Jatin Khemani

Listed MNCs in India: a good catch, but an opportunity slowly fading

Posted by | Indian Markets, Investing Framework, MoneyControl Column, Stocks | No Comments

My March’19 Column Written For Moneycontrol A basic tenet of long-term investing is to look for high quality listed businesses. This essentially implies 1) they earn returns above the cost of capital (reflected by return on capital employed), and 2) generate strong free cash i.e. they don’t require a lot of capital (fixed assets and/or working capital) to grow revenues and profitability. Those retained earnings can then be utilised either to acquire other companies in the same line of business or diversify. Alternatively, excess capital could be returned to shareholders via dividends or buyback. But have you ever wondered why would a promoter of such a business list his company as it involves diluting a significant chunk of his ownership to minority investors? For instance, why is a business like …

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Here’s what a customer visit to a Tanishq outlet tells you — that its financial statements won’t

Posted by | Business Models, Industries, Scuttlebutt, Stocks | No Comments

My February’19 Column Written For Moneycontrol The beauty about being in investing profession is that your mind is always curious and observing even when you aren’t ‘working’. Any occasion — a family holiday, house renovation or wedding — can effortlessly translate into scuttlebutt (primary research) where you experience so many products and services as a consumer, get to interact with dealers and also get to observe your family and other consumers engaging with those products and brands. I had one such wonderful experience recently. There was a wedding in my family and like all Indian weddings, it meant shopping jewellery for the couple, relatives, gifting, etc. My family and relatives have been traditionally dealing with two jewellers in our neighborhood who belong to same community (Sindhi) – one of them …

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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 …

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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/    

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[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 .

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[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:  

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[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

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[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 …

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

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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. …

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[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 …

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