tag:blogger.com,1999:blog-86489592721697781752024-03-13T04:26:35.913-07:00Century Partnerswww.centurypartners.inCentury Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.comBlogger59125tag:blogger.com,1999:blog-8648959272169778175.post-36244353538356062332020-08-11T09:45:00.003-07:002020-08-12T05:48:13.518-07:00My Investment Article in the US MicroCap Review Magazine: Summer 2020 Edition<p> </p><p><span style="font-size: x-large;"><br /></span></p><h2 style="text-align: left;"><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9);"><span style="font-size: x-large;">Here is my article on the “Investment strategy during Covid-19 period” published in the Summer 2020 edition of US Stocks SNN MicroCap Review Magazine.</span></span></h2><div><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9);"><span style="font-size: x-large;"><br /></span></span></div><div><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9);"><span style="font-size: x-large;"><b><a href="https://issuu.com/stocknewsnow/docs/microcap_review_summer_2020_final/70" target="_blank">Magazine Link</a></b></span></span></div><div><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9);"><span style="font-size: x-large;"><br /></span></span></div><h2 style="text-align: left;"><a href="https://drive.google.com/file/d/195wW0F5ztlOm2DEOycdN5wwQ6AlGS41-/view?usp=sharing" target="_blank"><span style="font-size: x-large;">Article PDF</span></a></h2><h2 style="text-align: left;"><span style="font-size: x-large;"><br /><span color="" face="" style="color: rgba(0, 0, 0, 0.9);"><a href="https://www.linkedin.com/posts/maneeshnath_my-investment-article-in-the-us-microcap-activity-6698658427901640704-NurE" target="_blank">LinkedIn Post</a></span></span></h2><p style="text-align: left;"><span style="font-size: x-large;"><br /></span></p><p style="text-align: left;"><b><span style="font-size: x-large;"><a href="https://stocknewsnow.com/microcapreview-issue.php?id=current" target="_blank">SNN Website</a></span></b></p><p style="text-align: left;"><b><span style="font-size: x-large;"><br /></span></b></p><p style="text-align: left;"><b></b></p><div class="separator" style="clear: both; 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border: 0px; box-sizing: inherit; color: #665ed0; font-size: 14px; font-weight: 600; line-height: inherit; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;">#business</a><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9); font-size: 14px;"> </span><a data-attribute-index="37" href="https://www.linkedin.com/feed/hashtag/?keywords=money&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6698658427901640704" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; font-size: 14px; font-weight: 600; line-height: inherit; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;">#money</a><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9); font-size: 14px;"> </span><a data-attribute-index="38" href="https://www.linkedin.com/feed/hashtag/?keywords=investor&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6698658427901640704" style="background: rgb(255, 255, 255); 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border: 0px; box-sizing: inherit; color: #665ed0; font-size: 14px; font-weight: 600; line-height: inherit; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;">#finance</a><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9); font-size: 14px;"> </span><a data-attribute-index="41" href="https://www.linkedin.com/feed/hashtag/?keywords=entrepreneur&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6698658427901640704" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; font-size: 14px; font-weight: 600; line-height: inherit; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;">#entrepreneur</a><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9); font-size: 14px;"> </span><a data-attribute-index="42" href="https://www.linkedin.com/feed/hashtag/?keywords=wealth&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6698658427901640704" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; font-size: 14px; font-weight: 600; line-height: inherit; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;">#wealth</a><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9); font-size: 14px;"> </span><a data-attribute-index="43" href="https://www.linkedin.com/feed/hashtag/?keywords=investmentstrategies&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6698658427901640704" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; font-size: 14px; font-weight: 600; line-height: inherit; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;">#investmentstrategies</a><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9); font-size: 14px;"> </span><a data-attribute-index="44" href="https://www.linkedin.com/feed/hashtag/?keywords=familyoffices&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6698658427901640704" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; font-size: 14px; font-weight: 600; line-height: inherit; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;">#familyoffices</a><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9); font-size: 14px;"> </span><a data-attribute-index="45" href="https://www.linkedin.com/feed/hashtag/?keywords=innovation&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6698658427901640704" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; font-size: 14px; font-weight: 600; line-height: inherit; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;">#innovation</a><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9); font-size: 14px;"> </span><a data-attribute-index="46" href="https://www.linkedin.com/feed/hashtag/?keywords=entrepreneurship&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6698658427901640704" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; font-size: 14px; font-weight: 600; line-height: inherit; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;">#entrepreneurship</a><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9); font-size: 14px;"> </span><a data-attribute-index="47" href="https://www.linkedin.com/feed/hashtag/?keywords=startups&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6698658427901640704" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; font-size: 14px; font-weight: 600; line-height: inherit; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;">#startups</a><span color="" face="" style="background-color: white; color: rgba(0, 0, 0, 0.9); font-size: 14px;"> </span><a data-attribute-index="48" href="https://www.linkedin.com/feed/hashtag/?keywords=fundraising&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6698658427901640704" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; font-size: 14px; font-weight: 600; line-height: inherit; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;">#fundraising</a><p></p>Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-32374972751041594282020-05-26T08:01:00.003-07:002020-05-26T08:01:53.808-07:00In Conversation With Raamdeo Agrawal: PMS AIF World Covid-19 To Wealth 20<div dir="ltr" style="text-align: left;" trbidi="on">
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<h1 class="title style-scope ytd-video-primary-info-renderer" style="background: rgb(249, 249, 249); border: 0px; color: var(--ytd-video-primary-info-renderer-title-color, var(--yt-spec-text-primary)); font-family: Roboto, Arial, sans-serif; line-height: 2.4rem; margin: 0px; max-height: 4.8rem; overflow: hidden; padding: 0px; text-shadow: var(--ytd-video-primary-info-renderer-title-text-shadow, none); transform: var(--ytd-video-primary-info-renderer-title-transform, none);">
<span style="font-size: large;"><span style="font-family: "times new roman";">Attended an Informative Webinar on 22nd May 2020 Organised by </span>BloombergQuint TV </span></h1>
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<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/9MbIoaWPjDw" width="560"></iframe>
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<span style="font-size: large;"><span class="ember-view" id="ember3580" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; font-family: , , "blinkmacsystemfont" , "segoe ui" , "roboto" , "helvetica neue" , "fira sans" , "ubuntu" , "oxygen" , "oxygen sans" , "cantarell" , "droid sans" , "apple color emoji" , "segoe ui emoji" , "segoe ui symbol" , "lucida grande" , "helvetica" , "arial" , sans-serif; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">I was also mentioned in this interview </span></span><span class="ember-view" id="ember3588" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; font-family: , , "blinkmacsystemfont" , "segoe ui" , "roboto" , "helvetica neue" , "fira sans" , "ubuntu" , "oxygen" , "oxygen sans" , "cantarell" , "droid sans" , "apple color emoji" , "segoe ui emoji" , "segoe ui symbol" , "lucida grande" , "helvetica" , "arial" , sans-serif; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">at 22 minutes.</span></span></span><br />
<span class="ember-view" id="ember3588" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; font-family: , , "blinkmacsystemfont" , "segoe ui" , "roboto" , "helvetica neue" , "fira sans" , "ubuntu" , "oxygen" , "oxygen sans" , "cantarell" , "droid sans" , "apple color emoji" , "segoe ui emoji" , "segoe ui symbol" , "lucida grande" , "helvetica" , "arial" , sans-serif; font-size: large; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
</span><a class="hashtag-link ember-view" data-control-name="hashtag" href="https://www.linkedin.com/feed/hashtag/?highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6669919244731461632&keywords=%23warrenbuffett&originTrackingId=V9bcGTWiQNeqlXxl%2FM4SiA%3D%3D" id="ember3591" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit; margin: 0px; padding: 0px; position: relative; vertical-align: baseline;" target="_self"><span class="hashtag-a11y ember-view" dir="ltr" id="ember3592" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="visually-hidden" style="background: transparent; border: 0px !important; box-sizing: inherit; clip: rect(1px, 1px, 1px, 1px); display: block !important; height: 1px; line-height: inherit !important; margin: -1px !important; outline: 0px; overflow: hidden; padding: 0px !important; position: absolute !important; 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border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">valueinvesting</span></span></a><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> </span><a class="hashtag-link ember-view" data-control-name="hashtag" href="https://www.linkedin.com/feed/hashtag/?highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6669919244731461632&keywords=%23valuation&originTrackingId=V9bcGTWiQNeqlXxl%2FM4SiA%3D%3D" id="ember3599" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit; margin: 0px; padding: 0px; position: relative; vertical-align: baseline;" target="_self"><span class="hashtag-a11y ember-view" dir="ltr" id="ember3600" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="visually-hidden" style="background: transparent; 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border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">berkshirehathaway</span></span></a><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> </span><a class="hashtag-link ember-view" data-control-name="hashtag" href="https://www.linkedin.com/feed/hashtag/?highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6669919244731461632&keywords=%23investing&originTrackingId=V9bcGTWiQNeqlXxl%2FM4SiA%3D%3D" id="ember3607" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit; margin: 0px; padding: 0px; position: relative; vertical-align: baseline;" target="_self"><span class="hashtag-a11y ember-view" dir="ltr" id="ember3608" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="visually-hidden" style="background: transparent; border: 0px !important; box-sizing: inherit; clip: rect(1px, 1px, 1px, 1px); display: block !important; height: 1px; line-height: inherit !important; margin: -1px !important; outline: 0px; overflow: hidden; padding: 0px !important; position: absolute !important; user-select: none; vertical-align: baseline; white-space: nowrap; width: 1px;">hashtag</span><span aria-hidden="true" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">#</span><span class="hashtag-a11y__name" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">investing</span></span></a><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> </span><a class="hashtag-link ember-view" data-control-name="hashtag" href="https://www.linkedin.com/feed/hashtag/?highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6669919244731461632&keywords=%23stocks&originTrackingId=V9bcGTWiQNeqlXxl%2FM4SiA%3D%3D" id="ember3611" style="background: transparent; 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<span style="font-size: large;">Thanks,</span><br />
<span style="font-size: large;">Maneesh Nath</span><br />
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-2034488699723189162020-05-07T21:34:00.000-07:002020-05-07T21:40:14.953-07:00Latest Investment Idea: Citrix Systems Inc. (NASDAQ: CTXS) <div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="feed-shared-update-v2__description-wrapper ember-view" id="ember8205" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; margin: 0px; padding: 0px; vertical-align: baseline;">
<div class="feed-shared-inline-show-more-text feed-shared-update-v2__description feed-shared-inline-show-more-text--minimal-padding feed-shared-inline-show-more-text--expanded ember-view" data-artdeco-is-focused="true" id="ember8206" style="-webkit-line-clamp: initial; background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: 2rem !important; margin: 0px 16px; max-height: none; max-width: 928px; outline: none; overflow: hidden; padding: 0px; position: relative; vertical-align: baseline;" tabindex="-1">
<div class="feed-shared-text relative feed-shared-update-v2__commentary ember-view" dir="ltr" id="ember8207" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: 1.42857; margin: 0px; padding: 0px; position: relative !important; vertical-align: baseline;">
<div class="feed-shared-text__text-view feed-shared-text-view white-space-pre-wrap break-words ember-view" id="ember8208" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; overflow-wrap: break-word !important; padding: 0px; vertical-align: baseline; white-space: pre-wrap !important; word-break: break-word !important;">
<span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: large;"><span class="ember-view" id="ember8211" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">I am here sharing the link to my recently posted idea on Citrix Systems Inc. (CTXS) on SumZero.</span></span></span></span><br />
<span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: large;"><span class="ember-view" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><br /></span></span></span></span></div>
<div class="feed-shared-text__text-view feed-shared-text-view white-space-pre-wrap break-words ember-view" id="ember8208" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; overflow-wrap: break-word !important; padding: 0px; vertical-align: baseline; white-space: pre-wrap !important; word-break: break-word !important;">
<span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="ember-view" id="ember8219" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a data-saferedirecturl="https://www.google.com/url?q=https://sumzero.com/pro/research/ideas/18613&source=gmail&ust=1588995769413000&usg=AFQjCNGFvMmxT86E950XQOTCkw-AMmhqWQ" href="https://sumzero.com/pro/research/ideas/18613" style="background-color: white; color: #1155cc; font-family: verdana, sans-serif; white-space: normal;" target="_blank"><span style="font-size: large;">https://sumzero.com/pro/<wbr></wbr>research/ideas/18613</span></a></span></span></span></div>
<div class="feed-shared-text__text-view feed-shared-text-view white-space-pre-wrap break-words ember-view" id="ember8208" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; overflow-wrap: break-word !important; padding: 0px; vertical-align: baseline; white-space: pre-wrap !important; word-break: break-word !important;">
<span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="ember-view" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: large;">
Thanks,
Maneesh Nath
"Due to COVID-19, to follow social distancing rules, companies had asked their employees to work from home. This is going to change how we work in the future and create a tailwind for Citrix."</span><span style="font-size: 14px;">
</span></span><a class="hashtag-link ember-view" data-control-name="hashtag" href="https://www.linkedin.com/feed/hashtag/?highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6664371706674716672&keywords=%23covid19&originTrackingId=8Fwz8srnTVi8DoAJnboYXQ%3D%3D" id="ember8222" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; color: #665ed0; font-size: 14px; font-weight: 600; line-height: inherit !important; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;" target="_self"><span class="hashtag-a11y ember-view" dir="ltr" id="ember8223" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; 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margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">#</span><span class="hashtag-a11y__name" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">covid19</span></span></a><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; font-size: 14px; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> </span><a class="hashtag-link ember-view" data-control-name="hashtag" href="https://www.linkedin.com/feed/hashtag/?highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6664371706674716672&keywords=%23workfromhome&originTrackingId=8Fwz8srnTVi8DoAJnboYXQ%3D%3D" id="ember8226" style="background-attachment: initial; 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background-repeat: initial; background-size: initial; border: 0px !important; box-sizing: inherit; clip: rect(1px, 1px, 1px, 1px); display: block !important; height: 1px; line-height: inherit !important; margin: -1px !important; outline: 0px; overflow: hidden; padding: 0px !important; position: absolute !important; user-select: none; vertical-align: baseline; white-space: nowrap; width: 1px;">hashtag</span><span aria-hidden="true" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">#</span><span class="hashtag-a11y__name" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">workfromhome</span></span></a><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; font-size: 14px; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> </span><a class="hashtag-link ember-view" data-control-name="hashtag" href="https://www.linkedin.com/feed/hashtag/?highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6664371706674716672&keywords=%23citrix&originTrackingId=8Fwz8srnTVi8DoAJnboYXQ%3D%3D" id="ember8230" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; 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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-55011989320466748672020-05-02T23:05:00.000-07:002020-05-02T23:49:14.568-07:002020 Berkshire Hathaway Annual Shareholders Meeting<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: large;"><b><a href="https://www.linkedin.com/posts/maneeshnath_live-warren-buffett-and-the-berkshire-hathaway-activity-6662565176270815232-XKoJ" target="_blank">2020 Berkshire Hathaway Annual Shareholders Meeting</a>: <a href="https://www.linkedin.com/posts/maneeshnath_live-warren-buffett-and-the-berkshire-hathaway-activity-6662565176270815232-XKoJ" target="_blank">Link to My Post</a></b></span><br />
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<span class="ember-view" id="ember6231" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><b><span style="font-size: large;"><a href="https://www.linkedin.com/posts/maneeshnath_memories-2010-berkshire-hathaway-annual-activity-6662348032299933696-Poo4" target="_blank">Memories, 2010 Berkshire Hathaway Annual Shareholder’s Meeting, Omaha, Nebraska.</a> </span></b></span></span></div>
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<b><span class="ember-view" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a href="http://www.linkedin.com/in/maneeshnath" target="_blank">Myself</a> With Warren Buffett, </span></span><a class="tap-target feed-shared-text-view__mention ember-view" href="https://www.linkedin.com/in/ACoAAAJAvEIBVRNdj8ZbM_RPzgPxW6lYznZf9zw/" id="ember6235" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; cursor: pointer; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline; white-space: pre-wrap;" target="_self"><span data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAAJAvEIBVRNdj8ZbM_RPzgPxW6lYznZf9zw" data-entity-type="MINI_PROFILE" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Mohnish Pabrai</span></a><button aria-expanded="false" aria-label="See more about Mohnish Pabrai" class="entity-hovercard__a11y-trigger" data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAAJAvEIBVRNdj8ZbM_RPzgPxW6lYznZf9zw" data-entity-hovercard-trigger="click" style="background-attachment: initial; 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white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> and </span></span><a class="tap-target feed-shared-text-view__mention ember-view" href="https://www.linkedin.com/in/ACoAAABQJNUBMQLCudDgAmSxbj-nbn0ivil_0oI/" id="ember6243" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; cursor: pointer; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline; white-space: pre-wrap;" target="_self"><span data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAABQJNUBMQLCudDgAmSxbj-nbn0ivil_0oI" data-entity-type="MINI_PROFILE" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Chuck Gillman</span></a><button aria-expanded="false" aria-label="See more about Chuck Gillman" class="entity-hovercard__a11y-trigger" data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAABQJNUBMQLCudDgAmSxbj-nbn0ivil_0oI" data-entity-hovercard-trigger="click" style="background-attachment: initial; background-clip: initial; background-image: none; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border-color: initial; border-style: none; border-width: initial; box-sizing: inherit; cursor: pointer; flex-shrink: 0; font-family: inherit; height: 0px; line-height: inherit !important; opacity: 0; overflow: hidden; padding: 0px; touch-action: manipulation; vertical-align: middle; white-space: pre-wrap; width: 0px;" type="button"></button><span class="ember-view" id="ember6247" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> (also met </span></span><a class="tap-target feed-shared-text-view__mention ember-view" href="https://www.linkedin.com/in/ACoAAAAAGLEB-ZLkTjYrCTC3s-gWGKQi9lYARuw/" id="ember6251" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; cursor: pointer; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline; white-space: pre-wrap;" target="_self"><span data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAAAAGLEB-ZLkTjYrCTC3s-gWGKQi9lYARuw" data-entity-type="MINI_PROFILE" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Guy Spier</span></a><button aria-expanded="false" aria-label="See more about Guy Spier" class="entity-hovercard__a11y-trigger" data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAAAAGLEB-ZLkTjYrCTC3s-gWGKQi9lYARuw" data-entity-hovercard-trigger="click" style="background-attachment: initial; background-clip: initial; background-image: none; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border-color: initial; border-style: none; border-width: initial; box-sizing: inherit; cursor: pointer; flex-shrink: 0; font-family: inherit; height: 0px; line-height: inherit !important; opacity: 0; overflow: hidden; padding: 0px; touch-action: manipulation; vertical-align: middle; white-space: pre-wrap; width: 0px;" type="button"></button><span class="ember-view" id="ember6255" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">) at </span></span><a class="tap-target feed-shared-text-view__mention ember-view" href="https://www.linkedin.com/in/ACoAAAro2XUBQkhFkxos3i4OIM_UkZOHjlcWL_I/" id="ember6259" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; cursor: pointer; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline; white-space: pre-wrap;" target="_self"><span data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAAro2XUBQkhFkxos3i4OIM_UkZOHjlcWL_I" data-entity-type="MINI_PROFILE" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Whitney Tilson</span></a><button aria-expanded="false" aria-label="See more about Whitney Tilson" class="entity-hovercard__a11y-trigger" data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAAro2XUBQkhFkxos3i4OIM_UkZOHjlcWL_I" data-entity-hovercard-trigger="click" style="background-attachment: initial; background-clip: initial; background-image: none; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border-color: initial; border-style: none; border-width: initial; box-sizing: inherit; cursor: pointer; flex-shrink: 0; font-family: inherit; height: 0px; line-height: inherit !important; opacity: 0; overflow: hidden; padding: 0px; touch-action: manipulation; vertical-align: middle; white-space: pre-wrap; width: 0px;" type="button"></button><span class="ember-view" id="ember6263" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> get together in Omaha, Nebraska.</span></span></b></div>
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<b><span style="font-size: large;"><span class="ember-view" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a href="http://www.linkedin.com/in/maneeshnath" target="_blank">Myself</a> With </span></span><a class="tap-target feed-shared-text-view__mention ember-view" href="https://www.linkedin.com/in/ACoAAAJAvEIBVRNdj8ZbM_RPzgPxW6lYznZf9zw/" id="ember6235" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; cursor: pointer; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline; white-space: pre-wrap;" target="_self"><span data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAAJAvEIBVRNdj8ZbM_RPzgPxW6lYznZf9zw" data-entity-type="MINI_PROFILE" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Mohnish Pabrai</span></a><button aria-expanded="false" aria-label="See more about Mohnish Pabrai" class="entity-hovercard__a11y-trigger" data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAAJAvEIBVRNdj8ZbM_RPzgPxW6lYznZf9zw" data-entity-hovercard-trigger="click" style="background-attachment: initial; background-clip: initial; background-image: none; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border-color: initial; border-style: none; border-width: initial; box-sizing: inherit; cursor: pointer; flex-shrink: 0; font-family: inherit; height: 0px; line-height: inherit !important; opacity: 0; overflow: hidden; padding: 0px; touch-action: manipulation; vertical-align: middle; white-space: pre-wrap; width: 0px;" type="button"></button><span class="ember-view" id="ember6239" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> and </span></span><a class="tap-target feed-shared-text-view__mention ember-view" href="https://www.linkedin.com/in/ACoAAABQJNUBMQLCudDgAmSxbj-nbn0ivil_0oI/" id="ember6243" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; cursor: pointer; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline; white-space: pre-wrap;" target="_self"><span data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAABQJNUBMQLCudDgAmSxbj-nbn0ivil_0oI" data-entity-type="MINI_PROFILE" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Chuck Gillman</span></a><button aria-expanded="false" aria-label="See more about Chuck Gillman" class="entity-hovercard__a11y-trigger" data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAABQJNUBMQLCudDgAmSxbj-nbn0ivil_0oI" data-entity-hovercard-trigger="click" style="background-attachment: initial; background-clip: initial; background-image: none; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border-color: initial; border-style: none; border-width: initial; box-sizing: inherit; cursor: pointer; flex-shrink: 0; font-family: inherit; height: 0px; line-height: inherit !important; opacity: 0; overflow: hidden; padding: 0px; touch-action: manipulation; vertical-align: middle; white-space: pre-wrap; width: 0px;" type="button"></button><span class="ember-view" id="ember6247" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> (also met </span></span><a class="tap-target feed-shared-text-view__mention ember-view" href="https://www.linkedin.com/in/ACoAAAAAGLEB-ZLkTjYrCTC3s-gWGKQi9lYARuw/" id="ember6251" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; cursor: pointer; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline; white-space: pre-wrap;" target="_self"><span data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAAAAGLEB-ZLkTjYrCTC3s-gWGKQi9lYARuw" data-entity-type="MINI_PROFILE" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Guy Spier</span></a><button aria-expanded="false" aria-label="See more about Guy Spier" class="entity-hovercard__a11y-trigger" data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAAAAGLEB-ZLkTjYrCTC3s-gWGKQi9lYARuw" data-entity-hovercard-trigger="click" style="background-attachment: initial; background-clip: initial; background-image: none; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border-color: initial; border-style: none; border-width: initial; box-sizing: inherit; cursor: pointer; flex-shrink: 0; font-family: inherit; height: 0px; line-height: inherit !important; opacity: 0; overflow: hidden; padding: 0px; touch-action: manipulation; vertical-align: middle; white-space: pre-wrap; width: 0px;" type="button"></button><span class="ember-view" id="ember6255" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">) at </span></span><a class="tap-target feed-shared-text-view__mention ember-view" href="https://www.linkedin.com/in/ACoAAAro2XUBQkhFkxos3i4OIM_UkZOHjlcWL_I/" id="ember6259" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: #665ed0; cursor: pointer; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline; white-space: pre-wrap;" target="_self"><span data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAAro2XUBQkhFkxos3i4OIM_UkZOHjlcWL_I" data-entity-type="MINI_PROFILE" style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Whitney Tilson</span></a><button aria-expanded="false" aria-label="See more about Whitney Tilson" class="entity-hovercard__a11y-trigger" data-entity-hovercard-id="urn:li:fs_miniProfile:ACoAAAro2XUBQkhFkxos3i4OIM_UkZOHjlcWL_I" data-entity-hovercard-trigger="click" style="background-attachment: initial; background-clip: initial; background-image: none; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border-color: initial; border-style: none; border-width: initial; box-sizing: inherit; cursor: pointer; flex-shrink: 0; font-family: inherit; height: 0px; line-height: inherit !important; opacity: 0; overflow: hidden; padding: 0px; touch-action: manipulation; vertical-align: middle; white-space: pre-wrap; width: 0px;" type="button"></button><span class="ember-view" id="ember6263" style="background: rgb(255, 255, 255); border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.9); font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", "Fira Sans", Ubuntu, Oxygen, "Oxygen Sans", Cantarell, "Droid Sans", "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Lucida Grande", Helvetica, Arial, sans-serif; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; white-space: pre-wrap;"><span style="background: transparent; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> get together in Omaha, Nebraska.</span></span></span></b></div>
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<a href="https://1.bp.blogspot.com/-2cuOBqUS0dg/Xq5nqrFc-qI/AAAAAAAAPuU/fE_AtybQhi8PjCozeJSD2fNMAa-LFPO1gCLcBGAsYHQ/s1600/2010%2BWB%2BMeet2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="768" data-original-width="1055" height="232" src="https://1.bp.blogspot.com/-2cuOBqUS0dg/Xq5nqrFc-qI/AAAAAAAAPuU/fE_AtybQhi8PjCozeJSD2fNMAa-LFPO1gCLcBGAsYHQ/s320/2010%2BWB%2BMeet2.jpg" width="320" /></a></div>
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<b><span style="font-size: large;">Thanks,</span></b><br />
<a href="http://www.linkedin.com/in/maneeshnath" target="_blank"><b><span style="font-size: large;">Maneesh Nath</span></b></a><br />
<b><span style="font-size: large;">2nd May 2020</span></b><br />
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-71024507333269143112020-04-25T07:31:00.000-07:002020-04-26T01:39:19.133-07:00Oil Industry Webinar on: “Oil From Boil to Turmoil”<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: blue; font-size: large;">Today I attended an interesting Oil Industry Webinar on: “Oil From Boil to Turmoil”</span><br />
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<span style="color: blue; font-size: large;"><br /></span><span style="color: blue; font-size: large;"><a href="https://youtu.be/vNJEV1aAA5I" style="color: blue;" target="_blank"><b>Link to Watch Oil Industry Presentation</b> By: Mr. Manish Pathak, (President of Welspun Group</a><span style="color: blue;">) </span><a href="https://youtu.be/vNJEV1aAA5I"><b><span style="color: #45818e;">YouTube Link</span></b></a></span><br />
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<a href="https://1.bp.blogspot.com/-hRn3l-7yDdg/XqRGv8bfSxI/AAAAAAAAPtY/jADAJrgdlNc3O_6vMM22BZD00PPOhgSyQCLcBGAsYHQ/s1600/Zoom3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: blue; font-size: large;"><img border="0" data-original-height="900" data-original-width="1600" height="180" src="https://1.bp.blogspot.com/-hRn3l-7yDdg/XqRGv8bfSxI/AAAAAAAAPtY/jADAJrgdlNc3O_6vMM22BZD00PPOhgSyQCLcBGAsYHQ/s320/Zoom3.jpg" width="320" /></span></a></div>
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<span style="color: blue; font-size: large;"><span style="color: blue;">Thanks to the organizers at </span><u>Arihant Capital Markets Ltd</u><span style="color: blue;"> and distinguished panel members for sharing their insights.</span></span><br />
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<span style="color: blue; font-size: large;">Hope to connect again soon.</span><br />
<span style="color: blue; font-size: large;">Maneesh Nath</span><br />
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-59470228781240493592020-04-21T04:56:00.000-07:002020-04-21T04:56:46.002-07:00Investment Work Summary of Maneesh Nath<div dir="ltr" style="text-align: left;" trbidi="on">
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<b style="mso-bidi-font-weight: normal;"><u><span style="color: #002060; font-family: "garamond" , "serif"; font-size: 16.0pt; line-height: 115%;">Investment
Work Summary of Maneesh Nath</span></u></b></h2>
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<a href="https://1.bp.blogspot.com/-1n90vMQhoLs/Xp7Y9jWdkfI/AAAAAAAAPs4/XWNAdZWPRhk2jgAq4U7oRGH-ychmXOpVQCEwYBhgLKs4DAL1Ocqx66-oNMQ-jEbdsszq_iCm-De-dOBgHn8gl_gAZR7-paz0kVsL7M6ItqtJvt4yAYOSQSANLAWGScQ3KDLAHyBw8bh_vueoo8HIrMJmTFvKjoMfnfDPXPKA6Ms4mZILKDp0Io22c1S9-MNOIfqrAQHrNPFg4O4hnxE-VUEXyme6mV2zBOMJBe_9AzWx6aHdtpO_9UgKPLUnlYCpeNfXVJQTwp6kc19Wyjch1z8P7Ohq7f-Q72kIQzq8RHaS4Mbxo1K-Y_tswOW07BOQpu6HsuHdvwIzlrzKwO2v5h3RHFx6Q86oVsxbKpMDLbzHWbmnGt1gvVdGpBDN_u-b2XlRKOv_iFIw5k0eAwUMugAA5P5RXe2faUess1ORJ0mpVEKjs2MgkQFxhzQsFrj5spyf8dMnwQZVji5yyitSP6KIX1p9NmTbDXFN1v5H7J6NFfIeJ5h8pTikhCdAUtLak7gaSelM7BCdN7RseF8g1qmQp95pgfpwMv_YGp2qZyAIhuae6CCmDmC3BvHlANzNGyzV5Cs8JMxeKXHk5T4I7IM3PxKF9YIZV_GMpubWQcOuQ_m35XwKaeVba1hdTF17h50tOfs62YKKaxtGFdv7vMM---_QF/s1600/header.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="371" data-original-width="1341" height="88" src="https://1.bp.blogspot.com/-1n90vMQhoLs/Xp7Y9jWdkfI/AAAAAAAAPs4/XWNAdZWPRhk2jgAq4U7oRGH-ychmXOpVQCEwYBhgLKs4DAL1Ocqx66-oNMQ-jEbdsszq_iCm-De-dOBgHn8gl_gAZR7-paz0kVsL7M6ItqtJvt4yAYOSQSANLAWGScQ3KDLAHyBw8bh_vueoo8HIrMJmTFvKjoMfnfDPXPKA6Ms4mZILKDp0Io22c1S9-MNOIfqrAQHrNPFg4O4hnxE-VUEXyme6mV2zBOMJBe_9AzWx6aHdtpO_9UgKPLUnlYCpeNfXVJQTwp6kc19Wyjch1z8P7Ohq7f-Q72kIQzq8RHaS4Mbxo1K-Y_tswOW07BOQpu6HsuHdvwIzlrzKwO2v5h3RHFx6Q86oVsxbKpMDLbzHWbmnGt1gvVdGpBDN_u-b2XlRKOv_iFIw5k0eAwUMugAA5P5RXe2faUess1ORJ0mpVEKjs2MgkQFxhzQsFrj5spyf8dMnwQZVji5yyitSP6KIX1p9NmTbDXFN1v5H7J6NFfIeJ5h8pTikhCdAUtLak7gaSelM7BCdN7RseF8g1qmQp95pgfpwMv_YGp2qZyAIhuae6CCmDmC3BvHlANzNGyzV5Cs8JMxeKXHk5T4I7IM3PxKF9YIZV_GMpubWQcOuQ_m35XwKaeVba1hdTF17h50tOfs62YKKaxtGFdv7vMM---_QF/s320/header.jpg" width="320" /></a></div>
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<b><u><span style="font-family: "garamond" , "serif"; font-size: 14.0pt; line-height: 115%;">Hedge Fund
Manager Profile:</span></u></b></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1wbJE4lycmi_9m1ZWl_BGu9hh3LFr9SwN">Stocks
News Network (SNN) Article Featuring Maneesh Nath 7th Feb 2020</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=0BxhOYCkM_sgOQjFSbXN0YkZiMnVjV3JKLTFOc2RMblFJdWUw">Maneesh
Nath Resume May 2019</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1UAoj9hA33dQ0QYvXmJy7NV1MKceGNx1l">Maneesh
Nath Hedge Fund Manager Profile</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="http://www.azimuthresearch.ai/team-details.html#manish">Maneesh
Nath Website</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1Klgd83Vi1ahDKJgZwg2paFQpiw4wL9ts">2019
MSME Achiever’s Wealth Management Award Ceremony Hyderabad, Nov 14 2019</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="font-family: "garamond" , serif; line-height: 115%;"><span style="color: blue;"><a href="https://drive.google.com/open?id=1HYlyhwLA8Cu-rhi8Ik_S3-VbFemV_qzT">Connect
with Maneesh Nath on Social Media (Links)</a></span></span><span style="color: #0033cc; font-family: "garamond" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "garamond" , "serif"; font-size: 14.0pt; line-height: 115%;">Equity Research
Reports by Maneesh Nath (2007-2020):</span></u></b></h3>
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<span style="font-family: "garamond" , serif; line-height: 115%;"><span style="color: blue;"><a href="https://drive.google.com/open?id=1XPMOgw5AT9hBGKUlaDESrrqSW6oPH1mE">Exxon
Mobil (XOM) Equity Research Nov 2007 MN Capital One</a></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1hWoyD2VKEWdxcrsT0wqFgj5IdSBSqkV3">Ashiana
Housing Equity Research Dec 2010 MN</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1Gx2j5WAQtMYeGkSXxRlKJtcPG4oNyO11AeiGFOZYeuI">Astral
Poly Technik Coverage Initiation Jan 2011 Updated Sep2011</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1DhA6rse2rZOIGWBcOkSrtZDLUIjo2PTp">Gujarat
State Petronet Equity Research Feb 2012 MN</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1qLmIkJ-O5uv6BjCALCBDO0LNyDCTxbrt">Kirloskar
Oil Engines Equity Research Jul 2013 MN</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1KpTxNEQ0omKawOWowXzgJeb88PwTjxV8">Infinite
Computer Solutions Equity Research Jul 2013 MN ASCL</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1fYafxH4iRMZEFLhHAif1dxx2igTLJNL6">Mold-Tek
Packaging Equity Research Aug 2013 MN ASCL</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1FREGZa_rXCvBcv4O4A2CkOVmwfMqnkZ0">Mayur
Uniquoters Equity Research Apr 2014 MN ASCL</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1Phm7ME-5j3tD4CLSxDOr1PoAyIktsm-z">Suven
Life Sciences Equity Research Jan 2014 MN ASCL</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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Pharma Equity Research Jan 2014 MN ASCL</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1wQnwMei2uP5drLPlC-IfLjwDfXbrb4IL">Expleo
Solutions Ltd. (SQS India BFSI) Equity Research Sep 2016 MN ASCL</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1plaggfXtO_IjiYErp_WjJ9miuCdHXlJk">Control
Print Ltd. Equity Research Jan 2017 MN ASCL</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=16sACvG9Fg7JUMY31DLVhJI41GDdR1wue">Astral
Poly Technik Equity Research Oct 2018</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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Equity Research Report SZ Jun 2019 MN</a></span><span style="font-family: "garamond" , serif; font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div>
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<h3 style="text-align: left;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "garamond" , "serif"; font-size: 14.0pt; line-height: 115%;">Investment
Presentations by Maneesh Nath:</span></u></b></h3>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1bKUwbM9GZ8MKkb7oWPk-QNFI5FwaBXbp">Century
Partners Value Fund July 2013</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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Investing Aug 2010</a></span></span></div>
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<h3 style="text-align: left;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "garamond" , serif; line-height: 115%;">Notes, News and
Reports by Maneesh Nath:</span></u></b></h3>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=0BxhOYCkM_sgOWHBsMjdQR2hndFU">Investor
Endorsement on 2012 Portfolio Performance</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="http://www.opalesque.com/industry-updates/3425/maneesh-nath-joins-arcstone-capital.html">Opalesque
Article July 2013: Hedge fund Industry update, MN Joining Arcstone Capital</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1c5m0D0RThnwYK_SjpjYLysF1cPs2BMav">IHS
Markit NYC Loan Price Volatility and VAR Analysis MN Oct 2009</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://valueinvestornyc.blogspot.com/2020/01/jan-2020-update-on-usa-mid-and-large.html">Jan
2020 Update on USA Mid and Large Cap Model Portfolio (created in Jan 2009)</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="font-family: "garamond" , serif; line-height: 115%;"><span style="color: blue;"><a href="https://drive.google.com/open?id=0BxhOYCkM_sgONTk2ZTg0MmItNzNhNC00ZTIyLThlYWQtMTQxMmFlZWM5YzQ5">Meeting
with Warren Buffett Notes and News MN Mar 2011</a></span></span><span style="color: #0033cc; font-family: "garamond" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "garamond" , "serif"; font-size: 14.0pt; line-height: 115%;">Investment
Articles by Maneesh Nath:</span></u></b></h3>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "garamond" , "serif"; font-size: 14.0pt; line-height: 115%;"><br /></span></u></b></div>
<div>
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "garamond" , "serif"; font-size: 14.0pt; line-height: 115%;"><br /></span></u></b></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://drive.google.com/open?id=1L-eTr5TMoMkbnRiG1ZjZr0_7DMB4MO01">COVID-19
Pandemic, US Economy, Stock Market Prospects, Investment Strategy by Maneesh
Nath Apr 2020</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><br /></span></div>
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<span style="font-family: "garamond" , serif; line-height: 115%;"><span style="color: blue;"><a href="https://valueinvestornyc.blogspot.com/2010/09/my-message-to-managers-in-march-2008.html">My
Message to Fund Managers and Investors in March 2008: Profitable opportunities
for US investors in India 2008</a></span></span><span style="color: #0033cc; font-family: "garamond" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "garamond" , "serif"; font-size: 14.0pt; line-height: 115%;">Links To The
Articles:</span></u></b></h3>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "garamond" , "serif"; font-size: 14.0pt; line-height: 115%;"><br /></span></u></b></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="http://www.opalesque.com/industry-updates/3425/maneesh-nath-joins-arcstone-capital.html">Opalesque
Article July 2013: Hedge fund Industry update, MN Joining Arcstone Capital</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://sumzero.com/sp/szbestof2014">MN
Recipient of Top 17 Buy side Analyst Honors in 2014 from SumZero, Best of 2014
Report</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><br /></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://www.preqin.com/docs/reports/Preqin-Top-Performing-Hedge-Funds-February-2015.pdf">Preqin
2015 Report: PTIOF Was The Top Performing Fund in 2014</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><br /></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://webcache.googleusercontent.com/search?q=cache:mhs4F7unm5cJ:https://www.hvst.com/attachments/4420%3Fdownload%3DTrue+&cd=4&hl=en&ct=clnk&gl=in">Preqin
2016 Report: PTIOF Was The Top Performing Fund For 3 Year Period (Jan 2013-Dec
2015)</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><br /></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://www.preqin.com/docs/reports/2017-Preqin-Global-Hedge-Fund-Report-Top-Performing-Funds-February-2017.pdf">Preqin
2017 Report: PTIOF Was The Top Performing Fund For 3 Year Period (Jan 2014-Dec
2016)</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><br /></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://www.chinamoneynetwork.com/2015/02/06/asia-frontier-capital-lygh-capital-among-top-20-performing-hedge-funds">China
Money Article 2015: Arcstone Capital’s Passage to India Opportunity Fund was
the best performing fund with a net return of 225.21%</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><br /></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="http://www.cityam.com/220464/smaller-hedge-funds-do-better-during-turmoil">City
A.M. Article published study done on the small hedge funds performance by Cass
Business School, London featuring PTIOF</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><br /></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="http://www.nasdaq.com/article/hedge-funds-what-for-cm475213">Nasdaq
Article: The best performing fund for 2014 was PTIOF</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><br /></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="http://www.businessinsider.in/Meet-the-ex-fighter-pilot-who-now-runs-the-top-performing-hedge-fund-in-the-world/articleshow/46358422.cms">Business
Insider Article: PTIOF Rank # 1, The best-returning hedge fund of 2014</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><br /></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="http://in.reuters.com/article/hedgefunds-india-performance-idINKBN0LA1UY20150206">Reuters
Article PTIOF Top performing fund for 2014 out of 17,200 hedge funds</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><br /></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://www.ai-cio.com/news/the-best-performing-hedge-fund-of-2014-was/">Chief
Investment Officer Article: The Best Performing Hedge Fund of 2014 Was Passage
to India Opportunity Fund</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="http://www.wealthbriefingasia.com/article.php?id=162739">WealthBriefing
Asia Article: An India-focused hedge fund, PTIOF (Cayman), run by Arcstone
Capital, had a net return figure of 225%</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://www.terrapinn.com/conference/middle-east-investment-summit/Past-Speakers.stm">Arcstone
Capital was the Keynote Speaker at Middle East Investment Summit 2016</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="https://www.terrapinn.com/conference/middle-east-investment-summit/Past-Speakers.stm">Arcstone
Capital was the Keynote Speaker at Middle East Investment Summit May 2017</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<span style="color: blue;"><span style="font-family: "garamond" , serif; line-height: 115%;"><a href="http://www.reuters.com/article/us-hedgefunds-performance-idUSKBN15M2EA">Reuters
Article Feb 2017: PTIOF Was The Top Performing Fund For 3 Year Period (Jan
2014-Dec 2016)</a></span><span style="font-family: "garamond" , serif; line-height: 115%;"><o:p></o:p></span></span></div>
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<a href="http://www.ai-cio.com/channel/NEWSMAKERS/Equity-Strategies-Ranked-Top-Performer-in-2016-Global-Hedge-Fund-Report/"><span style="font-family: "garamond" , serif; line-height: 115%;"><span style="color: blue;">CIO
Article Feb 2017: PTIOF Was The Top Performing Fund For 3 Year Period (Jan
2014-Dec 2016)</span></span></a></div>
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<a href="http://www.ai-cio.com/channel/NEWSMAKERS/Equity-Strategies-Ranked-Top-Performer-in-2016-Global-Hedge-Fund-Report/"><span style="font-family: "garamond" , serif; line-height: 115%;"><span style="color: blue;"><br /></span>
</span></a><b style="mso-bidi-font-weight: normal;"><span style="color: #00b0f0; font-family: "garamond" , "serif"; font-size: 14.0pt; line-height: 115%;"><br /></span></b></div>
<h3 style="text-align: left;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "garamond" , serif; font-size: 14pt; line-height: 115%;"><a href="https://drive.google.com/open?id=1HYlyhwLA8Cu-rhi8Ik_S3-VbFemV_qzT">Connect with Maneesh Nath on
Social Media (Links)</a></span></b></h3>
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div>
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: #00b0f0; font-family: "garamond" , "serif"; font-size: 14.0pt; line-height: 115%;">Email:
</span></b><a href="mailto:maneeshnath.devraj@gmail.com"><span style="color: #1155cc; font-family: "garamond" , "serif"; font-size: 12.0pt; line-height: 115%;">maneeshnath.devraj@gmail.com</span></a><span style="color: #0033cc; font-family: "garamond" , "serif"; font-size: 12.0pt; line-height: 115%;">; </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: #00b0f0; font-family: "garamond" , "serif"; font-size: 14.0pt; line-height: 115%;">Skype:</span></b><span style="color: #0033cc; font-family: "garamond" , "serif"; font-size: 12.0pt; line-height: 115%;">
century.partners03</span></div>
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<span style="font-family: "garamond" , serif; font-size: 12pt; line-height: 115%;"><span style="color: #3d85c6;"><a href="https://www.linkedin.com/posts/maneeshnath_maneesh-nath-investment-work-summary-activity-6657924228500766720-7i4U">Linkedin Post</a></span></span></h3>
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-47348972391843604452020-04-11T11:12:00.000-07:002020-04-11T11:12:34.472-07:00COVID-19 Pandemic, US Economy/Stock Market Prospects and Investment Strategy<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #0e101a; font-family: "Garamond","serif";">Author: Maneesh Nath <o:p></o:p></span></div>
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<span style="color: #0e101a; font-family: "Garamond","serif";">Dated: 4<sup>th</sup> Apr
2020</span><b style="mso-bidi-font-weight: normal;"><u><span style="color: #002060; font-family: "Garamond","serif";"><o:p></o:p></span></u></b></div>
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<i style="mso-bidi-font-style: normal;"><span style="color: #0e101a; font-family: "Garamond","serif"; font-size: 11.0pt;">'In the middle of difficulty lies
opportunity'.-</span></i><i style="mso-bidi-font-style: normal;"><span style="color: #0e101a; font-family: "Garamond","serif"; font-size: 9.0pt;">Albert
Einstein<o:p></o:p></span></i></div>
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<span style="color: #0e101a; font-family: "Garamond","serif";">Due to the COVID-19
Pandemic, US Stock markets, which have been in the longest Bull Run for the
last 11 years, starting in 2009 have seen the steepest decline in its entire
history and have now entered the bear market territory. Just seven weeks ago,
on 12th Feb 2020, Dow Jones Industrial Average (DJIA) reached an all-time high
of 29552 and on 23rd March 2020 created a low of 18592, a sudden decline of
over 35%. Due to this breakdown in the US economy, GDP is now estimated to
decline by 10% in 2020 from the current level of $22 Trillion to 2017 level of
~$20 Trillion, so three years of US economic growth disappeared in few weeks,
leaving millions of Americans unemployed, but that doesn’t mean, the US is not
going to come out of this crisis, it will come out of it and even stronger. The
US Government gets a ~30% share of what the US Inc. produces due to its
taxation power and The Federal Reserve is borrowing from the US future and
injecting it in the economy now to save the present. They have successfully bridged
the gap in the 2008 Credit Crisis led Great Recession and they will be
successful in 2020 too.<o:p></o:p></span></div>
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<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">The speed with which The
Federal Reserve with the financial backing from Congress and the US Treasury has
intervened this time and got together a $2.3 Trillion stimulus package, a Main
Street Business Lending Program authorized by the Coronavirus Aid, Relief and
Economic Security (CARES) Act, it is nothing short of spectacular. If they had
done nothing but let the entire US economic system collapse, it is like having
an advanced medical treatment option available and not providing it to a
patient and denying him any chance of survival.<o:p></o:p></span></div>
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<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">Over the last 25 years, US
GDP has grown at 4% from $7.5 Trillion in 1995 to $22 Trillion in Feb 2020. If
we use a conservative estimate of half of that growth (i.e. 2%) for the next 40
years, the US GDP has the potential to reach ~ $50 Trillion by 2060. So, this estimate
gives FED the confidence to borrow from the future and bridge the gap today.
With a Debt/GDP of 150%, US Debt can easily sustain from the current level of
$25 Trillion to $75 Trillion by 2050, so the FED balance sheet has additional
capacity to borrow over $50 Trillion over the next 40 years before the debt
becomes hard to service. With this kind of massive borrowing capacity, the US
dollar and US Treasury Bill look like a safe haven to the investors. These are
the calculations that the FED has done before going all-in to save the economy.
In the distant future, will it be necessary to inflate the debt to those levels?
No, but if a crisis occurs, can the FED borrow a few trillion dollars from the
future to save the economy which has taken over two centuries to come to this
stage, and show bright prospects over the next 40 years, the answer is a clear
Yes.<o:p></o:p></span></div>
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<a href="https://1.bp.blogspot.com/-zC_dBAWPLdk/XpIGcTv_hbI/AAAAAAAAPq8/9VKnQNBAdtgkjk9SHeUfcYy2ifttBau0wCLcBGAsYHQ/s1600/S%2526P.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="409" data-original-width="644" height="203" src="https://1.bp.blogspot.com/-zC_dBAWPLdk/XpIGcTv_hbI/AAAAAAAAPq8/9VKnQNBAdtgkjk9SHeUfcYy2ifttBau0wCLcBGAsYHQ/s320/S%2526P.jpg" width="320" /></a></div>
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<span style="color: #0e101a; font-family: "Garamond","serif";">Now let’s see, what the
markets looked like 25 years ago in March 1995, S&P 500: 500 (vs. 2750 in
03/2020) So, ~ 6X in 25 years (Annualized Rate of 7%). If we use the past 25
years of Annualized Rate and project it for the next 30 years, the S&P 500
has the potential to reach ~ 20,000 by 2050. So, this is the target which the
long-term investors (who are panicking now) should focus on and stay invested.<o:p></o:p></span></div>
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<a href="https://1.bp.blogspot.com/-u6LSzPYT0EA/XpIGo8oq6UI/AAAAAAAAPrA/rzPY7ZqeX8cw9y4Lb2an1Iex08u4Vd4XgCLcBGAsYHQ/s1600/Historical%2BGDP.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="644" data-original-width="940" height="219" src="https://1.bp.blogspot.com/-u6LSzPYT0EA/XpIGo8oq6UI/AAAAAAAAPrA/rzPY7ZqeX8cw9y4Lb2an1Iex08u4Vd4XgCLcBGAsYHQ/s320/Historical%2BGDP.jpg" width="320" /></a></div>
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<span style="color: #0e101a; font-family: "Garamond","serif"; font-size: 8.0pt;">Source: </span><a href="https://www.macrotrends.net/countries/USA/united-states/gdp-gross-domestic-product"><span style="font-family: "Garamond","serif"; font-size: 8.0pt;">https://www.macrotrends.net/countries/USA/united-states/gdp-gross-domestic-product</span></a><span style="font-family: "Garamond","serif"; font-size: 8.0pt;"><o:p></o:p></span></div>
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<span style="color: #0e101a; font-family: "Garamond","serif";">US GDP 25 years ago in
March 1995: $7.5 Trillion, 3X in 25 years.<o:p></o:p></span></div>
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<span style="color: #0e101a; font-family: "Garamond","serif";">US GDP 50 years ago in
March 1970: $1.0 Trillion, 22X in 50 years.<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">US GDP 100 years ago in
March 1920: $84 billion, 260X in 100 years.<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">US GDP 200 years ago in
March 1820: ~$1 billion, 22,000X in 200 years.<o:p></o:p></span></div>
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<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">The US rose from roughly 1
Billion dollars in GDP two hundred years ago to well over $22 Trillion in 2020,
this growth happened due to the meritocratic system and collective efforts of
the most enterprising and hardest working people on the planet. Other countries
who didn't follow this path, their living standard might not have improved at
the same rate as it did for the US. The US from its early days created a system
through which they leveraged its resources, got together the best people from
around the world in a way to become the superpower in a hundred and fifty
years. That first cycle even encouraged more developments and growth due to
which the US has reached the unparalleled economic status in the world. Now the
US is currently engulfed with several problems like a health crisis, economic
crisis, energy crisis all at the same time. Before one gets pessimistic about
the US economic prospects, one thing which needs to be kept in mind is that the
US has endured several catastrophic events in the past two centuries and has always
found a way to come out of it.<o:p></o:p></span></div>
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<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">People who are pricing the
markets as the end of the world scenario or are a debt hawk, don’t realize that
the US has prosperity creating a capitalistic ecosystem, rule of law,
infrastructure, and meritocracy in place. Due to this fact, most of the best
companies in the world today are from the US and possess the cutting edge
advanced technology, best education system, healthcare, basically has whatever
it takes for a country to become the greatest economy in the world. It didn’t
happen by chance, it took over two hundred years of collective wisdom, hard
work, planning to fruition to reach the current status.<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">No country with a significant
population has a per capita GDP of $60,000, that’s because the American workers
consistently create that output, day in and day out. US citizens are the most
prosperous and enjoy the high living standard due to their sheer determination
and grit to overcome any obstacle which may come in their way.<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">In the time of despair,
one can be overly skeptical and argue that the US economy is based on high debt
and is in bubble territory but one has to treat the US economy as an advanced
financial service institution, where the Debt/Equity ratio (Total Debt/GDP) is
always high. While valuing a company from any other industry, it is always good
to have a Debt/Equity ratio of less than one but for financial services
companies, their books are leveraged and under normal circumstances work fine.<o:p></o:p></span></div>
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<br /></div>
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<span style="color: #0e101a; font-family: "Garamond","serif"; font-size: 8.0pt;">Source: </span><a href="https://tradingeconomics.com/united-states/currency"><span style="font-size: 8.0pt;">https://tradingeconomics.com/united-states/currency</span></a><span style="color: #0e101a; font-family: "Garamond","serif"; font-size: 8.0pt;"> <o:p></o:p></span></div>
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<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">During the 2008 credit
crisis, FED along with European and major Central Banks around the world implemented
Keynesian expansionary monetary policies and stimulated their economy with the
Quantitative Easing (QE); the U.S. Dollar Index (DXY) which tracks the strength
of the dollar against a basket of major currencies in the world has
strengthened by 25% in the past decade. People who are curious about
hyperinflation in the US and worry about the purchasing power of the dollar are
missing one important factor that the US has stayed as a superpower for around
a century now. The US has created the best Institutions in the world, has
top-level intellectual capital doing innovation on a large scale. These
institutions were not developed in a day; it took several hundred years, increasing
the productivity of their workers. The innovation which happened there is the
reason why the world is now able to come together on the US social networks in
the moment of this crisis together.<o:p></o:p></span></div>
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<span style="color: #0e101a; font-family: "Garamond","serif"; font-size: 8.0pt;"> Source:
</span><a href="https://ourworldindata.org/economic-growth"><span style="font-family: "Garamond","serif"; font-size: 8.0pt;">https://ourworldindata.org/economic-growth</span></a><span style="color: #0e101a; font-family: "Garamond","serif"; font-size: 8.0pt;"><o:p></o:p></span></div>
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<span style="color: #0e101a; font-family: "Garamond","serif";">The productivity of the US
workers has remained on the top over the last seventy years and increased
roughly four folds from $18/hour in 1950 to $67/hour in 2017. Due to the social
distancing measures, the US economy is going to come to a partial halt in this
quarter and then gradually pick up in the second half of 2020 and the US workers
will go on to produce what they did earlier. Due to the uncertainty caused by
the COVID-19 pandemic, high unemployment numbers, weak earnings reports, 2020
US presidential elections, we should expect a lot of volatility in the stock
markets which can easily test the level where it was, say five years ago. At
the time of extreme distress, we need to remember the things which are knowable
and important, that the US can wither this storm and eventually come out of it.
<o:p></o:p></span></div>
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<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">Due to the expansionary
monetary policies, the debt level has now increased but for now, the US can
sail through this crisis and will get it to a manageable level in a decade.<o:p></o:p></span></div>
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<span style="color: #0e101a; font-family: "Garamond","serif"; font-size: 8.0pt;">Source: </span><a href="https://www.gurufocus.com/stock-market-valuations.php"><span style="font-family: "Garamond","serif"; font-size: 8.0pt;">https://www.gurufocus.com/stock-market-valuations.php</span></a><span style="color: #0e101a; font-family: "Garamond","serif"; font-size: 8.0pt;"><o:p></o:p></span></div>
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<span style="color: #0e101a; font-family: "Garamond","serif";">To keep things in
perspective, the total market capitalization of the U.S. stock market is <strong><span style="font-family: "Garamond","serif";">$27 Trillion</span></strong> <em><span style="font-family: "Garamond","serif";">(2020)</span></em>. (All<em><span style="font-family: "Garamond","serif";"> U.S. based public companies listed
in the New York Stock Exchange, Nasdaq Stock Market and OTCQX U.S. Market.)</span></em> <o:p></o:p></span></div>
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<span style="color: #0e101a; font-family: "Garamond","serif";">As of 2020 U.S. Nominal
GDP: $22 Trillion. <o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">So, Market Cap to GDP in
2020 is (27/22) = 122%<o:p></o:p></span></div>
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<span style="color: #0e101a; font-family: "Garamond","serif";">The U.S. Debt is the Sum
of all outstanding debt owed by the federal government. At the end of 2020, the
total debt will be ~ $28 Trillion. (About two-thirds is debt held by the public
and one-third is intra-governmental holdings.)<o:p></o:p></span></div>
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<a href="https://1.bp.blogspot.com/-SOyFyu5l98k/XpIHYJvLIJI/AAAAAAAAPrk/JxW2X67p2jAVkVwvsjAcN5L1DrqoYvlWACLcBGAsYHQ/s1600/U.S.%2BTreasury%2BSecurities%2BHolders%2BBy%2BType.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="433" data-original-width="640" height="216" src="https://1.bp.blogspot.com/-SOyFyu5l98k/XpIHYJvLIJI/AAAAAAAAPrk/JxW2X67p2jAVkVwvsjAcN5L1DrqoYvlWACLcBGAsYHQ/s320/U.S.%2BTreasury%2BSecurities%2BHolders%2BBy%2BType.jpg" width="320" /></a></div>
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<span style="color: #0e101a; font-family: "Garamond","serif";">So, the US Debt to GDP =127% (28/22) will now be in the higher range
similar to Japan which like the US is a prosperous nation with a nominal GDP
per capita of $41,000 despite an aging population demographic, survived low
growth & deflation and now has negative interest rates. In the last twenty
years, despite negative macro-economic trends, Japan’s stock market rose though
modestly with great companies like Toyota Motor Corporation, SoftBank Group, Mitsubishi
UFJ Financial Group, Nippon Telegraph and Telephone, Japan Post Holdings, Sumitomo
Mitsui Financial Group, Sony Corporation, Honda Motor Company, etc. producing
high-quality products & services rewarding its shareholders well.<o:p></o:p></span></div>
<div style="text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">Currently, the morale of the people in the US is low, but once
this pandemic is over, the economy will also recover as the US has faced difficult
conditions in the past and came out of it every time. To put things into perspective,
the US with 5% of the world’s population contributes $22 Trillion of the world
GDP of $86 Trillion, roughly 25%. Wealth-wise, the US with $106 Trillion,
accounts for 30% of the world’s wealth of $360 Trillion in 2020 (China is
second with $64 Trillion, Japan is third with $24 Trillion and India is at seventh
position with $13 Trillion.) As we can see, China with a GDP of $14 Trillion is
now catching up with the US, but where do you think China and India will export
their products. Just like Europe & Japan did in the past, China & India
will also need access to big markets like the US, so cooperation among the top
economies will lead to a win-win situation for the entire world.<o:p></o:p></span></div>
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<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">Just think, what came out
of the 2008 crisis, half-trillion-dollar companies, like Facebook,
trillion-dollar companies like Alphabet, Amazon, and even old companies like
Microsoft, Apple became a trillion-dollar enterprise, why, because of the
ecosystem the US has created in the last century. The US economy works like very
large high-performance machinery, sometimes due to a glitch the machine comes
to a grinding halt but with troubleshooting, it again goes back in full swing
to its full capacity.<o:p></o:p></span></div>
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<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">The US has an advanced entrepreneurial
ecosystem which is the key reason why US entrepreneurs, like Bill Gates, Steve
Jobs, Jeff Bezos, Larry Page, Sergey Brin, Mark Zuckerberg to name a few,
became so successful. The entrepreneurs who come from outside of the US, like,
Elon Musk also owe part of their success to this ecosystem. It would have been
hard for Elon to achieve so much in such a short period in any other country. In
Dec 2008, both SpaceX and Tesla were facing a serious financial crisis of their
own. NASA gave another opportunity to SpaceX and Tesla investors poured in more
money in the Electric Vehicles (EV) manufacturer. Since then, SpaceX as a
private company has accomplished several successful milestones and Tesla has
produced the finest Electric Vehicles which the world needs. To manufacture a car
like that, it takes an entire ecosystem to support it, consisting of several business
departments, R&D, Design, Engineering & IT, Manufacturing, Sales &
Customer Support, Supply Chain, etc. The US has a vast amount of top-level
talent pool of designers, engineers, programmers, AI developers, data
scientists, business development professionals, etc. This same entrepreneurial ecosystem
will give the US the leading edge in the decades ahead to come. Over time, some
limelight will be taken away from countries like China and India but the US
will be a superpower for the next few decades and till that time, a leveraged
economy can function smoothly and the dollar will not lose its reserve currency
status.<o:p></o:p></span></div>
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<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">When the dust settles and
the world comes out of this pandemic they will realize this fact and will bring
the US markets back to its all-time high levels. Then also, not all US
companies will reach its historic highs but the best of the best companies will
weather this storm and come out of it with a lot more experience.<o:p></o:p></span></div>
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<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">People who are talking
about Gold and other precious metals as a safe haven need to understand that gold
as an asset class has underperformed the US stock market over the last century
and it will continue to do so for one basic reason, Gold doesn’t produce
anything, its price is based on fear and greed among its investors. Whereas
when the top brains come together in an entrepreneurial ecosystem and add value
inside a company, for example, Apple, which has its internal ecosystem which
promotes innovation that creates hardware, software & services all to work
together. So, when Apple comes up with products like the iPhone which consumers
all over the world aspire to have, the company’s revenues and profits increase
and the company’s stock price rises and their investors are rewarded several
times over compared to any other asset class.<o:p></o:p></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-vqEr2veSbKI/XpIHgTE1XII/AAAAAAAAPrs/BI3N3UoLP_AlT2VSdPK_aPJIgMtxYD17gCLcBGAsYHQ/s1600/AAPL.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="522" data-original-width="659" height="253" src="https://1.bp.blogspot.com/-vqEr2veSbKI/XpIHgTE1XII/AAAAAAAAPrs/BI3N3UoLP_AlT2VSdPK_aPJIgMtxYD17gCLcBGAsYHQ/s320/AAPL.jpg" width="320" /></a></div>
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<span style="color: #0e101a; font-family: "Garamond","serif";"><o:p> </o:p></span><span style="color: #0e101a; font-family: Garamond, serif;"> </span></div>
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<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">For average people, who
don’t know how to find companies like Apple at an early stage or are not into
equity portfolio management can find a capable fund manager who can allocate it
on their behalf. If they are not interested in equities at all, they can look
for other asset classes, there is nothing wrong with that, they are just not
going to make high returns after adjusting for inflation on their investments
compared to equities. So, an averaging out buying strategy or increasing their
stakes in the equity portfolio will be a good strategy. Just remember, that if
a $22 Trillion economy can have four US companies with trillion-dollar
valuation, a $50 Trillion economy by 2060 will be able to support at least 25
US companies with Trillion dollar valuation. So, the right question to ask now is
which companies today will reach that level over the next four decades. It is like;
someone in 1980, guessing which companies will reach the trillion-dollar
valuation by 2020, a very tough problem but can be solved by breaking it into a
few stages, decades-long each. So out of the four, only two companies,
Microsoft and Apple (50%) were functional in 1980. Taking a cue from this, it
is fair to say that out of the 25 potential trillion-dollar valuations US
companies, in 2020, 12 companies already exist and 12 companies will be created
in this decade. The quest for the investors should be to spot these companies early
on and stay invested in them through thick and thin. <o:p></o:p></span></div>
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<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">Maneesh Nath<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">4th April 2020<o:p></o:p></span></div>
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<span style="color: #0e101a; font-family: "Garamond","serif";"><br /></span></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<span style="color: #0e101a; font-family: "Garamond","serif";">Email:
maneeshnath.devraj@gmail.com, </span><span style="font-family: "Garamond","serif";"><a href="mailto:century.partners03@gmail.com">century.partners03@gmail.com</a></span><span style="color: #0e101a; font-family: "Garamond","serif";"><o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<a href="http://www.linkedin.com/in/maneeshnath"><span style="font-family: "Garamond","serif";">LinkedIn</span></a><span style="color: #0e101a; font-family: "Garamond","serif";"> </span><a href="https://youtu.be/AEeEWO-lSO4"><span style="font-family: "Garamond","serif";">YouTube</span></a><span style="color: #0e101a; font-family: "Garamond","serif";"> </span><a href="http://valueinvestornyc.blogspot.com/2019/11/2019-astral-poly-technik-recent.html"><span style="font-family: "Garamond","serif";">Blog</span></a><span style="color: #0e101a; font-family: "Garamond","serif";"> </span><a href="https://twitter.com/ValueInvestor05/status/1197130917623369728?s=20"><span style="font-family: "Garamond","serif";">Twitter</span></a><span style="color: #0e101a; font-family: "Garamond","serif";"> </span><span style="font-family: "Garamond","serif";"><a href="https://www.facebook.com/maneesh.nath07">Facebook</a></span><span style="color: #0e101a; font-family: "Garamond","serif";"><o:p></o:p></span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<a href="https://epaper.hindustantimes.com/Home/MShareArticle?OrgId=8b96e0f9"><span style="font-family: "Garamond","serif";">2019 MSME Wealth Management Award</span></a><span style="color: #0e101a; font-family: "Garamond","serif";"> <o:p></o:p></span></div>
<div style="text-align: justify;">
<a href="https://www.opalesque.com/industry-updates/3425/maneesh-nath-joins-arcstone-capital.html"><span style="font-family: "Garamond","serif";">Investment Industry News Article</span></a><span style="color: #0e101a; font-family: "Garamond","serif";"><o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: Garamond, serif; line-height: 115%;"><o:p><a href="https://www.linkedin.com/pulse/covid-19-pandemic-us-economystock-market-prospects-investment-nath">Article Link</a> </o:p></span></div>
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<span style="font-family: Garamond, serif; line-height: 115%;"><o:p><a href="https://drive.google.com/open?id=1L-eTr5TMoMkbnRiG1ZjZr0_7DMB4MO01">PDF</a></o:p></span></div>
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<span style="font-family: "Garamond","serif"; font-size: 10.0pt; line-height: 115%;">References:<o:p></o:p></span></div>
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<a href="https://www.thebalance.com/the-u-s-debt-and-how-it-got-so-big-3305778"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.thebalance.com/the-u-s-debt-and-how-it-got-so-big-3305778</span></a><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<a href="https://siblisresearch.com/data/us-stock-market-value/"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://siblisresearch.com/data/us-stock-market-value/</span></a><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<a href="http://globalfinancialdata.com/global-financial-pandemic-or-another-bear-market/"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">http://globalfinancialdata.com/global-financial-pandemic-or-another-bear-market/</span></a><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<a href="https://www.ceicdata.com/en/indicator/japan/government-debt--of-nominal-gdp"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.ceicdata.com/en/indicator/japan/government-debt--of-nominal-gdp</span></a><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<a href="https://www.investopedia.com/insights/worlds-top-economies/"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.investopedia.com/insights/worlds-top-economies/</span></a><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<a href="https://www.macrotrends.net/countries/USA/united-states/gdp-gross-domestic-product"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.macrotrends.net/countries/USA/united-states/gdp-gross-domestic-product</span></a><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<a href="https://www.investopedia.com/insights/worlds-top-economies/"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.investopedia.com/insights/worlds-top-economies/</span></a></div>
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<a href="https://www.barrons.com/articles/global-wealth-grows-2-6-to-us-360-trillion-led-by-u-s-and-china-01571681689"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.barrons.com/articles/global-wealth-grows-2-6-to-us-360-trillion-led-by-u-s-and-china-01571681689</span></a><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<a href="https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html</span></a><span class="MsoHyperlink"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;"><o:p></o:p></span></span></div>
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<a href="https://www.space.com/25355-elon-musk-60-minutes-interview.html"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.space.com/25355-elon-musk-60-minutes-interview.html</span></a><span class="MsoHyperlink"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;"><o:p></o:p></span></span></div>
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<span class="MsoHyperlink"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">http://www.xinhuanet.com/english/2019-09/27/c_138427756.htm<o:p></o:p></span></span></div>
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<span class="MsoHyperlink"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.thebalance.com/open-market-operations-3306121<o:p></o:p></span></span></div>
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<span class="MsoHyperlink"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://tradingeconomics.com/united-states/interest-rate<o:p></o:p></span></span></div>
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<span class="MsoHyperlink"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://seekingalpha.com/article/4324254-u-s-dollar-rises-on-continued-flow-of-safe-haven-money<o:p></o:p></span></span></div>
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<span class="MsoHyperlink"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://tradingeconomics.com/united-states/currency<o:p></o:p></span></span></div>
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<span class="MsoHyperlink"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.nasdaq.com/articles/the-5-largest-economies-in-the-world-and-their-growth-in-2020-2020-01-22<o:p></o:p></span></span></div>
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<span class="MsoHyperlink"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.barrons.com/articles/global-wealth-grows-2-6-to-us-360-trillion-led-by-u-s-and-china-01571681689<o:p></o:p></span></span></div>
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<a href="https://www.visualcapitalist.com/all-of-the-worlds-wealth-in-one-visualization/"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.visualcapitalist.com/all-of-the-worlds-wealth-in-one-visualization/</span></a><span class="MsoHyperlink"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;"><o:p></o:p></span></span></div>
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<a href="https://www.google.com/finance"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;">https://www.google.com/finance</span></a><span class="MsoHyperlink"><span style="font-family: "Garamond","serif"; font-size: 8.0pt; line-height: 115%;"><o:p></o:p></span></span></div>
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-24753957267944531892020-01-10T20:34:00.000-08:002020-01-10T20:34:07.124-08:00Jan 2020 Update on USA Mid and Large Cap Model Portfolio (created in Jan 2009):<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Times, Times New Roman, serif;"><u>Portfolio Highlights JAN 2020</u></span></h3>
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<span style="font-family: Times, Times New Roman, serif; font-size: medium;">1. USA Model
Portfolio of 17 Mid and Large Cap USA Companies (equally weighted) Out performed the US market for 11 years (Jan 2009 to Jan 2020)<br /><br />2. USA Model
Portfolio went up ~7 folds in the last 11 years (with no turnover) vs 3.5 folds of DJIA<br /><br />3. Cumulative USA Model
Portfolio Returns (over the last 11 years) 570% vs 246% DJIA <br /><br />4. Annualized USA Model
Portfolio Returns (over the last 11 years) 19% vs 12% DJIA;<br /> <br />5. 7%+ Ann. Out performance from the benchmark DJIA</span></div>
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<span style="font-family: Times, Times New Roman, serif;"><span style="font-family: garamond, times new roman, serif; font-size: medium;">6. Major Performance boosters were: TJX Companies Inc., </span><span style="font-family: garamond, "times new roman", serif; font-size: medium;">Ingersoll-Rand PLC, </span><span style="font-family: garamond, "times new roman", serif; font-size: medium;">Harris Corporation, </span><span style="font-family: garamond, "times new roman", serif; font-size: medium;">Stryker Corporation, </span><span style="font-family: garamond, "times new roman", serif; font-size: medium;">FMC Corporation, </span><span style="font-family: garamond, "times new roman", serif; font-size: medium;">Varian Medical Systems, Inc.</span></span><br />
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<span style="font-family: Times, Times New Roman, serif;"><i style="background-color: #eeeeee; font-size: xx-small; text-align: justify;">Disclaimer: Past performance is not an indication of future results. Other disclaimers in regard to investing in equities apply.</i> </span><br />
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<span style="font-family: Times, Times New Roman, serif;">Link to the earlier Post: </span><a href="http://valueinvestornyc.blogspot.com/2012/02/value-oriented-strategy.html" style="font-family: Times, "Times New Roman", serif; font-size: large;">http://valueinvestornyc.blogspot.com/2012/02/value-oriented-strategy.html</a></h3>
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<span style="border-left: 0px solid rgb(61, 133, 198); border-right: 0px solid rgb(61, 133, 198); display: block; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; padding: 0.5em 15px;">Wednesday, February 15, 2012</span></h2>
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<a href="https://www.blogger.com/null" name="5878581797700926644"></a><h3 class="post-title entry-title" itemprop="name" style="color: #073763; font-size: 30px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;">
Value Oriented Strategy</h3>
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<span style="font-family: Verdana, sans-serif; font-size: large;"><u>Buy And Hold Value Oriented Strategy</u></span></div>
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<span style="font-family: Verdana, sans-serif; font-size: medium;">I am here sharing the performance highlights of my Value Oriented US Companies shortlisted for Institutional Investors and UHNI's on Jan 1st 2009.</span></div>
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<span style="font-family: Verdana, sans-serif; font-size: medium;"><b>Period</b>: All 17 Stocks shortlisted on Jan 1st 2009 and holding for 3 years till Feb 15th 2012</span></div>
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<span style="font-family: Verdana, sans-serif; font-size: medium;"><b>Performance Highlights:-</b></span></div>
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<li style="border: none; margin: 0px 0px 0.25em; padding: 0.25em 0px;"><span style="font-family: Verdana, sans-serif; font-size: medium;">Passive buy and hold policy Outperformed DJIA index during most turbulent times which the global markets has seen in decades.</span></li>
<li style="border: none; margin: 0px 0px 0.25em; padding: 0.25em 0px;"><span style="font-family: Verdana, sans-serif; font-size: medium;">Shortlisting was done for defensive institutional investors who can allocate significant amount of capital and main objective was to keep the downside limited.</span></li>
<li style="border: none; margin: 0px 0px 0.25em; padding: 0.25em 0px;"><span style="font-family: Verdana, sans-serif; font-size: medium;">None of the 17 shortlisted stocks lost money.</span></li>
<li style="border: none; margin: 0px 0px 0.25em; padding: 0.25em 0px;"><span style="font-family: Verdana, sans-serif; font-size: medium;">Value based principles were used to shortlist High Quality Companies with Market Cap more than $1Billion.</span></li>
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<b style="font-family: Verdana, sans-serif; font-size: x-large; text-align: justify;"><br /></b><br /><span style="font-size: medium;"><b style="font-family: Verdana, sans-serif; text-align: justify;">Shortlisted US Companies</b><span style="font-family: Verdana, sans-serif; text-align: justify;">: Jan 1st 2009 to Feb 15th 2012</span></span><br /><div style="text-align: justify;">
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<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">Piedmont Natural Gas Company, Inc. </span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">St. Jude Medical, Inc.</span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">Apache Corporation</span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">C.R. Bard, Inc. </span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">CONSOL Energy Inc.</span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">ConocoPhillips</span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">Chevron Corporation</span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">FMC Corporation</span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">Harris Corporation </span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">Ingersoll-Rand PLC</span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">MDU Resources Group Inc </span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">Stryker Corporation</span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">Teva Pharmaceutical Industries Ltd (ADR)</span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">The TJX Companies, Inc.</span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">Varian Medical Systems, Inc.</span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">Exxon Mobil Corporation</span></li>
<li style="margin: 0px 0px 0.25em; padding: 0px;"><span style="color: #660000; font-family: Verdana, sans-serif; font-size: medium;">DENTSPLY International Inc.</span></li>
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<span style="font-family: Verdana, sans-serif;">To know more about the companies, write at Century.Partners03@gmail.com</span></div>
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<span style="font-family: Verdana, sans-serif; font-size: xx-small;"><i>Disclaimer: Past performance is not an indication of future results. Other disclaimers in regard to investing in equities apply.</i></span></div>
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<span class="post-author vcard" style="margin-left: 1em; margin-right: 0px;">Posted by <span class="fn" itemprop="author" itemscope="itemscope" itemtype="http://schema.org/Person"><a class="g-profile" data-gapiattached="true" data-gapiscan="true" data-onload="true" href="https://www.blogger.com/profile/06580777316293555613" rel="author" style="color: #4d469c; text-decoration-line: none;" title="author profile"><span itemprop="name">Century Partners</span> </a></span></span><span class="post-timestamp" style="margin-left: -1em; margin-right: 1em;">at <a class="timestamp-link" href="http://valueinvestornyc.blogspot.com/2012/02/value-oriented-strategy.html" rel="bookmark" style="color: #4d469c; text-decoration-line: none;" title="permanent link"><abbr class="published" itemprop="datePublished" style="border: none;" title="2012-02-15T05:06:00-08:00">5:06 AM</abbr></a> </span><span class="reaction-buttons" style="margin-left: 1em;"></span><span class="post-comment-link" style="margin-left: 1em;"></span><span class="post-backlinks post-comment-link" style="margin-left: 1em;"></span><span class="post-icons" style="margin-left: 1em;"><span class="item-control blog-admin pid-736978650" style="display: inline;"><a href="https://www.blogger.com/post-edit.g?blogID=8648959272169778175&postID=5878581797700926644&from=pencil" style="color: #4d469c; text-decoration-line: none;" title="Edit Post"><img alt="" class="icon-action" height="18" src="https://resources.blogblog.com/img/icon18_edit_allbkg.gif" style="border-color: initial; border-image: initial; border-style: none !important; border-width: initial; margin: 0px 0px 0px 0.5em !important; position: relative; vertical-align: middle;" width="18" /> </a></span></span><div class="post-share-buttons goog-inline-block" style="display: inline-block; margin-right: 0px; margin-top: 0.5em; position: relative; vertical-align: middle;">
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-40454090772310030122019-11-23T18:47:00.001-08:002019-11-23T18:47:30.107-08:00TV Interview “2019 MSME Achiever’s Award” for International Achievement ...<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/AEeEWO-lSO4" width="480"></iframe>Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-38946047138782524102019-11-20T01:56:00.000-08:002019-11-20T04:02:59.701-08:00<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "arial" , "sans-serif"; font-size: 12.0pt;"><a href="https://drive.google.com/open?id=16sACvG9Fg7JUMY31DLVhJI41GDdR1wue">2019 Astral Poly Technik Updated Report</a></span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><o:p></o:p></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><a href="https://drive.google.com/open?id=1Gx2j5WAQtMYeGkSXxRlKJtcPG4oNyO11AeiGFOZYeuI"><span style="color: blue; font-family: "verdana" , "sans-serif";">2010 Astral Poly Technik
Initial Stock Recommendation Report</span></a><o:p></o:p></span></div>
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<span style="font-family: "arial" , "sans-serif"; font-size: 12.0pt;"><a href="https://valueinvestornyc.blogspot.com/2011/09/warren-buffetts-245million-investment.html"><span style="color: blue;">2011 Astral Poly Technik Blog Post</span></a></span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><o:p></o:p></span></div>
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<a href="https://1.bp.blogspot.com/-45Qw4OjL5M4/XdUrMwBKjeI/AAAAAAAAPnk/EY0aSeENuns49BSDBndHcDIv6WcmOEATwCLcBGAsYHQ/s1600/Astral.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="411" data-original-width="657" height="200" src="https://1.bp.blogspot.com/-45Qw4OjL5M4/XdUrMwBKjeI/AAAAAAAAPnk/EY0aSeENuns49BSDBndHcDIv6WcmOEATwCLcBGAsYHQ/s320/Astral.jpg" width="320" /></a></div>
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<u><span style="background: white; color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">2019 <a href="https://www.businesstoday.in/markets/company-stock/astral-poly-technik-share-price-rises-bse-astral-poly-net-profit-financials/story/363754.html"><span style="color: blue;">Business Today Article on Astral Poly</span></a>:</span></u><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><o:p></o:p></span></div>
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<b><u><span style="font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Astral Poly
Technik share turned Rs 1 lakh into Rs 13 crore in 10 years</span></u></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><o:p></o:p></span></div>
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<span style="color: #6f6f6f; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Rs 1,00,000 invested in Astral Poly Technik stock on July 10,
2009 would have grown to Rs 13.27 crore on July 11, 2019.</span><span style="color: #6f6f6f; font-family: "times new roman" , "serif"; font-size: 18.0pt;"><o:p></o:p></span></div>
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Last Updated: July 12, 2019 </span><span style="color: #d82f34; font-family: "times new roman" , "serif"; font-size: 12.0pt;"><o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">The Astral Poly Technik share has delivered strong returns for
investors during the last ten years. Rs 1,00,000 invested in the stock on July
10, 2009 would have grown to Rs 13.27 crore on July 11, 2019. Astral Poly
Technik share price has zoomed from Rs 0.99 on July 10, 2009 to Rs 1,314 on
BSE. Astral Poly Technik stock has delivered 1,32,627% returns to its investors
in the last 10 years.<o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Seven of 17 brokerages rate the stock "buy" or
'outperform', five "hold", three "underperform" and two
"sell", according to analysts' recommendations tracked by Reuters.<o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Astral Poly Technik share price has risen 21.93% during the last
one year and gained 15.03% since the beginning of this year. In comparison, the
benchmark Sensex rose 7.58% since the beginning of this year and gained 6.17%
during the last one year. The midcap stock closed at 1,314 level on Thursday.
It was trading 0.87% lower at 1,302 level on BSE today.<o:p></o:p></span></div>
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<b><span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Financial performance</span></b><span style="color: #3d4239; font-family: "times new roman" , "serif"; font-size: 12.0pt;"><o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Astral Poly Technik reported a fall of 4.36% in net profit to Rs
62.47 crore in the quarter ended March 2019 compared with Rs 65.32 crore during
the quarter ended March 2018.<o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Sales rose 21.27% to Rs 774.70 crore in the quarter ended March
2019 compared with Rs 638.82 crore during the previous quarter ended March
2018.<o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">The firm has constantly improved its financial performance
during the last 10 years.</span><span style="color: #3d4239; font-family: "times new roman" , "serif"; font-size: 12.0pt;"><o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">For fiscal ended March 2019, the firm logged Rs 2,507 crore in
net sales compared to Rs 291.17 crore in sales for fiscal ended March
2010. <o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">The debt to equity ratio for this plastic products manufacturer
during year ended March 2019 stood at 0.13.<o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">For fiscal ended March 2019, the firm logged Rs 200.91 crore in
net profit compared to Rs 27.71 crore for fiscal ended March 2010. Price to
book value ratio for year ended March 2019 stood at 10.86 compared to 1.86 for
the fiscal ended March 2009.<o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Asset turnover ratio for the year ended March 2019 improved to
119.43% compared to 110.54% for the fiscal ended March 2009. Return on capital
employed for the year ended March 2019 stood at 21.09% compared to 17.74% for
the fiscal ended March 2009.<o:p></o:p></span></div>
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<b><span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">What brokerages said</span></b><span style="color: #3d4239; font-family: "times new roman" , "serif"; font-size: 12.0pt;"><o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Dolat Capital in a report on May 24 this year gave a buy call to
Astral stock with a target price of Rs 1,447. The current market price at
the time of issuing this report was Rs 1,200. <o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">The brokerage said "Astra has been a
multi-year compounding story and we expect
the trend to continue. The additions in the product portfolio in
both segments -pipe and adhesive-will
augment growth, with an expanding margin
profile. Astra's management strategy is to pursue
profitable volumes, which is likely to ensure
margin protection and keep the balance sheet strong.<o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Despite very high valuations, we believe that Astra stock
performance will continue to be driven by profitability growth. We rollover our
valuations to FY21E earnings, and reiterate Buy with a target price of Rs
1,447."<o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">After the firm announced its Q4 earnings in last fiscal, IDBI
Capital upgraded the stock from Sell to Hold.<o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">IDBI Capital on May 23, 2019 said, "Astral Poly Technik's
(Astral) Q4FY19 result was largely in-line to our forecast. Revenue grew by 19%
YoY to Rs 770 crore. While EBITDA remained flattish on a YoY basis at Rs 120
crore owing to higher other expenses,
Adjusted profit after tax declined 13% YoY to
Rs 61.1 crore. Plastic segment (Inclusive of Rex) witnessed volume growth of
23% YoY to 38,877mt whereas EBITDA just grew by 9.7% YoY to Rs 977 mn owing to
higher expenses.<o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Further, Adhesive business revenue increased by 19% YoY to
Rs 180 crore while EBITDA declined by 22% YoY to Rs 25 crore
due to higher branding expenses. We
largely keep our estimates unchanged
and introduce FY21 financials and expect its
revenue/EBITDA/PAT to see a compounded annual growth rate of
19%/21%/29% during FY19-21. We raise our target price to Rs 1,255 (PER of 45
times FY21 Estimated) from Rs 945 as we roll over our valuation to FY21E. We
upgrade the stock to HOLD from SELL."<o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">ICICI Direct Research in a report on February 13, 2019 said,
"Near-term earnings to be impacted by corrective actions taken in Q3FY19;
medium-long term earnings visibility remains strong: Factoring in the Q3FY19
numbers and corrective actions, we revise our revenue and profit after tax
(PAT) estimates downward by 6.4%/9.4% and 10.7%/12.9% respectively for
FY19/FY20. We expect the company to report revenue and PAT compounded annual
growth rates of 21% and 30% respectively, over FY18-FY21. Rolling forward to
FY21E, we maintain REDUCE on ASTRA with a revised target price of Rs 1,020 (vs
Rs 916 earlier), valuing it at 32 times FY21 estimated earnings."</span><span style="color: #3d4239; font-family: "times new roman" , "serif"; font-size: 12.0pt;"><o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Astral Poly Technik is engaged in the production of plastic
products. The company and its subsidiaries are engaged in the business of
manufacturing and trading of pipes, fittings and adhesive solutions.<o:p></o:p></span></div>
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<span style="color: #3d4239; font-family: "arial" , "sans-serif"; font-size: 12.0pt;">Its product range
includes pipe category for plumbing, industrial, drainage, fire protection,
agriculture, electrical conduit and ancillary, and adhesive category for
construction, maintenance, wood care and automotive. The company has its
manufacturing facilities in India and abroad, and sells across the globe.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><o:p></o:p></span></div>
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-76940781377137570222019-11-19T18:54:00.000-08:002019-11-19T23:17:09.485-08:00<div dir="ltr" style="text-align: left;" trbidi="on">
<b><span style="font-size: large;">“2019 MSME Achiever’s Award” for International Achievement in the field of Wealth Management</span></b><br />
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<a href="https://1.bp.blogspot.com/-IgeqlQvr8p0/XdSqSJ0jVBI/AAAAAAAAPmQ/905JofUSkl0fugYVQzCpP8dfcpB8vYzRACLcBGAsYHQ/s1600/MSME%2BInternational%2BAchievers%2BAward%2BNov%2B2019%2BMN.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="855" data-original-width="1280" height="213" src="https://1.bp.blogspot.com/-IgeqlQvr8p0/XdSqSJ0jVBI/AAAAAAAAPmQ/905JofUSkl0fugYVQzCpP8dfcpB8vYzRACLcBGAsYHQ/s320/MSME%2BInternational%2BAchievers%2BAward%2BNov%2B2019%2BMN.jpg" width="320" /></a></div>
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<span style="font-size: medium;"><u><span style="font-family: "garamond" , serif;">Hyderabad, Nov 14 2019</span></u><u><span style="font-family: "verdana" , sans-serif;"></span></u></span></div>
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<span style="font-size: medium;"><span style="font-family: "garamond" , serif;">“2019 MSME Achiever’s Award” Ceremony took place on 14th Nov 2019, National Institute for Micro, Small and Medium Enterprises (NIMSME), Hyderabad, Telangana.</span><span style="font-family: "arial" , sans-serif;"></span></span></div>
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<span style="font-size: medium;"><span style="font-family: "garamond" , serif;">Awards under ten different categories were given by the honorable Union Minister of State for Micro Small and Medium Enterprises (MSME) Mr. Pratap Chandra Sarangi.</span><span style="font-family: "arial" , sans-serif;"></span></span></div>
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<span style="font-size: medium;"><span style="font-family: "garamond" , serif;">Congratulating all the award winners for contributing in their respective fields and helping in increasing country’s GDP, Mr. Sarangi said the award winners were recognized for their innovation further providing solutions to significant challenges and breaking down barriers.</span><span style="font-family: "arial" , sans-serif;"></span></span></div>
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<span style="font-size: medium;"><span style="font-family: "garamond" , serif;">Maneesh Nath, a global stock market investor who hails from Lucknow, India received the prestigious “2019 MSME Achiever’s Award” for International Achievement in the field of Wealth Management. In the past, Maneesh Nath has won several awards including SumZero’s one of the Top 20 best fund management industry professional award in New York, USA.</span><span style="font-family: "arial" , sans-serif;"></span></span></div>
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<span style="font-size: medium;"><span style="font-family: "garamond" , serif;">2019 MSME Award ceremony organised by VMR9 Events was graced by the presence of Mr. Surabhi Bhoom Rao, Mr. Firoz Bhakt Ahmed and Ms. Dalbir Kaur. Event was attended by several distinguished professionals from different industries like Wealth Management, Media, Innovation and Technology, Healthcare, E-commerce, Social, Sports, Art and Craftsman, Agriculture and Tourism.</span><span style="font-family: "arial" , sans-serif;"></span></span></div>
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<span style="font-size: medium;"><span style="font-family: "garamond" , serif;">Speaking at the presentation of the Achievers Award 2019 at the National Institute for MSME here on Thursday, the Minister said the MSME sector is the largest employment generator after agriculture in the country.</span><span style="font-family: "arial" , sans-serif;"></span></span></div>
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<span style="font-family: "garamond" , serif;"><span style="font-size: medium;">Minister lauded the MSME sector and said it will play a crucial role in achieving the Centre's target of making India a $5 trillion economy.</span></span><span style="font-family: "arial" , sans-serif; font-size: 12pt;"></span><br />
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<u><span style="font-size: large;">Media Coverage of the Event:</span></u><br />
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<span style="font-size: large;"><u><br /></u><a href="https://www.business-standard.com/article/pti-stories/msme-plays-key-role-in-becoming-usd-5-trillion-economy-union-119111401734_1.html">1. Business Standard Article</a></span><br />
<span style="font-size: large;"><br /><a href="http://www.uniindia.com/technology-knowledge-integration-will-boost-msmes-pratap-chandra-sarangi/business-economy/news/1790070.html">2. UNI India</a></span><br />
<span style="font-size: large;"><br /><a href="https://knnindia.co.in/news/newsdetails/msme/sarangi-lauds-msmes-says-they-will-play-crucial-role-in-achieving-5-trillion-economy">3. KNN India</a></span><br />
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-92217814496441396932013-06-08T06:36:00.000-07:002013-06-08T06:36:23.672-07:00Endorsement on 2012 Portfolio Performance<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: white; color: #222222;"><span style="font-family: Verdana, sans-serif; font-size: large;">Sharing Here Endorsement on 2012 Portfolio Performance</span></span><br />
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<a href="https://docs.google.com/file/d/0BxhOYCkM_sgOWHBsMjdQR2hndFU/edit?usp=sharing"><span style="font-family: Verdana, sans-serif; font-size: large;">Endorsement!</span></a><br />
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<span style="font-family: Verdana, sans-serif;">For more information, kindly write to us, thanks</span><br />
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-76118088092423309882013-05-04T06:51:00.001-07:002013-05-10T06:20:40.111-07:00May 4, 2013 Berkshire Hathaway Annual Meeting Notes (PB)<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: white; font-size: large;">A. </span><a href="http://www.valuewalk.com/2013/05/2013-berkshire-hathaway-annual-meeting-notes/" style="font-size: x-large;">2013 Berkshire Hathaway Annual Meeting Notes (By PB)</a></h3>
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<span style="font-size: large;"><span style="background-color: white;"><br /></span><b style="background-color: white; font-family: Georgia, Times, serif; line-height: 16.71875px;"><span style="font-family: 'Times New Roman';">B. <a href="http://jeffmatthewsisnotmakingthisup.blogspot.in/2013/05/we-want-to-win-berkshire-hathaway.html">Version By Jeff Matthews</a></span></b></span></h3>
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<b><span style="font-size: x-small;">Also Complete Coverage via Live blogs from the Berkshire Hathaway Annual Meeting in Omaha:</span></b><br />
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<b>May 4, 2013 </b></span><br />
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<span style="font-family: inherit;"><b><span style="background-color: white;">1. </span><a href="http://news.morningstar.com/articlenet/article.aspx?id=594609">Morning Star Live Coverage 2013</a></b></span></span><br />
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<span style="font-family: inherit;"><b>2. <a href="http://dealbook.nytimes.com/2013/05/04/live-blog-berkshire-hathaways-2013-shareholder-meeting/">NYT</a> </b></span></span><br />
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<span style="font-family: inherit; font-size: x-small;"><b>3. <a href="http://blogs.wsj.com/moneybeat/2013/05/04/live-blog-berkshire-hathaways-annual-meeting/">WSJ</a></b></span><br />
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<span style="font-family: inherit; font-size: x-small;"><b>4. <a href="http://www.fool.com/investing/general/2013/05/03/live-from-omaha-the-berkshire-hathaway-annual-meet.aspx?source=eptcanlnk0000001">The Motley Fool</a></b></span><br />
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<span style="font-family: inherit; font-size: x-small;"><b>5. <a href="http://dataomaha.com/berkshire">The Omaha World</a></b></span><br />
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-27609604835966678322012-12-04T20:14:00.000-08:002012-12-27T22:58:45.227-08:00Value Oriented Active Strategy Service<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Verdana, sans-serif;"><span style="font-size: medium;"><u>VALUE ORIENTED ACTIVE STRATEGY SERVICE</u></span></span><br />
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<span style="font-family: Verdana, sans-serif; font-size: medium;">Indian Equity Portfolio Average Net Return of <b>45%+ </b>in last 7 Months*. </span><br />
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<span style="font-family: Verdana, sans-serif;">Out-Performed Indian Equity Index Benchmark by 30%.</span><br />
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<span style="font-family: verdana,sans-serif;"><b>Performance</b>: Our Value Oriented Indian Equity Portfolio using Active Strategy is up by 45%+ during May 2012 to Dec 2012. We have out-performed the benchmark Index during this period by 30%+.</span></div>
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<span style="font-family: verdana,sans-serif;"><b>Overview</b>: In the year 2012, we saw several global and local issues affecting market sentiment negatively. Despite all the gloom and doom reports, markets throughout the globe saw light at the end of tunnel and rallied. Warren Buffett has said, there are 3 things to master to do well in investing field. First one is learn how to value a company, second is to know how the market works and thirdly to have an even temperament through thick and thin. Due to our focus on finding high quality undervalued companies, we stick to our investment tenets and what we can find out more about these companies. Only thing which we may look time to time is the overall market P/E, presently around 17 which is moderate. </span></div>
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<span style="font-family: verdana,sans-serif;"><b>Highlights</b>: On May 23rd 2012, we came out with 20 investment ideas and created an equally weighted portfolio. Out of these top 20 companies, some performed very well like PVR, Bannariamman Sugars, Symphony Ltd., Manappuram Finance. One investment idea specifically didn't performed during the next 3 months was Torrent Power. Overall portfolio was up 20%+ in little over 3 months. On Sep 3rd 2012, we came out with total 16 stocks portfolio where 12 new ideas and 4 old ideas from May 23rd were considered. Portfolio was again equally weighted and till Dec 2012 provided returns around 20%+. PVR, Mangalam Cement, Persistent Systems, JB Chemicals & Pharmaceuticals did excellent. Foseco India didn't performed to our expectation.</span></div>
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<span style="font-family: verdana,sans-serif;">Overall since May 2012, in less than 7 months, <b>portfolio is up 45%+ out-performing the market by 30%.</b></span></div>
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<span style="font-family: verdana,sans-serif;"><b>Outlook for 2013</b>: Downside risk is limited as we move into 2013 with better earnings forecast, more liquidity in the system and improved market sentiments. Irrespective, we don't worry much about things which are not in our hands, on the contrary there are few things which are in our hands, like to review the companies we invest in on the most stringent valuation criteria, management quality, strength of economic moats to make sure there is not much downside risk, upside is taken care of when the market realizes inherent intrinsic value.</span></div>
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Value Investing is a life long humbling learning process where we try to gain more when we get it right than we lose when we get it wrong.</div>
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Happy Investing in 2013!</div>
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Century Partners</div>
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<span style="font-family: Verdana, sans-serif;">For more information in this regard, kindly contact us, thanks.</span><br />
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<span style="font-family: Verdana, sans-serif;"><span style="font-size: xx-small;"><i>Disclaimers: This summary is for generic information purpose only and </i></span><i style="font-size: x-small;">express our views and not an offer to buy or sell. </i></span></div>
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<span style="font-family: Verdana, sans-serif;"><i style="font-size: x-small;">*Past performance is not a guarantee of future results.</i></span></div>
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-29448335054878352142012-11-19T20:25:00.000-08:002012-11-19T20:25:25.572-08:00EQUITY RESEARCH REPORT: KOEL<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Verdana, sans-serif;"><b>EQUITY RESEARCH REPORT: Kirloskar Oil Engines Limited</b></span><br />
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<span style="font-family: Verdana, sans-serif;">NSE: KIRLOSENG; BSE: 533293; </span><span style="font-family: Verdana, sans-serif;">ISIN: INE146L01010; </span><br />
<span style="font-family: Verdana, sans-serif;">Reuters: KIRO.NS; Bloomberg Ticker: KOEL:IN</span><br />
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<span style="font-family: Verdana, sans-serif;">Rating: Buy; </span><span style="font-family: Verdana, sans-serif;">Originally Recommended on May 23rd 2012 at Quote: Rs. 152</span><br />
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<span style="font-family: Verdana, sans-serif;"><a href="https://docs.google.com/open?id=0BxhOYCkM_sgOazVOdk9tX09WODQ">Equity Research Report</a></span><br />
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<i><span style="font-size: x-small;">Disclaimer: This Report is for information purpose only and express our views about the company, not an offer to buy or sell. Risks involved in investing is not suitable for all kinds of </span></i><i><span style="font-size: x-small;">investors. Seek professional advice if this research is suitable for you.</span></i><br />
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-64339744488312677382012-10-20T03:26:00.000-07:002012-10-22T21:13:04.096-07:00Portfolio Valuation Service<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="color: #333333; font-family: Verdana, Arial, Helvetica, sans-serif; line-height: 21px;">Portfolio Valuation Service</span><br />
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We provide customized equity Portfolio Valuation Service (PVS) to Institutional Investors, PMS's, and Brokerage Houses. </div>
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Under this segment, we provide thorough diagnosis on client's portfolio with actionable recommendations. </div>
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We advise big client's on several of their existing customer's portfolio with a detailed analysis of present portfolio health and it's monitoring. </div>
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As per client's requirement, we can add value with our expertise and as per the need evaluate the portfolio on a monthly/quarterly basis. </div>
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Client's benefit by receiving our expert opinion on their existing portfolio's, manage risks along with getting new stocks ideas with good return potential. </div>
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For more information, kindly contact us, thanks</div>
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<a data-mce-href="http://www.centurypartners.in/" href="http://www.centurypartners.in/" style="line-height: 21px; text-decoration: none;"><span style="color: blue; font-family: Verdana, sans-serif;">www.centurypartners.in</span></a></div>
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-77601285439662558032012-10-02T20:43:00.000-07:002012-10-02T20:43:36.471-07:00The $10 Trillion Dollar Prize: Captivating the New Affluent in China and India<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Arial, Helvetica, sans-serif; font-size: large;"><span style="line-height: 18px;"><a href="https://docs.google.com/open?id=0BxhOYCkM_sgOUmJLSTVVeTNhZlE">BCG Executive Summary of The $10 Trillion Prize Link</a></span></span><br />
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Cashing in on the middle class revolution</h1>
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Review by James Crabtree</div>
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Culturally they are poles apart, but as consumer markets, China and India share more similarities than at first appears</div>
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<strong><span class="firstletter" style="display: block; float: left; font-size: 46px; font-weight: normal; height: 46px; line-height: 33px; margin: 6px 4px -14px 0px; text-transform: uppercase;">T</span>he $10 Trillion Dollar Prize: Captivating the New Affluent in China and India</strong>, by Michael Silversteen, Abheek Singhi, Carol Liao and David Michael, <em>Harvard Business Review Press, RRP$30</em></div>
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It is no secret that Asia’s two emerging superpowers are giving birth to a vast new middle class. But just what is meant by that term is rather less clear. Take India, a nation of about 1.2bn people. Are its middle classes those 5 per cent who live in car-owning households? Or are they the 21 per cent with motorbikes, or those roughly two-thirds who have a mobile phone or access to electricity?</div>
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<br />That said, the authors, all of whom work for the Boston Consulting Group, make a convincing case for the importance of this eastward shift in global spending. Their book is engagingly written too – notwithstanding an unfortunate habit of dotting the text with bullet points and management jargon.Such distinctions may be imponderable; Britain and America still can’t quite decide on what it means to be middle class either. But one fact is not in doubt: about 2.5bn Chinese and Indians are becoming wealthier at historically unprecedented rates, and the more prosperous among them are spending more. Much more, in fact: hence what Michael Silverstein and his trio of co-authors call the “$10tn prize”, or total consumption in both countries in a decade or so.</div>
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This titular figure is suspiciously neat and relies on assumptions of continued 8 per cent annual growth, which, in India at least, currently looks unlikely. The expansion will not be shared evenly either: China is already much the richer of the two, and its consumption rate will still be roughly double that of its southern neighbour by 2020.</div>
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Most pleasing, however, are their many insights into changing customer habits. Some of this involves what the quartet grandly call moving up “the consumption curve”. One example of this is the fact that people tend to spend much more on their skin than their hair as they get richer – a crucial insight for luxury goods companies.</div>
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Equally intriguing are the stories of companies that have succeeded in China and India by adapting to local tastes. <a class="wsodCompany" data-symbol="kr:A003550" href="http://markets.ft.com/tearsheets/performance.asp?s=kr:A003550" style="border-bottom-color: rgb(46, 110, 158); border-bottom-style: dotted; border-bottom-width: 1px; color: #2e6e9e; text-decoration: none;">LG</a>, the electronics group, chanced upon the idea of selling a television with extra loud volume controls and an automatic brightness setting, winning favour from Indians who often watch in noisy family living rooms, or even outside. Their microwaves have regional autocook settings too: rice-based idlis for the south, Bengali fish curry in the east.</div>
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This need to tailor products is one of the book’s main arguments, and one the authors use to rebut an obvious criticism: namely that there are such large differences between the two countries that comparing them makes little sense.</div>
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It is a fair point. Culturally, the two could hardly be less alike and there are obvious demographic differences as well: Indians have large families; China has a one-child policy. But they are more similar than they at first appear in other ways: India’s economy is smaller, but proportionally more orientated towards <a href="http://www.ft.com/cms/s/0/04473296-5865-11e1-9f28-00144feabdc0.html" style="color: #2e6e9e; text-decoration: none;" title="Rural India enjoys consumption boom - FT.com">consumption</a>, while China has a vast <a href="http://www.ft.com/cms/s/0/a3128700-fb02-11e1-b775-00144feabdc0.html" style="color: #2e6e9e; text-decoration: none;" title="Trade numbers expose China weakness - FT.com">export sector</a>.</div>
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More important is the fact that India lags behind its larger neighbour by about a decade, a legacy of its later opening up to globalisation. Yet this makes the comparison more instructive, not less, as is the case with <a href="http://blogs.ft.com/beyond-brics/2012/05/25/bmw-still-accelerating-in-china/#axzz27zedUki1" style="color: #2e6e9e; text-decoration: none;" title="BMW: still accelerating in China - beyondbrics - FT.com">luxury cars</a>. Here China is already the world’s largest market, after an enormous growth spurt in the early 2000s that caught the likes of <a class="wsodCompany" data-symbol="de:NSU" href="http://markets.ft.com/tearsheets/performance.asp?s=de:NSU" style="border-bottom-color: rgb(46, 110, 158); border-bottom-style: dotted; border-bottom-width: 1px; color: #2e6e9e; text-decoration: none;">Audi</a> and <a class="wsodCompany" data-symbol="de:BMW" href="http://markets.ft.com/tearsheets/performance.asp?s=de:BMW" style="border-bottom-color: rgb(46, 110, 158); border-bottom-style: dotted; border-bottom-width: 1px; color: #2e6e9e; text-decoration: none;">BMW</a> flat-footed. But those manufacturers learnt their lesson and are now <a href="http://www.ft.com/cms/s/0/6dba7a08-eccb-11e1-81f4-00144feab49a.html" style="color: #2e6e9e; text-decoration: none;" title="Three-way race for India’s luxury market - FT.com">investing heavily in India</a>, in anticipation of the same take-off occurring there.</div>
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Even so, the authors are right to stress that the emergence of a new Indian and Chinese consumption class is a long-term phenomenon that should be understood as part of the broader economic development of each nation, not just a story of companies selling knick-knacks in ever greater numbers.</div>
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Air conditioning is a good example. Only 2 per cent of Indians now own a cooling unit despite their nation’s <a href="http://www.ft.com/cms/s/0/e429bc84-08a6-11e2-b57f-00144feabdc0.html" style="color: #2e6e9e; text-decoration: none;" title="Indian temperatures predicted to soar - FT.com">oppressive heat</a>. But few will be able to buy one until their country is able to produce inexpensive, reliable <a href="http://www.ft.com/cms/s/0/7e63a6b2-daed-11e1-be74-00144feab49a.html" style="color: #2e6e9e; text-decoration: none;" title="Power restored across northern India - FT.com">electricity</a>; a trickier problem that it currently shows few signs of solving.</div>
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The same is true globally: consumable durables heading off to aspirational Asian homes will significantly increase demand for inputs such as steel and iron ore, pushing up costs for western consumers and putting untold new pressures on the world’s natural resources.</div>
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How this journey ends is unclear. Both India and China are poor countries: it will take a generation or two before either comes close to western per capita income and living standards. But their direction is clear enough, as are the aspirations of their peoples. This is a middle class revolution from which very few will emerge untouched.</div>
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<em>The writer is Mumbai correspondent for the Financial Times</em></div>
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-59733246169372131192012-10-02T18:44:00.002-07:002012-10-02T18:44:51.462-07:00Value Walk: 8th Annual NY Value Investing Congress 2012: All Speaker Presentations<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-size: large;"><span style="font-family: Verdana, sans-serif;">Value Walk: </span><span style="font-family: Verdana, sans-serif;">8th Annual New York Value Investing Congress 2012</span></span><br />
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<span style="font-size: large;"><span style="font-family: Verdana, sans-serif;">Investment Ideas Presentations from Bill Ackman, </span><span style="font-family: Verdana, sans-serif;">Barry Rosenstein, </span><span style="font-family: Verdana, sans-serif;">David Einhorn</span><span style="font-family: Verdana, sans-serif;">, </span><span style="font-family: Verdana, sans-serif;">Alex Roepers, </span><span style="font-family: Verdana, sans-serif;">John Mauldin, </span><span style="font-family: Verdana, sans-serif;">Zack Buckley, </span><span style="font-family: Verdana, sans-serif;">Mick McGuire’s, </span><span style="font-family: Verdana, sans-serif;">Whitney Tilson, </span><span style="font-family: Verdana, sans-serif;">Kian Ghazi, </span><span style="font-family: Verdana, sans-serif;">Glenn Tongue </span><span style="font-family: Verdana, sans-serif;">:-</span></span><br />
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-20650148146767919902012-09-24T10:14:00.000-07:002012-09-24T18:25:55.010-07:00Ten Companies<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #444444; font-family: Verdana, sans-serif;">Ten Companies We Like On Value Basis:</span></div>
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<li><span style="font-family: Verdana, sans-serif;"><span style="color: #444444;">Development Credit Bank </span></span><span style="color: #444444; font-family: Verdana, sans-serif;"><a href="http://in.reuters.com/finance/stocks/overview?symbol=DCBA.NS">(DCBA.NS)</a></span></li>
<li><span style="font-family: Verdana, sans-serif;"><span style="color: #444444;">ITD Cementation India </span></span><span style="color: #444444; font-family: Verdana, sans-serif;"><a href="http://in.reuters.com/finance/stocks/overview?symbol=ITCM.NS">(ITCM.NS)</a></span></li>
<li><span style="font-family: Verdana, sans-serif;"><span style="color: #444444;">Selan Exploration Technology </span></span><span style="color: #444444; font-family: Verdana, sans-serif;"><a href="http://in.reuters.com/finance/stocks/overview?symbol=SELA.NS">(SELA.NS)</a></span></li>
<li><span style="font-family: Verdana, sans-serif;"><span style="color: #444444;">Mangalam Cement </span></span><span style="color: #444444; font-family: Verdana, sans-serif;"><a href="http://in.reuters.com/finance/stocks/overview?symbol=MGLC.NS">(MGLC.NS)</a></span></li>
<li><span style="font-family: Verdana, sans-serif;"><span style="color: #444444;">Petronet LNG Ltd </span></span><span style="color: #444444; font-family: Verdana, sans-serif;"><a href="http://in.reuters.com/finance/stocks/overview?symbol=PLNG.NS">(PLNG.NS)</a></span></li>
<li><span style="font-family: Verdana, sans-serif;"><span style="color: #444444;">Persistent Systems </span></span><span style="color: #444444; font-family: Verdana, sans-serif;"><a href="http://in.reuters.com/finance/stocks/overview?symbol=PERS.NS">(PERS.NS)</a></span></li>
<li><span style="font-family: Verdana, sans-serif;"><span style="color: #444444;">Ingersoll-Rand (India) </span></span><span style="color: #444444; font-family: Verdana, sans-serif;"><a href="http://in.reuters.com/finance/stocks/overview?symbol=INGR.NS">(INGR.NS)</a></span></li>
<li><span style="font-family: Verdana, sans-serif;"><span style="color: #444444;">Astra Microwave Products </span></span><span style="color: #444444; font-family: Verdana, sans-serif;"><a href="http://in.reuters.com/finance/stocks/overview?symbol=ASTM.NS">(ASTM.NS)</a></span></li>
<li><span style="font-family: Verdana, sans-serif;"><span style="color: #444444;">PNB Gilts </span></span><span style="color: #444444; font-family: Verdana, sans-serif;"><a href="http://in.reuters.com/finance/stocks/overview?symbol=PNBG.NS">(PNBG.NS)</a></span></li>
<li><span style="font-family: Verdana, sans-serif;"><span style="color: #444444;">Gujarat Alkalies and Chemicals </span></span><span style="color: #444444; font-family: Verdana, sans-serif;"><a href="http://in.reuters.com/finance/stocks/overview?symbol=GALK.NS">(GALK.NS)</a></span></li>
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<span style="color: #444444; font-family: Verdana, sans-serif; font-size: xx-small;"><i>Disclaimer: This is for information purpose only and express our views, not an offer to buy or sell. Risks involved in investing is not suitable for all kinds of investors. Past performance is no guarantee of future </i></span><i style="color: #444444; font-family: Verdana, sans-serif; font-size: x-small;"><i>performance. Seek professional advice if this research is suitable for you.</i></i><br />
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Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-86388937476151730932012-08-11T19:25:00.001-07:002012-08-11T19:25:41.305-07:00My Message to Veritas Investment Research Firm<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: verdana, sans-serif;"><b>My Message to Veritas Investment Research Firm: </b></span></div>
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<span style="font-family: verdana, sans-serif;"><b>Don't you see any hope among the Indian Companies and when will you issue a Buy Recommendation to them!</b></span></div>
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<span style="font-family: Verdana, sans-serif;">In the last few years, a research firm based out of Canada, Veritas has only come up with scathing reports for Indian companies. They have openly challenged BRICs growth prospects and investment returns by calling it a world's imagination. As per them the riches can be made only in North American region. They have openly disputed the real returns which investor have made by investing in BRICs in the last one decade and more.</span></div>
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<span style="font-family: Verdana, sans-serif;">Veritas has recklessley provided few poster child examples where as per them everything is questionable. My contention with Veritas is why every company they cover has to be a short idea, can't they find one well run company in BRICs, that they have to paint everything with one same brush. This is not reporting then, it's called biased reporting which is not good for the people who read those reports. Most of the investors and hedge funds make money by both going long and short, so why is this outcry against BRICs in terms of corporate governance. I am sure in the past they must have found enough short candidates in the North America but are they painting everything there with one brush.</span></div>
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<span style="font-family: Verdana, sans-serif;">Legendary investors like Warren Buffett have invested in PetroChina and made billions of dollars, there are many more examples like that of major institutional investors making ton of money by investing in emerging markets. I think when investors have practically made money and not just coming up with theoritical research reports, entire world knows who is right. Veritas needs to broaden their mindset for emerging countries by digging in further and also start covering companies where the company is world class, stay rest assured, if they know where to look at they will find plenty of them.</span></div>
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<span style="font-family: Verdana, sans-serif;">Veritas has a genuine concern when they talk about corporate governance, accounting standards and disclosure practices among BRICs. Their financial standards need complete overhaul, there is no question about it but do they need to come up with all the negative side of the emerging countries, what about the positives. Returns made in BRICs specially China and India despite all the issues in the last decade have been outstanding compared to the developed world. Investors too know about this so no matter how much a research firm can trumpet the horns of their advanced knowledge of corporate governance and accounting standards, the fact of the matter is investors need Alpha and there are not many places nowadays where they can find that.</span></div>
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<span style="font-family: Verdana, sans-serif;">So as long as BRICs keep on providing the extra yield, no amount of malign from research firms like Veritas is going to down play the role of emerging markets in this century. Denying the fact that riches are not going to be made in the emerging markets is in fact denying the truth (Veritas a Roman word meaning Truth).</span></div>
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<span style="font-family: Verdana, sans-serif;">There is no question as mentioned earlier that sooner the emerging countries adopt world class financial reporting framework the better it is for the country. One point though which one needs to keep in perspective despite any amount of criticism against any emerging economy is that some time earlier even the developed markets have faced these same problems. Despite that when these countries were growing, investors have made real money by investing in the companies of that era. So how-come we are expecting everything to be same from the economies who are in the development stage now. This is not fair to say the least. As far as advanced financial regulations are concerned we all know even with that in place what happened in the last decade with Enron, WorldCom, and so many other developed country companies.</span></div>
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<span style="font-family: Verdana, sans-serif;">I have written considerably in the past on why economies like China and India are going to deliver better returns despite all the monumental issues which these countries face today. Main reason is the demographics which play a huge role when a country is in growth phase, this has happened through out the history, there is lot of hard evidence to prove the same so why is it going to be different this time. Close to one third of the world population lives in China and India and the largest work force is there so what is coming in the way for them to become the next superpower. China has already shown remarkable growth in the past 3 decades and India is going to continue the same path for decades ahead. Someone telling that corporate governance and financial regulations are going to stop that have no connection with the reality of what is actually happening on the ground level.</span></div>
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<span style="font-family: Verdana, sans-serif;">Veritas needs to come to emerging countries and then write reports, good or bad but but need to be in touch with the reality before making claims like that the investors investing in BRICs don't know what they are doing. At the end of the day, it is investor's money, if they will not get the returns they will move to a new destination, they are not going to wait for any research firm like Veritas to tell them what they are suppose to do with their money. This is free market, if the investors don't make money, they just leave. </span></div>
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<span style="font-family: Verdana, sans-serif;">Veritas needs to do some soul searching and come up with a balanced approach towards covering companies from BRICs and not just give Sell recommendations but come up with some Buy recommendation as well. The past decade data showed investors investing in BRICs made money and making money is what investing is all about. This is not just economies of forecasting but a real money making machine, so invest in emerging markets and be a part of the constructive growth.</span></div>
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</div>Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-66771527183776763412012-08-08T05:22:00.000-07:002012-08-08T05:22:01.259-07:00Coverage on PVR & Astra Microwave Products<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Verdana, sans-serif; font-size: large;">In our series of researching under valued and high growth companies, we have now started covering following companies.</span><br />
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<span style="font-family: Verdana, sans-serif; font-size: large;">1. PVR</span><br />
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<span style="font-family: Verdana, sans-serif;"><span style="font-size: x-small;">BSE: 532689 | NSE: PVR | ISIN: INE191H01014 | SECTOR: MEDIA & ENTERTAINMENT</span></span><br />
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<span style="font-family: Verdana, sans-serif; font-size: large;">2. Astra Microwave Products Ltd.</span><br />
<span style="font-family: Verdana, sans-serif; font-size: x-small;">BSE: 532493 | </span><span style="font-family: Verdana, sans-serif; font-size: x-small;">NSE: ASTRAMICRO | </span><span style="font-family: Verdana, sans-serif; font-size: x-small;">ISIN: INE386C01029 | </span><span style="font-family: Verdana, sans-serif; font-size: x-small;">SECTOR: TELECOMMUNICATIONS - EQUIPMENT</span><br />
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<span style="font-family: Verdana, sans-serif; font-size: large;">Originally recommended on 23rd May 2012</span>
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<span style="font-family: Verdana, sans-serif;">For more information on the companies we are covering and their reports, kindly contact us at century.partners03@gmail.com</span><br />
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<span style="font-family: Verdana, sans-serif; font-size: x-small;"><i>Disclaimer: This is for information purpose only and express our views, not an offer to buy or sell.</i></span><br />
</div>Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-33297844674444966392012-08-05T06:02:00.000-07:002012-08-05T06:02:59.543-07:00Equity Research and Advisory Services<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: large;">Equity Research and Advisory Services: Based on two decades of Capital Market experience, we provide excellent investment research and analysis reports for global secondary markets. </span></div>
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<span style="font-size: large;">We possess valuable equity analysis/valuations/stock picking skills based upon leading global value investors investment principles. </span></div>
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<span style="font-size: large;">To know more about our Equity & Research Advisory services where we provide our recommendations for listed companies, kindly email us at century.partners03@gmail.com</span></div>
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<span style="font-family: verdana, sans-serif; font-size: x-small;"><i>Disclaimer: This is for information purpose only and express our views, not an offer to buy or sell.</i></span></div>
</div>Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-34975331254394440312012-06-25T04:41:00.000-07:002012-06-25T04:41:14.327-07:00Century Partners Has Partnered With Rel-Integral Based In India And UK<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span class="il" style="background-color: #ffffcc;">Century</span> Partners Has Partnered With Rel-Integral Based In India And UK</b></div>
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We take this opportunity to kindly let you know that during May 2012, <span class="il" style="background-color: #ffffcc;">Century</span> Partners have partnered with Rel-Integral, a Corporate Consultants Private Limited firm based in India and UK.</div>
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<span class="il" style="background-color: #ffffcc;">Century</span> Partners has joined hands with Rel-Integral to provide excellent Equity Advisory and Financial Services to people around the world.</div>
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We can collaborate with companies in several ways such as providing them with Financial Services, Legal Services, Regulatory Compliances Tax Advisory Services, Audits and Accounts, Equity Advisory and Risk Management.</div>
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<li><span style="color: #222222; font-family: verdana, sans-serif;">Rel-Integral with it's highly qualified and experienced team members provides specialized services in corporate and commercial fields.</span></li>
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<li style="color: #222222; font-family: verdana, sans-serif; font-size: 13px;">Assist its clients with a full spectrum of services to facilitate growth of business establishments.</li>
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<li><span style="color: #222222; font-family: verdana, sans-serif;">Builds enduring relationship with its clients based on trust, innovation and by rendering customized and value added corporate practices.</span></li>
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<li style="color: #222222; font-family: verdana, sans-serif; font-size: 13px;">Help its clients in taking critical decision making process.</li>
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For more information, kindly check our Corporate Profile Presentation.</div>
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Contact us via email/phone or visit our offices in all the major cities in India and London, UK.</div>
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Website: <a href="http://www.relintegral.com/" style="color: #1155cc;" target="_blank">www.relintegral.com</a></div>
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</div>Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-54644315917475009032012-05-05T18:05:00.001-07:002012-05-11T20:18:20.103-07:00CenturyLink Center Omaha Live Blog Berkshire’s 2012 Annual Meeting: WSJ<div dir="ltr" style="text-align: left;" trbidi="on">
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CenturyLink Center, Omaha, Live Blog, Berkshire’s 2012 Annual Meeting</div>
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<span style="background-color: white; color: #666666; font-family: Arial, Helvetica, sans-serif; font-size: 10px; line-height: 10px; text-align: left;">May 5, 2012</span><br />
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<span style="text-align: justify;">Ben Claremon Notes:</span></div>
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<span style="color: #666666; font-family: Verdana, sans-serif;"><span style="line-height: 10px;"><a href="https://docs.google.com/open?id=0BxhOYCkM_sgOd2lfbzB1b3BVWjA">2012 Berkshire Hathaway Annual Meeting: By Ben Claremon</a></span></span></div>
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Peter Boodell Notes:<br />
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<span style="color: #666666; font-family: Verdana, sans-serif;"><span style="line-height: 10px;"><a href="https://docs.google.com/open?id=0BxhOYCkM_sgOWUlocmZZRURzNzQ">2012 Berkshire Hathaway Annual Meeting: By Peter Boodell</a></span></span></div>
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<span style="font-family: Verdana, sans-serif; text-align: justify;">Scott Notes: </span><a href="https://docs.google.com/open?id=0BxhOYCkM_sgOZ1RnS3YwZDgzblE" style="font-family: Verdana, sans-serif; text-align: justify;">20 Uncommon Lessons from meeting with Warren Buffett by Scott</a><br />
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<div class="liveBlog-header" style="background-attachment: initial; background-clip: initial; background-color: white; background-image: url(http://s.wsj.net/img/dotted_grey.gif); background-origin: initial; background-position: 0% 100%; background-repeat: repeat no-repeat; font-family: Arial, Helvetica, sans-serif; font-size: 10px; height: 550px; line-height: 9px; margin-bottom: 21px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 8px; padding-left: 0px; padding-right: 0px; padding-top: 8px;">
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OMAHA, Neb. — Berkshire Hathaway Inc. Chief Executive Warren Buffett will address shareholders here at 10:30 Eastern time Saturday, in his first appearance at the company’s annual meeting since his announcement 18 days ago that he has early-stage prostate cancer. Deal Journal will be there soaking in every minute.</div>
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<span style="color: #333333; font-size: 11px; font-style: normal; line-height: normal;">Warren Buffett, chairman and CEO of Berkshire Hathaway sings with University of Nebraska cheerleaders prior to his annual shareholders meeting.</span>
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<img alt="" class="size-full wp-image-5" height="369" src="http://s.wsj.net/public/resources/images/OB-SV958_berk05_G_20120505101438.jpg" style="border-bottom-style: none; border-color: initial; border-image: initial; border-left-style: none; border-right-style: none; border-style: initial; border-top-style: none; border-width: initial; font-size: 10px; font-style: normal; line-height: 9px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 8px; text-align: left;" width="553" />
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The meeting starts on a weighty note, with 35,000 or so people opening their lollipops (See's Candies, of course) simultaneously so as to be photographed for a Facebook posting.</div>
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The meeting starts on a weighty note, with 35,000 or so people opening their lollipops (See's Candies, of course) simultaneously so as to be photographed for a Facebook posting.</div>
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The meeting starts on a weighty note, with 35,000 or so people opening their lollipops (See's Candies, of course) simultaneously so as to be photographed for a Facebook posting.</div>
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Applause for Berkshire board members. Questions starting now.</div>
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Carol Loomis of Fortune says the three-journalist panel got 'hundreds if not thousands' of questions. She asks whether the successor candidate is qualified to be the company's chief risk officer, and whether the recent Berkshire investments in Goldman Sachs, General Electric and Bank of America could have taken place without his involvement.</div>
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Mr. Buffett responds that the company wouldn't choose a CEO who couldn't fill the risk-manager role. "It's not an impossible job," he says. Basic risks could include excessive leverage or insurance risk, he says.</div>
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Berkshire Vice Chairman Charlie Munger says companies that have found themselves on the wrong end of the risk spectrum typically did so as a result of "silly mistakes."</div>
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Mr. Buffett says Berkshire is "well equipped" to deal with risk management. "We're not going to have an arts major" run the company, he says.</div>
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He says the company's $5 billion preferred-stock investment in Bank of America last August "made sense" for both sides, attributable in large measure to the company's strong capital position and ability to move quickly.</div>
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The successor "can do a lot of things much, much better" than Mr. Buffett, he says. "Those deals have not really been key to Berkshire," he says of the financial crisis deals with Goldman and GE. They are not as important as purchases in the market of Coca-Cola Co. and International Business Machines Corp., he adds. The Goldman, GE, BofA deals are "really just peanuts" by comparison.</div>
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<div style="font-size: 1.4em; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: justify;">
Berkshire directors are terrific risk analyzers, Mr. Munger says, pointing to Peter Kiewit & Sons' engineering efforts and director Sandy Gottesman's decision to fire someone because "you make me nervous."</div>
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<li class="listFirst timeStamp" style="background-attachment: initial; background-clip: initial; background-color: initial; background-image: none; background-origin: initial; border-bottom-style: none; border-color: initial; border-image: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; color: #c74b15; display: inline; float: left; font-size: 1.2em; font-weight: bold; line-height: 1em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 8px; padding-top: 0px; text-align: justify; width: auto;">8:12 pm</li>
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<div style="font-size: 1.4em; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: justify;">
Analyst Cliff Galant of KBW says the subject is mortality. He goes on to ask a question about insurance accounting assumptions.</div>
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Buffett discusses the mortality figures he saw quarterly from Swiss Re, and a reserve the company set up that's tied to a stop-loss provision. He talks about repricing reinsurance business. "The one overriding priniciple is that we hope and our plan is to reserve conservatively," he says.</div>
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Mr. Buffett says he feels "very good" about how Tad Montross, CEO of GeneralRe, reserves for future losses.</div>
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Audience question from Weston, Conn.: What advice would you give the new Chinese leadership and corporate CEOs?</div>
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Mr. Munger says "we're not spending our time giving advice to China," which he says is doing well. Mr. Buffett says it is "almost useless" to give advice in business. Mr. Munger says it's "amazing how little influence we have" over Berkshire's investments; Mr. Buffett says the goal is to find investments over which it isn't necessary to have influence.</div>
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Shareholder question on share buybacks: Why didn't you warn us before when the stock was higher?</div>
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<li class="postitem-liveBlog" id="entry_16" style="background-attachment: initial; background-clip: initial; background-color: initial; background-image: none; background-origin: initial; border-bottom-style: none; border-color: initial; border-image: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; font-size: 1em; line-height: normal; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; opacity: 1; padding-bottom: 8px; padding-left: 0px; padding-right: 0px; padding-top: 8px;"><ul class="pMeta" style="clear: both; list-style-image: initial; list-style-position: initial; list-style-type: none; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 8px; padding-right: 8px; padding-top: 0px; zoom: 1;">
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"If we could have our way, we would have the stock trade once a year and Charlie and I would try to come up with the intrinsic value," Mr. Buffett says. Public markets don't work that way, alas, he says.</div>
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Mr. Buffett notes that in selling shares in the mid-1990s, Berkshire said in a prospectus filed with regulators that neither Mr. Buffett nor Mr. Munger would buy the stock at its price then, an unusual statement that Mr. Buffett says makes the paperwork "a collector's item."</div>
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Mr. Munger has his first "nothing to add" answer.</div>
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Jay Gelb of Barclays asks how much stock Berkshire might buy back, how the company weighs investment alternatives and whether the company might pay a dividend.</div>
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"We have a terrific group of businesses," Mr. Buffett says. "We willl buy very aggressively" buying back shares at the right price, which he defines as 110% of book value, a measure of net worth. Berkshire said last fall for the first time it would repurchase shares and bought more than $60 million worth in September, the company said in regulatory filings.</div>
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Mr. Buffett doesn't answer the dividend question.</div>
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Asked about the banks, Mr. Buffett says U.S. banks are in a "far, far better position" than they were a few years ago. They have taken most of the unusual losses that were facing them in the crisis and have built up capital, have "liquidity coming out their ears," are in fine shape, etc.</div>
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The European banking system is not in as fine shape, he adds. He calls the European Central Bank's Long Term Refinancing Operation a "huge act" to provide liquidity to the banking system, with loans to banks for three years at 1%. "I'd like to get three years at 1%," he says. But he suggests there are still issues to be worked through.</div>
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"Europe has a lot of problems," Mr. Munger says, pointing to structural issues within the European Union such as the lack of a fiscal union in which stronger states transfer funds to support weaker ones. "When you get 17 countries that surrendered their sovereignty as far as currency is concerned," Mr. Buffett says, you have a recipe for a lot of indecision.</div>
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Question: Can you discuss coal and natural gas as investments?</div>
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Berkshire's Mid-American Energy is a regulated public utility and therefore isn't likely to benefit or be harmed by changes in energy prices, Mr. Buffett says. Coal traffic is important to Berkshire's Burlington Northern Santa Fe, he adds. Electricity use nationwide fell 4.7% in the first quarter, Mr. Buffett says, in a decline he calls "remarkable." He expresses surprise at the 50-1 ratio in the oil price to the coal price, calling it "wild."</div>
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Correction: Previous post ratio references oil price to natural gas price, not coal price.</div>
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The ratio "has changed everyone's thinking," Mr. Buffett says. "It will be interesting to see how it plays out."</div>
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Analyst Gary Ransom of Dowling asks about telematics, an auto-insurance pricing method. The crowd is utterly capitvated. Mr. Buffett says Berkshire's Geico always seeks to use the best pricing methods.</div>
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Question is about business school. It is "astounding" how schools have focused on "one fad after another in finance theory, usually very mathematically based," Mr. Buffett says in a comment that offers at every meeting and in many annual letters to shareholders. "Investing is not really that complicated," he adds.</div>
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Question on Buffett rule: Could you clarify what your rule actually is?</div>
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Mr. Buffett says his proposal is that those who make "very large incomes" should pay a rate commensurate with a rate that people believe is paid by those people, "at least in the 30% area." But in the most recent year, counting payroll and income taxes, the 400 largest incomes in the U.S. average $270 million each and 131 of those incomes were taxed at less than 15%, the standard payroll tax, he says. "Under the Buffett rule we would have a minimum tax, only for these very, very high earners," he says. "When we are asking for shared sacrifice ... I would at least make sure that the people with these huge incomes get taxed at a rate that is commensurate with how they used to get taxed."</div>
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Mr. Buffett says 31 of the 400 highest incomes were taxed at a rate below 10%.</div>
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Question on the economics of insurance and the art and science of reserve setting. Mr. Buffett says trends like global warming complicate an already crowded picture but emphasizes that conservative reserving insulates an insurer against those sorts of surprises.</div>
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Question on sustainable energy policy. Mr. Buffett says MidAmerican Energy has been doing wind power for some time, and that the federal subsidy "makes wind projects work" where they otherwise wouldn't. "If there had been no subsidy, I don't think any of our projects would make sense," he says.</div>
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"I don't think any solar or wind would be working without subsidies," says Mr. Buffett. Just because the wind isn't blowing "doesn't mean everybody wants to have their lights off," he adds, pointing to one of windpower's minuses, economics aside.</div>
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"The future is subsidizing oil and natural gas production right now, in a sense," Mr. Buffett adds, suggesting we aren't paying the full freight on fossil fuel use now given its side effects (pollution for one) and the high cost of replacement methods.</div>
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Shouldn't Mr. Buffett keep his political views "muted"? No, he says, unsurprisingly. "When Charlie and I took this job we didn't put our citizenship in a blind trust," he says. He says someone who thinks otherwise "should own Fox" rather than Berkshire Hathaway. Fox, as it happens, is a unit of the News Corporation, which publishes this blog and something called The Wall Street Journal.</div>
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A question from KBW’s Cliff Gallant on natural disasters gives Mr. Buffett a chance to crow about the amount of business Berkshire is now selling in New Zealand, Australia, Japan and Thailand following the catastrophes that have struck those countries in the past year and a half.</div>
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Swooping in after disasters is what Berkshire is famous for in the insurance arena. It’s after a major catastrophe that insurers lose some of their ability to back policies and re-evaluate their assumptions about the potential for future losses. Both can cause prices to soar.</div>
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Customers in those four countries “are looking for more capacity, and we are there to do that,” Mr. Buffett says.</div>
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But he said it’s hard to determine if the increase in catastrophe claims over the past several years is tied to climate change. “Separating out the random from new trends is not easy to do,” Mr. Buffett says. Berkshire’s solution: “We tend to assume the worst.”</div>
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Question is on Berkshire's hunt for a big acquisition to put its massive cash hoard to work. Mr. Buffett says the company, which had $33.5 billion in cash on hand at year-end, prefers not to go below $20 billion in cash on hand -- at that level he "starts squirming a little bit." But cash is going up as insurance premiums and other sources of flow come in, and he would gladly do "the right $20 billion deal."</div>
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Question is on Berkshire's hunt for a big acquisition to put its massive cash hoard to work. Mr. Buffett says the company, which had $33.5 billion in cash on hand at year-end, prefers not to go below $20 billion in cash on hand -- at that level he "starts squirming a little bit." But cash is going up as insurance premiums and other sources of flow come in, and he would gladly do "the right $20 billion deal."</div>
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Question: How do you feel? "I feel terrific. I love what I do. I work with people I love. It's more fun every day."</div>
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"I have four doctors. At least a few of them own Berkshire Hathaway, though I don't screen them."</div>
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He and his family listened to doctors a few weeks ago. His plan says survival rate is above 99%. "Maybe I will get shot by a jealous husband," Mr. Buffett says. Mr. Munger says he doesn't know if he has prostate cancer "because I don't let them test for it."</div>
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Mr. Buffett calls the cancer a non-event, saying the medical center is a few minutes from his office and the procedure will take part of a day. "I'll have a little less energy" that day, he concedes.</div>
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A 26-year-old who works in private equity asks what Mr. Buffett would do in his shoes if he were to start over. Mr. Buffett says he would do what he did in life but would have done it faster. Develop an audited record of performance as early as possible, he says.</div>
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Mr. Buffett says patience is the key virtue in investing, and that those who understand the market is a tool rather than an adviser will do well over time. The market is often wrong for a variety of reasons, he says, and those who bear that in mind can take advantage of the market's pluses, such as transparent prices and liquidity.</div>
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Carol Loomis presents a question from a shareholder who asks why Berkshire shares have been undervalued for so long. Mr. Buffett responds by taking an even longer view.</div>
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“We’ve run Berkshire for 47 years. There have been four or five times where we thought it was significantly undervalued,” he says. “The beauty of stocks is they do sell for silly prices from time to time. That’s how Charlie and I have gotten rich.”</div>
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Then he turns to his usual speech about investing in stocks, giving a shout-out to Ben Graham’s idea of Mr. Market, which he says investors should think of as their partner.</div>
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The beauty of having Mr. Market as a partner, he says, is that sometimes Mr. Market behaves like “a psychotic drunk.”</div>
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Question: Who will manage Berkshire's derivatives book when you go?</div>
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"I don't think there will be much of a derivatives book when I go," Mr. Buffett says. He says managing it "is not a big deal." Most of the company's ongoing derivatives activities are in the energy business.</div>
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He adds that the company "hit a home run" with its investment managers, Todd Combs and Ted Weschler, who would be among those managing derivatives after Mr. Buffett leaves. But "the rules have changed" regarding collateral presentation for derivatives -- Berkshire has in the past written contracts that don't force it to post collateral to its trading partner, but now doing so is mandatory -- and so the company is unlikely to dabble in derivatives.</div>
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Question is about insurance-business valuations, which Mr. Buffett turns into a discussion of the high worth of the company's car-insurance unit. "Geico has an intrinsic value that is significantly greater than its net worth and its float," Mr. Buffett says, referring to the premiums the company has received and is free to invest while it awaits claims. "I wouldn't say that about all our insurance businesses.</div>
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Valuing businesses based on Ebitda, a cash flow measure, "is nonsense," Mr. Buffett says. "I don't even like hearing the word," Mr. Munger adds.</div>
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I don't own your stock for the glamour, a questioner says, pointing to the outperfomance of gold in recent years. Mr. Buffett replies that Berkshire Hathaway stock has vastly outpaced gold, as have common stocks as a group, over longer time periods. He urges people not to give in to the urge to "caress" gold even though it has gone up for the past 12 years.</div>
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Asked why he bought J.P. Morgan Chase stock for his personal account but not for Berkshire Hathaway, Mr. Buffett explains that he prefers Wells Fargo -- of which the company owns 400 million shares worth $11 billion or so at year-end -- better. "My best ideas are all in Berkshire," he says. "That I can promise you."</div>
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"I know Wells better and it's easier to understand," he says, adding that he bought Wells Fargo in the first quarter.</div>
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Questioner asks if Berkshire shouldn't be more aggressively buying back shares, paying dividends and using its richer stock for acquisitions. A run-up in the stock "is likely to occur in the future," Mr. Buffett says. But he doesn't "think the dividend would be a plus ... and might be just the opposite," unless the company finds it can't invest the funds profitably.</div>
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"What you've suggested is a very conventional approach," Mr. Munger tells the questioner, making it clear that he views that approach as nonsensical.</div>
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<li class="postitem-liveBlog" id="entry_49" style="background-attachment: initial; background-clip: initial; background-color: initial; background-image: none; background-origin: initial; border-bottom-style: none; border-color: initial; border-image: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; font-size: 1em; line-height: normal; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; opacity: 1; padding-bottom: 8px; padding-left: 0px; padding-right: 0px; padding-top: 8px;"><ul class="pMeta" style="clear: both; list-style-image: initial; list-style-position: initial; list-style-type: none; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 8px; padding-right: 8px; padding-top: 0px; zoom: 1;">
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Why buy the Omaha World-Herald, as Berkshire did last year? Mr. Buffett says newspapers "have lost primacy" in many areas, such as stock-price listings and classified advertising, but continue to offer information that readers can't find elsewhere. A bigger problem is how to make money online at a time when many are tempted to give the product away for free. The business "isn't bulletproof" the way it was 30 or 40 years ago but can work if a paper can give members of a local community a reason to tune in.</div>
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<li class="postitem-liveBlog" id="entry_50" style="background-attachment: initial; background-clip: initial; background-color: initial; background-image: none; background-origin: initial; border-bottom-style: none; border-color: initial; border-image: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; font-size: 1em; line-height: normal; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; opacity: 1; padding-bottom: 8px; padding-left: 0px; padding-right: 0px; padding-top: 8px;"><ul class="pMeta" style="clear: both; list-style-image: initial; list-style-position: initial; list-style-type: none; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 8px; padding-right: 8px; padding-top: 0px; zoom: 1;">
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Mr. Buffett says Berkshire may buy newspapers and will go where "there's a strong sense of community."</div>
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How does Berkshire vote its shares in public companies? The company has voted against management in a few instances, Mr. Buffett says, though Berkshire tends not to try to change people.</div>
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Has your opinion of Berkshire holding Wal-Mart Stores Inc. changed as a result of the Mexican bribery scandal? No, Mr. Buffett says. Low prices "work in retailing," he says.</div>
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"I don't think there's something fundamentally dishonorable about Wal-Mart," Mr. Munger says. At companies of the scale of Wal-Mart or Berkshire, with 270,000 workers, "I guarantee someone is doing something wrong right now," Mr. Buffett says. "I guarantee 20 people are doing something wrong."</div>
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But what matters, he adds, is that management acts honorably and promptly when learning of problems.</div>
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Mr. Buffett's bet that an index fund tracking the S&P 500 could beat hedge funds trying to beat the market is still in the red, though less so. The hedge fund index has lost 5.9% since 2008, vs. a 6.3% loss in the S&P over the same period. The S&P has beaten the hedge funds in each of the past three years, but the broad stock index's 36% loss in 2008 put in a deep hole against the hedge funds, which lost 23% that year.</div>
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Hedge-fund manager Whitney Tilson, who has perfected the trick of getting a question in by going to an overflow room, asks if Mr. Buffett would ever raise the price at which he’s willing to buy back shares. Mr. Tilson says he’d rather Mr. Buffett had bought Berkshire shares in the first quarter at 115% of book value (Buffett’s buyback price is 110%) instead of investing in other companies' stocks.</div>
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Buffett starts his answer by saying he would have preferred to buy Berkshire shares too. But he disputes a hypothesis from Mr. Tilson that the buyback price might also serve to limit the upside on the shares.</div>
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Nor does it set a solid floor, Mr. Buffett says.</div>
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“There could be circumstances under which we would buy a lot of stock but I don’t think they are highly likely,” he says. One thing the buyback price indicates, according to Mr. Buffett: “I do think it signals to a lot of people that don’t have a lot to lose” by investing at the current price.</div>
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Lunchtime. Q&A will resume in an hour.</div>
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Lunch is over.</div>
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Question on importance of Berkshire's culture. Most top managers at the company aren't doing it for the money, Mr. Buffett says. "I get to paint my own painting," he says. It's the same for execs at Berkshire subsidiaries, he adds.</div>
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Question on managing declining businesses such as encyclopedia sales. "They're not worth nearly as much as growing businesses," Mr. Munger says. Generally better to stay away, says Mr. Buffett.</div>
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Question on investing fads. "We try to stay away from things we don't understand," Mr. Buffett says, saying he needs to have "some notion" of what a business' earning power will be in five or 10 years. "You end up looking at a pretty small universe" when you rule out businesses that you don't understand, he adds.</div>
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The chances on being "way wrong" in IBM are "probably less" than the chances of being way wrong on Apple Inc., says Mr. Buffett. "We wouldn't have predicted" what happened at Apple, he said, and he didn't buy the stock -- which has been one of the market's strongest performers -- because he couldn't "get to a level of conviction" about the value of the business.</div>
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Question on how Berkshire manages risk by sharing information. "We're the most uncoordinated" company around, Mr. Buffett jokes. But "there is nothing like an organized way of doing that," he adds, saying he believes it most important for individual businesses to act in their own interest. "We have no system that coordinates two units to give the same quotes."</div>
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Question on Swiss Re, whose multibillion-dollar reinsurance contract with Berkshire ends this year. Mr. Buffett says the company would like to do similar deals but isn't willing to do "a dumb deal" for the sake of keeping premiums coming in.</div>
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Long, multipart, loaded question about Fannie Mae, Freddie Mac and the state of U.S. mortgage finance, which the questioner seems to find unacceptable. There is a bit of a mess there, Mr. Buffett concedes. "Congress hasn't sorted that out yet," he says. "The interesting thing is that Canada, right to the north, kept sound mortgage lending standards and had basically no problems," says Mr. Munger. The U.S., by contrast, has suffered from a lack of standards, a lapse into deplorable behavior and the fact that Alan Greenspan "overdosed on Ayn Rand when he was younger."</div>
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"Everybody did it," Mr. Buffett concludes, as he often does, in summing up how housing came to be such a disaster for the U.S. economy. He points to lenders, borrowers, regulators, Congress, you name it. "Except us," says Mr. Munger.</div>
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Asked about investment managers Todd Combs and Ted Weschler, Mr. Buffett says they are "perfect" for Berkshire. Each makes $1 million in annual salary plus 10% of the sum by which their portfolios beat the S&P 500, on a three-year rolling basis. Each one gets paid 80% based on their performance and 20% on each other's. "I don't think you can have a better structure," Mr. Buffett says, likening it to the one he used to pay Geico's Lou Simpson, who recently retired after several decades of investing for the auto insurer. Each has $2.75 billion under management and little oversight from Mr. Buffett, he says, adding that when they buy a new stock he likes to know what stock it is.</div>
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The investment managers have a "much bigger universe" of stocks to pick, Mr. Buffett says, because of the sums they manage, which pale next to the $150 billion or so that Mr. Buffett oversees. "I think we've got a good system," he says.</div>
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How to motivate people? Find people who love what they do, the billionaire investor says. "We get the opportunity to paint our own painting every day," says Mr. Buffett. "We give them the paintbrush and don't tell them to use more red paint or something."</div>
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The nerding-out about insurance continues. In the last question from the analysts, Mr. Ransom got Mr.Buffett to discuss a surprise fourth-quarter underwriting loss of $34 million at Geico. Berkshire didn’t explain the loss in its annual report, but Mr. Buffett said today the loss stemmed from a reserve it established because of rising claims in Florida. Other car insurers have done the same.</div>
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Mr. Buffett says customer retention levels and profit margins returned to normal in the state in the first quarter.</div>
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“That Florida decision cost us significant money,” Mr. Buffett says. But Geico, he adds, “is an extraordinary asset for Berkshire.”</div>
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Asked about sluggish U.S. growth, Mr. Buffett notes that over the course of his lifetime per capita gross domestic product has increased sixfold. That fact, and the fact that inflation-adjusted GDP continues to advance at around 2.5% annually in a country that is "already very rich," should inform criticism of U.S. economic performance. "Our economy is not a mess," he says. "Our politics may be a mess, but not our economy."</div>
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Even if inflation-adjusted GDP growth were just 1%, Mr. Buffett says, you'd end up with each generation being a quarter richer than the previous. "The system still works," says Mr. Munger, who cautions as always against "the foolish things people do," as in the U.S. housing bubble, to meet unrealistic expectations.</div>
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Question about Berkshire's stock-market valuation. Why, boohoo, hasn't the stock gone up this year? Is the market acting nuts? "No," says Mr. Munger, who "wouldn't worry too much about it" anyway.</div>
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MidAmerican Energy may have an opportunity to deploy as much as $100 billion over the next 10 to 15 years at "very reasonable rates," Mr. Munger says, which is reason No. 234,731 as to why Berkshire won't be paying a dividend any time soon.</div>
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Question about the car business in China. The auto-battery company BYD, which Berkshire owns a stake in, is likely to focus on that market before the U.S., says Mr. Munger, though he adds that there may be some business in California because of its tighter environmental restrictions.</div>
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Question on U.S. finances. Will increasing U.S. energy production ease pressure on America's trade deficit? Yes, Mr. Buffett says, the energy picture "has changed for the better" in recent years, though "we still have a ways to go."</div>
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Energy independence is "the most ridiculous idea I've ever heard grown people discuss," Mr. Munger says. He says the U.S. should use others' energy supplies and conserve its own.</div>
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Question on executive compensation. What to do about execs who make too much money when most of the nation isn't participating in economic gains, a questioner from Boston asks. Mr. Buffett again points to changes over the past two decades in the tax code, which has meant those at the very top of the income distribution pay much less in taxes than they did in the early 1990s. "There may be a natural trend toward plutocracy," Mr. Buffett says, pointing to the "effect of money in politics" in a democracy.</div>
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Question on the European debt crisis. "I don't know how it plays out," Mr. Buffett says. He wonders about the long-term effect of the European Central Bank's decision at the end of last year to extend 1 trillion euros in refinancing loans to banks. He would rather see "a world that is putting its fiscal house in order," Mr. Buffett says, but it's clear that weak economies around the globe cannot afford that sort of pullback right now.</div>
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At the low current rates, "I would totally avoid buying" government bonds other than short-term bills, Mr. Buffett says.</div>
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Mr. Munger wonders at what point government stimulus and loose monetary policy lose their effect. "No one knows when the Keynesian stuff will stop working," he says, but warns that it could happen if deficit spending continues unabated.</div>
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"Everybody wants fiscal virtue but not quite yet," Mr. Munger says in the obligatory paraphrase of Saint Augustine's comment about chastity. "We need more sacrifice ... and more civilized politics."</div>
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Asked about what the right corporate tax rate is to get the economy going, Mr. Buffett says corporate profits and balance sheets "aren't the problem." He adds that "it's not a lack of capital or tax rates, in my view, that are holding back investment." He says a bigger problem is the share of economic output consumed by medical costs.</div>
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Q&A ends. Berkshire annual meeting, featuring director elections and auditor ratification, now under way. "If you want to leave now you won't miss much," Mr. Buffett says, surely tongue in cheek.</div>
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Shareholder proposal advocating more succession-plan disclosure prompts Mr. Buffett to say, "We are on the same page." He says directors spend more time on succession planning than anything else. "Certainly more often than once a year, I get asked questions that you want me to address," he says. "I think that will continue in the future. We haven't built it into any formal item on the proxy statement ... I don't think anything would be gained by putting it in some other form, but I'm glad you take it seriously." The proposal is defeated, roughly 672,000-32,000.</div>
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Directors re-elected. Meeting adjourned. As they say on the scoreboard after major sporting events, Arrive home safely.</div>
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<a href="http://blogs.wsj.com/deals/2012/05/05/live-blogging-buffettpalooza/#">http://blogs.wsj.com/deals/2012/05/05/live-blogging-buffettpalooza/#</a>
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</div>Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0tag:blogger.com,1999:blog-8648959272169778175.post-13016966038707824482012-04-19T20:28:00.000-07:002012-04-19T20:28:15.336-07:00Now’s the time for a bond ladder: MW<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #888888; font-size: 12px; font-style: inherit;"><span style="font-family: Verdana, sans-serif;">April 18, 2012, 1:13 p.m. EDT</span></span></div>
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<span style="font-family: Verdana, sans-serif;">Now’s the time for a bond ladder</span></h1>
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<span style="font-family: Verdana, sans-serif;">But inflation risk is just one challenge investors face</span></h2>
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<span style="color: black; font-family: Verdana, sans-serif; font-size: 1em; font-style: inherit; font-weight: bold; line-height: 1.354em;">By </span><a href="mailto:rjpiii@comcast.net" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #004176; font-family: Verdana, sans-serif; font-size: 1em; font-style: inherit; line-height: 1.354em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;" target="_blank">Robert Powell</a><span style="color: black; font-family: Verdana, sans-serif; font-size: 1em; font-style: inherit; font-weight: bold; line-height: 1.354em;">, MarketWatch</span></div>
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<span style="font-family: Verdana, sans-serif;">BOSTON (MarketWatch) — Given what’s likely to happen to interest rates in the coming months and years, now might be the perfect time to use a bond ladder for your portfolio.</span></div>
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<span style="font-family: Verdana, sans-serif;">That’s according to experts who recently discussed the prospects for fixed-income investments as part of a MarketWatch Investing Insights event in New York.</span></div>
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<a href="http://www.marketwatch.com/Story/story/print?guid=E203CEA6-8816-11E1-82E5-002128049AD6#" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #004176; display: block; font-style: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 162px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: justify; text-decoration: none; width: 287px;" target="_blank"><span style="font-family: Verdana, sans-serif;"><span style="background-color: initial; background-image: url(http://mw4.wsj.net/MW5/content/images/video-play-icon-overlay.png); background-repeat: no-repeat no-repeat; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-style: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 162px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; width: 287px;">Click to Play</span><img height="162" src="http://m.wsj.net/video/20120417/sf041712investinginsights-pt1x/sf041712investinginsights-pt1x_512x288.jpg" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-style: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;" width="287" /></span></a></div>
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<span style="font-family: Verdana, sans-serif;">Rate outlook poses complex risks for bond investors</span></h3>
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<span style="font-family: Verdana, sans-serif;">With interest rates near all-time lows, bond investors are between a rock and a hard place. At a MarketWatch Investing Insights event, bond experts discuss the risks and strategies investors should be thinking about now.</span></div>
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<span style="font-family: Verdana, sans-serif;">Bond laddering is a technique for generating current income while reducing the effect of rising and falling interest rates on the fixed-income portion of your portfolio, according to William O'Donnell, the head of U.S. Treasury strategy at RBS.</span></div>
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<span style="font-family: Verdana, sans-serif;">O’Donnell was among the panelists at the MarketWatch event, as was Lee Munson, founder and chief investment officer of Portfolio LLC.</span></div>
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<span style="font-family: Verdana, sans-serif;">“I look at a bond ladder as a very reasonable and appropriate way to manage your fixed-income portfolio,” O’Donnell said in a recent interview.</span></div>
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<span style="font-family: Verdana, sans-serif;">In essence, the technique calls for building a portfolio of fixed-income investments (CDs, annuities, bonds, ETFs, and the like) that mature at different dates along the so-called yield curve — the curve that shows interest-rate yields based on maturities — based on your outlook for interest rates.</span></div>
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<a href="http://www.marketwatch.com/story/for-bond-investors-holding-tight-is-best-option-2012-04-19" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #004176; font-style: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;" target="_blank"><span style="font-family: Verdana, sans-serif;">Read: For bond investors, holding tight is best.</span></a></div>
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<span style="font-family: Verdana, sans-serif;">Interest-rate risk versus inflation risk</span></h3>
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<span style="font-family: Verdana, sans-serif;">If you are unsure whether interest rates might rise or fall in the future, you might put your cash in equal amounts in a number of fixed-income investments — for example, one-third in short-term bonds, one-third in intermediate-term and one-third in long-term bonds. Then you simply roll the maturing bonds back into short-term fixed-income investments.</span></div>
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<span style="font-family: Verdana, sans-serif;">If, on the other hand, you think interest rates might fall, you would do the exact opposite and invest a larger percentage of your portfolio in long-term fixed-income investments, and a much smaller percentage in short- and intermediate-term fixed-income investments.</span></div>
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<a href="http://www.marketwatch.com/Story/story/print?guid=E203CEA6-8816-11E1-82E5-002128049AD6#" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #004176; display: block; font-style: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 162px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: justify; text-decoration: none; width: 287px;" target="_blank"><span style="font-family: Verdana, sans-serif;"><span style="background-color: initial; background-image: url(http://mw4.wsj.net/MW5/content/images/video-play-icon-overlay.png); background-repeat: no-repeat no-repeat; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-style: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 162px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; width: 287px;">Click to Play</span><img height="162" src="http://m.wsj.net/video/20120417/sf041712investinginsights-pt3x/sf041712investinginsights-pt3x_512x288.jpg" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-style: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;" width="287" /></span></a></div>
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<span style="font-family: Verdana, sans-serif;">Bond investing: risks and strategies</span></h3>
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<span style="font-family: Verdana, sans-serif;">At a MarketWatch Investing Insights panel discussion, William O'Donnell, head of U.S. Treasury strategy at RBS Securities Inc., talks about how investors can best manage their bond investments in a time of ultralow interest rates.</span></div>
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<span style="font-family: Verdana, sans-serif;">Investing exclusively or largely in long-term fixed-income investments subjects you to interest-rate risk — the risk that the value of your bonds will fall should interest rates rise.</span></div>
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<span style="font-size: 1.167em; font-style: inherit; line-height: 1.354em;"><span style="font-family: Verdana, sans-serif;">Keep in mind, however, that investing exclusively or mostly in short-term fixed-income investments in today’s market subjects you to inflation risk. That’s the risk that the value of your investment declines as inflation shrinks your purchasing power. (Right now, you’re earning a negative real rate of return on short-term fixed-income investments; the real rate of return is the nominal interest rate minus the rate of inflation.)</span></span></div>
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<span style="font-family: Verdana, sans-serif;">With a bond ladder, you are essentially trying to manage many of the risks associated with investing in fixed-income securities, including interest-rate risk, inflation risk, and reinvestment risk. Reinvestment risk is the risk that you’ll have to reinvest in lower yielding investments when your fixed-income investments mature in a falling interest rate environment.</span></div>
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<span style="font-family: Verdana, sans-serif;">Fed adds to the risk</span></h3>
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<span style="font-family: Verdana, sans-serif;">Managing those risks is made even more difficult given the Federal Reserve and its efforts to bolster the economy.</span></div>
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<span style="font-family: Verdana, sans-serif;">“The difficulty with the U.S. fixed-income market right now is that it's being heavily manipulated by the Fed and this is all under what the Fed refers to as the ‘portfolio balance’ channel,” O’Donnell said. “They basically want to push base Treasury rates down to levels that force people to go into riskier asset classes in search of more yield or return.”</span></div>
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<span style="font-family: Verdana, sans-serif;">“And it's worked handsomely well, which is why the stock market keeps going up every week, and why Treasurys are unwilling or unable to sell off in the face of stronger economic data,” he said.</span></div>
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<span style="font-family: Verdana, sans-serif;">“The Fed is removing the net supply of Treasurys from the market through their quantitative easing, as well as removing duration from the market through ‘Operation Twist,’ keeping real rates negative in many cases,” he said.</span></div>
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<span style="font-family: Verdana, sans-serif;">Here’s the question that fixed-income investors must answer when building their bond ladder: “When is the Fed going to remove their guiding hand and let the rate markets normalize?” said O’Donnell.</span></div>
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<span style="font-family: Verdana, sans-serif;">For the record, O’Donnell doesn’t expect the Fed to remove its guiding hand before the end of the year. The Federal Reserve, meanwhile, tipped its hand to the contrary. According to the minutes of its policy meeting in March, members of the Federal Reserve Board are not interested in another round of quantitative easing. <a href="http://www.marketwatch.com/story/fed-less-interested-in-bond-buys-minutes-2012-04-03-144440" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #004176; font-style: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;" target="_blank">Read: Fed less interested in bond buys.</a></span></div>
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<span style="font-family: Verdana, sans-serif;">Of course, it’s even more complicated than all that.</span></div>
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<span style="font-family: Verdana, sans-serif;">Which bonds?</span></h3>
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<span style="font-family: Verdana, sans-serif;">Besides making the right guess about the direction of interest rates, you have plenty more to consider, including which fixed-income investments work best for you in building a bond ladder. The choices include (but are not limited to) CDs, income annuities, corporate bonds, government bonds, municipal bonds, junk bonds, or mutual funds and/or ETFs that invest in fixed-income securities.</span></div>
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<span style="font-family: Verdana, sans-serif;">If you plan to purchase individual bonds, consider whether you have enough money to do so. Some experts recommend that you have at least $100,000 to build an adequately diversified portfolio of individual bonds. Also, if you plan on building a bond ladder with individual bonds, you have to consider default risk.</span></div>
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<span style="font-family: Verdana, sans-serif;">You can reduce the risk of default by building a bond ladder with ETFs or mutual funds. Guggenheim and iShares are among those firms that offer a lineup of target maturity date fixed-income ETFs.</span></div>
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<a href="http://www.marketwatch.com/story/nows-the-time-for-a-bond-ladder-2012-04-18"></a><a href="http://www.marketwatch.com/story/nows-the-time-for-a-bond-ladder-2012-04-18"><span style="font-family: Verdana, sans-serif;">http://www.marketwatch.com/story/nows-the-time-for-a-bond-ladder-2012-04-18</span></a></div>
</div>Century Partnershttp://www.blogger.com/profile/06580777316293555613noreply@blogger.com0