Rajeev Thakkar, CIO of PPFAS has just written a letter to unitholders. Here are some key points:
1. PPFAS hasn't even given FD returns - his response
The only way to guarantee an FD return is to make an FD. Volatility is the reason equities can potentially beat FDs in the first place, not a bug in the system.
2. Why is PPFAS holding so much cash?
Cash peaked near 25% during the 2024 exuberance, when the team was guiding caution. It's down to 14-15% in Flexi Cap now. Thakkar expects single digit levels as more opportunities open up after two years of time correction.
3. Is the underperformance due to its large size?
No. He points to 2007, when he ran a larger drawdown on a PMS book of about ₹100 crore. The current stretch is ordinary for a strategy that buys out of favour names.
4. What about HDFC Bank?
PPFAS holds a basket of 4 private banks. Thakkar says HDFC Bank's recent issues don't carry the scale of past sector frauds and don't threaten the franchise. No change to the outlook on the basket.
5. What about small and midcap valuations?
Nifty 100 trades at 20.8x, Nifty Midcap 150 at 30.7x, Nifty Smallcap 250 at 34.6x, per Screener data as of August 4. Thakkar's point is that smaller doesn't structurally mean higher returns, and he cites the US market as a counterexample.
@policybazaar@PBHelpDesk@policybazaar - Closed my issue without resolving it. PB Guy on call told me that mobile number is updated, but when he sent the policy the number is still not updated. Don't close the tickets without resolving it.
@policybazaar Request to change mobile number on a new policy is not yet processed. Either change the number or cancel the policy and issue refund. Ref ID: 1132119280
@policybazaar Hey, have received a email stating that "I will receive a approval link email" but have not received any approval link yet. You can call me again on the updated number now or send the link via email on soni.***[email protected]
@policybazaar Still no communication from the team. Stuck on this page.. Entered mobile number is wrong so can't validate anything. Have already paid the premium. @policybazaar@PBHelpDesk
Rajeev Thakkar (PPFAS) ka kehna hai ki aaj ke kaafi naye investors ne kabhi sideways ya prolonged bear market dekha hi nahi.
Unhe bas “buy the dip” sikhaya gaya hai aur expect kiya jata hai ki 3–6 months mein market normal ho jayega.
Agar downturn zyada lamba chala, toh kai investors hope lose kar sakte hain. 📉
#StockMarket #Investing #MarketCycles #PPFAS #Nifty50
Let’s break down each burner:
• Family = connection, marriage, kids
• Work = career, business, ambition
• Health = sleep, fitness, energy
• Friends = social life, joy, belonging
Each takes gas.
Each needs time.
But you only have so much fuel.
We lost one of the youngest and brightest minds in the security domain today.
Gone too soon, but the impact you created in hacking and infosec will stay with us forever.
RIP @shreyasrx
I’ve been facing a serious, recurring safety issue with my @VolkswagenIndia virtus car from the very first day of delivery. Despite multiple complaints and service visits, nothing has been fixed and now it has caused a major highway accident. Sharing everything here 👇
Been trading for years and noticed something interesting.
The traders who actually make it long-term all seem to go through similar stages. It's not random - there's a clear progression.
Here are the four phases I keep seeing.
Why do we have High Amazon Pay Balance? 🤔
At first glance, it feels odd why keep thousands?
It's not a bank - no interest ! So Why ?
But there’s logic👇
We save 4-20% on all payments & bills (inc. insurance, jewellery etc.) through Amazon Pay ! 🧵
LIKE & SHARE 🙏
#ccgeek
🎬 BookMyShow Offers - Mega Thread🧵
Every time I book tickets, I end up doing mental gymnastics to figure out which card gives the max benefit.
So… I made it simple.
Here’s a descending list of offers so you can instantly know which card (or which friend to reach out to😏) to use for booking.
This did take a lot of time even with all the tech and tools as all info is not available in one source. I've also put link to each offer so you can read the fine print!
If you find it helpful - don't forget to ❤️ | 🔖 | ♻️
#CCGeek #CreditCards #CCGeeks #TravelOnPoints
Excellent speech by PM @narendramodi.
• Sets record straight on how Understanding on Ceasefire was reached. Pak called India.
• Nuclear blackmail won’t work, India won’t succumb. We can strike back.
• A new normal. India will monitor Pakistan closely. Op Sindoor continues.
• India will only talk to Pakistan on Terrorism and PoJK.
• Blood and Water can never flow together. Meaning Indus Water Treaty will remain in abeyance.
• Terror and Trade cannot go together.
Last night, India's foreign secretary Vikram Misri merely asked Pakistan to stick to ceasefire agreement. Close to midnight, Pakistani Prime Minister Shahbaz Sharif delivered a victory speech to his nation. This was on the day when 11 of their airbases got pounded by India.
There has been a studied silence from Prime Minister Modi. Don't know what he is thinking or what India's next plans are.
There has been no escalation on either side post midnight.
I'm disappointed with Prime Minister for agreeing to ceasefire yesterday. India instead of retaliating severely for ceasefire violation merely advised Pakistan to stick to ceasefire agreement. Whereas Pakistan is audaciously claiming victory and their Prime Minister is gleefully addressing the nation.
Adding salt to the injury, Pakistan is claiming it is India which is violating ceasefire agreement and they are showing restraint.
Pakistan is incapable of keeping quiet. They would do something to provoke India again. I hope Prime Minister then goes for a final kill.
India lost a golden opportunity twice yesterday. It should have kept the momentum going and should not have agreed to ceasefire. After violation of ceasefire by Pakistan, we should have applied full force on Pakistan instead of merely advising the rogue nation to stick to the agreement.
Expecting a better approach from Prime Minister.
@AdityaRajKaul@sidhant@sneheshphilip As Indians, we are not happy, on what happened today.
We feel betrayed and violated. Not only me, several indians hold the same feelings.
Very Sorry to say this. Never felt so betrayed by the Indian political system.