The Hunt for Hidden Value: Sensex 50K, Or India's Decade of Despair?
GURGAON, India, Dec. 2, 2013 /PRNewswire-iReach/ -- Shiv Kapoor has recently launched a unique monthly eBook for self-directed investors in Indian listed companies with a long time horizon and a focus on value investing. In the latest edition he throws out a seeming ridiculous thought "Sensex 50K, or India's Decade of Despair". And then goes on to examine how the efflux of time and value might make one or the other a reality.
The question to contemplate is whether Fama (Markets are efficient) & Schiller (Markets are inefficient), both Nobel Prize winners, can be correct. Can it be that the market is both efficient and inefficient? Markets are forward looking. Markets are in a constant state of flux. Markets are chaotic. Are markets are in a constant state of disequilibrium in the journey towards equilibrium? Do inefficient markets tend to efficiency? And if yes, how can we follow the path to efficiency, or the journey to equilibrium? Can time, stock selection and capital allocation help keep us from wandering too far from the path to market efficiency? And will a value bias allow us to address market inefficiency caused by the constant disequilibrium in markets?
The underlying principle throughout this eBook is the recognition that investor returns and risk are directly related. Returns reward risk takers, thus a person investing in equity can expect to outperform a person investing in bonds over the very long term. However, since bonds and equities are distinct and separate asset classes, over-all investor risks can be lowered by investing in both. The Hunt for Hidden Value is a monthly series is about that part of capital allocated to equity.
It is about the use of stock selection and capital allocation strategies to address size, value and market risk, which are critical considerations insofar as long term returns are concerned. It is also about diversification, governance and excess leverage, be it at company or promoter level: these are viewed as equally important factors contributing to long term returns. And then there is time which is seen as making an immense contribution to long term returns, provided that volatility in short term returns are endured; even exploited. The outcome is best described as an investment thought piece about the hunt for hidden value in the ever elusive Investable India, in the jungle that is India. Can we hope to win by staying focused on time in market, and the long term?
This eBook is primarily for self-directed investors in Indian listed companies with a long time horizon and a focus on value investing. It produces eighteen strategies using three capital allocation strategies and six stock selection strategies each month. Investors can select the strategy most suitable for them. Alternatively, the strategies can be used as a shortlist from which a narrower selection can be made.
The Hunt for Hidden Value is a monthly eBook available at the Kindle Store and can be read in almost any operating system on your mobile, tablet or computer environment by downloading the free Kindle Reading Apps here. Volume 1, The Hunt for Hidden Value: Making Money in Investable India was released on October 31, 2013 and Volume 2, The Hunt for Hidden Value: Sensex 50K, Or India's Decade of Despair was released on November 30, 2013. Investing & the Math of the Multiple, also available at the Kindle Store, is a super brief eBook explaining the Math of the Multiple (the PE Ratio); this allows a person to understand what the PE Ratio means and calculate what it should be instead of simply accepting what it is.
Media Contact: Shiv Kapoor, Shiv Kapoor, 919810408684, firstname.lastname@example.org
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