Thursday 16 July 2020

“The Reliance Economy”


Let’s  talk about Reliance and the company's first-ever online-only Annual General Meeting (AGM) held on 15th July and how Reliance is ready to  move to another trajectory.
The first virtual annual general meeting was held on its in-house JioMeet platform and broadcast across social media including Facebook, Twitter and YouTube. The 43rd AGM was attended live by 310,000 shareholders from more than 460 cities in 41 countries.What could be more, The poster boys of the tech world – Sundar Pichai and Mark Zuckerberg – also addressed the AGM.

We all knew that Reliance is Big, but how big and its growing contribution to the Indian Economy is illustrated below. Just for a reference, if Reliance would have been a country, it would have been the 58th Largest country in the world.

The contribution of Reliance to the Indian Economy is also huge and noteworthy. The Reliance share has a weightage of more than 15% in the NIFTY Index now and any movement in the Reliance share has an immediate and direct impact on NIFTY movement. GST and VAT paid by Reliance amounted to more than Rs 65000 crores in 2019-20.
The AGM started with a major announcement(though somewhat expected)— A massive investment from Google as part of its India Digitization Fund. The search giant was buying a stake of 7.7% by paying close to $4.4 Billion, into the Jio dream.
Google isn’t just bringing the cash. It’s bringing a whole lot more to the table.
As Google CEO Sundar Pichai said:
Google and Jio Platforms have entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimizations to the Android operating system and the Play Store. Together we are excited to rethink, from the ground up, how millions of users in India can become owners of smartphones.

This is an attempt to drive smartphone penetration in the country. It’s an attempt to build a phone that could potentially unlock new opportunities and boost data consumption. A regular Android smartphone may not work for rural consumers as they have different aspirations and needs.

For instance, rural consumers are more likely to use UC Web Browser because it employs complex compression techniques and loads web content faster whilst using less data. They use websites like SongsPK to download music for free since streaming doesn’t work well on 2G connections. They still use feature phones because even the most affordable smartphones  are too expensive for them.

So if JIO really wants to create a “2G Mukt Bharat”, it has to reinvent the smartphone, including the operating system that powers it and thus Google is quintessential to this cause.

Also, this strategic partnership isn’t just limited to Google. Facebook was offered a similar discount for bringing WhatsApp into the equation and pairing it with JioMart.

For the uninitiated, JioMart is an ambitious project — the likes of which you’ve probably never seen before. With JioMart, Reliance wants to connect thousands of Kirana stores to the Internet. They want them to accept orders online, fulfill them, and cater to a much larger audience. Now obviously you could just build an app and force consumers and store owners to transact on this new platform. But that would be a sub-optimal solution. Instead, if you introduce something more familiar, you could increase adoption and engagement rates almost instantaneously.

Familiarity breeds attraction. People take an instant liking to something they already know. It’s called the “Mere Exposure Effect” — a psychological phenomenon where people tend to develop a preference for things merely because they are familiar with them. So if Jio was looking to introduce new products and wade into uncharted territories, it would be better off piggybacking on something more familiar. Something like WhatsApp!

After all, there aren’t a lot of applications that are more ubiquitous and intuitive than WhatsApp, right? So if people could buy groceries off their local Kirana stores using the app, that would be a game-changer.
As an article in “The Drum” notes —
For the longest time, Indian e-commerce has largely been dominated by Amazon and Walmart-backed Flipkart, which controls just over 62% of the market split almost evenly. Now, the Facebook-Jio partnership introduces a formidable third force into the mix. In the long run, this alliance will counter the growth of Amazon and Flipkart, but it could completely disrupt the way e-commerce is run in the world’s largest democracy.

Jio also can seamlessly integrate its fintech offerings, with partner Google Pay, to capture transactions as well. Although there are competing businesses at various points on this value-chain, no other company is present end-to-end in this fashion, anywhere in the world. This would make Jio Platforms a unique entity. It’s worth noting that every separate node on the digital value chain is in itself high-growth, and also the sum would be greater than the parts. Apart from the multiple revenue streams, the data generated by this end-to-end presence will be incredibly valuable. Enabling rural Indian commerce means both Jio and Facebook will have unparalleled insights into purchasing habits, needs and challenges of an entirely new consumer class, the world of e-commerce has known least about until now.

This data in itself will likely help Jio gain market share at every node on the digital chain, as it can start to micro-target subscribers.

There was also another big promise — Jio 5G
5G - The way Forward and why Reliance is betting on it..


Five years from now, almost everything we touch will rely completely on 5G technology.
It will be ‘built-in’ to self-driving car, smart refrigerators, laptops, virtual reality headsets, glasses, maybe even your toothbrush!

In fact, by 2022, according to telecommunications firm Ericsson this technology will connect an estimated 29 billion devices, But even more impressive are the never-before-seen heights that 5G will allow our society to soar to – accomplishing feats that we would’ve previously thought were   absolutely impossible.
For example,  “a doctor performing remote brain surgery from across the world.”- a Chinese neurosurgeon just made history by successfully operating on the brain of a man with Parkinson’s disease – from more than 3,000 kilometres away.

Maybe this just sounds like a scene straight out of a sci-fi novel but most people find it hard to believe, but this miraculous story is merely one of hundreds, if not thousands, of examples demonstrating the incredible power of this seemingly impossible technology.

Just take a second to imagine a world where 5G will…
  • Enable world-renowned surgeonsto perform life-saving remote surgeries on people in need from across the world.
  • Power self-driving vehiclesto drop your child off safe and sound at school while you work away at the office.
  • Energize smart cities of the futureto eliminate traffic, reduce fatalities from natural disaster and create a significantly better quality of life for its citizens.
The truth is, we’re closer than ever before to seeing futuristic scenes like these turn from far-fetched fantasies into realities.

And all of these incredible accomplishments will be single-handedly made possible by using this one, world-altering technology. 5 G
As it turns out, we are not the only one seeing it this way; Some of the wealthiest CEOs in the industry all agree on the extraordinary effect that 5G will have on the world…

 “It will have the same impact as electricity, silicon, and steam had in the previous industrial revolutions.” Ã…saTamsons, Senior Vice President at Ericsson 
“5G will have an impact similar to the introduction of electricity or the car, affecting entire economies and benefiting entire societies.” Steve Mollenkopf, CEO of Qualcomm

 “5G is way more than just a step up from current wireless technology. It’s a quantum leap that will bring an era of radically new possibilities across all areas of technology.” Hans Vestberg, CEO of Verizon
“5G will be a major technology in immersive gaming, autonomous driving, remote robotic surgery, and augmented reality. It’s quite clear that the race is heating up in North America.” BorjeEkholm, CEO of Ericsson
 "5G is a bit like if we were sitting here in the mid-90s and somebody cooked up this new thing that is now known as the Internet. 5G is a massive accelerator on all things that are going on in technology.” Michael Dell

These business titans and industry experts all agree hands-down that the effects of 5G will be very soon felt around the world.Essentially 5G is the missing link that will power the “Internet of Things (IoT)” – which means artificial intelligence, self-driving vehicles, remote medicine, virtual reality, smart cities, and much more and each of these technologies sure to change the world.

As per latest studies, each of these industries are projected to be worth:
  • Artificial Intelligence, worth $13 trillionby 2030
  • Self-Driving Cars, worth $556 billionby 2026
  • Virtual Reality, worth $192 billionby 2022
  • Smart Cities, worth $2.5 trillionby 2025
  • Remote Medicine, worth $117 billionby 2020
Experts have confirmed that 5G will be the key driver of these multi-billion, and even multitrillion-dollar industries.

So anyone who sees 5G as some sort of marketing ploy from cell phone companies or as simply a “faster 4G” will be sorely mistaken, Because a landmark study by Qualcomm projects that this new development will be the key driver of an estimated $12.3 TRILLION industry by 2035.

So while 5G will no doubt impact all of our lives in ways we can’t even fully imagine yet.
Reliance is leveraging the technological change of buildinga ´virtualised 5G network´ which would see the current hardwaredependent networks shift to softwarecentric platforms.

In simple terms, current networks are based on proprietary technology where both hardware and software have to be bought from the same vendor who also maintains and upgrades the system, leaving operators with limited flexibility and choice.

The new networks being developed will be built on open platforms, with operators having the choice of buying hardware or software separately from different vendors or even building the latter on their own on an open platform.

Alternatively, they could ally with IT companies to undertake system integration between the hardware and software and run the networks.

Apart from the flexibility, this will bring down network costs substantially for 5G. According to software company Mavenir, the new virtualised networks will lead toasaving of 40 per cent in capex and 34 per cent in terms of lower operational costs for operators.

If Reliance can execute its vision and provide a credible alternative to incumbent global players such as European giants Ericsson and Nokia, Chinese players Huawei and ZTE and  Rakuten in Japan, 5G alone can be a game changer.

Just consider the kind of value addition it can bring to the company.
Hence, with Reliance announcing that its ready to launch with its 5G framework and also to export it to other markets, there is not much reason left to wonder why the Biggies of the Tech world are partnering with JIO.

Jio TV+
This is another ambitious project to aggregate multiple content platforms on Jio’s Set Top Box — Netflix, Amazon Prime Video, Disney+Hotstar, EROS Now, YouTube, and many more. All your favourite streaming platforms in one place available with a single login. But if Reliance can make the likes of Netflix and Prime Video more accessible, it will also do wonders for the content ecosystem in the country.

Besides this, there were other important announcements :
There was Jio Glass — A mixed reality headset that you can use to video call, share presentations, and conduct holographic classes.
  1. There was also that initiative around virtual classrooms — A platform that will include video lectures, study material, personalized lessons, tests, practice sessions all weaved into one seamless experience.
  2. And some exclusive new details about JioHealthHub — a platform that provides end-to-end healthcare services including online video consultation with doctors, lab tests, etc. Like Practo.

It’s hard to overstate Jio’s contribution to India’s growth story. They’ve single-handedly altered the digital landscape in this country and in all likelihood will continue to shape it for many years to come. But as Reliance begins to shape-shift and metamorphosize, they are starting to dwarf competition and subsume entire industries. They are prepping for war with incumbents on both fronts — digital and offline, and they are doing it at a pace that belies all expectations.
However, with the proposed spinoff of the oil and chemical divisions into a separate company, the group looks well on its way to achieving much higher growth in the digital and retail segments, which means the dependence on cash-flows from oil will also be reduced. Valuations could rise for all the verticals as they become independent entities and are listed separately, since investors assign higher valuations to focussed businesses than to conglomerates with disparate divisions. Markets analysts are already talking about a Rs 30 Trillion SOTP(Sum of the Parts) Valuation of Reliance in the next three years as compared to Rs 12 Trillion market cap at present.

Mukesh Ambani’s ambition is to turn RIL into a technology powerhouse, with zero net carbon footprint, in the next decade. As a technology and consumer company, RIL has built three hyper-growth engines. Retail new commerce business, oil to chemicals and Jio Platforms are the three businesses that Ambani looks to build RIL’s future on.

If its consumer-facing businesses such as retail and Jio made the company transition to RIL2.0, the digital initiative is now leading to RIL 3.0. In the next three years, Jio is targeting to connect half a billion mobile customers, a billion smart sensors and 50 million home and business establishments.

The steady implementation of this ambitious game plan will not only transform Reliance but also help realise the dream of a truly Digital India.

Happy Investing!
Stay Blessed Forever

Sandeep Sahni








Note: All information provided in this blog is for educational purposes only and does not constitute any professional advice or service. Readers are requested to consult a financial advisor before investing as investments are subject to Market Risks.
About The author
Sandeep Sahni
Sandeep is an alum of IIM Lucknow with a Post Graduate Degree (MBA class of 1988). His also an alum of Shri Ram College of Commerce, Delhi University (B.Com. Hons. Class of 1985.)
Sandeep's investing experience and study of the Financial Markets spans over 30 years. He is based in Chandigarh and has been advising more than 500 clients across the globe on Financial Planning and Wealth Management.
He has promoted “Sahayak Gurukul” which is an attempt to share thoughts and knowledge on aspects related to Personal Finance and Wealth Management. Sahayak Gurukul provides financial insights into the markets, economy and Investments. Whether you are new to the personal finance domain or a professional looking to make your money work for you, the Sahayak Gurukul blogs and workshops are curated to demystify investing, simplify complex personal finance topics and help investors make better decisions about their money.
Alongside, Sandeep conducts regular Investor Awareness Programs and workshops for Training of Mutual Fund Distributors, and workshops and seminars on Financial Planning for Corporate groups, Teachers, Doctors and Other professionals. 
Through his interactions and workshops, Sandeep works towards breaking the myths and illusions about money and finance.
He also writes a well read blog; 
He has also conducted presentations, workshops and guest lectures at Management institutes for students on Financial Planning and Wealth Creation.
He can be reached at:
+91-9888220088, 9814112988
        Follow us on:

Wednesday 15 July 2020

The Irrational Exuberance of Markets in Q1



The markets crashed by 40% on 23rd March, when India had 600 Covid case, no Covid death and a lockdown had just been announced. Now, when we have a close to a million cases and more than 20000 deaths, the market is up 40% from its March lows with no immediate economic recovery in sight.

Whenever the market shows an extremely irrational exuberant behaviour, I remember a story Ben Graham, the legendary investor and the Guru of Warren Buffet, told 40 years ago that illustrates why investors behave as they do:

“An oil prospector, moving to his heavenly reward, was met by St. Peter with bad news.
“You’re qualified for residence”, said St. Peter,“but, as you can see, the compound reserved for oil men is packed. There’s no way to squeeze you in.”

After thinking a moment, the prospector asked if he might say just four words to the present occupants.
That seemed harmless to St. Peter, so the prospector cupped his hands and yelled, “Oil discovered in hell.”
Immediately the gate to the compound opened and all of the oil men marched out to head for the nether regions. Impressed, St. Peter invited the prospector to move in and make himself comfortable.
The prospector paused. “No,” he said, “I think I’ll go along with the rest of the boys.
There might be some truth to that rumour after all.”

That is how the stock market works, the role rumours play in the market and how no one is spared.

A lot of our investors have been calling up, asking about the reasons for the defiance the stock market is showing to all known traditional market parameters.
As mentioned in our last Blog, various market commentators are attributing this linear rise from the lows of March to various factors and theories like, excess of liquidity chasing quality, “Robinhood Trades”, “The only casino which is operational”, Hope rally, FOMO Rally , “The greater Fool Theory” and many more reasons.

On this occasion, I remember the famous Charlie Munger quote on the stock market movements : “If you are not confused by what is going on, then you don’t understand what is going on”

Frankly, A  lot of investors can see and are experiencing the pain on the ground and are thus amazed by this exuberance of the sharp rise after the sharp fall. Many have been also been sitting on cash since Mid-May waiting for a correction,the inevitable “Minsky Moment”to enter the market. Patience is wearing thin and the “investors” have started nibbling with the Fear of Missing Out (FOMO) on this rally. The “Big Daddy” of the market is not helping the cause with his 14th announcement in 12 weeks and other major big ticket announcements expected in all his verticals in the coming weeks if not days.

One thing that we learnt very early on in this market is that never try to predict the market and especially so in the short run. There are too many variables involved for anyone to forecast and build a short term successful model for the market.
We may disagree with the market but we have learnt not to question, but to respect the verdict of the market especially so in the short term. We have understood that the only truth about the market is uncertainty and never try to forecast what is happening or going to happen in the near future.

Every market movement teaches us that the market is supreme, it teaches us humility and how much more we need to learn. 
However we are all human and still like to look for patterns; the human brain is trained to try and simplify things, something which can help us understand what is happening and to try and gain from it. As humans we can’t ignore and can’t avoid using shortcuts as much as it may be contrary to a sound investment philosophy.

However, Let’s try and analyse what limited data is available and join the numbers with the narrative that we are experiencing in the daily life, to get an idea on the way forward.

Some things in the market never change; the retail investors always get the short end of the stick. This time too, most market reports and the limited data available, points out to the fact that retail interest in the market has increased with both FPI and Domestic Mutual funds reducing their daily turnover substantially from about 20% and 10% of the market turnover in May 20 and also in June 19. On top of that, the average daily trading volume on both NSE and BSE is double that of June 2019, thus proving that the incremental growth is coming from retail and HNI participation.


Most of the surge in volume is by day traders, a fact also reinforced by the surge in new Dmat account openings in the Apr-Jun period when more than two million new accounts were opened and as many dormant accounts got active. Most of these new investors don’t realise it, but trading is a zero sum game. It is mostly a Hyper Pareto situation wherein the winners make a lot of money- say 5% traders make 90% of the money and 95% of the traders lose money never to come back and to get permanently disillusioned from Equity as an asset class. 


Look for value and not price. Look for the sustainable business models post Covid, look for economic moats, look for good governance, look for low debt, and finally look for the narrative behind the number.

Don’t be in a hurry to invest, keep nibbling, keep SIPping; the market is not going to go anywhere in a hurry.


Stay invested because you can’t time the market, no one can, and don’t miss the mother of bull runs which is definitely going to start post Covid.

As the saying goes, “Apna time Ayega”; till then remain invested and stay safe.

Invest wisely! 
Stay Blessed Forever

Sandeep Sahni








Note: All information provided in this blog is for educational purposes only and does not constitute any professional advice or service. Readers are requested to consult a financial advisor before investing as investments are subject to Market Risks.
About The author
Sandeep Sahni
Sandeep is an alum of IIM Lucknow with a Post Graduate Degree (MBA class of 1988). His also an alum of Shri Ram College of Commerce, Delhi University (B.Com. Hons. Class of 1985.)
Sandeep's investing experience and study of the Financial Markets spans over 30 years. He is based in Chandigarh and has been advising more than 500 clients across the globe on Financial Planning and Wealth Management.
He has promoted “Sahayak Gurukul” which is an attempt to share thoughts and knowledge on aspects related to Personal Finance and Wealth Management. Sahayak Gurukul provides financial insights into the markets, economy and Investments. Whether you are new to the personal finance domain or a professional looking to make your money work for you, the Sahayak Gurukul blogs and workshops are curated to demystify investing, simplify complex personal finance topics and help investors make better decisions about their money.
Alongside, Sandeep conducts regular Investor Awareness Programs and workshops for Training of Mutual Fund Distributors, and workshops and seminars on Financial Planning for Corporate groups, Teachers, Doctors and Other professionals. 
Through his interactions and workshops, Sandeep works towards breaking the myths and illusions about money and finance.
He also writes a well read blog; 
He has also conducted presentations, workshops and guest lectures at Management institutes for students on Financial Planning and Wealth Creation.
He can be reached at:
+91-9888220088, 9814112988
        Follow us on:


Thursday 9 July 2020

Cigar Butt Investing ?


The street is abuzz with success stories of investors and speculators who have doubled or tripled their money in select low unit value stocks in the post Covid stock market rally. Calls from our investors also want to know about that magical stock which can multiply in days if not months. Work from home  or no work with plenty of time to spare and suddenly everyone has become “Skilled Investors” and “know it all master operators” of the Stock market by reading the pink papers, following the business channels and attending Webinars, all of who are all only promising and providing fodder to the thought that this “Once in a lifetime rally should not be missed.”
The more than 40% rally from the March lows has proven lucky for many first timers but the beginners luck is only being attributed to “Skill” of the Investor. The more than 18 lakh new D mat accounts opened in this period and the “Robinhood” investors have all made a killing so far, but for how long will the market rally support the lucky gains without any fundamental basis, especially so in the so called Penny stocks is anybody’s guess. The market veterans have all seen it before and continue to advice caution against participating in the rally and especially adopting the Cigar Butt investing strategy but the latest “experts” are loath to listen to the non-supportive advise.
I am reminded of the advise of Warren Buffet, the legendary investor on the subject.
"My Cigar Butt strategy worked very well while I was managing small sums. Indeed, the many dozens of free puffs I obtained in the 1950s made that decade by far the best of my life for relative and absolute investment performance.” That is Warren Buffett speaking in the 2014 edition of his annual letter to his company shareholders.
The cigar butt strategy’ is a colourful and colloquial investment term from Wall Street which refers to someone picking up the butt of a smoked cigar from a pavement and then relighting it to get a few free puffs. This is akin to buying a very cheap, apparently worthless stock that no one is willing to pick up and somehow getting squeeze gains out of it.
At a certain level, "Cigar-butt" investing is perhaps the "purest" form of value investing. The core principle behind the strategy, as practiced by Benjamin Graham and David Dodd, is to search for businesses that are trading at bargain-basement valuations due to some sort of structural issues. They may be on their last leg and have many problems, but they are so cheap that it still makes sense to invest. The analogy comes from the idea of picking up discarded cigars and taking the last few puffs out of them - quite unappetizing, but still technically good value.
This activity is also called 'penny stock investing' and currently in India, it is called the'Rupee stock investing'. The idea being that stocks that have fallen to very low prices, pennies in the US or single digit rupees in India, sometimes jump a lot and rebound on some  positive news. In percentage terms, this jump tends to be larger for rupee stocks than it would be in an equivalent situation for a higher priced stock.
This rarely happens, but it is what is believed by fans and investors of Rupee stocks. Buffett does say some good things about it, but who is to say whether cigar butt stocks of the 1950s on Wall Street have any resemblance to rupee stocks of 2020 on Dalal Street? In recent months, as many stocks have tanked and stayed tanked despite some others rising, the temptation to dabble in Rupee stocks seems to have stuck a certain sub-section of equity investors. Buffett’s advice would obviously be, “Don’t.”
However, in the recent stock market rally, Certain Rupee stocks in India have indeed risen sharply.  Ruchi Soya, Reliance capital, Vodafone, Sintex, Trident, IFCI, Bajaj Hindustan, Suzlon, Dish TV, Reliance Infra, Nagarjuna Fertilizers, Zee media and many such names have actually given more than or close to 100 % gains from its March Lockdown lows.
But, as Buffett says further in his 2004 letter, “... though marginal businesses purchased at cheap prices may be attractive as short-term investments, they are the wrong foundation on which to build a large and enduring enterprise. Selecting a marriage partner clearly requires more demanding criteria than does dating...
It took Charlie Munger to break my cigar butt habits; The blueprint he gave me was simple: “Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices”.
Buy wonderful businesses at fair prices. Therelies the secret of investing well. There are two adjectives in that sentence: ‘wonderful’ and ‘fair’. Note which one Buffett puts where. He does not say buy fairly good businesses at wonderfully low prices. He certainly does not say buy any business as long as the price is very low.
The market can be irrational most of the times and can give wonderful opportunities by valuing good business at fairly low price points. Therein lies the opportunity of buying good businesses with a reasonable “Margin of Safety”
The idea is very simple and goes to the heart of investing as it should be practiced.
To quote a famous source, it’s all about “the search for discrepancies between the value of a business and the price of small pieces of that business in that market.” Like all those who hunt for good value, whether in stocks or while shopping in a market, one should get excited when prices fall. However, one should not get excited at everything whose prices fall.
The issue in Cigar Butt Investing is that low value stock will most likely belong in a declining industry or those who have lost their competitive advantage and hence the time horizon for that last puff will always be shrinking. 

As the prices of equity  have fallen and risen over the last few months, there’s a temptation to believe that because almost all stocks did badly in March and then many recovered smartly over the next months, therefore most stocks will recover and there will be a full and broad-based ‘revival.’
However In our opinion, the question of whether to do “Cigar butt or Rupee StockInvesting” or not comes down to three main factors and it depends on:
 a)    The company in question : In other words, you need to objectively look at aspects such as; How likely is the company going to pull through? Does it actually have potential or do the assets still hold value and can deliver value? What was the reason for the company and the stock faltering and is the damage permanent or can the company recover?
b)    The specifics of the situation : When it comes to situation specifics, we’re predominantly referring to price points, proposed recovery routes, and the larger market. How is all that looking? Does the big macro picture look worthwhile or even more disconcerting when all is added up?
c)    The individual investor wanting to get involved :Perhaps most important, is this  factor; the individual investor and the role this investment will play in the portfolio. What does your portfolio look like? How much is it going to hurt if your deep valuebet goes wrong? And do you have the stomach to see it through even more potential volatility and possible loss in case the price corrects substantially from this level?
There are three critical things cigar-butt investment strategy needs in order to be successful:
a)      The first is a low valuation, which may be evident from low valuation metrics like PE, PB,  market cap lesser than cash and cash equivalents in the books etc.
b)      The second is a collection of core productive assets that have a decent chance of generating relatively steady cash flow over time, otherwise the low valuation will not valid.
c)      And finally Those assets should be long-lasting and with a wide-moat which is still sustainable.
In a Cigar butt strategy or Penny stock picking, you may have to look at the story behind the pure numbers; the reasons why the company is where it is and can it recover with the help of its productive assets and relative strengths.
In most times and with most stocks, nothing of the sort is likely to happen. In the Covid times, the probability is still lower what with perfectly sound business models also faltering due to the demand slowdown or/and supply constraints.
Times like these are exactly what separates out the good, the bad and the worthless. Picking up cigar butts and chasing rupee stocks may seem like a good idea but they could easily turn out to be worthless paisa stocks. And money lost is money lost, whether in Rupee stock investing or in growth Strategy.
In times like this Iam reminded of Warren Buffet’s basic Rule of Investing :

This too shall pass,
Invest wisely!
Stay Blessed Forever

Sandeep Sahni










Note: All information provided in this blog is for educational purposes only and does not constitute any professional advice or service. Readers are requested to consult a financial advisor before investing as investments are subject to Market Risks.
About The author
Sandeep Sahni
Sandeep is an alum of IIM Lucknow with a Post Graduate Degree (MBA class of 1988). His also an alum of Shri Ram College of Commerce, Delhi University (B.Com. Hons. Class of 1985.)
Sandeep's investing experience and study of the Financial Markets spans over 30 years. He is based in Chandigarh and has been advising more than 500 clients across the globe on Financial Planning and Wealth Management.
He has promoted “Sahayak Gurukul” which is an attempt to share thoughts and knowledge on aspects related to Personal Finance and Wealth Management. Sahayak Gurukul provides financial insights into the markets, economy and Investments. Whether you are new to the personal finance domain or a professional looking to make your money work for you, the Sahayak Gurukul blogs and workshops are curated to demystify investing, simplify complex personal finance topics and help investors make better decisions about their money.
Alongside, Sandeep conducts regular Investor Awareness Programs and workshops for Training of Mutual Fund Distributors, and workshops and seminars on Financial Planning for Corporate groups, Teachers, Doctors and Other professionals. 
Through his interactions and workshops, Sandeep works towards breaking the myths and illusions about money and finance.
He also writes a well read blog; 
He has also conducted presentations, workshops and guest lectures at Management institutes for students on Financial Planning and Wealth Creation.
He can be reached at:
+91-9888220088, 9814112988
        Follow us on: