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Investonomics by ICICI Securities

Last saturday, I attended a session hosted by ICICI Securities called Investonomics in Chennai.  This is a lecture series sponsored by ICICI Securities to educate the customers and in this program, we had Mr Krishan Sharma, Head of HDFC MF Training division as the guest speaker.

Krishan Sharma chose a very interesting topic called " Investing - The Challenge Within". The gist of the discussion is that it is we the investors fail to take advantage of the market and its returns because of the contradictions and paradoxes, as humans, we live with.  Everybody knows buy low and sell high.  But hardly few practice it.  The second thing is equities are held for the long term.  Long term is almost in perpetuity, as you equity holder is part owner of the business and normally owners don't sell businesses.  Again most of us don't know why we are buying something and why we are selling something. The other interesting point he brought out was about the price we pay to buy businesses.  Good companies are not necessarily good investments! This line is profound.  Good investments are something you buy at a good price.  So, these are few of the contradictions and paradoxes investors face and he urged them to raise above this to succeed in investments.

He was of a strong view that Indian stock markets are poised for multi-fold growth in the next 20 years or so and equity is one asset class which nobody can afford to miss.  Valid points I would say.  The only thing he is from a business which relies heavily on equity investments therefore, we should take this advice with a pinch of caution. Overall, it was a good meeting to re-emphasize on the fundamental concepts.

Coming to the other things which I observed during this 2 hours session are:

1.  The majority of the attendees are above 50 years.  Yes, this is true.  I could hardly find anybody in 20-30s and very few in 30-40s.  I don't understand if the younger generation doesn't have time or they don't invest at all!

2.  The meeting was followed by "High Tea", which means, there is Vadai, Bonda and Coffee on the house.  As usual, people can't form a single queue and everybody was jumping the queue.  Our guys will never change!

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