value investing

Return On Capital Matters

Momentum in the markets is seductive. Most people (even seasoned investors) find it very difficult to argue with rapidly rising or rapidly falling prices.

Since at some level most people have been infected by the efficient market theory (EMT) virus, most people will justify any rapid change in price with fundamentals. More...

VALUEx India

VALUEx India held in Mumbai between 7th and 9th November was a grand success. Thanks to everyone who participated. VALUEx is based on the concept of peer to peer learning and ideas worth sharing.

VALUEx India itself was based on an idea I received from my good friend Guy Spier. Guy explained to me the power of open source and non-solicitation. More...

Value Is Not In The Eyes Of The Beholder

When financial markets go through large dislocations, people buy and sell (mostly sell) for a wide variety of reasons. Most of the time, these reasons have nothing to do with the underlying fundamentals of the asset but everything to do with the fundamentals of the owner of the asset. Examples include redemptions, margin calls, regulatory trouble, change in leadership etc.

Many times these dislocations throw up fantastic opportunities. More...