Catching falling knives with random precision
La-la Land
Joined June 2009
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Alokesh Phukan retweeted
To be right in the long-term, you must be willing to look wrong in the short-term.
Alokesh Phukan retweeted
25 years ago at Eden Gardens Rahul and I shared a partnership that will forever remain special. In a moment when the game looked beyond us we chose belief, patience and resilience. That stand was not just about runs but was about trust, teamwork and fighting for every session. Grateful to have shared that journey with Rahul and to be part of a Test that reminded us all that in cricket comebacks are always possible👍 @BCCI #PowerOfPartnership #Believe #Resilience
Alokesh Phukan retweeted
Firstly, in every single one of those categories in that WhatsApp message, there are excellent Indian startups at all stages doing some great work. The Hon. Union Minister could have used the forum to highlight positive work - why use the forum to attack Indian founders?
It is terrible to see the forum of Startup Mahakumbh forum being abused in this manner.
Secondly, there is absolutely nothing wrong with investing in consumer tech, marketplaces, gaming or other industries. We cannot and must not apply a nationalistic moral lens to venture investing - people will and must invest where there are returns to be made.
Founders will start companies where they see prospects and opportunities. The fact is consumer tech companies have created tens of thousands of jobs and returns thousands of crores in capital to investors. Many of those who made money in consumer are now frontier tech investors. The last thing anybody - especially a Union Minister - should do is berate or hector them.
Thirdly, there are good structural reasons why deep tech entrepreneurship remains very challenging. The Govt should address the specific challenges and frictions - not attack the founders and investors 🤷♂️
At the same time China is practicing the PE/VC equivalent of politically directed tele-banking lending we have seen in India - don’t think we can or should have such PE/VC activity in India teapawt.net/rmantri/status/1896209…
All in all a very unfortunate statement by the Hon. Minister. I hope more people speak out against it instead of just looking the other way. teapawt.net/tvmohandaspai/status/1…
Mic Drop
Union Minister Piyush Goyal flays Indian startups at the Startup Mahakumbh. He used the India vs China startups slide to launch a sharp critique
"Are we happy about being delivery girls and boys?"
"Food delivery apps are turning unemployed youth into cheap labour so rich can get their meals without moving out of the house"
"Kids of billionaires are making fancy icecream/cookies and calling it a startup."
"Chinese are making semi con chips, EV batteries"
"India has only 1000 deep tech startups"
"Dukaandari hi karna hai?"
Also tells @amangupta0303
"Change your perspective on Shark Tank"
Alokesh Phukan retweeted
One of the worst low blow remarks in this speech was to derisively dismiss consumer oriented companies as “dukaandaari”. What does the Hon. Minister even mean by this statement?
Is he aware that the giant American and Chinese tech companies he might admire so much are built on the back of small businesses and “dukaandaars” who are advertisers and merchants on these platforms? India needs more and more “dukaandaar” entrepreneurs for sure, because such small and medium businesses are the ones who are enterprise customers.
What we are actually doing to our “dukaandaar” businesses (as Hon. Minister calls them) is of course strangle them at every possible turn teapawt.net/rmantri/status/1831612…
Such credit starved, hyper over regulated and strangulated small enterprises are the ones who are supposed to be customers of deep tech / enterprise focused startups.
What regulatory changes were brought to ease credit to this hugely deprived segment? What is the status of implementation of labour laws? Where is the promised Deregulation Commission? Where is Jan Vishwas Bill 2.0? What did Commerce Ministry do to cut the enormous red tape in exports and imports?
Stop belittling and trashing Indian founders and entrepreneurs, please go and do you own job properly. @PiyushGoyalOffc
Firstly, in every single one of those categories in that WhatsApp message, there are excellent Indian startups at all stages doing some great work. The Hon. Union Minister could have used the forum to highlight positive work - why use the forum to attack Indian founders?
It is terrible to see the forum of Startup Mahakumbh forum being abused in this manner.
Secondly, there is absolutely nothing wrong with investing in consumer tech, marketplaces, gaming or other industries. We cannot and must not apply a nationalistic moral lens to venture investing - people will and must invest where there are returns to be made.
Founders will start companies where they see prospects and opportunities. The fact is consumer tech companies have created tens of thousands of jobs and returns thousands of crores in capital to investors. Many of those who made money in consumer are now frontier tech investors. The last thing anybody - especially a Union Minister - should do is berate or hector them.
Thirdly, there are good structural reasons why deep tech entrepreneurship remains very challenging. The Govt should address the specific challenges and frictions - not attack the founders and investors 🤷♂️
At the same time China is practicing the PE/VC equivalent of politically directed tele-banking lending we have seen in India - don’t think we can or should have such PE/VC activity in India teapawt.net/rmantri/status/1896209…
All in all a very unfortunate statement by the Hon. Minister. I hope more people speak out against it instead of just looking the other way. teapawt.net/tvmohandaspai/status/1…
Alokesh Phukan retweeted
Howard Marks just went on Bloomberg to share his views on Liberation Day.
Here are his insights on its economic impact and why he thinks US is still the best investment destination.
A thread 🧵
Alokesh Phukan retweeted
Above is an analysis of large, mid and small caps by business buckets which generally have vastly different PE multiples because of their inherent nature. PSUs and banks trade at relatively low PE multiples and hence depending on their size in a universe, skews the weighted PEx. E.g. in large caps, PSU contribute to 33% of the total profit pool while in small caps it's contribution is only 9%. Hence looking at the total PEx is Apples vs Oranges comparison.
Weighted PEx also can be mis leading because just handful of companies (w/ huge profits or losses) can pull up or down the PEx for that index/universe. As an investor your allocation to a stock in a portfolio isn't proportional to the weight of profit or market cap. Often median PEx provides better picture of the valuation.
As you can see that Weighted PEx of large cap universe is 21.6x vs 29.9x for the small cap universe. This is because of huge contribution by the PSU and Pvt Banks (in large caps) who trade at relatively low multiples. Hence comparing median valuation of the individual buckets is much better comparison. Median PEx for Non PSU or Pvt Banks stocks in the large cap universe is 42x while that in small cap universe is 33.3x.
This analysis is more from a directional perspective rather than exact as the nature of businesses in each buckets would also be different. But blindly accepting comparable multiples thrown at us can also be very damaging to our decision making.
Alokesh Phukan retweeted
“I have not failed, but found 1000 ways to not make a light bulb.”
- Thomas Edison
Alokesh Phukan retweeted
Discover Some Astonishing Things You Didn't Know Existed in Japan. ~A Thread 🧵
1. During tours, children can just leave all their backpacks in the waiting room of the railway station. They don’t need to worry about their things being stolen
Alokesh Phukan retweeted
In a rising market, enough of your bad ideas will pay off so that you’ll never learn that you should have fewer ideas.
--Daniel Kahneman
jasonzweig.com/from-the-arch…
Alokesh Phukan retweeted
“The game is a process of discovering: who you are, what you’re interested in, what you’re good at, what you love to do, then magnifying that until you gain a sizable edge over all the other people."
Sage advice from Li Lu
(Charlie Munger’s favorite investor)
"Part of the game is to come into your own.
You must find some way that perfectly fits your personality.
It is a competitive game, so you’re going to run into a lot of hardworking fellows.
The only way to gain an edge is through long and hard work. Do what you love to do, so you just naturally do it or think about it all the time, even if you’re relaxing.
Over time, you can accumulate a huge advantage if it comes naturally to you. The ones who really figure out their own style and stick to it and let their natural temperament take over will have a big advantage.
The game is a process of discovering: who you are, what you’re interested in, what you’re good at, what you love to do, then magnifying that until you gain a sizable edge over all the other people."
Alokesh Phukan retweeted
Saver turns investor in a rebalance of household financial assets. Bank deposits move from 53% to 42% between 2020 and 2024. Future is a holistic approach to financial services. Time for mindset change.
Alokesh Phukan retweeted
Hi everyone!
My journey at the Paris 2024 Olympics has been both an honor and a heartbreak. I gave my all, fought with every ounce of strength, but fell just short of the podium.
I am very grateful to all the supporters for their unwavering support.
Alokesh Phukan retweeted
A year of protest against the federation chief.
Slept on pavements for 40 days.
Was beaten, dragged by the police.
Nearly immersed all her medals in the Ganga.
Underwent knee surgery.
Sealed her Olympic spot after an unforgiving qualification process.
Became the 1st Indian woman wrestler to qualify for three successive Olympics.
And now, she's beaten the unbeatable defending champ, won two more bouts to become the first Indian woman to reach a wrestling Olympic final.
Words fail to appreciate what Vinesh Phogat has just done.
es.pn/3SFNkQ1 | #Paris2024
Alokesh Phukan retweeted
Warren Buffett watching every asset collapse while holding a quarter Trillion in T-Bills
Alokesh Phukan retweeted
Manu & Sarabjot: You've done what no Indian shooting pair has done before. India's first Olympic shooting team medal. Savour this moment, you've earned it! Proud 👏 🇮🇳 #Olympics2024 #Paris2024 #Shooting #ManuBhaker #SarabjotSingh
