At my age attending Investment Conferences is not of much use. Not that I do not have anything to learn, just that I do not have enough time left in life to be implement new learning. So learning is not of much use – except of course to write blogs.

What did I learn from the 2 day conference – of what I attended! It was more a reinforcement of what I knew

• Equities requires patience
• I liked Ridham Desai saying ‘you get rewarded in equity because you sat out the dramatic falls’. So true.
• I was near the ring when my broker was selling off my 2000 Mazda Industries between prices from 1200 to 450,
• Imagine how scary is the scenario when your broker has defaulted in the BSE and you have done a Rs. 50L pay in !
• When you had a choice of paying off a client or declaring bankruptcy, you choose to pay the client. OMG.
• When Ramdeo Aggarwal says ‘Its going to be a Rural resurgence you feel happy
• Next line he rubbishes the fertilizer industry. You tell yourself ‘Coromandel International.
• When wealth studies are done without DIVIDENDS you chuckle and say ‘Colgate,Ntpc, PnG’.
• Only about 200 out of BsE top 500 have clean books. Nice to know. I thought it was lower.
• Kavil Ramachandran talking about Family managed companies was good
• I have liked Murugappa group, Hdfc, Asian Paints better than LnT, Itc, many psu
• Elder pharma – what a cruel end to a man’s solid effort but
• Family is like socialism – everybody is protected
• Business is capitalism – only the fittest survive
• Family business is an amalgamation of the 2
• Family business the kids get free grooming – true, but what if they do not want it?
• families need shared mission, shared vision, scenario building
• Murugappa group has been handling the family situation well, lets see how long
• Dilemma, Deviation, Differences, Disputes, Destruction – family business in ruins soon!
• Entrepreneurs have to be FORCED TO RETIRE…never retire voluntarily
• nice to see women in fund management – they are likely to be calmer
• In debt Momentum is an opportunity – and the risk too?
• 10 year CPI is 4.2%.
• Ignore CPI – 50% of it is food. We spend on lifestyles not food. For most of us it is 12% pa at least
• US going through Liposuction of money, so it will be painful
• Japan needs to eat more, preferably over overeat!
• Interest rates are volatile
• For the real good corporate bond markets are more lucrative than banks
• one will see the banking sector shrink
• Most bank balance sheets are shit. I would stay away except Hdfc and Kotak
• Yes Bank and Indusind bank balance sheets are better than Axis for sure
• Icici bank is still in a sticky wicket – be ready for volatility
• fund managers need to risk price well, much better than banks!
• FM need to monitor micro better than rating agencies
• rating agencies have no skin in the game, and that is dangerous
• need to look at many more parameters
• fm have to look at cash flow coming from an escrow if possible
• spv will kill lotsa bank transactions
• good risk mitigation strategies have to be in place
• active credit management is a MUST
• FM will have to learn to say NO for poor quality
• sitting tight on large funds will REDUCE THE YIELD on bond funds
• private capex is not really happening
• RBI will cut 50 bps in one year….