Vetri Subramaniam @VetriSmv Twitter profile

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Vetri Subramaniam

9 years

Replug of my 2013 piece. To my teacher, the stock market Lessons from 20 years in the stock markets http://t.co/ntoplrR7um

To my teacher, the stock market

Lessons from 20 years in the stock markets

www.livemint.com

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Vetri Subramaniam

@VetriSmv

3 years

What a spectacular evening Via @sukhie

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Vetri Subramaniam

@VetriSmv

3 years

60000 Sensex has a nice ring to it. Here are the headlines from 19 March 2020. All investors who held through these headlines in 2020, take a bow. You deserve it. Now you know that such things do happen but being disciplined and sticking to your plan can be rewarding.

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Vetri Subramaniam

@VetriSmv

6 years

The best 30 minute investment you can make today. Prof Aswath Damodaran on lifecycle of companies, the choices they face and how that Narrative connects to the Numbers.

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Vetri Subramaniam

@VetriSmv

5 years

P Gopichand on why kids should play sport. Sports teaches kids about 1)failure & that too in public 2)bouncing back from failure Nothing else can teach you this lesson! Fantastic! Thank you for sharing your thoughts this evening.

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Vetri Subramaniam

@VetriSmv

4 years

'There are decades where nothing happens; and there are weeks where decades happen' --Vladimir Ilyich Lenin

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Vetri Subramaniam

@VetriSmv

5 years

Distribution of the 55m Indian who filed tax returns in AY 19(FY18) based on income disclosed Tax liability of 63% of filers drops to zero, though they would have to file returns due to the Feb 19 budget provisions. Only 98000 have income above 1cr 🙈

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Vetri Subramaniam

@VetriSmv

6 years

Miles law:Where you stand depends on where you sit Why is the market falling? Mercantilist:trade war Monetarist:Stimulus withdrawal Taxationist:LTCG Bankers:Provisioning Political analyst:2019 Value investors:valuation Growth investors:earnings Conspiracy theorists: conspiracy!

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Vetri Subramaniam

@VetriSmv

5 years

Margaret Thatcher : "The trouble with Socialism is that eventually you run out of other people's money"

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Vetri Subramaniam

@VetriSmv

3 months

The price of solar panels is in free fall and Chinese capacity exceeds global demand. Time to rethink our strategy? Does domestic manufacturing sense? Should we change course and embark on large scale purchases and installation? Via @ FT

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Vetri Subramaniam

@VetriSmv

2 years

Goodbye Jumbo COVID centre BKC. Vijaydashmi 🙏 Happy Dassherah

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Vetri Subramaniam

@VetriSmv

5 years

Wow Mumbai! Photo via @sukhie

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Vetri Subramaniam

@VetriSmv

5 years

My summary of yesterday: Govt reduces it's share of the income earned by businesses.This step leaves money in the hands of this who earn it and are arguably the ones who drive the economy through their actions of investing, hiring and producing something of value to customers

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Vetri Subramaniam

@VetriSmv

5 years

My timing is always better in the trades I don't make ~ anonymous.

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Vetri Subramaniam

@VetriSmv

4 years

There are many methods to make money in the market. Each of these practitioners has their own method. Too much fundamentalism about 'my way is the only way' displays ignorance of this data. Chart h/t @michaelbatnick

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Vetri Subramaniam

@VetriSmv

5 years

Left BKC at 8pm. Got a kaali peeli on 2nd try.Driver had a niece stranded in lower Parel & I was headed to Parel;It was a Match!He recited poetry enroute. Turns out I knew his niece's office;we picked her up; I got dropped at 915pm& they headed home.Thank you Umar & the universe

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Vetri Subramaniam

@VetriSmv

1 year

Interesting to see the responses in the US to the SVB crisis. Many free market advocates and libertarians advocating a bailout to save ' US leadership in tech world, innovation' etc. They want capitalism on the way up & socialism when things fall apart.

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Vetri Subramaniam

@VetriSmv

5 years

Pujo in Calcutta. Beautiful. A feast for the eyes. And food to feast on too! #DurgaPuja2019

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Vetri Subramaniam

@VetriSmv

6 months

Thanks @mumbaimirror for highlighting this daily struggle.

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Vetri Subramaniam

@VetriSmv

5 months

Set your expectations! You can't earn more from stocks(aggregate) than what companies earn ie RoE. (Long term equilibrium) Investor expectations are >25%pa RoE of Nifty 500~15% If stocks make > underlying business always;then why be an entrepreneur? Better to open demat AC!

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Vetri Subramaniam

@VetriSmv

4 years

Mahavitaran wants to levy a charge on Housing societies that generate power from rooftop solar. A levy instead of a subsidy for being green!🤦🏽‍♂️

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Vetri Subramaniam

@VetriSmv

2 years

Whoa! US 30yr mortgage rate nearing decadal high of 5%. And the Fed has just started hiking. In India you can get a housing loan at 6.7%. Suspect it's a record low spread. Things I never expected to see!

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Vetri Subramaniam

@VetriSmv

4 years

US households hold more than 45% of their financial assets in equity, the highest since 1972 and also the highest compared to other nations.Should we be surprised that the US Fed looks at stock markets while formulating monetary policy? HT Nikhil Gupta,Economist @ Motilal Oswal

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Vetri Subramaniam

@VetriSmv

3 years

Asset monetization is a sale and lease back. If ownership is to revert to govt, then either lease rentals will be higher or govt will have to buy the asset back at the end of the period or enter another sale and leaseback transaction at the end. This is a funding mechanism.

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Vetri Subramaniam

@VetriSmv

4 years

Retail money! For all the 'money flow' navel gazers: Here is the back of the envelope math via Ambit Capital. Retail inflows > FPI flows

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Vetri Subramaniam

@VetriSmv

4 years

Too much noise & fuss about increasing retail participation in Equity markets. More investor participation in equities is welcome; be it directly or via Mutual Funds - Active & Passive.There is room for all. Note : Please avoid day trading and leverage.

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Vetri Subramaniam

@VetriSmv

4 years

The most comprehensive report on the subject. Good one @kaul_vivek

Why Farmers Are Protesting Against Laws Which Will ‘Supposedly’ Help Them | Vivek Kaul

There are multiple sides to this story, which aren’t really being put forward in the general media.

vivekkaul.com

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Vetri Subramaniam

@VetriSmv

2 years

Wishing Swati exciting new journeys! after 30 years @utimutualfund It's been an honour to work with you. 16 years of stewardship of UTI Mastershare & Dividend Yield; 18 years steering UTI MNC fund We thank you for your service and for the wealth you have created for investors

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Vetri Subramaniam

@VetriSmv

4 years

In summary

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Vetri Subramaniam

@VetriSmv

6 years

An entirely different perspective on the size of the Indian consumer market. by @sajithpai Key insight in this Table

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Vetri Subramaniam

@VetriSmv

2 years

Rakesh Jhunjhunwala forever. You are the investing legend of our time; we are lucky to have learnt from you. Your story will be an investing inspiration for years to come Om Shanti

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Vetri Subramaniam

@VetriSmv

5 years

Big Mistakes: This is a crisp book by @michaelbatnick . Throws a spotlight on mistakes by legendary investors. The point of this book is to show you that lousy investments cannot be avoided. Refreshingly different from the 'you can do it too' books.

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Vetri Subramaniam

@VetriSmv

5 years

What exactly is the term 'lattice work of mental models'? The importance of what they don't teach at Bschool- Philosophy,Biology,Sociology, Literature...& the connectedness of it all to investing.Can't recollect who gifted me this book;Thanks it's moved into my all time fav list.

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Vetri Subramaniam

@VetriSmv

5 years

Why can we not follow rules? There are policemen posted on the BKC exit to LBS Marg only to make sure that traffic does not attempt to drive down the wrong side of the road. A society that cannot follow simple traffic rules gets what it deserves. Shameful.

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Vetri Subramaniam

@VetriSmv

3 years

As a flyer - look forward to flying the new Air India from the house of Tata. As a tax payer, happy that this drain on the exchequer has halted-Rs 1,10,000 crore from 2010, funded by the citizens of India The privatization is a powerful signal of the intent of the government.

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Vetri Subramaniam

@VetriSmv

5 years

There is something very relaxing about looking out your window and seeing a bunch of kids play cricket at midday on a working day.

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Vetri Subramaniam

@VetriSmv

6 years

SC Ban on construction in select states & UTs because they failed to frame law for solid waste management. Begs the question - who is at fault and who is being punished?

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Vetri Subramaniam

@VetriSmv

7 years

What a power house of a book. Please read it. And then read it again and again.

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Vetri Subramaniam

@VetriSmv

4 years

@anilbhalla88 @Chellaney @RcSid2002 @PMOIndia @DefenceMinIndia A former US Ambassador to India once said about China's policy with other nations - it's a give and take relationship. You give and they(China) take.

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Vetri Subramaniam

@VetriSmv

4 years

Covid19 is forcing Corporate India to deleverage Rights issues,Promoter sell downs being announced everyday. It could be a record year for equity issues and secondary placements in India - sensible thing. In the US bond issuance is setting records courtesy a Fed backstop.

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Vetri Subramaniam

@VetriSmv

3 years

Some believe its about liquidity, others think it's all macro.Some believe in forecasting ability & others think valuation.Some try to find moats & superior managers;others think waves & patterns. The goal:to compound wealth.But the key lies in your EQ, not the choice of method

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Vetri Subramaniam

@VetriSmv

5 years

Strong words from top lawyer Harish Salve. Read in entirety, pause and think.

‘Squarely blame Supreme Court for economic slowdown’: Harish Salve in conversation with Indira...

[dropcap]A[/dropcap] prominent Supreme Court lawyer and luminary of Indian judiciary, Harish Salve (HS) has many feathers in his cap. Besides constitutional law, he is known for his expertise in...

theleaflet.in

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Vetri Subramaniam

@VetriSmv

4 years

Weekend laughs via Dilbert in TOI

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Vetri Subramaniam

@VetriSmv

10 months

A day to celebrate our freedoms and be grateful to those who gave their everything to get us our freedom. Saluting the Tricolour UTI Tower @utimutualfund

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Vetri Subramaniam

@VetriSmv

5 years

Let us recognize cycles for what they are. Slowdowns are not a 'bug' in the operating system & neither is a 'market correction'. They are a feature of the system & they will recur. Prepare for it & accept that you will encounter these features in your investing journey.

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Vetri Subramaniam

@VetriSmv

3 years

Diwali colours & celebration in the office today. Happy Dhanteras

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Vetri Subramaniam

@VetriSmv

4 years

Today @varinder_bansal asked me about the risk of positive bias from frequent meetings with company managements. The risk is highlighted by Kahneman 'Repetition induces cognitive ease & a comforting feeling'' “Familiarity breeds liking.This is a mere exposure effect"

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Vetri Subramaniam

@VetriSmv

4 years

@contrarianEPS Yes. Watching a child study is stressful; it's a great distraction for the parent

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Vetri Subramaniam

@VetriSmv

5 years

So its about the government's preference of what companies should do with their capital. What next?

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Vetri Subramaniam

@VetriSmv

1 year

Why is there no discussion about the 3rd option in the context of market hours - ie reduced trading hours! a)Most traders lose money b)Trade execution take up the least time in the investing process c)Mental health Consider a reduction @_prashantnair in your next debate

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Vetri Subramaniam

@VetriSmv

4 years

If its Monday and I am wearing trousers..I must be going to the office! It's been 82 days.

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Vetri Subramaniam

@VetriSmv

6 years

#parelcharaja

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Vetri Subramaniam

@VetriSmv

6 years

When is risk the highest? A Peter Bernstein master class.

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Vetri Subramaniam

@VetriSmv

3 years

Why not allow import of vaccines that have been approved for use elsewhere? Pfizer, Moderna, J&J. The US says all adults will be vaccinated by July. So there will be vaccines available then for sure if not already available. The time to decide is now

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Vetri Subramaniam

@VetriSmv

5 years

This is hilarious! @Iamsamirarora @BhagwaanUvacha

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Vetri Subramaniam

@VetriSmv

10 months

Every year on September 5th, I wish the markets a happy Teacher’s Day. To this day, that is the only teacher to whom I have paid fees more than once to learn the same lesson.

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Vetri Subramaniam

@VetriSmv

3 years

Much being written about 1991 and what remains to be done. My 2 bits: Focus on education & healthcare - key to developing our human capital Judiciary & police reforms to make system more effective Fuels&Power-taxation & pricing reform Ease of doing business- more to be done

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Vetri Subramaniam

@VetriSmv

3 years

Nifty IT vs Nasdaq100 over 5 years ! (Both in USD terms) #Randomobservation #Suprise

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Vetri Subramaniam

@VetriSmv

4 years

Pharma: In pursuit of value. Process is boring. There is no Eureka moment. Sharing my latest blog post

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Vetri Subramaniam

@VetriSmv

4 years

Nice explainer on the business of Life Insurance by @monikahalan .Look forward to more in the series.

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Vetri Subramaniam

@VetriSmv

6 years

No1 question these days: How to handle election risk in 2019? Over 5,10,15 & 20 years the BSE200 beats the Shanghai Composite hands down. You still want to discuss elections? There is more to investing than elections. (Oh & in case you don't get it China has no elections)

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Vetri Subramaniam

@VetriSmv

4 years

The LIC act provides for 90% of profits to be transferred to policy holders. The policy holders rely on this for their bonus etc (LIC distributes 95%). ie LIC is a Mutual company or cooperative. This is very different from structure of private insurers.

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Vetri Subramaniam

@VetriSmv

4 years

Sharing my thoughts in this feature by @ValueResearch along with @Anand_1969 and Harsha

My biggest investing lessons | Value Research

Three fund managers share the lessons that shaped how they approach investing today

www.valueresearchonline.com

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Vetri Subramaniam

@VetriSmv

6 years

There is a difference between business failure, fraud/theft and willful default. Worrying that in the current environment and debate - everything is being painted with the same brush.

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Vetri Subramaniam

@VetriSmv

5 years

Which words do you think should be banned (from research reports)? I vote for Game changer, Shock & Awe, Big Bang, Masterstroke.

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Vetri Subramaniam

@VetriSmv

4 years

This is my personal account of the intersection of life, career & markets. Thanks @livemint & Neil.

Neil Borate

@ActusDei

4 years

For @VetriSmv of @utimutualfund this is the 4th big crisis in his professional journey. He speaks of how the 3 before this affected him personally and professionally and what lesson he has leaned. A must read. @monikahalan @deeptibhaskaran

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Vetri Subramaniam

@VetriSmv

6 years

The glorious colours of fall.

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Vetri Subramaniam

@VetriSmv

6 years

Rs5025.44. New all time high today! That's my bill for a full tank of Diesel. #justsaying No #whataboutery please.

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Vetri Subramaniam

@VetriSmv

4 years

Every successful FM will have his or her losers. 'I’ve missed more than 9000 shots in my career.I’ve lost almost 300 games. 26 times,I’ve been trusted to take the game winning shot & missed. I’ve failed over & over & over again in my life & that is why I succeed' Michael Jordan

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Vetri Subramaniam

@VetriSmv

3 years

What a story!

The Math Ph.D. Who Just Shocked Olympic Cycling

Austria’s Anna Kiesenhofer escapes early to fend off a confused Dutch superteam and capture gold.

www.wsj.com

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Vetri Subramaniam

@VetriSmv

4 years

We've always known about migrant labour.They work at our homes,offices, shops & establishments all around us. They made our lives comfortable but their issues stayed invisible to us & policy makers.We have failed them.I pray that we are given a second chance to do right by them

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Vetri Subramaniam

@VetriSmv

7 years

My last day at Invesco MF. Proud & honoured to have such a wonderful team for 8+ years.

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Vetri Subramaniam

@VetriSmv

4 years

The younger daughter will be performing at the WE virtual concert today. Her third time at WE. Here is a recent cover she did Love the way you lie

Love the Way You Lie, Pt. II | Shloka Subramaniam

I recorded a short cover of Love the Way You Lie Pt.II by Rihanna, ft. Eminem.Hope you like it :)

www.youtube.com

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Vetri Subramaniam

@VetriSmv

7 years

Wow, take a bow.

Afroz shah

@AfrozShah1

7 years

This is versova beach an hour back. Week 85 of cleanup.Versova beach is gorgeous and clean now.we have done our bit.We need to maintain it.

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Vetri Subramaniam

@VetriSmv

1 year

Today’s India is different from the India of 2008 Many of you were not investing in the GFC era (2008) and many may have forgotten the heady days that preceded it. Here is my refresher covering economic indicators, valuations and flows - then & now.

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Vetri Subramaniam

@VetriSmv

5 years

Fiscal stimulus? We just had a budget presented in February that allocates 72000cr to 12cr farm households and 23000cr tax benefit to 3cr tax payers (full tax rebate for income<5lakh). And people seriously think government should give more stimulus?

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Vetri Subramaniam

@VetriSmv

5 years

Multiple reports of shutdowns by auto companies. The obvious response to excess inventory. A @BloombergQuint report suggests that inventory is declining. Do we we really need a goverment led intervention? Let the invisible hand of the market do it's job?

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Vetri Subramaniam

@VetriSmv

5 years

Our team of Equity fund managers and analysts write about a book that they have found to be impactful. Read about their choice of book

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Vetri Subramaniam

@VetriSmv

4 years

The most incredible thing this week was the electric motorbike from the analysts at Bernstein Research India.

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Vetri Subramaniam

@VetriSmv

5 years

Equities are slaves to earnings. If you break that down further, what is really important is earnings per share growth and free cash flow per share growth. In other words equity dilution, capital allocation & capital productivity are crucial determinants.

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Vetri Subramaniam

@VetriSmv

5 years

RIP Jack Bogle. You revolutionized the asset management space with your ideas and have done more for the small investor than anybody I can think of.

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Vetri Subramaniam

@VetriSmv

4 years

Many have come to interpret 'Value' as merely a statistical factor (cheap valuation). I suggest they dwell on Howard Marks simple formulation 'the choice is not really between value and growth but between value today and value tomorrow' Then it makes sense and that's my approach

Vetri Subramaniam

@VetriSmv

4 years

Talking to @ValueResearch When thinking of value; think about the attractiveness of the business; its ability to deploy capital at an attractive return & the ability to survive a difficult period. Also how to spot potential value traps.

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Vetri Subramaniam

@VetriSmv

4 years

Interview on @ETNOWlive yesterday. Thanks @nikunjdalmia , enjoyed this.

You get a multibagger for your ability to hold a stock, than identify it: Vetri Subramaniam, UTI AMC

What the economy has seen over the last one year has been an inventory-led correction in GDP growth. This tends to have a self-healing mechanism in that once the inventory correction gets over, you...

economictimes.indiatimes.com

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Vetri Subramaniam

@VetriSmv

4 years

Strengths,Weaknesses,Opportunities & Threats ie SWOT Some points in @andymukherjee70 column resonated with me & on many points I disagree.He draws attention to what he sees as W&T;the rebuttals focus only on S&O All 4 quadrants of SWOT matter. We can overcome if we execute well

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Vetri Subramaniam

@VetriSmv

3 years

However beautiful the strategy, you should occasionally look at the results — Churchill

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Vetri Subramaniam

@VetriSmv

2 years

New All Time High. My full fuel tank bill just set a record!

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Vetri Subramaniam

@VetriSmv

6 years

The Master Short seller who was always Net Long. 'I never wanted to get up in the morning hoping that things would be getting worse.' Do you need to be a pessimist to be a short seller? Reminded of Kahneman who said - optimism was the fuel of capitalism.

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Vetri Subramaniam

@VetriSmv

4 years

Chat between @safiranand & Sanjay Bhattacharyya, summarised by @larissafernand 'metrics such as PE, PB & div yield are statistical measures to test hypothesis; they do not define what is value' Echoes our blog on the subject

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Vetri Subramaniam

@VetriSmv

3 years

Respect

Harsha Bhogle

@bhogleharsha

3 years

Always wanted to ask @ajinkyarahane88 about the cake he was offered with a kangaroo on it and why he refused to cut it. The small things that tell you more about a person. More of this conversation on his FB page.

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@VetriSmv

4 years

I am deeply torn here. Breaking environment rules should be punished. But is blowing up the homes of those who bought in good faith the appropriate punishment? If govt authorities issues clearances is the government not culpable? Sad. Just Sad

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@VetriSmv

8 months

Morning message at Raju ki Chai, Charni road.

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@VetriSmv

4 years

@thesuniljain @PMOIndia @narendramodi This is how the economy works

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Vetri Subramaniam

@VetriSmv

5 years

Today, we bid adieu to Kaushik Basu, FM of the Childrens funds,ETFs/Index funds.He retires after a career of over 30 years @utimutualfund . We cherish your contribution to the team and organisation We wish you many more exciting journeys & treasures at the end of every Rainbow 🌈

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@VetriSmv

1 year

My conversation with Udayan Mukherjee in which we discussed a range of scenarios. The best way to deal with uncertainty is to be prepared. I have no forecast for 2023. ( Same for every year before this). Will leave that to others more skilled than me

In Conversation With Market Guru Vetri Subramaniam, Chief Investment...

#marketguru #vetrisubramaniam #utiamc Macros in India look good. In an environment where the world underperforms, India will have an advantage,says Market Gu...

www.youtube.com

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Vetri Subramaniam

@VetriSmv

2 years

Subscriptions, auto debits, recurring payments are a complete mess, courtesy the new rules & limits. What was once friction free is now manual. Why not let customers choose? @RBI

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Vetri Subramaniam

@VetriSmv

5 years

GDP growth & market return. Are they correlated? Is it a sufficient condition? Sachin Trivedi , Head of Research at @utimutualfund in the first of our white papers explores the data and academic research. Read & learn.

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Vetri Subramaniam

@VetriSmv

4 years

A challenging time; a difficult task. Chairman SBI Mr Kumar addressing queries with much poise, grace & wit. Much Respect.

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Vetri Subramaniam

@VetriSmv

11 months

@dugalira Back to 90s? I used to carry an invoice copy & letter from employer on trips- to prove that this was a legally purchased, duty paid laptop. Sometime they would insist on matching serial number, I had no clue where to find it! They used to stamp the document on the way out.

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Vetri Subramaniam

@VetriSmv

6 years

What were you thinking? This quote by Scott McNeally, founder of Sun Micro, puts in perspective how crazy valuations had become during the tech bubble.

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Vetri Subramaniam

@VetriSmv

3 years

The problem with forecasts: we tend to forecast what we hope will happen. Or as somebody once said - it's the position that is speaking.

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