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PM Modi's record run: Assessing 12 years of governance and change
PM Modi's record run: Assessing 12 years of governance and change
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PM Modi's record run: Assessing 12 years of governance and change
For most investors, the focus is often on finding the right stock, entering at the right valuation, and identifying the next multibagger. Far fewer spend time understanding what may be the more difficult aspect of investingโknowing when to sell.Speaking at the ET Alpha Wealth Summit on Thursday on "The Art of the Exit," Rajiv Thakkar, CIO and Director at PPFAS Asset Management said that successful investing is not just about buying well but also about staying invested long enough for compounding to work. In fact, before discussing reasons to sell, he spent considerable time explaining why investors should avoid selling in the first place.According to Thakkar, one of the biggest mistakes investors make is selling because a stock has not moved for a few months.Also Read | ET Alpha Wealth Summit: Future alpha may emerge from neglected markets and asset classes, says Kalpen Parekh Investors often spend significant effort researching a company, understanding management quality, assessing industry prospects and evaluating valuations. Yet after purchasing the stock, many lose patience if prices remain stagnant for six months or a year.https://youtube.com/shorts/RiLj-X02NNE?feature=share"Investments are meant for wealth creation, not entertainment," he said, cautioning against treating investing like a source of excitement or constant action.Another common trigger for unnecessary selling is reacting to news flow. Markets are constantly bombarded with informationโwars, elections, crude oil fluctuations, interest-rate decisions, capital flows and economic data. Investors who react to every headline often end up making poor decisions.To illustrate this, Thakkar recounted the story of an investor who received advance information about the severity of the Covid outbreak in early 2020. Acting on that information, the investor sold his technology stocks before the market crash. While the prediction turned out to be accurate, fear prevented him from re-entering the market, and he ultimately missed one of the strongest rallies in technology stocks.The lesson, according to Thakkar, is that even correct information does not necessarily translate into successful investment outcomes. Thakkar was particularly critical of the concept of "profit booking."Investors often feel compelled to sell simply because a stock has appreciated significantly. However, he argued that wealth is created by allowing successful investments to compound rather than by repeatedly locking in gains.Frequent buying and selling may benefit brokers, exchanges and tax authorities, but it often works against long-term investors. Hyperactivity in portfolios can destroy wealth by interrupting compounding and increasing costs.Similarly, investors should avoid selling because another stock appears more attractive. This "buyer's remorse" mindset frequently causes investors to abandon good businesses prematurely in pursuit of seemingly better opportunities."If you manage to find a genuinely good business with strong management, a large opportunity set and reasonable valuations, the best course of action is often to simply stay invested," he said.Thakkar emphasised that investors in taxable jurisdictions such as India should maintain low portfolio turnover whenever possible. Unlike institutional structures such as mutual funds or investors in tax-free jurisdictions, individual investors face taxes and transaction costs every time they trade. Excessive churn can significantly reduce long-term returns.For wealthy investors, family offices and HNIs, the ability to remain invested and minimise unnecessary transactions often becomes a major source of compounding advantage.Also Read | ET Alpha Wealth Summit: India could unlock a $5 trillion export opportunity through FTAs, says Saurabh Mukherjea While most reasons for selling are flawed, Thakkar identified several situations where exiting an investment becomes necessary. The most obvious reason is the need for capital. If an investor requires money for a business opportunity, acquisition or personal objective, selling investments may be entirely justified. More importantly, investors must be willing to acknowledge mistakes.If an investment thesis turns out to be wrong because of flawed analysis, poor due diligence or changing circumstances, the best course is often to exit quickly rather than averaging down endlessly.According to Thakkar, investors who recognise mistakes early frequently outperform those who identify good opportunities but refuse to sell losing positions. Capital trapped in poor investments cannot be deployed into better opportunities. Fraud, naturally, represents an immediate reason to exit.One of the more challenging selling decisions arises when industries face structural disruption. Questions such as whether newspapers can survive the internet, whether thermal power can coexist with renewable energy or whether traditional automobile manufacturers can adapt to electric vehicles rarely have straightforward answers.Thakkar suggested that investors should not react impulsively but should continuously evaluate incoming evidence. Investment decisions should be driven by facts rather than sentiment. If the underlying business continues to deteriorate because of technological or structural change, investors must eventually acknowledge reality and exit.At the same time, distinguishing genuine disruption from temporary noise remains critical. Exceptional businesses are not immune to becoming overvalued. Thakkar pointed to situations where valuations become so excessive that future growth is already fully reflected in stock prices. In such cases, taking profits, paying taxes and reallocating capital may be sensible.He also noted that investors may sell a reasonably valued investment if a significantly superior opportunity emerges elsewhere.During the question-and-answer session, investors raised concerns about stocks that stop performing despite sound fundamentals. Examples such as Maruti Suzuki, Bharti Airtel and even silver investments highlighted a common dilemma: should investors exit after years of gains and subsequent consolidation?Also Read | MF Tracker: Can ICICI Prudential Multicap Fund sustain its strong track record in a volatile market? Thakkar's response was that even excellent businesses can spend years moving sideways. Companies such as Hindustan Unilever, Infosys and Bharat Electronics have all gone through extended periods of stagnant share-price performance despite remaining fundamentally strong businesses.Investors should therefore distinguish between stock-price performance and business performance. As long as the underlying business continues to execute well, temporary market stagnation alone is not a sufficient reason to sell.For investors worried about selling too early, Thakkar recommended a phased approach. Instead of attempting to identify exact market tops, investors can gradually reduce exposure over time. For instance, if a stock appears significantly overvalued, an investor might sell a portion every month rather than exiting entirely in one transaction.This systematic approach helps manage the emotional difficulty of selling while reducing the risk of poor timing. Another important consideration is position sizing. Addressing a question about highly successful investments such as Nvidia, Thakkar noted that even outstanding businesses can become disproportionately large components of a portfolio.When a single stock grows from a small allocation into a dominant position, investors face a different riskโwealth preservation rather than wealth creation. His solution is gradual trimming. Investors can periodically reduce oversized positions to maintain comfortable portfolio weightings while still participating in future upside.This approach may not maximise returns, but it significantly reduces the risk of catastrophic losses and helps investors sleep better during periods of volatility.Thakkar concluded by stressing the importance of diversification and long-term investing. Most individuals create wealth through a single business, profession or sector. Their financial portfolios should therefore diversify away from that concentration rather than amplify it.Whether through mutual funds, retirement vehicles such as NPS, EPF and PPF, or diversified portfolios, investors should focus on owning inflation-protected assets for long periods. "The lower the churn in a portfolio, the greater the opportunity for compounding," he said.Ultimately, successful investing is not about perfectly timing every entry and exit. It is about avoiding unnecessary activity, admitting mistakes quickly, remaining patient with good businesses and ensuring that no single investment becomes large enough to threaten long-term financial stability.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.
The draft rules underline that AI systems used in court processes must โfunction solely in an assistive capacityโ and remain โstrictly subservient to human judgment and judicial authorityโ
Canada has introduced stricter documentation requirements for digital nomads entering the country under a work-permit exemption, requiring applicants to provide evidence that their income is earned entirely outside Canada and that they work remotely for foreign employers or overseas clients.Under Canadian immigration rules, digital nomads, remote workers employed by foreign companies or self-employed individuals serving overseas clientsโcan stay in Canada as visitors and work remotely for up to six months without obtaining a work permit, according to a report by CIC News. This exemption applies because they are not considered to be entering the Canadian labour market. Previously, immigration officers were instructed that digital nomads did not need to provide additional documentation beyond what is generally required from visitors. The updated guidance now directs officers to verify that applicants earn their income outside Canada and do not provide services to Canadian employers or clients. More clarity for immigration officers The revised instructions also provide additional guidance for officers assessing digital nomad applications. According to the updated rules, as cited by CIC News, digital nomads who wish to remain in Canada beyond their initially authorized stay should apply for a visitor record. Applicants must also satisfy immigration officers that they do not intend to enter the Canadian labour market during their stay. The guidance further states that accompanying family members must submit separate applications for their own temporary resident status. General entry requirements remain Canada's immigration department also clarified that digital nomads must continue to meet all standard requirements applicable to temporary residents. This includes demonstrating sufficient financial resources to support themselves during their stay, convincing officers that they will leave Canada when their authorized stay ends, and meeting admissibility requirements related to health and criminality. According to the CIC News report, the updated instructions also state that a digital nomad already in Canada may work for a Canadian employer without obtaining a work permit only if they qualify under a separate work-permit exemption set out in Canada's immigration regulations. The changes provide immigration officers with more detailed criteria for assessing digital nomad entries while reinforcing the requirement that remote workers benefiting from the exemption remain outside Canada's domestic labour market.
Suzlon Energy plans to challenge a recent Sebi order that imposed penalties of nearly Rs 29 crore on the company and several former executives over alleged accounting and disclosure violations. In an exchange filing, Suzlon said it intends to file an appeal before the Securities Appellate Tribunal (SAT) against the regulator's order dated May 29."The findings of Sebi in the said order are related to the financial statements of the company from FY14 to FY18. The company will be filing an appeal before the Securities Appellate Tribunal in respect of the Sebi order," the company said.The development comes a day after Sebi imposed penalties on Suzlon and a number of former senior executives following a long-running investigation into the company's historical financial reporting practices.The market regulator levied a penalty of Rs 15.95 crore on Suzlon, while former executive Vinod R Tanti was fined Rs 5.75 crore and Girish R. Tanti was penalised Rs 5.45 crore. Former group CFO Kirti J. Vagadia was fined Rs 1.5 crore, while former CFO Amit Agarwal was directed to pay Rs 30 lakh.Sebi action followed a forensic audit and investigation covering multiple financial years after the regulator received a complaint alleging irregularities in dealings involving subsidiaries and associate entities.The regulator concluded that certain transactions between Suzlon and its subsidiaries had the effect of overstating profits and strengthening the appearance of the company's financial position.Among the issues examined were transfers of businesses and investments among group entities, accounting treatment of contingent liabilities, impairment reversals and disclosures made in financial statements.According to Sebi, some transactions involving subsidiaries resulted in substantial accounting gains being recorded without reflecting the underlying economic reality of the arrangements. The regulator also questioned the treatment of certain liabilities and fund flows between group entities, concluding that the company's disclosures did not present a true and fair picture of its financial position during the period under review.Sebi said accurate financial statements are critical because investors rely on them while assessing the health and prospects of listed companies. The regulator held that the violations warranted monetary penalties under provisions relating to disclosure norms, listing regulations and fraudulent and unfair trade practices.Suzlon, however, has now moved to contest the findings before the appellate tribunal.The company has undergone a significant turnaround over the past few years after overcoming a prolonged debt crisis and has emerged as one of the biggest beneficiaries of India's renewable energy push. It recently reported strong operational performance and remains one of the country's largest wind energy equipment manufacturers.The appeal before the SAT will determine whether the regulator's findings and penalties are upheld, modified or set aside. Until then, the Sebi order remains in force.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times.)
LONGVIEW, Wash: From his living room window, Washington state Sen. Jeff Wilson can see the paper mill where a chemical tank ruptured this week in Longview, killing 11 people. He used to perform work there as the owner of an environmental cleanup company, and when he heard the sirens go past, he called his son, who works on the larger industrial site, to make sure he was safe."I personally have been inside that tank and near that tank many times," said Wilson, who has lived in Longview for 56 years. "I can assure you that we all know somebody there. ... The casualties are our friends and neighbors."The tank, which contained more than 500,000 gallons (1.9 million liters) of a mixture used to break down wood for making paper, collapsed Tuesday morning at the Nippon Dynawave Packaging Co. The rupture expelled a flood of caustic chemicals powerful enough to overturn pickup trucks and damage buildings at the site.Also Read: Six dead, several injured as part of under-construction bridge collapses in Uttar PradeshThe chemical disaster, one of the deadliest U.S. workplace accidents in recent decades, has struck at the heart of a community where generations of families have worked in local mills. Longview itself was founded by a timber baron to support the first mills established there, and over its roughly century-long history, residents' lives have become intertwined with the lumber and paper industries.Supporting victims and worrying about the futureAmid immediate concern about supporting grieving families, there is also worry about what the accident could mean for the future of the plant: It provides crucial jobs in an industry that once powered the forested region but has dwindled in recent decades.The plant's parent company, Tokyo-based Nippon Paper Group, said in a statement that it was assessing the accident's impact on its financial performance."Last night at the vigils, people who work in mills told me that they're proud of their jobs and they're proud of their work, and they don't want to lose it," U.S. Rep. Marie Gluesenkamp Perez, whose district includes Longview, told reporters Wednesday.Residents who spoke with The Associated Press similarly highlighted how important those jobs are for the city."If you're a waitress, a grocery store worker, a teacher, a paraeducator as I was for 30 years - every walk of life here knows somebody and is related to somebody from these mills," Cindy Stiebritz said in the antiques store where she volunteers.Generations in the millsStiebritz said her husband's parents met while working at the lumber company owned by the city's founder, Robert A. Long."Those mills, that is the backbone of this town," Stiebritz added. "You feel like you've lost part of your family."Longview's industrial zone lies along the Columbia River and hosts timber, paper and chemical businesses. Many residents in the city of nearly 40,000 can see the facilities or the steam from the boilers from their homes, or smell the sulfuric odor of the pulp and paper industry.The city's mill history is also imprinted on its downtown, where R. A. Long Square serves as a central landmark and gathering place, including for the vigil held after the disaster. A park around a man-made lake, another project of Long, features a burst of greenery where pedestrians enjoy its walking paths or the nearby tree-lined streets.Authorities said the cause of the tank's collapse is still under investigation. The facility, which dates to 1953 and employs about 1,000 people, makes material for tissues, printing paper, cups, plates, cartons and other goods.According to fundraisers organized for the victims' families, those who lost their lives include a grandfather who was always willing to help anyone; two brothers, one of whom was the sole provider for his partner and three children; and a husband who left behind two children and a wife with a baby on the way.Brianna Pesio, a server at the Mill City Grill downtown, said her father has worked at the plant for over 30 years. She described the fear Tuesday morning when her brother, who works at the lumber mill next door, told her he couldn't get a hold of him."I just didn't know if I lost my dad or not," said Pesio, whose husband also works in a paper mill. "I drove over to my dad's house and pounded on his door until he did wake up. He had just gotten off shift at 5 a.m."At the nearby Country Folks Deli, longtime server Gayle Leavitt said her in-laws also worked at the mill for decades, adding: "That's how this town has survived."'This is not the virtual world'Officials representing the area echoed the pride residents take in the mills and the economic importance of their good-paying jobs in a region where other areas have been hit hard by the decline of the timber industry."This is a place where real people make real things. This is not the virtual world," state Rep. Jim Walsh said at a news conference at the plant on Tuesday. "Real things and real industry always carries risks. But it's our job to make sure that risk like this is well managed and, to the extent it can be, controlled."Stiebritz, the antiques shop volunteer, said she hopes authorities find out the cause "so it never happens again.""If anything comes out of it, I hope lives can be saved," she said, tearing up as she thought of the children who have lost their parents."This town is family. It's one big family," she added. "But we'll make it though. We're strong. We've got a lot of love."
K Sangma said the state government is carefully assessing the legal framework