B Pathak

M. Tech (Microelectronics, IIT Mumbai),
26 yrs of Chip Design Experience. DSP | Image | Video Processing.
AI | Semiconductors | Renewable Energy | Investor

[B Pathak @bhrt1971]

The price you pay determines the return you earn. Pay too much for even the finest business and you have
converted a great company into a poor investment sometimes for a decade or more.

[B Pathak @bhrt1971]

If one cause that unites the worst collopses

"IT IS BORROWED MONEY"

1929
1997
1998
2008
2022

[B Pathak @bhrt1971]

The Telcom duopoly chart : Jio versus Airtel control 77% market share.

[B Pathak @bhrt1971]

Reliance jio : Valuation : 13 lakh crore

FY2026:
sales : 1,46,885 cr
operating profit : 76,225 cr
opm% : 60%
pat : 30,053 cr
npm% : 20%

P/E = 41.6x
pat_gr_future (bull) = 22%

PEG = 2.0x

[B Pathak @bhrt1971]

This is how the operating profit, and operating cash flow of rajesh exports looks like.

The profits are steady, but the cash from operations is all over the place,

FY2018 : -2870 Cr
FY2021 : -10252 Cr

The profits not getting converted to cash is a big red-flag.

[B Pathak @bhrt1971]

Top 10 Key learnings from all the historical market crashes.

[B Pathak @bhrt1971]

Recent market crashes are recovering faster then the past market crashes...Interesting slide.

[B Pathak @bhrt1971]

All crashes in one glance :)

[B Pathak @bhrt1971]

Claude is the best teacher :)

[B Pathak @bhrt1971]

In crises, correlations go to 1 and liquidity vanishes.

Diversification across many positions is an illusion if they share a hidden common factor.

LTCM story :

[B Pathak @bhrt1971]

Markets are not efficient when humans panic.

1. Fear
2. Herding
3. Flight to safety

Crowded trades have crowded exits.

[B Pathak @bhrt1971]

History Rhymes : The temptations of leverage and overconfidence never go out of fashion.

[B Pathak @bhrt1971]

Famous anecdot about Harry Markowitz, nobel prize winner in economics for developing modern portfolio theory.

[B Pathak @bhrt1971]

Some of my favorite books on Investing. Enjoy :)

[B Pathak @bhrt1971]

@sh31155 The one I recommend to most beginners is

The little book that still beats the market
by Joel Greenblatt

Written in very simple language and comes up with 2 most powerful concepts.

1. ROCE
2. EV/Ebitda

He was hedge fund manager and delivered 34% cagr in 21 years [1985-2006]

[B Pathak @bhrt1971]

@_HealthZwealth Here is my 2nd most favorite collection. Enjoy reading them.

[B Pathak @bhrt1971]

@_HealthZwealth Here is my most favaorite collection, each book is a gem.

[B Pathak @bhrt1971]

@_HealthZwealth Out of these, I have read
1. 100 baggers
2. Capital Returns
3. Common Stocks and uncommon profits
4. Reminiscences of stock operator.

My favorite is 2 and 3

2 : because it teaches the concept of double engine
3 : all time favorite and go to book for rules on when to sell.

[B Pathak @bhrt1971]

@yatinmota Finally some clarification from Vikram Solar:

The contested amount is only 9.44 Cr

Vikram Solar generated 640 Cr of cash from operations in FY2026.

It's D/E = 0.20

So nothing to worry :)

[B Pathak @bhrt1971]

CNXIT index is now down -41.5% from it's peak level.