Category Archives: Financial Literacy

From Strength to Strength 

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Baby steps… 

… into freedom. 

What kind of freedom are we talking about? 

Universal freedom? 

If you insist, smarty, but first things first.

Financial freedom. 

That’s the kind of freedom that sparks off every other kind of freedom. 

Our first and foremost goal is to achieve financial freedom. 

What is the one big nemesis of financial freedom? 

Debt. 

Tear off debt. 

Detest it with every cell of your body. 

If it comes towards you, move in the other direction.

Don’t allow it’s tentacles to engulf and then strangle you. 

You do all that by nipping it in the bud. 

A new world order in being defined. 

The debt-free… 

… and the in-debt-ones. 

Where do you wish to belong?

The former category calls the shots. 

That’s where you belong. 

Your every move… 

… takes you from strength to strength… 

… towards debt-free-ness. 

Full financial freedom is a short walk from there. 

Story doesn’t stop there, sure, your strength-momentum sees to that.

However, it’s the first debt-free million that’s always the hardest-fought, and the most-fondly remembered.  

How much is too much? 

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Risk? 

Sure. 

No risk no gain. 

However… 

… I’m sure you’ve also heard… 

… “want gain not pain“.

How do we achieve that? 

It boils down to the level of risk. 

How much risk is too much? 

Do we have a measure? 

Sure. 

Meaning, without getting into any mathematics?

Yes. 

What’s a hands-on everyday TomDickHarry dumdum yet practical cum successful measure for risk without any hype or brouhaha? 

Sleep. 

Sleep? 

Yeah. 

How? 

Are we sleeping well? 

Is our sleep getting disturbed because of the risk we’ve taken? 

No? 

We’re fine. 

The risk we’ve taken is bearable. 

It’s not disturbing us enough to disturb our sleep. 

Yes? Sleep disturbed? Because of risk? 

We’ll, too much then. 

Reduce the risk. 

By how much? 

Till your sleep is not disturbed because of it. 

It’s as simple as that. 

What to do with a racing mind? 

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Harness it. 

Or, it’ll get you. 

How? 

It won’t stop racing till it finds something of interest. 

Then, it’ll hook on… 

… without caring too much… 

… whether that something’s good or bad.

At that stage, you might not be able to control your mind. 

Control it when it’s controllable. 

Before it’s latched on. 

Before the flow has started. 

Define for yourself the area of flow. 

Actively make your mind connect. 

Regulate your flow. 

Enjoy the harnessed potential of your mind. 

Let’s observe a practical example in motion. 

I’ve actively latched on my mind, among other things, to the stock market. 

The market has many aspects.

I need to take into account most of these, if not all, while picking a stock. 

Sure. 

However, some aspects stand out for me. 

To these aspects I latch on my mind very thoroughly. 

I like it to get a feel for honesty. 

While I’m screening a stock, my racing mind either picks honesty or it doesn’t. 

If it hasn’t smelt and felt honesty after two days of studying the stock, I just let the stock go. 

Some are big on numbers. Some are big on charts. Sure, I look at both. Honesty delivers the final decision for me, though, as in, the crucial blow. 

Instead of resorting to all kinds of nonsense, the racing mind can be taught to become one’s greatest asset. 

What about Daddy Cool? 

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Boney M sang this blockbuster hit in the ’70s.

I’m sure you’ve heard it, because it’s still the rage. 

he’s crazy like a fool – what about daddy cool? 

Who’s Daddy Cool? 

You tell me. 

Is it you, in a cool cucumber moment, slow to respond to stimulus, devoid of anger, master of your situation in a kinda non-bossy, non-micro-managing (cool) way? 

And what of Mr. Hyde’s Dr. Jekyll nature? 

We’re talking about your “like a fool” moment.

Just for your information, winning behaviour is often termed foolish by the crowd. 

Contrarian investing is one such example. 

Successful derivative trading is another. 

To cap it, let’s not even talk about private equity in real-estate. 

Did someone mention high-yield structured-debt? 

There are many examples of “foolish” behaviour. 

These same examples earn very well. 

So… 

… how do we do it? 

We maintain our cool. 

We keep all basics going, as they are. 

With a small portion of our surplus, we take calculated risks, in a controlled environment. 

Sure, these risks will appear foolish to someone on the outside. 

However, our controlled environment has installed riders for our safety. 

A balance-sheet might be stressed, but not stressed enough for bankruptcy. 

A lock-in might be ultra-short. 

A stop-loss might be in place. 

Collateral might be up to 4x.

There might be a highly reputed Trustee in between. 

What have you.

Have your Daddy Cool fool-moments. 

Take some calculated risks with small portions of your surplus. 

These should give your portfolios an extra-boost. 

That nagging nagging push towards action 

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Yeah, it’s always lurking… 

… in the background…

…waiting for an opportunity… 

… to catch you unawares… 

… and spring to the forefront. 

Market-play is a mental battle. 

Your mind wins or loses it for you. 

Make your mind understand the value… 

… of action… 

… and of inaction. 

Make your mind pinpoitedly choose… 

… the time for action… 

… and for inaction. 

Make your mind automatically switch from…

… a state of action… 

… to a state of inaction… 

… and vice-versa… 

… and feel perfectly normal doing the switch… 

… again and again and again. 

The above by itself is a winning state of mind for you, which you can build upon. 

🙂 

Nath on Equity – make that a hundred

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Long-term equity is 81). brought low.

The idea is to, if required, 82). sell it high.

Otherwise, 83). it is sold when you no longer believe in the stock concerned, for strong fundamental reasons. Or, it is sold when something more interesting comes along, and your magic number is capped. Then you sell the stock you’re least interested in and replace it with the new one.

84). Attitudes of managements can change with changing CEOs. Does a new management still hold your ideology-line?

Is the annual report flashy, wasteful, rhetorical and more of an eyewash? Or, 85). is it to the point with no BS? Same scrutiny is required for company website.

Your winners 86). try to entice you to sell them and book profits. Don’t sell them without an overwhelming reason.

Your mind will 87). try and play tricks on you to hold on to a now-turned-loser that is not giving you a single good reason to hold anymore.

If you’re not able to overcome your mind on 87)., 88). at least don’t average-down to add more of the loser to your folio.

89). High-rating bonds give negative returns in most countries, adjusted for inflation.

The same 90). goes for fixed deposits.

Take the parallel economy out of 91). real estate, and long-term returns are inferior to equity, adjusted for inflation.

92). Gold’s got storage and theft issues.

Apart from that, 93). it’s yielded 1% compounded since inception, adjusted for inflation.

Storage with equity is 94). electronic, time-tested-safe and hassle-free.

Equity’s something for you 95). with little paperwork, and, if you so wish it, no middlemen. In other words, there’s minimal nag-value.

Brokerage and taxes added together 96). make for a small and bearable procurement fees. Procurement is far more highly priced in other asset-classes.

One can delve into the nervous system of a publicly traded company. Equity is 97). transparent, with maximal company-data required to be online.

As a retail player in equity, 98). you are at a considerable advantage to institutions, who are not allowed to trade many, many stocks because of size discrepancies.

All you require to play equity is 99). an internet connection and a trinity account with a financial institution.

If you’re looking to create wealth, 100). there’s no avenue like long-term equity!

🙂

Nath on Equity : have stuff – will talk

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Behind Equity, there’s 41). human capital. 

It’s human capital that keeps 42). adjusting equity for inflation.

43). No other asset-class quotes on an inflation-adjusted basis. 

That’s good news for you, because 44). equity takes care of the number one wealth-eater (inflation) for you. 

All world equity ever quoted, whether currently existing or not, has 45). returned 6% per annum compounded, adjusted for inflation. 

46). All equity ever quoted that still exists has yielded 11% per annum compounded, adjusted for inflation.

Equity selected with good due diligence, common-sense and adherence to basic rules listed here and in previous articles is 47). well-capable of yielding 15%+ per annum compounded, adjusted for inflation. 

However, equity is 48). a battle of nerves, at times. 

This asset-class is 49). more about creating long-term wealth. 

It can be used, though, to 50). generate income through trading. 

51). Trading, however, is burdened with more taxation, commission-generation and sheer tension. 

Trading equity 52). eats up your day. 

Investing in equity 53). gives you enough room to pursue many other activities during your day. 

Trading strategies are 54). diametrically opposite to investing strategies. 

55). It takes market-players the longest time to digest and fully comprehend 54).

For long-term players, 56). up-side is unlimited. This is a vital fact. 

Also, 57). downside is limited to input. Factor in good DD, and that very probably won’t even go half-way. 

58). Thus, 56). and 57). make for a very lucrative reward : risk ratio. 

Equity needs courage, to 59). enter when there’s blood on the streets. 

It also needs detachment, to 60). either exit when required for monetary reasons, or when everyone else is getting ultra-greedy and bidding the underlying up no-end. 

Nath on Equity – Some more DooDats 

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Yawn, the story goes on… 

Let’s 21). not think about our folio at night. 

We’re also 22). only going to connect to the market on a need-to basis, no more. 

If there’s a 23). doubt, wait. 

24). Clarify doubt. If it goes away, proceed with market action. If not, discard action. 

Don’t spread 25). too wide. 75+ stocks means you’re running a mutual fund. 

Don’t spread 26). too thin either. Just 5 stocks in the folio means that risk is not adequately spread out. Choose your magic number, one that you’re comfortable with. 

Once this number is crossed, 27). start discarding the worst performer upon every new addition. 

28). Rarely look at folio performance. Only do so to fine-tune folio. 

Don’t give 29). tips. Don’t ask for them either. 

You are you. 30). Don’t compare your folio to another. 

Due diligence will require 31). brass tacks. Don’t be afraid to plunge into annual reports and balance sheets. 

32). Read between the lines. 

Look 33). how much the promoters personally earn annually from the underlying . Some promoters take home an unjustified number. That’s precisely the underlying to avoid. Avoid a greedy promoter as if you were avoiding disease. 

Is 34). zero-debt really zero-debt?  Look closely. 

Are the 35). promoters shareholder-friendly? Do they regularly create value for the shareholder? 

Are 36). strong reserves present? 

Are the 37). promoters capable of eating up these instead of using them to create value? 

Is the 38). underlying liquid enough to function on a daily basis? Look at the basic ratios. 

Is any 39). wheeling-dealing going on with exceptional items and what have you? 

40). Is the company likely to be around in ten years time? 

Yeah, things in the equity world need to be thorough. 

We’re getting there. 

🙂 

When Push Comes to Shove 

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Genetically… 

… we’re savers. 

Indians. 

Save. 

That’s a good thing. 

Since the ’00s though, our banks have started pushing loans as if there’s no tomorrow.

The motto seems to be : we don’t care who you are, just borrow. If we know who you are, here, borrow some more. 

That is dangerous policy. 

It sets the stage for a push comes to shove scenario. Savings are being lent further, and they might not come back. 

What counts when push comes to shove? 

Deposits in the bank? No. Gone. 

Real Estate? No. No buyers. No renters. Illiquid stuff just won’t move. 

Equities? No. Dumps. Good entry levels though. No resale value for a while. 

Bonds? Perhaps. Short duration ones, provided underlying doesn’t go under. 

Gold? Yes. Big. 

Trading? Yes. Options, forex, commodities, what have you. 

Cash? Yes. Provided there’s no hyperinflation. Use it for day to day life. Use surplus to acquire great bargains. 

Farmland? Yes. You’re then sorted as far as food and water are concerned. 

Use your imagination. 

Prepare for a push and shove scenario. 

It probably won’t happen. 

However, you’re prepared, just in case. 

The Department of no-frills 

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Markets can be played in holes. 

No disrespect to the “hole”. 

Let’s put it this way. 

I trade the markets from a “bucket shop”. It’s actually a small brokerage. Parallels a bucket-shop, and all legit. 

There’s twenty odd people. 

Basic desktops. One gets to use them even with medium-sized accounts. A large account holder can walk into the manager’s office and get the manager to trade his or her strategy for him or her for the day. A three minute daily discussion is all it takes. This discussion can even happen on Whatsapp. 

If required, food comes from the street-vendors below, in newspapers and plastic cups. 

Welcome to the department of no-frills. 

No business-class travel or fancy-schmanzy wining-dining is required here. It’s sheer trading with no BS. 

Why? 

No overheads. 

No headaches. 

No constant terminal monitoring. Someone’s doing it for you.

Safety? Yes. Trust. Long-term relationship. Email and sms security measures. No nonsense. 

One doesn’t talk to the twenty odd people. 

One just trades. 

Trading for you isn’t really about building a consensus. You just trade. If then the market builds a consensus, that’s a different thing. You then trade the consensus. For or against is your call. 

This is as raw as it gets. 

You ask a question. 

You put your money where your mouth is. 

If your inquiry is in the correct direction, you get rewarded. If not, you lose a part of your money. 

Goes without saying, that overall, you try to win more than you lose. 

Department of no-frills cuts to the chase without useless paraphernalia. 

Market-maker

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Manipulation. 

Recognition. 

Alignment. 

Trade. 

Spike. 

Out. 

How does one recognize manipulation? 

On the charts. 

After eyeballing many many charts, one gets a feel for it. 

Manipulated strike-points become pivot points. 

It’s a push from a fund-heavy conglomerate. Push becomes a cascade as traders join in. 

After the spike, the market-maker pulls out funds so cleverly that rates don’t fall. 

Funds are now ready for the next push. The same funds. 

Repeat. Same loop. 

Till strategy fails. 

Then, maker starts manipulating in opposite direction. 

Life’s busy for the maker. 

There’s trouble with the authorities. Ends on a compromise. Maker will step in when authorities need to prop the market. 

No maker – no market. 

Why do you think there’s always a quote to your underlying? 

Because of the maker. 

After a market has crossed critical mass, makers sit on their spikes. They roll-over on expiries, and enjoy the ride. 

Ride is not always smooth. 

Makers often get greedy and break their own rules. Functioning with no safeties, many makers get wiped out. To add to their woes, a large percentage functions on borrowed money. 

Makers have an electronic life, which loops from cellphone to terminal and back. It’s a life that’s punctuated by headaches, physical and mental. 

Don’t envy a maker. 

He or she is just doing his or her job. That’s all. 

Trade the maker. 

The Thing with Focus

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Depth. 

Confidence. 

Proper entry. 

Decent exit, if required. 

Understanding. 

Lack of panic. 

Overall picture. 

These are some of the things that focus is capable of giving. 

Swagger? 

One-basket attitude. 

Over-depth. 

Narrow-mindedness. 

Loss of overall picture due to over-chewing one subject. 

Robotic mindset leading to freeze. 

Yeah, these too. Within the capabilities of focus. 

We want the former qualities. 

We’re discarding the latter ones. If they come knocking at our doorstep, we’re shooing them away. 

We spoke about diversified focus. 

Whatever we do in life, let’s do it well. 

We’ll have our many baskets. Why should we take the risk of having just one basket? 

And, into our many baskets, we’ll delve deep-deep-deep. 

Period. 

Sheer Moat Investing is not Antifragile 

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There we go again. 

That word. 

It’s not going to leave us. 

Nicholas Nassim Taleb has coined together what is possibly the market-word of the century. 

Antifragile. 

We’re equity-people. 

We want to remain so. 

We don’t wish to desert equity just because it is a fragile asset-class by itself. 

No. 

We wish to make our equity-foray as antifragile as possible. 

First-up, we need to understand, that when panic sets in, everything falls. 

The fearful weak hand doesn’t differentiate between a gem and a donkey-stock. He or she just sells and sells alike. 

Second-up, we need to comprehend that this is the age of shocks. There will be shocks. Shock after shock after shock. Such are the times. Please acknowledge this, and digest it. 

To make our equity-play antifragile, we’ll need to incorporate solid strategies to account for above two facts. 

We love moats, right? 

No problem. 

We’ll keep our moats. 

Just wait for moat-stocks to show value. Then, we’ll pick them up. 

We go in during the aftermath of a shock. Otherwise, we don’t. 

We go in with small quanta. Time after time after time. 

Voila. 

We’re  already sufficiently antifragile. 

No magic. 

Just sheer common sense. 

We’re still buying quality stocks. 

We’re buying them when they’re not fragile, or lesser fragile. 

We’re going in each time with minute quanta such that the absence of these quanta (after they’ve gone in) doesn’t alter our financial lives. We’re saving the rest of our pickled corpus for the next shock, after which the gem-stock will be yet lesser fragile. 

Yes, we’re averaging down, only because we’re dealing with gems. We’ll never average down with donkey-stocks. We might trade these, averaging up. We won’t be investing in them. 

Thus, we asymptotically approach antifragility in a gem-stock. 

Over time, after many cycles, the antifragile bottom-level of the gem-stock should be moving significantly upwards. 

Gem-stock upon gem-stock upon gem-stock. 

We’re done already. 

Looking for a Deal-Breaker

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I look. 

Don’t find it. 

Look again. 

And again. 

Keep looking. 

Tired. 

Eyes ache. 

Sleepy. 

Stop. 

Resume next morning. 

Still nothing. 

So on and so forth. 

Few days. 

Absolutely nothing. 

Buy the stock.

Yes. 

That’s the chronology. 

After zeroing in on a stock…

…that’s the chronology. 

Am I happy the search was unsuccessful?

You bet!

Am I spent?

Yawn…yes. 

Was it worth it?

Of course. I now own a quality stock. 

What’s happened before?

Stockscreener. 

Stock pops up. One that appeals to me. 

Check it for value. 

Pass.

Check it for moat.

Pass. 

Look for deal-breaker. 

Yeah, final step. 

Takes the longest. 

It’s boiled down to a yes or no. 

One’s going to holding the stock for a long, long time. 

This is when one is asking every cell in one’s body. 

Yes or no?

No deal-breaker?

Fine. 

Going for it. 

It’s a yes. 

Who gets 5 Stars for Fund Movement?

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Movement?

Or lack of movement?

What will you have?

Who discusses such a topic?

Is this lame?

Is it that we have nothing better to do?

NO.

Fund movement is a central topic.

Funds are blood.

You need to be master of their movement. Winners are.

What’s there to discuss?

Aren’t things obvious?

Well, no.

To most people, things wrt movement of funds are everything else but obvious.

No pipelines are created.

No sheds for storage.

No safety mode in the firing gun.

Gun fires as soon as the load is available.

You see, all this leads to losing positions.

How?

One should not fire as soon as one can load.

One should fire when one sees a ripe target for the taking.

What should one do till then?

Store the load. Elsewhere. Give it some light work to do. Put it in a position that it can make its way easily back to you as soon as you call it in.

When do you call it in?

When you see the big fat target.

Again, isn’t all this obvious?

Again, no, to most people, no, no, no.

Most people are busy getting sophisticated.

They don’t focus on the basics.

Basics win you the game.

Sophistication might deceive you into the false belief that you are winning or are one up, but because you’ve forgotten to focus on the basics, chances are high that you’ll end up losing.

So here’s what one needs to do.

No gun in the house.

No load in the house.

Big fat target. Identify.

Go to load. Load = funds.

Direct load to gun. This is the movement process. It happens online. Funds are directed to a website.

Fire. Pull the trigger on the concerned website. Yeah, gun’s in cyber-space.

Wait for next opportunity.

Repeat.

So on and so forth.

This way, due to sharply controlled fund movement, one creates positions with high potential to win.

Come on, get your basics in order. Leave sophistication to the losers.

🙂

Fitting

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I have this Wills fleece sweat-shirt since ’98.

Love it.

It’s a fit.

Can wear it for anything.

I’m sure you own or do something that just fits.

Very few people in the market understand the value of a fit.

What does a fit feel like?

It comes naturally.

No prompting or pushing.

It’s the essence of your strategy which resonates with you.

A fit holds you and moves you forward.

It makes you money till it continues to fit.

The ideal fit lasts a lifetime.

Nuances.

Everything and everyone has nuances.

A fit happens when nuances are out of the way. They’ve been dealt with in a full and final manner. They appeared, sure enough, got knocked out, which is when they disappeared. What remained was pure you and your fit. The two of you united.

Why is this fit so important?

We’ve spoken about the money angle. A fit makes you money.

There’s the family angle. A fit doesn’t let your market-life harm your family-life. Hence it ensures its own longevity by vitalizing your market-life and also your mental health.

A fit then possesses the versatility to deal with stumbling blocks along the path. Travel? You implement your strategy successfully despite travel. Schedule? Fit works around it. Diet? Fit changes diet, till diet fits.

Don’t underestimate the power of a fit.

🙂

Decoupling One o Two

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Trade on.

Market forces.

You.

Connection.

Attenuation.

Life normal.

This is the real decoupling.

What was the other decoupling?

The myth one?

Myth?

I mean, Switzerland is kinda financially decoupled. The CHF just keeps its own despite anything.

Israel is also sort of decoupled. Despite everything. Functions on its own tangent. Matter of opinion.

These are exceptions. They prove the norm.

There are remote chances these exceptions won’t exist tomorrow. Having said that, let’s hope nothing like that ever happens.

However, permanent decoupling is mostly a myth. We’ll be better off not incorporating it into our investment or trading strategy.

Decoupling one o two is a different matter.

It is very welcome.

It gives longevity and harmony to a trader’s market- and normal-life.

Happy trading!

🙂

What’s it Gonna Take Today, Pal?

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Indicators.

Fibonacci.

Moving averages.

Price action.

Isn’t everyone following all this?

Do the markets behave accordingly?

No. Not really. Sometimes, sure. Generally, no. Just my opinion.

So?

Where does that leave you?

How do you plan your trade entry?

There’s not much planning to it really.

Oh yeah?

Pray on what basis is one to enter then?

Study.

Then overall feel.

What?

Yes.

Gumption?

So?

With no study, direction’s a 50:50.

With study leading to overall feel translating into gumption, this ratio could well become 55:45.

You don’t need more.

Blackjack odds for the card-counter are perhaps 53:47 at peak.

Ok, so you’ve got your 55:45, what then?

Trade management.

You make your money managing your trade.

Formula?

Simple one.

You cut the wrong call. Nip it in the bud.

Let the right call continue being even more right.

Learn, perhaps the hard way, to let the winner continue winning.

Trade might reverse.

That’s the risk you have to take, to win more.

There are no free lunches in life.

Making the Skew – work for you

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Anomalies.

Anomalies?

Opportunities.

Yeah.

It’s all about perspective.

Just align your perspective.

Get into the skin of the anomaly.

Why?

You were in this to make money, right?

So chop chop.

Anomalies are like waves.

They swell… and recede.

If you’ve missed one, wait for its one-offset to start swelling.

Oh yeah, forgot to reiterate, you’re out before it recedes.

That would be a great trade.

Getting in well before the swell and staying in would be an investment entry-strategy.

Getting out after a swell would be an investment exit-strategy.

Use your imagination.

Wishing you a lucrative market-footprint!

🙂

Additive Connectivity

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What’s your market footprint like?

Meaning, where do you tread?

How do you tread?

Are you making a hash of it?

Do you connect the dots?

Are you organized?

Does your one action span across multiple goals?

What exactly are we talking about?

Chaos. 

You are your own light. 

Nobody can help you, except you, ultimately. 

Therefore, gear yourself up, to win the game for yourself. 

It possibly won’t come to exist, that you do one market thing. 

Market activity is multi-faceted. 

Even if you’re trading one single entity, there are many actions that go along with this one single activity. 

Yes, we’re talking about market actions. 

The sum total of your market actions is your market footprint. 

Make your actions additive. 

Meaning?

Each action should add to you. 

If an action is not adding to you, don’t do it. 

Even an action that stops further loss adds to you, for example. 

Also, make your actions connect across segments. 

Meaning?

Let’s say I’m eyeing a stock for a possible purchase, or a repurchase. Stock gaps down next morning, before my action. Aha. Hold. 60-70% of all gap-downs play out further. There’s a solid reason for gap-downs. So… hold. Yeah, action on hold. Why? I will possibly get a better price for reentry later, there’s a 60-70% chance of that. Thus, an action now won’t add to me. Action postponed. What do I do with the money set aside for the repurchase? Liquid mutual fund purchase. Online. Seamless. Connecting across? Absolutely. I’m simultaneously accumulating liquid funds to later go in for a private-placement NCD. Therefore, my one action from the equity segment has connected across to the debt segment. Yeah, connectivity. Additive. Stopped me from possible high entry. Made upcoming NCD purchase more possible by adding to its intended corpus. Additive Connectivity. 

Yeah, make yours a winning footprint. 

Before signing off, I’d like to share with you that i’ve just decided to take additive connectivity to the nth level for myself. 

Sure, I’ll be sharing more examples. 

Sharing brings joy to everyone, even to the person who is sharing.