Jatin Khemani

Three Forms of Value Investing

Posted by | Investing Framework | No Comments

While there are various styles of investing, we can categorize them under three key heads: Special Situations (Arbitrage): Open offers, rights issue, mergers would all fall under this category. One is betting on a specific corporate action with well-defined timelines and aim to make a certain return independent of what happens to the company’s fundamentals or market sentiment. Typically aim is to beat fixed income return while not taking any material risk. Holding period ranges between few days to few months. Re-investment risk is high as one has to keep looking for new opportunities which also involves sitting on cash in between. (Suggested Reading: You Can Be A Stock Market Genius By Joel Greenblatt) Statistical Bargains: These are average businesses which are available very cheap – below liquidation value/cash, at …

Read More

What really goes behind Stock Research?

Posted by | Investing Framework, Investing wisdom, Stocks | No Comments

My post on ‘What Really Goes Behind Stock Research?’ where I talk about Initial Research Vs Maintenance Research & returns per unit of stress, dwelling further upon an old post by Prof. Sanjay Bakshi, written for Safal Niveshak’s Outside the Box newsletter: Click here to read the post: https://www.safalniveshak.com/low-stress-stock-research/    

Read More

[Video] Stock Idea Presentation at TIA’s 20:20 Ideas Summit by Jatin Khemani – 20th Oct, Chennai

Posted by | Investing Framework, Investor Meetup, Stocks | No Comments

A Stock Idea presentation delivered at TIA’s 20:20 Ideas Summit at GRT Grand, Chennai on 20th October 2018 by Jatin Khemani, CEO & Founder of Stalwart Advisors: Presentation (Video):   Presentation (Slides): FREE Access to Initiating Coverage Report & AGM Note on this stock idea on Guest Dashboard https://investor.stalwartvalue.com/ First-time visitors need to register to log in to the dashboard. For any queries or feedback, please write to us at support@stalwartvalue.com Disclaimer: This is not a recommendation to Buy/Sell. Read complete  disclaimer here .

Read More

[Video] ‘The Art of Selling Stocks’ Presentation at IC 2018, Goa by Jatin Khemani

Posted by | Food for thought, Investing Framework, Stocks | No Comments

Jatin Khemani, CEO of Stalwart Advisors presented on ‘The Art of Selling Stocks‘ at Investors Carnival, Goa, 4-8th October 2018. Having a sound exit strategy is crucial to protect gains for value investors. This presentation covers Stalwart Advisors’ framework developed over the years through own mistakes as well as vicarious learning along with numerous case studies to help investors understand the nuances better. The conference was covered by BloombergQuint. The video of the talk along with slides can be accessed below: Link to Video: The Art of Selling Stocks Presentation Slides:  

Read More

[Video] Presentation on Wind Energy Revival & Proxies for Investors

Posted by | Industries, Investing Framework, Scuttlebutt, Stocks | No Comments

Presentation by Jatin Khemani, Founder & CEO, Stalwart Advisors on Wind Energy Revival & Proxies Presentation (Video): Notes to Video: 00:00 Introduction 00:40 Wind Energy – Journey 01:20 FY18 Regime Change 05:30 Old Regime Vs New 09:15 Coal Vs Solar Vs Wind 10:00 Visibility for FY19 12:50 India’s Energy Target 2022 14:20 Key Concerns 18:40 Q4FY18 Turning Point? 19:30 Proxies for Investors 20:58 Disclosures Presentation (Slides): For any queries or feedback, please write to us at support@stalwartvalue.com

Read More

[Video] Thematic Research on Pollution & Actionable Investment Ideas

Posted by | Industries, Investor Meetup, Scuttlebutt, Stocks | No Comments

Presentation made by Jatin Khemani, Founder of Stalwart Advisors, during a conference organized by ‘Strictly Invest’ a group of around 150 passionate investors on 13th January 2018 in Mumbai’s Orchid Hotel. Presentation (Video): Notes to Video: 00:00 Introduction 01:00 Sneak peek in 2030 04:20 Pollution – A silent killer 05:40 Environmental Kuznets Curve 07:40 Sources of Air Pollution 09:20 New Emission Norms for India’s Thermal Power 11:00 Size of the Opportunity 12:45 List of companies to benefit 13:30 Top bet – GE Power India 15:20 Risk & Concerns 17:30 Other Proxies – Respirators & Masks 19:15 Other Proxies – Air Purifiers 20:15 Other Proxies – Pharma & Healthcare 20:40 Plants at Rescue 26:00 Disclaimers Presentation (Slides): FREE Access to research report on GE Power India & Scuttlebutt Note on Power …

Read More

[Memo] A Note from CEO – View on Current Markets & Portfolio Strategy

Posted by | Investing Framework, Memo | No Comments

Following is a copy of memo shared with Stalwart’s clients during August 2017 – Markets were rallying one way up since the start of 2017 and many began to believe there’s really nothing that can stop this rally amidst so much liquidity and no alternate opportunity for deployment. Then happened the least expected regulation twist during the month of August which should have ideally effected just those 331 alleged “Shell” companies in whose stocks trading got suspended with immediate effect, but when it comes to markets the ‘cause and effect’ is complex and often goes beyond the obvious and even minor developments could spread into deadly contagion.   Some of our stocks too have corrected, however, these are merely mark-to-market changes as long as we have confidence in the underlying thesis. …

Read More

[Video] Individual Investor’s Real Edge – TIA 28th Jan 2017

Posted by | Investing Framework, Investing wisdom, Investment Gurus, Investor Meetup | No Comments

Presentation made by Jatin Khemani, Founder & CEO, Stalwart Advisors at Bullet Proof Investing Seminar organised by Tamil Nadu Investors Association on 28th January 2017 at ITC Fortune, Chennai. Notes on Presentation: 00:00    Introduction 00:38    Are large caps safe and easy to decipher? 07:35    How did Warren Buffet and other veterans start investing? 12:20    Why prefer smaller companies? 13:45    What goes into making of a 100-Bagger? 15:20    Case Study – Hero Honda – A 100-bagger for Ramdeo ji 16:25    Industries with High Potential 17:57    Case Study – Titan – A 100-bagger for Rakesh ji 19:58    Structural Theme: Unorganised to Organised 21:40    Sources of Information 23:00    How many companies in India do quarterly conference calls? 27:00    Scuttlebutt & Common …

Read More

[Video] SA’s Founder in ‘Wizards of Dalal Street’ with Mr. Ramesh Damani

Posted by | Investing Framework | One Comment

Interview Video: Jatin Khemani, Founder, Stalwart Advisors, in conversation with legendary investor Mr. Ramesh Damani in his show ‘Wizards of Dalal Street, A Fresh Breeze’ discussing: His journey, Why tips are hazardous to wealth, Stalwart Advisors’ Investment Philosophy, Why it matters to have high quality management team with skin-in-the-game, How he found stocks like Tasty Bite Eatables and Relax Footwear, Why understanding Operating Leverage is crucial for investors and How it applies in case of businesses like Wonderla Holidays.

Read More

[Video] Talk delivered at FIL Alumni Meet, Pune – July 2016

Posted by | Business Models, Food for thought, Industries, Investing Framework, Stocks | 15 Comments

Recently I had the privilege of sharing my thoughts on investing with my fellow FIL Alumni at Flame University, Pune. The video, along with the presentation, is shared below. I talked about ‘India’s Consolidation Wave'; how the organized players stand a great chance to grow amidst an on-going shift in consumer preferences towards standardised and branded offerings. Video_India’s Consolidation Wave Notes on Video (Time 31:11) 00:00 Introduction 01:00 Drivers of Long-term Returns 03:00 Case Studies – Page Industries & Relaxo Footwear 04:30 Defining Unorganised Sector 05:50 Industry Research Filters Applied 06:40 List of Industries with high potential 24:45 Case Study – Decorative Paints (1980 – 2016) 26:48 GST: A big enabler 29:00 Value Migration Vs. Consolidation Wave 30:25 Summary Presentation_India’s Consolidation Wave For convenient reading switch to full screen mode – click the second …

Read More