"The Thoughtful Investor" by Basant Maheshwari
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Printed Date: 18/Apr/2024 at 2:17pm
Topic: "The Thoughtful Investor" by Basant Maheshwari
Posted By: basant
Subject: "The Thoughtful Investor" by Basant Maheshwari
Date Posted: 18/Jan/2014 at 10:13pm
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Next month will see the launch of my book 'The Thoughtful Investor'. The book is an arrangement of my thoughts, ideas, learnings and experiences gathered over the last 22 years of my involvement with the Indian stock market. Spread over 1,35,000 words, the book which has taken me around 11 months to write, is presently in the design stage and should exceed 450 pages in print. It has close to 50 info-graphics in the form of diagrams and charts. These pictorial depictions will assist the reader in retaining the message that is being communicated through the 41 chapters of 'The Thoughtful Investor'.
As an investor, most of my learnings have come from reading the experiences of other fellow investors. Surprisingly out of the several hundred books written on investing there are just a handful which have been compiled with specific reference to the Indian markets. Moreover the level of knowledge that is being communicated through these few 'India centric' books remain very basic and elementary. The limited focus of these books also make them devoid of the practical aspects of investing. The Indian investor has therefore found it difficult to come to terms with the specific issues that relate to his world of investing which has led to a lack of the feel good effect of understanding investing with examples from companies in his backyard. Most of the books that he reads are written by foreign authors with foreign examples on foreign companies and cater exclusively to foreign investors. There are several ways to make money from the markets and my way of making money by trying to ride trends while keeping the downside risks in check, isn't necessarily the only way. But it has worked for me for the past thirteen years. This makes me believe that it could well work for anyone else and hence this attempt at opening this channel of communication so that all my reflections on the market which I practice and a lot more has been compiled in these few hundred pages. There are around 100 companies referenced in this book and some of these in detail. Each of these references have a takeaway for the reader in terms of lessons learnt or in respect to a piquant aspect of their valuation to elucidate the argument made in the respective chapters. The examples though in 'The Thoughtful Investor' remain Indian - all the way The book assumes the investor to have a basic knowledge of investing in shares and takes him across the various facets of investing in a steady sequence so that both the new and the old investor acquires the necessary skills to use equity investing as a means to achieve - financial freedom. This book isn't autobiographical in the sense that it has been written like a text rather than exclusively follow my dealings with the market in a chronological order. However the strategy that I have used to make entries and exits have been adequately explained in the context of the relevant discussion. The Preface titled 'Dare to Dream in Stocks' discusses how I started my second innings at investing, post 2001. My first attempt at being an investor was a bundle of failures as I continued to struggle right from 1992 to 2001. The introduction, also talks about how I got my first big break post the 9/11 crash as I surrendered all my LIC policies and pledged shares borrowed from a relative to put money to work, after our family business was forced to close down by the unilateral action of the J&K Government. The overall contents have been arranged to provide the reader with an information flow that would assist him in easy comprehension of the subject matter. A brief synopsis of what lies within the chapters is provided below. Of course the chapter numbers and sequence is subject to change but more or less the structure has been laid out and the content written and complete A) The World of Investing: The first chapter starts with what Indians think about investing and the risks of the game, the advantages of investing in stocks and how buying a stock of a company is in some cases a better way to wealth creation than physically doing the same business. The next chapter is on the magic of compounding which is the most essential feature of investing. Investors do not realise that the magic of compounding is dependent not just on the rate of return but also on the initial capital as well as the time period for which the investment is allowed to compound. The chapter also debates on how a negative year has the power to wash away years of hard work, an aspect that many investors forget to come to terms with in the initial days of their investing career. Chapter 3 deals with the argument that equities don't outperform all asset classes all the time, a bitter truth that never gets discussed by market participants as they refuse to understand that returns from equities is non-linear and comes in bunches which are sometimes too abrupt. So it is perfectly in order for a broad investment portfolio to under-perform other asset classes for up to as much as twenty five years. This argument is backed up with examples and data both from the Indian as well as the U.S markets. Under such a scenario the concept of index investing goes for a toss and the only way to generate returns is by having a handful of stocks and more importantly not staying in sync with the broad index. The subsequent chapter deal with the attributes that make up for a good investor some of these include being passionate about stocks and also optimistic about things in general as a person. An investor also has to spend a lot of time reading books about people who have made it big from the game. I refer to investing as either a game or a bet many times in this book and that is not to take away the long term flavour of this art but just to keep reminding the reader that the act of investing is always enveloped within the realm of uncertainty. The pain of losing forms chapter - 6, which argues as to why this is such a common feature of an investor's life that cannot be done away. The pain of losing arises both on permanent as well as temporary loss of capital but an investor should understand that someone who cannot take the pain will find it hard to participate in the gain. A long debate on the concept of 'Buy what you see' follows in Chapter 7, where the reader is introduced to the advantages and the pitfalls of using this concept. I discuss my own experiences in picking up winning stocks through this method. This chapter is filled with historical evidences on how much more an investor could have achieved by following this strategy. Chapter 8 is on the study of macro numbers and its usefulness to the way it is debated in the media and amongst the investor community. It discusses why macro events except for a few ones have limited shelf life and how a long term investor of equities should deal with these events. The next chapter deals with the theory of intrinsic or fair value as computed through the discounted cash flow method and how it differs from the actual price and why price and value seldom equal each other due to the overriding factor of emotion in stock price discovery. B) Bull markets, Trends and Economic Bubbles: This section starts with Chapter - 10, which explains the essential attributes of an economic bubble and how it can be picked up by an astute investor. A bubble can happen in any asset class or in a specific sector of the stock market and has to be backed up by liquidity, leverage and an open ended dream on anything that is new or has remained depressed for long. In this context one has to understand that there is always a bull market somewhere for an investor to make money from and irrespective of the broad indices an astute investor will always find ways to multiply wealth if he is on the lookout for a new emerging sector theme. This is followed by a chapter which discusses all the global bubbles which includes the Tulip mania of 1634, South Sea bubble of 1720 , Railway Mania of 1860, the U.S Great Depression of 1929, the Nikkei bull market of 1989, the Nasdaq bubble of 2000 and the U.S Housing and Emerging market crisis of 2008. Each of these bubbles are explained to communicate the common theme that ran across them which were liquidity and leverage acting on anything that was new. The idea behind taking the reader across these past bubbles and their attributes is to make it easier for him to attempt catching the next bubble when it comes along. An effort has also been made to explain how liquidity by itself does not create a bull market but a bull market is created by the uniqueness of an asset class on which the liquidity is made to act as a catalyst. Chapter 12 deals with Identifying tops and bottoms which is a tough game but we still discuss the important features of both the tops and bottoms while arguing that it isn't necessary for an investor to buy at the bottom and sell at the top to make a lot of money as investors who are aware of the signals that are emitted at the tops and bottoms will do equally well. These signals are not the general psychological arguments of everyone getting invested and no one talking about stocks but originate from the specific price action that the underlying securities reflect, few months before and after these turning points which are in hindsight, termed as tops and bottoms. The idea of discussing the past bubbles is to make an investor aware that even though the past does not exactly represent itself into the future the patterns remain the same - almost always. Continuing with this exercise of identifying the tops and bottoms the next chapter discusses the attributes of identifying the next trend. We try and discuss the features of finding the next next big stock market theme and use it to argue in Chapter 14 on what the next big theme is for the Indian markets with the specific attributes that will make this theme move too far ahead from what it is right now. C) Industry, Company and Financial Analysis: This section starts with a chapter on understanding business models through the concept of entry barriers, pricing power, brands, patents, cost of production etc. The discussion extends to market share and how it differs from mindshare with the other essential attributes that either make up for a good or a bad investment. Stock computational tools comes in next in chapter -16 where there is a paragraph wise listing of the essential tools of stock analysis with their formulas and significance. These tools collectively help an investor in conducting a detailed financial analysis on a stock. This chapter starts with the argument that no single tool of analysis is enough and how an investor has to rely on a combination of these. Analysing the RoE through the DuPont route comes in next with case histories from the past, reasons on how and why the RoE matters and how it equates with growth and dividends. Chapter - 17, is based on the specific reasons why companies acquire other businesses. The discussion takes in real examples to explain the criteria which makes some acquisitions work for some companies while acting as a destructing force for the others. The following chapter has a detailed argument on sticking to companies that gain market share from their competitors with ways to understand and evaluate this. The discussion further elaborates on the set up where it becomes easy for a company to take market share away from its competitor. Evaluating the management of the company through the various aspects of study both financial and otherwise is as important as the business model and is elaborately discussed in chapter- 20. The next chapter deals with dividend payments which forms one of the most important features of investing in listed companies. Moreover in the long run, a company's share price mimics its dividend growth and investors have to be on the lookout for the dividend to growth payoff where either the dividend or the growth have to be sacrificed for one another. The dividend growth quotient is a concept that I have introduced just to ensure that this payoff matrix can be evaluated to decide if the payoff is in favour of the investor or not. This along with case histories from the past comes in next. Chapter- 22 discusses how a company is set for operating leverage and the essential triggers for the same while the next chapter is focused on how companies cook their books of accounts and how an astute investor can identify them without too much analysis. This is followed by chapter 24 which is based on stocks to avoid or companies that an investor should stay way from or should stay permanently cautious on even while he rides and profits from it during a bull market. Chapter - 25, deals with understanding the magic of the price to earnings ratio. It starts with a discussion on the various drivers of a P/E ratio and why some of these drivers are more important than the others even while there remains no single way to compute the right P/E of a stock. The argument extends to debating on how some stocks are valued based on cash flow and dividend instead of just growth. In total there are over a dozen factors that affect the P/E of a stock and all of these are handled in depth here with real examples wherever possible. The following chapter deals with the critical topic of P/E expansion and P/E contraction and how stocks continue to fall even while their earnings keep on rising just because the P/E gets ahead of itself and why some stocks refuse to fall even after they become expensive. As like all discussions in this book this chapter is filled with real examples specific to the Indian context. D) Strategies on buying and selling different types of stocks: This section starts with why it isn't a great idea for investors to focus exclusively on small caps. The pitfalls of small cap investing, issues of survivorship bias and when it makes sense to focus only on small caps and when it makes sense to stick with the tried and tested large caps. This is followed by chapter - 28, which elaborately argues on the various filters that one should employ while buying potential multibaggers from the small and mid cap space. These filters range from business, sector positioning, management, growth, industry tailwind and extend into the financial analysis of these potential winners. Both chapters 24 and 28, argue on the reasons that causes a trend of rising revenues and increasing profits to break and why some companies from the same sector continue to grow even after the sector loses fancy even while the others fall by the wayside after that. Everyone likes buying stocks that are falling from their highs which is in some cases akin to catching a falling knife. In this context a chapter has been added on when to catch these falling knives and when not to with a detailed explanation on the significance of the quality of the company and of the sector while catching these falling knives. Chapter - 30, deals with my regrets on stocks that I saw but missed and how an average investor will always have more misses than hits but what matters is how much he manages to make from his hits rather than what he manages not to make from his misses. Chapter - 31 ends the section with an elaborate discussion on when to sell. This chapter should be read along with chapter - 24 on stocks to avoid to get a more comprehensive picture on this most tricky aspect of investing. There are notes on when to sell a cyclical, when to sell banks and NBFCs and stocks to hold forever. My own experiences on how I have sold several of my stocks forms a significant part of this chapter. E) Analysing different sectors: This section starts with a chapter on evaluating the low P/E stocks that are related intimately to the basic economy and has a note on the specific attributes of stocks from sectors such as agriculture, auto, auto ancillaries, fertilisers, seeds, cement, power, hotels, infrastructure, capital goods and real estate. It ends with suggestions on how to evaluate diversified businesses and understanding spin offs. The subsequent chapter analyses companies with cash on balance sheet and the essential features of their analysis. This is followed by chapter 34 which has an exhaustive discussion on analysing banks and NBFCs and what to look for while evaluating these businesses. The NBFC space has been discussed with specific reference to gold lending companies, mortgages, consumer financiers etc. The following chapter deals with an argument on why commodity cyclicals are never a good long term play. It discusses on when it makes sense to hold them and when to fold them. Chapter - 36 has a writeup on valuing holding companies and the pitfalls thereof and why the discount of a holding company always remains. This is followed by chapter - 37 on how to deal with government or PSU shares. The section ends with chapter - 38 which lists down the points while analysing secular growth companies like consumers, IT and pharmaceuticals. Each chapter in this section lists down the essential attributes of the sectors discussed and the safeguards that an investor should employ while analysing the same. The discussion also reflects on the valuation matrix to be used to ascertain whether the stocks in each of these sectors are valued rightly or not with the price that is reflected on the screen. F) Portfolio Construction strategies: This is a small section and starts with the gains and drawbacks of a concentrated and a diversified portfolio, the different sector and stock filters that investors need to adapt while constructing a portfolio, the way to assign weights for each of the stocks and the way to design a diversified portfolio. The discussion also has a note on the thoughts which make most first time investors lose money in the market. This chapter ends with an argument on when and how to buy and why there is no sin in buying a stock even after it has moved up from the initial buying price and why selling at a higher price to buy it back lower isn't always a good idea from the overall portfolio point of view. The following chapter deals with leveraging and why it could be an important part of investing. The kind of filters to be employed while leveraging a portfolio and the safeguards to be taken in case of an overall market decline. G) The Final Word: The book ends with chapter - 41 with a detailed point by point questionnaire that investors could employ while talking to the mnagement, dealers, distributors or in conducting their own research. These questions are segregated under the various heads and are focused on analysing the business model, industry scenario, government regulations, management, strategy, income statement (revenue, raw material, labour, administrative costs, margins, taxes net profit) and balance sheet (liabilities, assets, working capital and capital employed). Date of launch: February 2014. ------------- '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: raviteja02
Date Posted: 18/Jan/2014 at 10:35pm
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Dear Basant
You have hit the nail right on its head. Bang on!! In fact, I have felt the same void that you have aptly put, most examples in all popular investment books are specific to non Indian markets which puts Indians in a tough spot to relate. More importantly, it would be a different feeling to know your investment philosophy in greater insights and I'm waiting for the book with immense anticipation. Wishing your book all the very success. |
Posted By: Janak.merchant1
Date Posted: 18/Jan/2014 at 10:40pm
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Superb Basant. Big Congrats. Will buy as soon as u launch. Best wishes, JM ------------- I love my money, not my opinion. So i am ready and willing to change my opinion for the sake of protecting my money. |
Posted By: rohit1889
Date Posted: 18/Jan/2014 at 10:48pm
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Wowwww !!! The synopsis you have put up signals that it will be terrific book to read. Eagerly waiting for it.
Basantji, one correction. This is your 2nd book. TED is the 1st one.  ------------- 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: subu76
Date Posted: 18/Jan/2014 at 12:09pm
| Congratulations Basant Sir. You are India's answer to Peter Lynch..a true rock star |
Posted By: Bhupan
Date Posted: 18/Jan/2014 at 1:18am
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Thanks. Basantji for this writeup I would be waiting for this book.
Will it be available online? |
Posted By: krisheq
Date Posted: 18/Jan/2014 at 2:30am
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Wow!! Thanks Basantji. Eagerly waiting to order. Reading your book will definitely enlighten millions of ordinary middle class Indians who also wish to be successful in investing in equities.
I wish you great success in this new venture into writing books. Hope you will continue writing few more books. |
Posted By: tigershark
Date Posted: 18/Jan/2014 at 5:20am
book release on 12th feb 2014!
------------- understanding both the power of compound return and the difficulty getting it is the heart and soul of understanding a lot of things |
Posted By: manish_3011
Date Posted: 18/Jan/2014 at 6:47am
| Congratulations Basantji !!! I strongly feel that this is going to be an EXCELLENT book on stock market investing !!! Eagerly waiting to read that. |
Posted By: TonyMathew
Date Posted: 18/Jan/2014 at 7:01am
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I hope
Oh will,give us an advance notice when the book is about to bro released? ------------- Tony Mathew |
Posted By: basant
Date Posted: 18/Jan/2014 at 7:23am
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Thank you all. The underlying objective or theme of 'TheThoughtful Investor' remains to help investors generate financial freedom through stock market investing. ------------- '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: mcbindal
Date Posted: 18/Jan/2014 at 9:22am
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Dear Sir,
I want to buy this valuable book .Please let me know the source from where I can buy . Regards Mahesh Bindal |
Posted By: smartcat
Date Posted: 18/Jan/2014 at 9:42am
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Based on the feedback you get from sales of this book, I think you need to have an "international version" too - for the global audience.
Is it difficult to get equivalent examples from S&P 500? |
Posted By: siloni
Date Posted: 18/Jan/2014 at 10:14am
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THANK YOU BASANTJI, , !!IT HAS BEEN A PLEASURE TO BE ACQUAINTED BY YOU AND GAINING THROUGH YOUR VALUABLE KNOWLEDGE ALL THESE YEARS ! AND TO TOP IT ALL THIS BOOK GIVING KNOWLEDGE ON PICKING STOCKS IS A HUGE BONUS !
THE PERSON WHO SHARES KNOWLEDGE AND WISDOM IS MORE POWERFUL THAN THE PERSON WHO SHARES WEALTH.ALL THE BEST !!!RGDS ------------- jbeh20032003 |
Posted By: prabhakarkudva
Date Posted: 18/Jan/2014 at 10:15am
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We are blessed to know you Basantji.
I think i am going to take a small vacation to just read and re read this book. Thank you for all the efforts you've put in (and with so much honesty) to help budding investors. ------------- Take your chances and keep them in a box until a quieter time. |
Posted By: shivkumar
Date Posted: 18/Jan/2014 at 10:36am
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I am sure, there must be a lot of distilled wisdom from the Bibles and Gitas of Investment with a lot of Indian tadka! Tell us where to buy this from. |
Posted By: basant
Date Posted: 18/Jan/2014 at 11:19am
Everyone thinks that his child is the best but its only the friends who can give the correct opinion.
We are opening a new section on TED for reviews, extracts and sales.
That wouid have been outside my circle of competence and kind of duplicity as there are already five hundred books doing that.
Wah!
Thank you. I hope the book can over the long period help you and all the others take a complete vacation from work!!! ------------- '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: kkasawa
Date Posted: 18/Jan/2014 at 11:49am
| Great Basantji!! Eagerly waiting for it !! |
Posted By: vijayM
Date Posted: 19/Jan/2014 at 12:08pm
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Congratulations sir. I am eagerly waiting to buy the book.
Please include a list of books (atleast 20) in order of priority as a suggestion for further reading for serious investors. ------------- If a business does well, the stock eventually follows:Warren Buffett |
Posted By: nikhil090
Date Posted: 19/Jan/2014 at 12:29pm
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Congratulations Basantjee. It seems apt in timing as well as content for the Indian investor. Best of luck.
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Posted By: basant
Date Posted: 19/Jan/2014 at 12:34pm
Very good suggestion. Thank you. ------------- '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: Monkey
Date Posted: 19/Jan/2014 at 1:57pm
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Basantji,
The book is most awaited one for me. Is there any section on psychology of investors like waiting for correction / low P/E all the time when stock is steadily moving higher (Page comes to mind!)
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Posted By: catchsudipto
Date Posted: 19/Jan/2014 at 3:03pm
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Basant There is no doubt in my mind that this book, might be called as a classic in future (after going through the summary). Hats off to you for working so hard for past one year while writing a book for the fellow Indian investors Unfortunately in India may be only not even 1% of indians read books in investing otherwise i have no doubt that it might have been a best seller breaking all records. Thanks again for all your effort for showing path to financial freedom to indian investors. My dear friend I only disagree with the Title of yours treasure trove . In my idea title a better title would have been " Way To Financial Freedom". Best to Luck. May God Bless You. sudipto ------------- Make your Life as simple as possible. |
Posted By: rajnsharma
Date Posted: 19/Jan/2014 at 3:04pm
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Finally the wait seems to be over. If possible please add chapter on behavioural biases what investors generally have and how to overcome them.Especially high PE etc... ------------- Wall Street makes money by it's activity, while you can make money by your in-activity - Warren Buffett |
Posted By: catchsudipto
Date Posted: 19/Jan/2014 at 3:08pm
sorry Best Of Luck. . unable to edit------------- Make your Life as simple as possible. |
Posted By: basant
Date Posted: 19/Jan/2014 at 3:30pm
Instead of being theoretical by adding a page on Behavioral finance I have adapted to explains the same through real examples like my struggle with Voltas in 2008 where I lost 60% as I did not want to take a loss even though I knew I was wrong. I have explained the crowd effect by showing how the number of total shareholders increased in Infosys after the stock hit its peak on March 08, 2000 than before it. In fact the number of shareholders doubled between 2000 to 2001 even as the stock fell 70%. There are several other such relevant arguments made in the context of the original discussion. ------------- '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: jagbir
Date Posted: 19/Jan/2014 at 5:32pm
Basantji, big congratulations!  I don't have even slightest doubt about success of your book. Placed 'The Thoughtful Investor' in my top 10 investing books to read. Eagerly waiting to get my copy. Please have a way to order a copy personally signed by you!
------------- I find that the harder I work, the more luck I seem to have. |
Posted By: basant
Date Posted: 19/Jan/2014 at 5:41pm
Thank you for the overwhelming support. It feels really nice. ------------- '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: hawakeye
Date Posted: 19/Jan/2014 at 6:04pm
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Would it be available in flipkart ?
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Posted By: Mohan
Date Posted: 19/Jan/2014 at 6:32pm
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Congratulations Basantji. Look forward to the launch of your book. ------------- Be fearful when others are greedy and be greedy when others are fearful. |
Posted By: ravibagri
Date Posted: 19/Jan/2014 at 6:49pm
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Please do ensure to even release the E-book format of the Book at a price may be discounted rate than the print one as this will assist in selling across. The E-book can be secured with a password to open and one should not be able to print the same i.e. restrict the print option for the E-book. ------------- Regards Ravi |
Posted By: Kautilya
Date Posted: 19/Jan/2014 at 9:11pm
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Congratulations Sir!! Seven years back I remember searching for a book on indian equity investing and could not find anything other than the Ashwini Gujral types. I am glad you decided to write this book. Looking forward to get my copy signed by you. ------------- My indecision is final. |
Posted By: basant
Date Posted: 19/Jan/2014 at 9:29pm
Yes, even I've struggled to read the foreign books and then super impose it into the Indian context and maybe having read so many of them helped me design this one in this particular style so that we can cover everything.
EBooks and Kindle will happen but litter later, right now it will be the normal print. ------------- '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: FutureBull
Date Posted: 19/Jan/2014 at 10:11pm
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Great congratulations Basantji! looking forward to your book. I would love to have a signed copy your book. ------------- ‘The market always does what it’s supposed to — BUT NEVER WHEN’. |
Posted By: photon
Date Posted: 19/Jan/2014 at 10:19pm
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Basant Ji, I must say its a very interesting and comprehensive list of topics. I think it covers almost all the "best chapters" from the top 8-10 related books I have read !
I hope this become the authoritative textbook for investments in India ! ------------- "Missing a train is only painful if you run after it" - NNT |
Posted By: tyasha
Date Posted: 19/Jan/2014 at 9:14am
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Congrats, Basanji and all the best for the success of the same. Request you to facilitate an on-line version sale as early as possible, so that the book is always available with me on my tab/kindle
------------- Oh if only I had a time machine! |
Posted By: RahulB
Date Posted: 19/Jan/2014 at 9:58am
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Congrats Basant! You are not only a great investor but importantly an inspiring teacher. Many of us have benefited interacting with you and with this book your learning's will become timeless. Look forward to reading your book. |
Posted By: LearningToFly
Date Posted: 19/Jan/2014 at 10:50am
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Basant Jee,
I feel extremely privileged to be associated with you and know you. Kudos and best wishes. I am sure this book will be the best seller. I will not only buy this but suggest all B-schools where I go for visiting lecture. ------------- Success... at all cost. |
Posted By: extreme
Date Posted: 19/Jan/2014 at 11:01am
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basant sir, would it be available immediately on flipkart? |
Posted By: valueman
Date Posted: 19/Jan/2014 at 11:12am
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Congrats Basantjee . Hope your book is made available at flipkart soon .
------------- To achieve satisfactory investment results is easier than most people realize ; to achieve superior results is harder than it looks . Benjamin Graham. |
Posted By: basant
Date Posted: 19/Jan/2014 at 11:30am
Its words like these that aspired me to write a book and share ALL my investing knowledge - whatever I have.
Thank you.
Thanks, I can't boast about my book but I have designed this with a lot of thought and most of the ideas to set it up has originated from the near 9000 questions and answers at Basant'sCorner which has actually helped me understand the problems of investing.
We will certainly see to that.
Thank you for all that trust and faith. ------------- '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: vishmitt
Date Posted: 20/Jan/2014 at 12:34pm
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Wow Basant, this really looks like a very comprehensive book. Kudos.
I am sure you would have covered it but just a small feedback. - Attributes : Being a learning machine, being open minded, how to take cues from market environment - How to do scuttlebutt, importance of it vz how much is already discounted - Importance of tailwinds - Lessons from big failures - price wise (investing in silverline vz infy) or time wise (investing in infy at peak) - Study of failures (actual examples arshiya types) - Some frauds like Satyam (can they be detected before hand or diversification is the only way out) - Things to look at before investing in certain businesses (cement, hotel, sugar etc.), if at all - Behaviour around Market Peaks and bottoms - own and general - For a retail guy, with no time or aptitude for direct investing, how should he invest (MF, large cap secular stories etc.) Look forward to reading this book ASAP ! ------------- I might/ might not be invested in the stocks discussed here. |
Posted By: basant
Date Posted: 20/Jan/2014 at 1:48pm
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1. Covered, including the aspect of reading and not watching too much of TV!
2. Have discussed it and this extends to what competitors are saying about a stock includes examples like my talk with Pranoy Roy on the streets of Kolkata before I bought Tv18. I have also explained how I exited Zudus Wellness just before they started performing poorly in 2011 and the price even today is lower than that. 3. Its the most important but least discussed aspect of investing 4 and 5. Elaborately covered. 6. There is a chapter on looking at companies that cook books but most inferences are circumstantial only. 7. A lot of sectors are discussed to help an investor in his investment process. 8. Yes. 9. There is a complete chapter on this which advises investors not to be mcap focused as many are,
------------- '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: fragile
Date Posted: 20/Jan/2014 at 6:58pm
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Dear Basant Sir, Great News. Thanks a lot for sharing your knowledge. Obviously this will be a classic. As far as India goes, isn't this a first of its kind? Many talk about the market give out articles et all, but writing a book, an India specific book on it when so many experts around haven't done so, needs tremendous self confidence to begin with. Truly proud to have had the opportunity to know you. One suggestion though: Given the target audience, I'd assume that most stock market investors (or atleast the ones that read books) probably are pretty good with computer usage. Given that ebooks allow easy search/indexing/highlighting... it becomes the naturally preffered platform. I just sort of feel adoption there will be higher. (Besides you will also benefit through statistics collectable like: most highlighted passage, most book marked pages et all. Can give you good insight into reader interest. Errata's will be easier to publish too). Just can't wait for your ebook version. |
Posted By: snehaldani
Date Posted: 20/Jan/2014 at 7:06pm
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Happy to learn of the forthcoming Book ! Congratulations and Best Wishes ! Would certainly help investors across various thresholds of their Investing Career/ life.... ------------- Snehal P.Dani |
Posted By: bandlab1
Date Posted: 20/Jan/2014 at 9:12pm
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cant wait for the book release. hopefully some tv channel (cnbc) will cover this news. it would be a great service to indian investor community if cnbc can cover this (the 24x7 noice can take a pause for few minutes)
even after the book, basant sir, i am assuming you will continue to share your wisdom with us.
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Posted By: Hrishi
Date Posted: 21/Jan/2014 at 1:32pm
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Congrats Basant Sir.
It is also amazing to see so many members back on forum and excited. Hope once the book is out, we will have a new start on forum; the discussion around book and it's content and investing reach the levels we witnessed once on the forum. |
Posted By: podaraditya
Date Posted: 21/Jan/2014 at 7:13pm
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Congratulations ! The book will be extremely successful !
You are Basant, Buffett, Lynch & Livermore all rolled into one awesome package ! It is indeed an honour to learn from someone so passionate about equities. It is also a privilege to have known & learnt from you in such times of uncertainties. You are almost like a stock that i dont want to tell anyone about ha ha... Wishing you the best of luck always ! |
Posted By: norvinm
Date Posted: 21/Jan/2014 at 7:49pm
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Dear Basantji,
This seems to be a pretty comprehensive book on value investing. The initial topics seemed similar to Warren Buffet's book but the later topics indicate a deeper coverage into investing. I am eagerly awaiting the book. 1. Have you included any determinant for identifying the price at which the targeted share is to be bought? 2. Also are there any technical indicators provided so that an investor does not make a notional loss in the short term as this may discourage him from holding the share? 3. Any F&O strategies covered to maximize returns? Best wishes, |
Posted By: gaurav12123
Date Posted: 21/Jan/2014 at 8:15pm
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Congratulations and Best Wishes ! ------------- When I Trade i Try To Earn Infinity. |
Posted By: basant
Date Posted: 22/Jan/2014 at 2:19pm
1. Nothing that is formula driven in a watertight classification. 2. Notional short term losses are part of the game and I have dealt with it elaborately in the chapter on Pain of losing. 3. Nothing on derivatives has been put in here.
Thank you, I agree.
Why not? The more I discuss the more I learn.
Thank you, it feels really nice to hear such kind and generous words.
Its nostalgic isn't it? I do hope so as well. ------------- '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: ashokpatil
Date Posted: 23/Jan/2014 at 7:12pm
| congrats basantji,there was need of indian auther to write on stock investments regarding indian companies.all indian books are too prelimnary and we do not know investment history(returns) of so called analist or experts on T Vchannels.in your case most of us know you had outstanding investment history. thats the differance in peter lynch, or philip fisher writing books and other american so called experts writing. best wishes. |
Posted By: vinvestor2010
Date Posted: 23/Jan/2014 at 8:20pm
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Basantji congrats and I would like to just state the following
-Firstly can't wait to get my hands on a copy. Please let us know when it hits the market. -In addition this book will be a tremendous gift in Diwali etc.. for friends.. -Also this should be made required reading for new MBA and CA types as it will be unique for Indian market.. Finally I would like to suggest a sequel to Thoughtful Investor in true Bollywood style .
Thoughtful Investor 2.0 should be a book that contain some of the gems in the forum posts on Equity Desk from yourself and other leading investors Cheers and Great Going |
Posted By: basant
Date Posted: 24/Jan/2014 at 2:09pm
Thank you. Firstly its a great feeling to be interacting back on TED with so many old timers. Looks like a school re-union!
Its nice to get that kind of a feedback. I have tried to make the content totally in sync with the market than with the theory. ------------- '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: zulfi
Date Posted: 24/Jan/2014 at 10:39am
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sirji what will be process of getting the book through TED
------------- U CAN WIN A HORSE RACE BUT U CANNOT WIN RACES |
Posted By: basant
Date Posted: 25/Jan/2014 at 12:27pm
We will set up a section where users can see/write reviews and also order the book by making an online transfer or depositing cash or cheque. The book will be dispatched by courier both in India and outside in a couple of days of order placement. I intend to add excerpts from the book on that section and also see how we can discuss the various arguments so that any doubt to the user can be cleared by me - online. ------------- '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: zulfi
Date Posted: 25/Jan/2014 at 12:29pm
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sir ji thats something new, u always set new standards , kudos sir ------------- U CAN WIN A HORSE RACE BUT U CANNOT WIN RACES |
Posted By: zulfi
Date Posted: 25/Jan/2014 at 12:33pm
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your contribution to investor community is huge ------------- U CAN WIN A HORSE RACE BUT U CANNOT WIN RACES |
Posted By: TCSer
Date Posted: 25/Jan/2014 at 10:07pm
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Congrats Basantji for this wonderful effort which will surely benefits lakhs of Indian investors.
When can we catch hold of a copy. ------------- Share market is nothing but a game of temperament. Success mantra Right Price,Right Business,Patience, Conviction .Do not do panic buying or selling.It may be the only profession where inactivity pays |
Posted By: zulfi
Date Posted: 01/Feb/2014 at 4:37pm
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waiting for launch ------------- U CAN WIN A HORSE RACE BUT U CANNOT WIN RACES |
Posted By: footy
Date Posted: 02/Feb/2014 at 2:53pm
| Congrats on becoming an author. Can't wait to buy it :-) |
Posted By: rohit1889
Date Posted: 02/Feb/2014 at 12:47pm
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Basantji, Whats the date for the launch? ------------- 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: basant
Date Posted: 04/Feb/2014 at 7:17pm
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Either last week of February or first week March. ------------- '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: S.Varghese
Date Posted: 10/Feb/2014 at 3:01pm
| Basantji, this is fantastic news. It is a great service to the serious Indian investor who had to be content with good investing books from the West. You have been a great inspiration to the wannabe investors like me and I think many others learned the naunaces of real investing primarily from your wisdom and from TED discussions. I am sure your book will be a terrific read for all serious investors in India. I will do all that I can to refer this book to my friends who are looking for a teacher and guide in their investing journey. |
Posted By: kulman
Date Posted: 23/Feb/2014 at 5:52am
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Looking forward to it!
Best wishes ------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: basant
Date Posted: 23/Feb/2014 at 6:49am
Thank you. ------------- '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: catcall
Date Posted: 23/Feb/2014 at 8:13am
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Basantji, hearty congrats for the launch of the book and wish u all the best for the sales.. I am sure it will be a grand success. ------------- There are two times in a man's life when he should not speculate-when he can't afford it and when he can-Happy investing! |
Posted By: basant
Date Posted: 23/Feb/2014 at 11:00am
Thank you, Importantly, the book is brining back the old timers to Ted. ------------- '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: catcall
Date Posted: 23/Feb/2014 at 11:38am
Very True, Sirji, I still recall the launch of TED and subsequent interactions we all had in the initial stages, this looks like a college alumni reunion ------------- There are two times in a man's life when he should not speculate-when he can't afford it and when he can-Happy investing! |
Posted By: extreme
Date Posted: 24/Feb/2014 at 5:40pm
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Dear Basant Sir, many here including me are eager to read your book on Kindle. Sharing this link for u (in case u have not already seen it) to know how to sell kinlde version on Amazon. https://kdp.amazon.com/ Please publish kindle version of your book also at the same time. Its DRM technology will ensure that your book would not get pirated. Please let me know your view |
Posted By: ROHIT13
Date Posted: 27/Feb/2014 at 9:23am
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Dear Sir,
please share the date of Launch !!! I am eagerly waiting .... Please provide the details of portal/Website from where we can order book online. Regards Rohit Garg |
Posted By: baba
Date Posted: 04/Mar/2014 at 8:09am
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Congratulations basant bhai. . Basant bhai What is the price like ? ------------- A monthly investment of Rs 500 (Rs 17 per day) for 30 years @21%CAGR can create a wealth of Rs 1.5 crores. !!! |
Posted By: rohit1889
Date Posted: 04/Mar/2014 at 11:11am
Its intrinsic value is far far higher than the market price..
------------- 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: basant
Date Posted: 05/Mar/2014 at 3:02pm
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Thank you Rohit1889 for the confidence. We will start taking orders from next week. About the price, it will be restricted in 3 digits (inclusive of delivery).
------------- '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: kmp_saij
Date Posted: 07/Mar/2014 at 6:20pm
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Basant ji,
Congratulations!!!
It's a great to know all knowledge you have shared on TheEquityDesk is assembled in book form. This was much needed. ------------- Own whatever’s feared, shun whatever’s beloved. |
Posted By: ROHIT13
Date Posted: 11/Mar/2014 at 10:29am
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Dear Sir,
When we can place order ? i am eagerly waiting for this. Regards Rohit Garg |
Posted By: cooldude
Date Posted: 15/Mar/2014 at 2:15pm
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Basantji,
Happy to hear that our wait is coming to an end. Though Basants Corner has been an education by itself, I am sure that the book will be more interesting. I must say that the cover is very attractive! ------------- You can't see the future through the rearview mirror - Peter Lynch |
Posted By: basant
Date Posted: 17/Mar/2014 at 1:41pm
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http://www.theequitydesk.com/forum/forum_posts.asp?TID=4655&FID=51&PR=3 - Book your copy of 'The Thoughtful Investor'
------------- '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: 19/Mar/2014 at 8:56pm
| Congratulaions Basant Sir! It looks like an exciting autobiography of a fighter, learner and now a teacher and leader :) Best Wishes |
Posted By: MR TED
Date Posted: 19/Mar/2014 at 8:58pm
| I meant exciting combination of teaching with autobiography thus making it more practical and easy to relate and with truthfulness of real events..thanks! |
Posted By: Magnet
Date Posted: 22/Mar/2014 at 9:22pm
| Sir is there going to be an electronic edition for same or in near future? |
Posted By: basant
Date Posted: 26/Mar/2014 at 10:06am
Not immediately, but maybe later. The timeline remains undecided though.
Thank you. As I have said the idea was to communicate all that I knew. ------------- '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: arvi2020
Date Posted: 26/Mar/2014 at 11:31am
| What are the tentative dates,for the deliveries? |
Posted By: basant
Date Posted: 03/Apr/2014 at 7:29am
The book is well under print and as there are a few thousand copies the hardcover binding etc will take a few days overall I think we should be ready to dispatch between 12th April to 15th April 2014. ------------- '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: DHIRAJKANT
Date Posted: 07/Apr/2014 at 11:51am
| 5 days to go.....waiting |
Posted By: ROHIT13
Date Posted: 16/Apr/2014 at 9:53am
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Dear Sir,
Dispatch of Book started or we have to wait more ? |
Posted By: shivkumar
Date Posted: 17/Apr/2014 at 7:16pm
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Received my copy of The Thoughtful Investor a few minutes ago. The CAGR table on the wrapper followed by Basant's hit rate inside promise good things to come. As you said on TED earlier, I will read it first as a novel and then as a textbook. Hopefully it will be a reference book in the years to come! |
Posted By: basant
Date Posted: 17/Apr/2014 at 10:53am
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Thanks Shiv, I look forward for your feedback. ------------- '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: DHIRAJKANT
Date Posted: 18/Apr/2014 at 3:10pm
| received book.thanks BASABNT ji |
Posted By: satish23
Date Posted: 18/Apr/2014 at 5:42pm
| Anybody in Bangalore received the copy? I have not yet received. |
Posted By: satish23
Date Posted: 18/Apr/2014 at 11:39pm
| Received the book, thanks basant sir |
Posted By: basant
Date Posted: 19/Apr/2014 at 8:11pm
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I think everyone should receive the book by Monday April 21, 2014. ------------- '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: LearningToFly
Date Posted: 19/Apr/2014 at 10:40pm
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I hope it includes me too Sir. I ordered today. ------------- Success... at all cost. |
Posted By: us121
Date Posted: 20/Apr/2014 at 1:08pm
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Just 2 suggestions:
1. if possible create option for seperately capturing Name/Address/ Mobile/Email details of person ordering and intended Recipient of the book. This option will help for gifting/ ordering on others behalf bit easy. 2. above will also help for you to capture details of your real readers 3. in State name you may remove 'west Bengal' as default option. it should be compulsory selection, as otherwise, like i forgot to select the same and default 'west bengal' must have got captured for intended book to be shipped to Bangalore. ------------- ABILITY will get u at d top. CHARACTER will retain u at d top |
Posted By: ROHIT13
Date Posted: 20/Apr/2014 at 3:00pm
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Dear Sir,
my order was in first week may be falls in first 500. but i made payment little later.. i will get signed copy ? |
Posted By: basant
Date Posted: 20/Apr/2014 at 6:00pm
Hi Rohit, I have signed on all orders received before or on 10th April 2014. ------------- '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: basant
Date Posted: 20/Apr/2014 at 6:11pm
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A new thread for putting in a quick review of The Thoughtful investor
http://www.theequitydesk.com/forum/forum_posts.asp?TID=4658 ------------- '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: DHIRAJKANT
Date Posted: 20/Apr/2014 at 7:11pm
|
Hi all,
On 9th April Rakesh Jhunjhunwal sold 10 lakhs shares in A2Z maintenance and Engineering services ltd at around Rs.10/- at around loss of Rs.13 cores. He purchased 5 lakhs shares in 12/2010 at the price of Rs.352/- and once again averaged it buy purchasing another 26.5 lakhs shars at the price of Rs.100/- in the month of 5/2012. Hence Rakesh Jhunjhunwala purchased 31.50 lakhs shares at average price of Rs.140/-. Now he is in loss of Rs.41 crores in this scrip.So,R.J.should read this book |
Posted By: values
Date Posted: 20/Apr/2014 at 7:26pm
Any source/link to back up for this claim ? ------------- Knowledge is power! |
Posted By: DHIRAJKANT
Date Posted: 20/Apr/2014 at 2:28am
|
Dear values,
pls, watch www.moneycontrol.com's messageboard. |