Not too many people born before 1970 are going to like this. For all of us the only real thing we have is our portfolio. Portfolio of equity shares is what I am talking about here. Right or wrong we have created a portfolio of shares bought at a low pe (perhaps). We have sat on it for years and created wealth by sitting. Or created wealth by not jumping around too much. Now we realize that we can’t do all that stuff.

Now we go and tell the new kids – just keep buying good companies. We tell them “God does not make Real Estate any more”.

Face it, we should hit the selling phase before the kids do, and we will be caught out. Obviously people have to brush their teeth, shampoo and shave their hair, buy cars, use telephone…..etc. So we ask them to buy Colgate, Gillette, Maruti, Indigo,…and MTNL. Oops we got the Mtnl part wrong is it not?

What happens if there are big or small companies disturbing the whole set up? What if there was a new shaving blade company available at half the PE or one third the PE? why not?

We are yet to see some big major disruptor – Patanjali has not created ENOUGH disruption. I am waiting to see some new companies coming and doing a Mtnl on Hul, Colgate, Gillette, and Nestle. Remember I have all of them in my portfolio (no, not Mtnl).

How do I perpetuate the myths? Just look at all of us born in the 1960s…and remember we have a vested interest in

a) Real Estate prices going up

b) Rents going up

c) PE shooting up

d) Interest rates going down (our asset prices go up only in the short run)

e) Interest rates going up (we have more money to invest in debt products)

So if I were advising my 20 year old audience…what should I be telling them…?

Well if I were honest…I should be telling them that we failed the country. We still need foreign companies to supply us with toothpaste, toothbrush, shaving cream, shaving blade, women’s hygiene products, cars, phones, banking, insurance, fund management, taxi service, grocery delivery………….the list is endless.

Surely as a generation – post independence – we have failed the country. We did not build enough capacity in most of these products.

My advice would be to go and create something which disturbs these players

Frankly if a 22 year old were to go to Warren Buffett (oops that is the right spelling) and say “I will give you my youth…give me your money” – WB would. Simply because Time is something that Money cannot buy.

So who is richer? the 22 year old or 92 year old?

Go kick ass. Don’t buy our shit from us at a ridiculous valuation.