Why are we doing this Training- The Investment Lab – Bridging Theory and Practice–? .
The simple and selfish reason is I want to learn and so does my super quick short term technical team mate – Ankit –:).
The first two seats in the first row are already fixed for us.
How did I get into Fundamental Analysis being a Technical Analyst ?
I started and continue to be a Technical Analyst at heart. I used to look at broad trends in investing and got some super lucky bets and the fall in 2008 in hindsight made me realize how i was stupid but lucky in some stocks like GTL Infra, Core Projects and other names. The focus on technical analysis saved from not holding on many of these duds and to remain safe.
Then over the cycle of 2009-2010 realized how i exited some superb companies very early which i entered on a mix of technical's and fundamental research of smart people as i lacked enough personal conviction.
I had by then started participating actively on various investor forums and consider myself really lucky to have met some of the best investors in the process.
A lot of my inspiration and learning came from google groups like InvestmentSupergrowth , IntelligentInvestorForum , website of Sanjay Bakshi. Was fortunate enough to meet some super and humble investors like Neeraj Marathe, Kukkuji, Value Investor ( Viji) , Ashish Kila, Ayush Mittal,Kiran,Jatin, Puneet, Safir and so many of them 🙂 ( it needs a much lengthier post).
The 2012-2014 cycle has been very profitable to us personally and to our clients with a mix of fundamental research and technical timing. The passion and motivation to learn more continues.
How come the Training Program with Jatin and Puneet of Stalwartvalue ?
Over the last few years i have been personally reading up a lot on value investing and learning from interactions with a lot of knowledgeable investors. Also given my background in IT Engineering it gets all the more tougher. It is still an ongoing process of learning and will remain for life.
In the same process i started interacting with Jatin Khemani over the last year or so and also met up with Puneet Khurana in Delhi. It was good to know that both of them are not only hard working value investors but shared a passion towards teaching with both of them training at CFA and MBA institutes. Given that Investing and Trading are life long learning subjects and tough to decipher you need someone passionate to guide you in the same.
For the past many months have been reading a lot of books on investing, behavioral finance and psychology. Also Ankit Chaudhary a short term technical trader otherwise has been taking keen interest in reading and meeting knowledgeable investors. But his conclusion was he needed somebody to guide him the right direction of learning with a one to one or a classroom session with live examples :).
Given my experience of practicing Value Investing seriously has only been last 3 years and the success of our service Big Value and Big Value 2.0 ( closed for subscription ) is a mix of personal research plus inputs from a lot of smart investors ,luck and a bit of technical analysis.
Also given my personal stance of increasing equity exposure to be a significant part of net worth it is all the more necessary we do more research, continue learning to add conviction and focus.
The creation of this training program just started with a little thought between me and Jatin. This continued for a few weeks with Puneet also contributing. After a lot of pestering, they have finally come on board to design a training program.
For the past few months Jatin and Puneet have been designing this program on “Value Investing the Indian Way “ with some inputs from us and constant pressure to fulfill the selfish motive of me and Ankit wanting to learn in a structured manner.
Who are Jatin and Puneet ?
Puneet Khurana, CFA
Puneet is an experienced, research focused investor who has been associated with various India focused hedge funds for a period of over four years. He is a CFA® Charter holder and has completed his MBA from MDI Gurgaon where he studied under renowned value investor and Professor Sanjay Bakshi.
A self-proclaimed Charlie Munger fan, Puneet has tremendous academic and practical interest in Value Investing and Behavioral psychology and is an avid reader of books on multiple disciplines including Science, Psychology, Biology, History etc.
He has been the lead trainer for Crusaders Financial Academy® and Pristine® in Mumbai where he trained CFA students for all levels. He has also given guest lectures in various MBA Colleges on Investing and behavioral finance. He has also written a widely followed series, ‘Wit, Wisdom and Charlie’ on mental models for a popular value investing website (Safal Niveshak).
Jatin is a SEBI Registered Investment Adviser. He has over four years of experience in investment analysis and portfolio management. In his last stint with a Delhi-based brokerage house he was solely responsible for the research activities of the organisation right from picking new ideas to tracking the existing portfolio thereby assisting the directors in managing the proprietary book.
He is a graduate of Delhi University and earned his MBA in Finance from Christ University, Bangalore. Further, Jatin has completed all 3 levels of examinations of the Chartered Financial Analyst (“CFA”), USA in his first attempt.
Thanks to his admiration for Mr. Peter Lynch & Mr. Phillip Fisher, Jatin has over the years become proficient in Scuttlebutt; a primary research method to find out truth about a company or an industry.
Jatin is a visiting professor in various CFA Training Institutes and MBA Colleges in Delhi, where he teaches Equity Analysis and Portfolio Management. Jatin is also an active volunteer with The Art of Living since 2006, where he leads state level fund-raising campaigns.
The Investing Lab – Bridging Theory and Practice - Program Schedule
Step 1 : A 2 hour webinar in 1st week of February on basic fundamental ratios and more. Also a lot of reading material to be shared. ( A recording of the same will be available )
Step 2 : A 2 day training program by Jatin and Puneet in Mumbai.
Timings : 9 am to 6 pm ( can be extended by an hour )
Date : 14th and 15th February
Venue : Hotel Karl Residency. 36, Lallubhai Park Road, Andheri (W), Mumbai – 400 058
Step 3 : A 2 hour session on Technical Analysis for Investors by Nooresh. ( Concluding part of the 2 day training )
Step 4: A 6-8 hour recording of Online Crash Course on Technical Analysis by Nooresh Merani. ( The recording and presentation will be given to participants )
Step 5 : A 2-3 hour Q&A webinar session as well as a group assessment of individual assignment in end of February .
Step 6: A lot of books / reading material / industry reports etc will be shared with the participants.
The training does not end but it gives you entry to the Investing Lab Community of StalwartValue and Analyse India.
Post the session we expect participants to be active on
1) Value Investing the Indian Way – Google Groups
2) Whatsapp Group
3) Continue Reading and Researching. ( Also share the insights with us to help us learn too )
4) Attend meet ups of this Club Members in the future. ( Planning more on this will need volunteers)
As its not just enough to put in your 16-30 hours of your and our time but a continuous process of researching and learning.
The 2 day Course Outline – The Investing Lab – Bridging Theory and Practice
The whole course will be with examples of only Indian listed companies and case studies.
Given that it will be a mix of positive and negative views on certain companies with our interpretations/assesment we are not mentioning the names of companies in the course outline.
The program is meant to be informal and interactive and for batch of 10-20 participants so limited seats.
We will be focusing a lot on Midcaps/Smallcap Companies and avoid over-researched Large Cap Companies or rather focus on finding midcaps which can become lage caps.
1) Basics and Power of Compounding
( Examples of Long Term Wealth Creation )
2) Time Value of Money
3) Various Asset Classes
Comparison of various asset classes. The big difference in return of equities over FDs and other so considered safe instruments.
4) Why Equity is a preferred asset class for long term wealth creation
How to move from passive allocation strategies ( Mfs, etfs, etc ) to active direct equity allocation strategies with basic work.
5) Fundamental investing and Technical Investing
Differences and Combination.
6) Introduction to Value investing
Introduction to Graham, Buffett and others and also the concept of intrinsic value and the tenet of value investing
7) Margin of Safety
8) Basics of Financial Statement and how they interact with each other? (In an interesting case study – Story Format )
9) Understanding the main financial statements using key ratios and methods (Method of inversion and Dupont Analysis)
10) Identification of good v/s bad business using the above ratios
Real examples of various companies as to how long term wealth was created and destroyed.
11) How to value a company using the financial statements
The basic concept of DCF.Valuation of a company using DCF and Valuations using relative valuation methods. ( With a company example )
12) Various Psychological factors that affect the investor’s returns.
Various Psychological Biases.
13) Qualitative analysis of the company
14) Porter’s 5 force model
Explaining porter 5 forces using an industry example
15) Scuttlebutt process
Explanation with a couple of company examples.
The Real Investing Examples.
16) Chor bane Mor ( Bad turning to Good )
A session on how Indian Companies style of governance can change fortunes. ( Couple of company examples where we made money and some which can change going ahead )
17) Management Change and Succession
18) Investing in Trends/Vision/Themes
Not all companies will have super balance sheets and business but an evolving business with huge prospects. How certain companies may look super expensive on numbers can be seriously cheap given the future prospects.
Investing in trends like Information Tech in 2001, Real Estate in 2008 and etc. A lot of examples.
19) Investing in themes like Consumers, Manufacturing etc --- Examples
20) Special Situations.
Final Session on Technical Analysis for Investors by Nooresh Merani
-> Understanding Long Term Trends.
-> Patterns for Investors
-> Why you dont need to see too much of indicators and a lot of non sense:)
-> Simple and effective Technical Analysis.
The enrollment for the Investment Club starts from today and is for limited seats in the current batch.
You can make an online payment below.
The program fees is Rs 18000. ( Inclusive of all Taxes )
All clients of various services and technical course participants of Analyse India get a 20% discount ( To get discount code call Ankit 09899899989 )
For any queries you can call Nooresh Merani 09819225396 or Ankit at 09899899989