The Outstanding books Devina Mehra and Shankar Sharma recommend for old investors and new
Our August '20 Performance:
So how did we do?
We F......n did it.
Look we understand.
Our tone might look like we are preening.
But look again: why on earth should we not, conside...
"I handed over my cheque in March, but they never invested for 3-4 weeks.”
The Investing Journey of a Senior Fortune 500 Executive: A Fascinating Read
We got this recently from a client of ours, who is a senior executive in a Fortune 500 company and is based in Stuttga...
Bond investment decisions are supposed to be made on a Investment-grade versus Non-investment/ High yield bond binary. Right?
We explain why.
As we delved deeper into this and did more granular analysis, we discovered that all rating categories within High Yield bonds are not created equal.
Modesty is a virtue.
Till one day it is not.
And quite frankly, if we were to be falsely modest about our July performance, as well as for our Year to Date Performance, globally, across all products, we would be being extremely unfair to our boys, girls and the computers, that turned in fairly eye-po...
We were having a chat with a Family Office Head the other day, who has large sums invested with us, in India and across the world.
At the end of half an hour, spent discussing the entire Investment landscape, he said: "It's clear that you own some amazing companies in your portfolios: Alkyl Amines, Navin Fluo...
It was a very interesting June.
Of course so was May. And April. And March.
2020 has been nothing if not interesting.
We really wish for more such months.
At least insofar as our Global Performance is concerned.
What you hear most often, from Fund Managers, is: "We look for great companies that deliver multi-bagger returns".
Sounds Very glam.
But just a slight problem: It is not borne out by data. Most fund managers are lucky even to perform as well as the market - let alo...
Investing at its heart and soul is avoidance of the big loss.
We, at First Global, look at risk management as a central tenet of our investing process.
While there are quantitative ways to manage risk, this blog post, we want to talk about how to qualitatively manage risk in your portfolio.
In May, the action was all in the global markets. Seriously, India was a dull, boring place, stock-market-wise, to be in, this month (we are all just about getting used to this new type of Indian stock market: either boring. Or down. Or both.)
Globally, Our Strategy in May produced numbers that were quit...
I made a presentation at the Morningstar conference in 2019 which created quite a ripple amongst investors.
The theme of my presentation was that Indian equities had been an extremely disappointing asset class over the last 10 5, 3 and 1 year time frames.
Starting from 2010, the Dollar index (Dollex)...
Calendar 2020 has, so far, made almost all Indian investors, big or small, look like really sick patients. Nearly all strategies have been decimated in a market that resembled a ferocious killer dog let loose on a flock of chickens.
So what are the learnings...
2020 लगभग सभी भारतीय निवेशकों के लिए बहुत ही कष्टकारी रहा।
निवेश की लगभग सभी रणनीतियाँ विफल हुई और&nbs...
There is no easy way to say this.
The Portfolio Management Services Industry is in a shambles.
No. It's broken.
It's a tale of "naam badey, aur darshan chhotey".
The Industry was born on the promise of superior performance. Superior to...
मार्च का महीना तो जैसे इस बार खत्म ही नहीं होने में आ रहा था!
एक तरफ लॉकडाउन और करोना की टेंशन और दूसरी तरफ भारती...
घरेलू बाजार के खराब रिटर्न के बाद आप अंतरराष्ट्रीय मार्केट में निवेश कर सकते हैं लेकिन इसका सही&...
आइए बिना इधर-उधर की बात किए, मुद्दे की बात पर आते हैं - वह बात जिसके बारे में आपके दिमाग में सर्वाधिक जिज्ञासा है।...
We don't like writing long essays, unlike some of our competitors.
Our understanding of the world as it exists now, is that people want to get to the point.
Irrespective of how the point is: good, bad or ugly.
So let's cut to the chase.
Why did this month feel so long!
The lockdown, the Virus that gnawed at you.
Plus a 25% down month (for Indian investors) made it a long night without end.
And of course globally, the carnage seen in March was unprecedented.
So how did we do this month?<...
Living with ambiguity is the first lesson we teach our Analysts at #FirstGlobal. A lesson that is particularly hard for the engineers to grasp 😊
The Difference between education & real life is this:
In Maths and Science, the problems have a known set of variabl...
Over the past several years, I have heard the usual tag attached to me: "The Big Bear".
Of course, like in most things in this world, this monicker is neither accurate nor particularly sensible.
It represents an under-analysed and oversimplified perspective, based largely on two...
Valentine's Week is over but let us still give you some love advice for free.
It is great to love a guy, gal, your family, dog, cat, country etc.
But you must NEVER EVER fall in love any stock or investment.
An investment has one purpose and one purpose only: to multiply y...
Trading is like an MMA fight. A constant battling with your emotions.
Many traders, even experienced ones, often exit their trades before the optimum time. And then there is nothing but regret!
Always understand that most things happen in the subconscious mind. And, our actions are an outcome of the ...
Did you Know these Trading Strategies with Ichimoku Clouds?
Technical indicators are excellent price action indicators.
In the 1960s, a Japanese journalist named “Ichimoku Sanjin” brought a special technical analysis tool to this trading world.
It is termed as “Ich...
The word Asset Allocation is bandied around rather casually these days. Hence it is important to understand what Asset Allocation is not.
We see the word asset allocation used quite widely and we should say, somewhat lightly these days with many financial advisors and fund managers claiming to do asset allocatio...
We did quite ok in January, 2020.
India Investment Products
The India Super 50 (IS50) did +8.9% in the month of January, '20 with a Sharpe Ratio of 2.8.
The India Multi Asset Allocation Portfoli...
“Remember XYZ stock I told you about 3 months ago? It is up 80% since then”, “ABC ekdum solid hai. Just jump in”, “PQR kya lagta hai?” Sounds like familiar party conversation…or something that you watch financial channels for?
If your end game is to have fun discussi...
The Top 3 Trading Lessons from 2019
Ok folks, thankfully 2019 is over!
Or, maybe not "thankfully"; the risks that existed in 2019 continued its existence in 2020, and given that parts of the world are about one bomb away from annihilation, there is little room for escape.
So, did we learn a...
This crude price chart shows clear signs of optimism in the near term. Look at the recent breakout from a stubborn resistance mark. It seems the bulls have enough strength to display more upward moves in the coming days.
So, let’s jump to the point and try to find out what’s driving the crude bulls right now, o...
Economists Think Dollar's Fall May Explain the Recent ‘Rally’ by Steve Liesman
Einstein taught us about relativity in nature. Now come Devina Mehra and Shankar Sharma of First Global to teach us about relativity in financial markets -- and raise some serious questions about just what is driving stock prices.
The Alchemist of Dalal Street Shankar Sharma has an eye that is quick to spot seemingly junk shares that eventually turn out to be gold.
Never underestimate the importance of pragmatism, Sharma says. “Don’t get emotional about investments. It’s all about timing; enter and exit an investments at the appropriate time."
First Global reports are quite credible and, on occasion, more than that.
What prompts this mention is Intel's earnings report and the fact that First Global has had a pretty good bead on the company and its stock.
AMD up again following First Global upgrade to ‘buy’ (AMD) By Tomi Kilgore
Analyst Kuldeep Koul at First Global upgraded Advanced Micro Devices (AMD) to "buy" from "outperform," given the "exceptional traction" that the chipmaker's Opteron line of processors has been able to get.
Baidu Climbs on First Global’s ‘Outperform’ Outlook
Baidu Inc., the operator of China’s most-used Internet search engine, rose to the highest price in two weeks after First Global rated the shares “outperform? in new coverage.
Personality counts: Walmart's frugal, but Target charms
"It's better to take a slight hit on [profit] margins and keep on moving and inventing," says First Global Securities. And at least for now, Target is inventing in a way that appeals to consumers with money to spend.
At 11 times trailing earnings, Energizer is cheaper; Gillette's multiple is 25. But cheaper doesn't mean better, says First Global.
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