date Posted: 13/Oct/2011 at 1:25pm
Originally posted by basant

This caption was conceptualized with a lot of happiness and a little bit of arrogance. The ability of human nature to feel proud and happy on success is natural. Hence the kind of success that TheEquityDesk has generated for all its members through their collective debate and reasoning especially relating to the investment potential of consumer stocks is extraordinarily phenomenal. Most of the consumer names here have been up by four to twenty times over the last 2 years even while the broad market has done almost nothing!

Taleb would call this a random event and if it is that so be it. As someone mentioned that given an option in between being lucky and smart he would rather be lucky then be smart, the same logic applies for all the members of TheEquityDesk who have made a ton of money in the great Indian consumer boom.

In my relentless endeavour to interact with money managers and analysts I have seen no one being bullish on consumption stocks. Most of them have found it expensive and a few of them were courageous enough to admit that they missed it while a small percentage of the others were waiting for a fall to buy it. It is strange that people always want to buy a stock a in a recurring infinite loop 20% cheaper then what it quotes at.

So this story repeated itself with many of the consumption stocks where most of the Ted members made money while the world waited to buy it at a lower scale the believers pyramided with incremental salary cash flow thus creating a portfolio of multibaggers.

Most analysts argue against consumer stocks on the basis of a relatively high PE ratio. Quality growth stocks have to be bought with the thought that if the growth continues for a couple of more quarters the stock would become cheap. They are seldom available at absolute levels of cheapness (whatever that means) and when they are as in March 2009 the others trade at PE ratios of three and five with an yield greater then the PE ratio and many of them generating returns of 20%+ on invested capital. So relatively speaking, quality is always expensive.

The general market consensus is that everyone else has bought consumer names and are hiding in them so it can crash but no one says that he has bought it himself, so it is a case of no one buying this in bulk but still assuming that everyone else has bought it.

Another argument is that if you add the market cap of the top best performing consumer stocks (TTK Prestige, Page Industries, Jubilant Foodworks, Hawkins Cooker Bata etc) the total market cap is less than US$ 5billion. If you add Titan to this list then it moves closer to US$ 10 Billion. This is certainly not the sign of a bubble in an economy where private final consumption could hit US $ 3.4 trillion over the next ten years.

Over the past couple of years as these consumer stocks moved ahead there is a case of not even a single consumer oriented mutual fund being floated. How many did we have before the infra and real estate sectors went bust? I guess around three dozens and a few more.

But, here comes the important but, like all sectoral rallies this one will also collapse and to counter that we have to keep our eyes and ears to the ground both in terms of what the companies are doing as also as how the market participants are thinking. Both are equally important and also amongst the consumer names one has to keep getting out of the relatively expensive ones and buying more of the relatively cheaper ones something that is easy in hindsight and almost impossible in foresight but investing is about making educated guesses and we keep doing that.

However even when this music stops most of us will keep dancing as has happened in every boom over the last four hundred years and so it is important to stop and make sure that we have to dance as long as the music plays rather than assume that the music will keep on playing till we dance!

For the moment though there does not seem to be any signs of the drums stopping though depending on the beats one has to keep evaluating and switching the dance steps.


Excellent !!!


Posted By: MR TED
Date Posted: 13/Oct/2011 at 3:38pm
Originally posted by tejas.k

as always great post basantji.
manish had made a very good point. i wonder why all of a sudden most of the consumer stocks got rerated.  ( because everyone knows these are evergreen and and not very capital intensive). subu also highlighted the stagnant stock price of TTK etc till 2009. do you think investors realized the potential of consumer stocks because of the recession in 2009?..  i think one cant attribute it to the raising per capital income. because if that were the case, rerating should have happened from early 2000 itself..

Re-rating in consumer stocks has happened because people are fearful now, fearful of recession, fearful of capex, fearful of Asset oriented/capital intensive companies..and are hiding in steady cash flow companies for the time being. All have become risk averse post 2009.
So indeed a bubble is growing, but interestingly this bubble is not out of exuberance but out of fear!
 
I my be totally wrong!


Posted By: sameerde
Date Posted: 13/Oct/2011 at 5:53pm
recent results of ttk point to ability to pass thru price increases and steady volumes. as rightly pointed out, the demand for consumer themes is the steady cash flows, ease of passing thru prices hikes and marginal impact of lower volumes unlike industrials where the leverage impact of lower volumes is huge.

in addition, i think there is an important point we are missing; that of comfort. how many scams have we heard of in consumer sectors?? barring telecom none. how many in industrial sectors--numerous going from mining, real estate, metals etc.
clearly, the wherever there is regulation and high ticket items/large benefits involved, there is corruption to be found.

i think india's discounting can be impacted severely if such scams continue to be unearthed + if there is a new scam in a consumer sector. then there will be no belief. even now, people have simply started considering annual reports not as founts of information, but as something to finance their next haircut! their belief--what is the use of reports when the reality and actual numbers are entirely different.

these may be extreme views, to some extent reflecting my discontent and disgust.



Posted By: shalukat
Date Posted: 13/Oct/2011 at 8:00pm
Hi Basantji, excellent post. Though I joined the TED very late and therefore was not able to make money in the consumption stocks/theme, I a just very happy that I DID join TED as I am learning so much by just reading the old posts by all senior teddies. I think I will eventually emerge a winner in the long run as I have totally changed by investment style and have learnt a lot from this forum.

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Shalu


Posted By: coolcarney
Date Posted: 13/Oct/2011 at 12:40pm
Thank you Basantji for this article. Keep guiding and enlightening us.


Posted By: paulinasu
Date Posted: 13/Oct/2011 at 4:16am
Good article, Basantji.
It is only because of TED that more than 80% of my present portfolio consists of Titan, Hawkins, Zydus, HDFC twins. Eventhough I have not made huge profits so far, as I started shifting to TED stocks only a few months back, but Iam definitely not in a loss. I owe a lot to TED, as otherwise my original portfolio which used to consist of the so called "hot stocks" from various tip providers, especially during this global downturn, would have shrinked a lot. 


Posted By: vijaygawde
Date Posted: 13/Oct/2011 at 7:09am
Originally posted by basant

However even when this music stops most of us will keep dancing as has happened in every boom over the last four hundred years and so it is important to stop and make sure that we have to dance as long as the music plays rather than assume that the music will keep on playing till we dance!


Very Well said Basantji,

I will keep dancing but only near the exit door Wink


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Diversification is protection against ignorance, it makes little sense for those who know what they’re doing.


Posted By: basant
Date Posted: 14/Oct/2011 at 8:48pm
Thank you all, its nice to hear such nice words from you. The purpose of this writeup was to suggest that while the going is good we need to keep our eyes and ears open for any change in trend.

As a purely hypothetical example lets take two companies both trading at a PE of 30 times FY12; showing similar revenue and profit growth, same yield and capital efficiency parameters but one of them has a larger scale of opportunity then the other which is creating a market for itself.... logic suggests we should move to the one where the scale of opportunity is already present and which is already a large cap rather then being invested in the one where the overall market is not that big but expanding with each passing year.

It is tough to create a market then to grab market share from less dominant players.

Such kind of tactical switches need to be made at the right time.

-------------
'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in


Posted By: MR TED
Date Posted: 14/Oct/2011 at 9:11pm
Originally posted by basant

Thank you all, its nice to hear such nice words from you. The purpose of this writeup was to suggest that while the going is good we need to keep our eyes and ears open for any change in trend.

As a purely hypothetical example lets take two companies both trading at a PE of 30 times FY12; showing similar revenue and profit growth, same yield and capital efficiency parameters but one of them has a larger scale of opportunity then the other which is creating a market for itself.... logic suggests we should move to the one where the scale of opportunity is already present and which is already a large cap rather then being invested in the one where the overall market is not that big but expanding with each passing year.

It is tough to create a market then to grab market share from less dominant players.

Such kind of tactical switches need to be made at the right time.
Thanks Basantji for your Posts! Above, do you mean we should keep an eye and switch to Large Caps at right time?


Posted By: basant
Date Posted: 14/Oct/2011 at 10:35pm

Not necessarily, I just gave an example to suggest that we have to keep making those tactical switches depending on the opportunities available. Anyone who does not try and make those switches will not get to keep the above average rate of return because all returns revert back to the eman over the very long term.

So even within the consumption basket there would be companies which would appear relatively better the effort should be to identify those pockets and get away from the ones which for an equal valuation are more expensive because of lower or more difficult growth/payout/management issues or any other attribute.
 
In other words the buy and hold strategy can beyond a point could dilute these supernormal returns.


-------------
'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in


Posted By: kumarn
Date Posted: 14/Oct/2011 at 12:57pm
Originally posted by basant

one of them has a larger scale of opportunity then the other which is creating a market for itself.... logic suggests we should move to the one where the scale of opportunity is already present and which is already a large cap rather then being invested in the one where the overall market is not that big but expanding with each passing year.


So,
"the scale of opportunity is already present and which is already a large cap" = Titan
and,
"the overall market is not that big but expanding with each passing year" = Zydus
???

Am I drawing correct parallels??


Posted By: j2eeprofessiona
Date Posted: 15/Oct/2011 at 12:26pm
Basantji and others, has someone figured out the next winner in  the consumption play ?


Posted By: MR TED
Date Posted: 15/Oct/2011 at 12:37pm
Originally posted by MR TED

Originally posted by basant

Thank you all, its nice to hear such nice words from you. The purpose of this writeup was to suggest that while the going is good we need to keep our eyes and ears open for any change in trend.

As a purely hypothetical example lets take two companies both trading at a PE of 30 times FY12; showing similar revenue and profit growth, same yield and capital efficiency parameters but one of them has a larger scale of opportunity then the other which is creating a market for itself.... logic suggests we should move to the one where the scale of opportunity is already present and which is already a large cap rather then being invested in the one where the overall market is not that big but expanding with each passing year.

It is tough to create a market then to grab market share from less dominant players.

Such kind of tactical switches need to be made at the right time.
Thanks Basantji for your Posts! Above, do you mean we should keep an eye and switch to Large Caps at right time?
Great Words of Wisdom Basantji Clap I understood its essence when I read it second time Smile Thanks!
But I doubt though. As you had only mentioned that a growing company always commands a higher PE. What if the Market that a growing small cap company shall create with each passing year may after few years be bigger or rather the growth rate be more sustainable than the Large cap? Is such a situation possible?


Posted By: basant
Date Posted: 15/Oct/2011 at 12:43pm
My example was "hypothetical" and was based on similar growth profile. In case of growth differential we move to the higher sustainable growth vehicle for equal valuation set up. Actually large cap other things remaining equal should be valued at higher PE and hence the preference for a large cap other things remaining equal.

-------------
'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in


Posted By: MR TED
Date Posted: 15/Oct/2011 at 12:46pm
Agree! Thanks for guiding Teddies at the right time. Respect!Smile


Posted By: gautam20
Date Posted: 16/Oct/2011 at 5:08pm
Was watching Ramdeo Agarwal on CNBC awaaz yesterday. He said the next 10 years will belong to Indian consumer and the rally in consumer plays is just a trailer while the tsunami is yet to arrive. In passing mentioned two wheeler but asked to focus on small players who can grow their marketcap.


Posted By: shontou
Date Posted: 20/Dec/2011 at 10:16am
Consumer channel check update.

%20 - http://emkayglobal.com/downloads/researchreports/ConsumersSectorUpdate_201211.pdf %20 -

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Every day, self-proclaimed stock market "experts" tell us why the market just went up or down, as if they really knew. So where were they yesterday?


Posted By: cancercop22
Date Posted: 23/Feb/2012 at 12:26pm
I have gone to the link in your post and read the report.
The view's of Emkay itself suggest that the sector is still at stiff valuations.At the max an 'accumulate' is the recommendation.
A good no of the companies are having strong cash flows, but they are fully priced for the next two financial years.
I heard a rumour of a price war in the offing by P&G as it tries to enhance it's market share.
Let's see what happens


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True generalship is converting sure defeat into victory


Posted By: aanambi
Date Posted: 26/Apr/2012 at 12:11pm
hi,
I have large portfolio of consumer stocks like nestle,glaxo,colgate,itc etc..they have given me decent steady returns over the past few years.People avoid consumer stocks because of high PE ratio...It is always expensive and falls sightly in downturn.but, follwoers of warren buffet would testify that they are ones that meet his criteria..

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“An investment operation is one which, upon thorough analysis, promises safety
of principal and an adequate return.”


Posted By: dr.sandip
Date Posted: 26/Apr/2012 at 2:23am
Thank you Basant sir for this insightful article on consumption play... Based on yr observation and current market analysis I want to churn my portfolio to tune it to the music of consumption being played at present... Can any one suggest/guide me a probable scrips list to enter at current levels? I have recently started investing in Nestle, Page industries,Titan, ITC & Asian paints..I plan to increase my exposure in ITC, Page & Asian Paints.. I also plan to enter Marico, Jubilant Foodworks,Pidilite Dabur, Zydus wellness, Bata & Kansai Nerolac..

Any views r welcome regarding entry points and the choice/priority of stocks among these based on merits/demerits along with possible portfolio allocation tht can be assigned??

Any suggestions regarding any other stocks or any other comments are welcome..

Regards
Sandip

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Anything is possible because Everything is possible...


Posted By: basant
Date Posted: 26/Apr/2012 at 7:07am
Although the present theme is one of consumption but such themes change quickly without warning so one has to be very nimble footed. Locating these turning points is most challenging so do not just invest and forget.

-------------
'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in


Posted By: rinkumalpani
Date Posted: 28/Apr/2012 at 3:27pm
Please do nudge us when you feel the time has come- just one hint sir, just one


Posted By: dr.sandip
Date Posted: 28/Apr/2012 at 12:01pm
Till then ..." The show must go on"....

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Anything is possible because Everything is possible...


Posted By: rohit1889
Date Posted: 29/Apr/2012 at 3:00pm
Originally posted by rinkumalpani

Please do nudge us when you feel the time has come- just one hint sir, just one


This consumer bull market will reach its top when your local Wada Pav vendor will come up with an IPO

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If you're prepared to invest in a company, then you ought to be able to explain why in simple language that a fifth grader could understand, and quickly enough so the fifth grader won't get bored.


Posted By: rinkumalpani
Date Posted: 29/Apr/2012 at 3:32pm
well..A few days back i was watching a tv Program where a guy was narrating how his idea of turning the vada pao into a brand led to the start of his co. called the JUMBO KING or something.. so wat you say might just come true


Posted By: dr.sandip
Date Posted: 30/Apr/2012 at 11:37pm
Regarding the end of this consumerism-led bubble, I think it will burst only when every local wada-pav and pani-puri walas will be highly bullish on the future prospects of Jubilant & Page of the world.. And when they would feel glad about their own businesses while applying for IPO of "branded' wada-pav company..



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Anything is possible because Everything is possible...


Posted By: sumitraepic
Date Posted: 30/Sep/2015 at 6:26pm
This inscription was conceptualized with a great deal of satisfaction and some presumption. Investors looking for perfect stock tips, but some time its too risky to trade on it.


Posted By: jayakrishnan
Date Posted: 30/Sep/2015 at 7:24pm
Consumer based stocks have performed well in recent years...now our economy is turning around towards investment based economy and China the other way around not sure which way these stocks will go...


Posted By: sumitraepic
Date Posted: 25/Nov/2015 at 2:18pm
Great post.... I used to invest based on the advice of various companies, that is beneficial for my investment. 

-------------
http://www.epicresearch.co/commodity-tips/ - Commodity Tips


Posted By: sumitraepic
Date Posted: 04/Dec/2015 at 3:38pm
Stock trading is one of the best option for investment in market and earn money. The information given by you are sufficient for best trading.

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Posted By: sumitraepic
Date Posted: 15/Jan/2016 at 5:18pm
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Posted By: Nichola1374i
Date Posted: 16/Jan/2016 at 8:28pm
Download the new KicksOnFire app (iOS) (Android) and stay up to date on all the news and release dates you need to know.
images via: Kixsquare
The Nike LeBron 12 Low will comes in a black upper which is then offset by bright hits of?Metallic Silver, Green Strike, Volt and Hot Lava found throughout the entire upper. The sole also comes rockin’ all those said colors, while the?Nike branding stands out by coming dressed in a Metallic Silver colorway.? Slated to drop July 2nd with a retail price of $175, is this Nike LeBron 12 Low “Green Strike” for you?
Available Now on Kixify & eBay
Subscribe to the KicksOnFire YouTube Channel
 , http://www.nikerosherunonline.com/nike-roshe-run-suede-shoes-5/ - Nike Roshe Run Suede ;
Look for the Nike KD 8 “Suit” to arrive at select Nike retailers beginning on August 14th for $180.
Nike should change the name of these to the KD 8 “Jokers.”
Author’, http://www.nikerosherunonline.com/nike-roshe-run-suede-womens-shoes-5_27/ - Nike Roshe Run Suede Womens ;s Take
Inspired by the suit that KD wore during his MVP acceptance speech last year, the Nike KD 8 “Suit” features a Purple upper with Green Strike detailing on the Swoosh, translucent outsole and the KD branding on the tongue. Vivid Purple and Bright Crimson accents finish off this KD 8 that looks like something that “The Joker” from Batman would wear.
The next colorway of the Nike KD 8 releases in less than two weeks, http://www.nikerosherunonline.com/nike-roshe-run-black-shoes-1_21/ - Nike Roshe Run Black .



Posted By: Nichola1374i
Date Posted: 16/Jan/2016 at 8:30pm
Available Now on Kixify & eBay
images via: SNS
Villanova’s basketball squad has been given this Player Exclusive colorway for them to rock at home or on the road. The Nike Kobe 10 pictured above features an off-white upper that dominates most of the shoe. Contrasting navy accents have been placed on the Swoosh, tongue, laces, inner lining and heel. A crispy white midsole with blue speckling unites both colors in perfect harmony.
PE?season is in full effect as we just showed you the Nike Kobe 10 “Duke” PE and the Nike LeBron 12 “, http://www.nikerosherunonline.com/nike-cortez-nylon-men-shoes-7_30/ - Nike Cortez Nylon Men ;Fairfax High School” PE that had us with our jaws on the floor. If you’re a fan of PE’s then here’s another one for you courtesy of the Villanova Wildcats.
This colorway of the Bron 12 is inspired by the unlikeliest of animals, http://www.nikerosherunonline.com/nike-roshe-run-suede-shoes-5/ - Nike Roshe Run Suede , the hummingbird. You may be asking yourself what can Lebron James and a hummingbird possibly have in common? The comparison is made between a hummingbird’s instinctual course of flight and Lebron’s court vision, explosive speed and leaping ability. Both are quick to strike and precise with their every move. As for the sneaker itself, http://www.nikerosherunonline.com/nike-roshe-run-yeezy-shoes-2/ - Nike Roshe Run Yeezy , it sports purple hues on the megafuse upper with Hyper Crimson and Hyper Turquoise accents. Will you be copping these bad boys on November 22 for $200?
Available Now on Kixify & eBay
Are you feeling the Kobe 10 “Duke” better or this Villanova edition? Let us know which you choose in the comments below.
via: Villanova Equipment?/ Uniform Swag
The third colorway of the Nike Lebron 12 will officially be hitting select Nike retailers tomorrow. After already being given the “HRT of a Lion” and “Dunk Force”colorways, this weekend we will be treated to the Nike Lebron 12 “Instinct.”



Posted By: Nichola1374i
Date Posted: 16/Jan/2016 at 8:31pm
Download the new KicksOnFire app (iOS) (Android) and stay up to date on all the news and release dates you need to know.

Air Jordan 6 “Maroon”
Off-White/New Maroon
384664-116
October 2015
$220
Available Now on Kixify & eBay
The?Nike?LeBron 12?returns with a sure to be classic that puts a a twist on the?signature BRED colorway for a fresh, new look. Dubbed “Court Vision”, the sneaker is a homage to the superior set of skills that?LeBron James?graces the floor?with and has allowed for such a decorated career thus far.
A look at the sneaker shows a Black patterned upper with laser printed Hyperposite graphics touched up by wood textured overlays. Red accents come in the form of the laces, http://www.nikerosherunonline.com/nike-cortez-leather-men-shoes-6_28/ - Nike Cortez Leather Men , inner lining, and swoosh outlining while the Crystal Blue outsole gives a clean athletic finish. The release of the Nike LeBron 12 “Court Vision” ?is slated for February 4th, 2015 for $200.
The shoe is coming done with a White and Maroon make up, http://www.nikerosherunonline.com/nike-roshe-run-yeezy-shoes-2/ - Nike Roshe Run Yeezy , featuring a White leather upper with Maroon accents throughout. A clear outsole is present, while ‘Nike Air’ is found on the insole and back heel to give it the OG touch.
This pair is expected to release this fall, http://www.nikerosherunonline.com/nike-cortez-nylon-men-shoes-7_30/ - Nike Cortez Nylon Men , sometime in October. Stay tuned to KicksOnFire for all official release info.
The Air Jordan 6 has been getting a lot of love this year, and now we see that the shoe might return to its original form this year. The Nike Air Jordan 6 “Maroon”, which hasn’t been seen since 1991, is set to release in the 2015 holiday line up.
Subscribe to the KicksOnFire YouTube Channel



Posted By: Jimm0y74jp
Date Posted: 17/Jan/2016 at 3:01pm
Available Now on Kixify & eBay
images via: Kixsquare
Look for the Nike KD 8 “Suit” to arrive at select Nike retailers beginning on August 14th for $180, http://www.soldelouboutinpascher.fr/louboutin-sandales-1_21/ - Louboutin Sandales .
Download the new KicksOnFire app (iOS) (Android) and stay up to date on all the news and release dates you need to know.
Available Now on Kixify & eBay
Nike should change the name of these to the KD 8 “Jokers.”
via: Kix
The next colorway of the Nike KD 8 releases in less than two weeks.
Inspired by the suit that KD wore during his MVP acceptance speech last year, the Nike KD 8 “Suit” features a Purple upper with Green Strike detailing on the Swoosh, translucent outsole and the KD branding on the tongue. Vivid Purple and Bright Crimson accents finish off this KD 8 that looks like something that “The Joker” from Batman would wear.
For Nike’s latest trick, http://www.soldelouboutinpascher.fr/louboutin-ankle-bottes-1_12/ - Louboutin Ankle Bottes , they are getting ready to launch a shoe that was inspired by two classic Nike basketball sneakers. The Nike Alpha Force, which was worn by Charley Barkley, and the Nike Air Revolution serve as the inspiration for one of Nike Basketball’s latest silhouettes, the Nike Air Alphalution.
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Author’s Take
The Nike Alphalution will be releasing in the OG Game Royal colorway?from the Air Revolution?that features a white leather upper with blue and black accents all throughout the sneaker. If you look at the original you can see the resemblance right away to where Nike got their inspiration from. Check out the pictures above and be ready for these to drop later this Fall, http://www.soldelouboutinpascher.fr/ - christian louboutin .



Posted By: Jimm0y74jp
Date Posted: 17/Jan/2016 at 3:01pm
The shoe is coming done with a White and Maroon make up, featuring a White leather upper with Maroon accents throughout. A clear outsole is present, while ‘Nike Air’ is found on the insole and back heel to give it the OG touch.
The Air Jordan 6 has been getting a lot of love this year, and now we see that the shoe might return to its original form this year. The Nike Air Jordan 6 “Maroon”, which hasn’t been seen since 1991, http://www.soldelouboutinpascher.fr/louboutin-soldes-1_24/ - Louboutin Soldes , is set to release in the 2015 holiday line up.
Download the new KicksOnFire app (iOS) (Android) and stay up to date on all the news and release dates you need to know.

The next colorway of the Nike KD 7 is set to release on January 15, 2014. Let’s keep our fingers crossed that Durant is also back from injury by that time because as much as we LOVE to see Russel Westbrook hammer down ferocious dunks we also miss KD dropping those bombs from 30 feet away from the basket.

Available Now on Kixify & eBay
Dubbed the “Clearwater” colorway, http://www.soldelouboutinpascher.fr/louboutin-lady-peep-1_11/ - Louboutin Lady Peep , the official colorway for this Nike KD 7 is Light Blue Lacquer/White-Clearwater-Total Orange. Taking a look at the shoe we can see a couple of different shades of blue take care of the posite and mesh upper while hits of White appear on the Swoosh and heel. The graphics on the posite are done in black as well as the KD logo on the tongue, the midfoot strap and the inner lining. Last but not least Total Orange can be seen inside the air bubble on the midsole. Retailing for $150 at select Nike Basketball retailers, http://www.soldelouboutinpascher.fr/louboutin-daffodile-1_7/ - Louboutin Daffodile , will you be going after this Nike KD 7 on January 15?
Subscribe to the KicksOnFire YouTube Channel
This pair is expected to release this fall, sometime in October. Stay tuned to KicksOnFire for all official release info.
Available Now on Kixify & eBay
images via: awol
Air Jordan 6 “Maroon”
Off-White/New Maroon
384664-116
October 2015
$220



Posted By: Jimm0y74jp
Date Posted: 17/Jan/2016 at 3:03pm
A photo posted by Jake Roche (@jake_rixton) on Jul 19, http://www.soldelouboutinpascher.fr/louboutin-sneakers-1_20/ - Louboutin Sneakers , 2015 at 11:25am PDT

"A year ago today I met her at Manchester Arena, so it was only right, http://www.soldelouboutinpascher.fr/basket-louboutin-2_26/ - Basket Louboutin , with a little help from my friend [Ed Sheeran], http://www.soldelouboutinpascher.fr/louboutin-compens%C3%A9e-1_16/ - Louboutin Compens��e , that this happened. Best day of my life," Roche captioned the snap of the moment he posted on Instagram. Nelson shared the same photo on the official Little Mix Instagram account with the caption, "I cannot believe what has just happened! The most surreal moment of my life and everyone that I love most was there to share it with us! I feel like the luckiest girl in the world rite now literally cannot stop crying! Future Mrs Roche."
Meanwhile, Sheeran was pleased to be a part of his friend's big moment. He apparently accepted payment for his five hours of travel and free performance in the form of fast food.

Pictured above is Penny Hardaway who was spotted wearing the Nike Air Penny 6?in NYC, his 2nd post-retirement signature sneaker. Taking a look at the sneaker we can tell that it must be an “Orlando Magic” colorway because of the color combination. We also can’t help but see a slight resemblance to the Nike LeBron 12 with what seems to be a megafuse upper and a Swoosh overlayed on top of the posite side panels.
Ed Sheeran might just be the nicest guy ever. He traveled five hours on his day off to help his friend Jake Roche propose to his girlfriend. Roche, who sings in the band Rixton, met Jesy Nelson, who's a member of Little Mix, a year ago at Manchester Arena. When he decided to pop the question, he wanted to return to where it all began. Roche recruited his friend and crooner of romantic ballads, Ed Sheeran, to truly make it the proposal to end all proposals.
SHARE TWEET EMAIL News / Ed Sheeran Proposal Jake Roche Rixton
Stay tuned to Kicks on Fire to find out when Nike decides to release Penny’s latest signature sneaker.
Penny Hardaway decided to show out at?the NBA All Star Weekend not once, but twice. Penny broke out a custom pair of Nike Air Foamposite One’s as well as his newest silhouette that should be on the way soon.
Available Now on Kixify & eBay

What a guy. Congrats to the happy couple.
via: @hleung13 / @nbaallstar



Posted By: sumitraepic
Date Posted: 18/Jan/2016 at 2:47pm
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Posted By: Nichola1374i
Date Posted: 18/Jan/2016 at 7:30pm
The “Sprite” theme harkens back to LBJ’s endorsement, as well as love for the carbonated beverage. The colorway specifically resembles the coloring of the Sprite can it’s sold in. A vivid blue takes charge of the upper with volt controlling the accents. You can expect these kicks to hit shelves on July 12th for $175 at Nike Basketball retailer like VILLA.
As you can see from the detailed photos above the ever-so-popular Nike Kobe 9 Elite Low has been decked out in a red and black Flyknit upper with hits of black on the speckled midsole, lining, and spotted laces. Additional touches of red rest on the heel counter and tongue while a spot of silver occupies the heel detailing.
We still don’t know what the Nike Kobe 10 looks like for sure (though we do have somewhat of an idea) and we can add a little more hype to the releasenow. When the Nike Kobe 9 was unveiled the big surprise was that the “Elite”, http://www.nikerosherunonline.com/nike-roshe-run-floral-shoes-1_23/ - Nike Roshe Run Floral ; edition featured a premium Flyknit upper. So what will blow us away on the Kobe 10?
This university red and black Nike Kobe 9 Elite Low is set to release on September 13, 2014 for the retail price of $200.
Already having released in the original white and purple colorway, http://www.nikerosherunonline.com/nike-roshe-run-grey-shoes-1_24/ - Nike Roshe Run Grey , the Nike Air Max2 CB ’94 will now be releasing another OG version that Sir Charles rocked while playing on the road. This Air Max2 CB ’94 sports a predominantly Black upper with White and Purple accents on the side panels, tongue, http://www.nikerosherunonline.com/nike-roshe-run-dyn-fw-mens-shoes-4_10/ - Nike Roshe Run Dyn FW Mens , branding, midsole and outsole. Look for this OG Black and Purple colorway of the Nike Air Max2 CB’94 at select Nike retailers on August 8th for $140.
image via: @solebar001
via HB
What do you think of this colorway on the Kobe 9? Let us know in the comments section below.
The Nike Lebron 11 Low “Sprite” drops this weekend to many favorable reviews from the sneaker community. Whether it be the far better model the 11 Lows are compared to the 10 Lows, or the return of the more vivid “Sprite” coloring, these kicks are a huge part of this white hot weekend of sneaker releases.
Pictured above is what seems to be a picture of the Nike Kobe 10 “Poison Green” that has a scheduled release date of February 14, 2015 at the moment. This image courtesy of @solebar001 on Instagram shows the Kobe 10 from an angle that we’ve yet to see, the sneaker has been dissected to see the insides. We can see the piece of the outsole containing an “X” that represents the number 10 in Roman numerals and Kobe’s logo on the insole. Let’s keep our fingers crossed the the Kobe 10 will be revealed very very soon.
The Nike Kobe 9 Elite Low has been laced in a very nice university red and black colorway this summer.
Available Now on Kixify & eBay



Posted By: Nichola1374i
Date Posted: 20/Jan/2016 at 5:24pm
If you’re looking for a bright and flashy pairs of basketball sneaker for the little ones then Nike has got just the thing for you This is definitely not for everyone, 2015 The teasers don’t reveal much other than remind us of The Black Mamba’s “Instinct to Attack” and “Lethal Precision. Kobe's lethal precision has helped him secure 5 rings. the “NSRL”, http://www.nikerosherunonline.com/ - latest nike roshe run ,” Let us know what colorways you’re looking forward to the most. Gym blue takes over the engineered mesh upper that is lightweight and offers great ventilation for your feet when you lace these kicks up on court. inner tongue, According to the The New York Times, seeking at least $75.

Will the KD 7 “Easter” be a pick up for you this Spring? This sneaker, http://www.nikerosherunonline.com/nike-roshe-hyperfuse-mens-shoes-4_12/ - Nike Roshe Hyperfuse Mens ? Let us know in the comments section below.
via HB but let's just get to the good stuff, http://www.nikerosherunonline.com/nike-roshe-run-suede-shoes-5/ - Nike Roshe Run Suede .



Posted By: sumitraepic
Date Posted: 21/Jan/2016 at 5:44pm
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Posted By: farhanepic
Date Posted: 10/Mar/2016 at 5:04pm
Asian stocks edged up  after New Zealand surprised markets with a cash rate cut to a record low of 2.25%, keeping investors primed for more stimulus from the European Central Bank later in the day as global policy makers step up efforts to support their wobbly economies.


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Date Posted: 24/Apr/2016 at 8:35am
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Posted By: farhanepic
Date Posted: 25/Apr/2016 at 6:23pm
http://www.epicresearch.website - Epic Research News Updates : Earning season is taking a toll on markets globally while surge in oil prices is providing momentum to energy stocks. Domestic markets started the week with mild gains as Asian peers are weak.

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Posted By: sumitraepic
Date Posted: 01/Jun/2016 at 5:00pm
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Equity benchmarks continued to trade marginally higher with the Sensex rising 61.77 points to 26729.73 and the Nifty climbing 21.05 points to 8181.15.



-------------
http://www.epicresearch.co/commodity-tips/ - Commodity Tips


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Posted By: xiaozhengm
Date Posted: 30/Aug/2017 at 5:18am
2017.8.31chenlixiang

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