Jeetay Interim Letter

07th March, 2011

This is a short interim letter I do not normally write.

The good news is that till end February this calendar year we have lost less money than the market but the bad news is that there are likely to be more bad news, which is why we are still holding some cash. However for long-term investors, like us, bad news is good news.

There was an interesting question that an international caller recently posed to me as to whether portfolio decisions are taken jointly by a team or by me. Whilst I replied that it was taken jointly, it was not the correct answer but neither would it have been wholly true if I had replied that it was taken only by me. For there is no easy or correct answer, because whilst I finally pull the trigger, I do so standing on the shoulders of a network of industry relationships and close associates in the financial markets.

The idea generation takes place through many sources, both within and through relationships outside Jeetay. Fortunately, there are many people in the network who play the devil's advocate and it is this skepticism that I value. To take sole credit for such decisions would thus be morally wrong.

Thus credit the portfolio performance not to my efforts alone. The blame for any poor decisions however rests solely with me - usually for not having followed up vigorously enough and on occasions for wishful thinking and putting high probabilities on overly optimistic/pessimistic scenarios.

There will be some like-minded people who will in the future join Jeetay. I will obviously keep you posted but for all of you and future client relationships that I get the privilege be associated in, please be fully assured that the responsibility of managing those portfolios is mine, and mine alone. Whilst the effort is joint and collaborative, the final decision-making and responsibility cannot be. Your money will not be managed by a committee or on the basis of any "model" portfolio. It will continue to be managed with the same care, effort and diligence that I put into managing my own.

Thanking you,

Warm Regards,

Chetan Parikh