April – June 2007 July 26, 2007 Whilst at this level of the market, it is difficult to come across a gem of an investment idea, I did come across a gem of a book, “The Psychology of Intelligence Analysis” by Dick Heuer. It is available freely on the net, thus having the most important …
January – March 2007 April 24, 2007 As value investors, dealing with uncertainty, we run the risk of making errors of omission – where large gains are foregone because we were trying to minimize the probability of a bad decision. That risk is there in the relatively large cash and near-cash balances we carry. The …
October – December 2006 January 29, 2007 In Greek mythology Lethe is the river of oblivion, from which the souls of the newly departed drunk so that they forget the memories of their past lives. The stock market drinks a punch made from Lethe everyday, forgetting the turbulence and volatility of its past, believing that …
July – September 2006 October 27, 2006 I came across an old book of Garrett Hardin “Nature and Man’s Fate”. Here is a statement I found relevant and interesting. “There was a time when educated men supposed that myths were something of the past – quaint, irrational fairy tales believed in by our credulous and …
April – June 2006 July 26, 2006 A value investor I respect, Whitney Tilson, in a recent issue of “Value Investor” (March 2006) identified eighteen types of value opportunities. Categorising an investment opportunity is important because the time horizon, temperament, timing, time and trouble taken on research and follow-up vary with each category. Out-of-favor blue …
January – March 2006 April 29, 2006 I would hasten to add that not much credence should be given to one quarter or even one year’s numbers. For instance, so far this month, two shares which constitute a significant part of your portfolio performed as follows: Market Price as on 31.03.06 Current Price as on …
October – December 2005 January 23, 2006 On the overall market, we continue to be cautious. This, however has not stopped us from looking for bargains. We found a few in the first week of January. In the last quarter, we also purchased Novartis which on a price to sales basis was trading at a …
July – September 2005 October 21, 2005 You may be surprised as to why the equity exposure is increasing with a rising Sensex level, instead of the other way round. The reason is that stocks that were previously unattractive became candidates for inclusion in the portfolio because of the appearance of catalysts. For instance, Binani …
Jeetay Annual Letter 2004-05 Dear friends, Our second yearly audited statements are as follows: Year 2004-05 Jeetay Sensex % of portfolio in equity % of portfolio in cash and cash equivalents Relative Performance July 05- Sep 30 7.31% 12.66% 9.17% 90.83% Oct 01 – Dec 31 5.50% 18.25% 23.11% 76.89% Jan 01 – …
Jeetay Annual Letter 2003-04 Dear friends, Our first yearly audited investment results*are as follows Year 2003-04 Jeetay Sensex Relative Performance June 7- Sep 7 33.4% 33.1% Sep 7 – Dec7 37.0% 16.7% Dec 7 – Mar 7 -6.1% 15% Mar 7 – June 7 5.3% -17% Cumulative 80.8% 48.0% 32.8% A …
