Fund Manager @ 2Point2 Capital PMS, IIMB & IITKGP Alum
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Aug 28, 2018 • 4 tweets • 2 min read
The second half of September will have a lot of interesting Hindi movie releases at the same time.
The one I am most looking forward to is Nandita Das' Manto. Has Nawaz playing the title role. If you liked reading Manto's stories you can't miss it.
Then there's Vishal Bhardwaj's Pataakha. After a long time VB is again going back to adapting an old story. Charan Singh Pathik's 'Do Behne' this time.
Aug 13, 2018 • 9 tweets • 2 min read
The Curious Case of PC Jewellers' Trade Receivables (Thread)
Disclosure - No position in PCJ stock or derivative.
PCJ announced its Q1 FY19 results last week. In its mgmt ppt, it also disclosed partial BS information. The info showed that PCJ had reduced its total outstanding debt by over 400 crs. However, what the company didn't disclose is far more interesting than what it did disclose.
May 29, 2018 • 17 tweets • 5 min read
We wrote about Manpasand in Dec 2016 and haven’t written another “Curious Case” piece since then. That’s not because there weren’t enough candidates but just that the way some big guys in the ecosystem responded, scared us a bit.
This is a thread about one such Big Guy.
We published the Manpasand note in the evening and thought maybe a 1000 people would read it (which had been the case for our earlier Kitex and JD note). However, for some reason the note went viral and our site crashed.
We got the site up and went to sleep as our job was done.
Mar 15, 2018 • 6 tweets • 1 min read
Theranos is a perfect example of how good storytellers are the best conmen.
bloomberg.com/view/articles/…
Once we have been charmed by the story and fallen in love with the storyteller, confirmation bias will kick in to ensure that no data or counterview can change our faith in the fantastic story.
Mar 9, 2018 • 6 tweets • 2 min read
The author just brushed aside a plethora of red flags (suspect quality of earnings, lying on the record, not disclosing material conflicts, bad corporate behavior, poor capital allocation, deteriorating profitability) as just "quirks" of an intelligent fanatic.
In the public domain, so many issues have been raised by a number of analysts without any real counter. At least that merited a tempering of the high praise that has been lavished if not a deeper analysis of the issues raised. Hopefully, this is just an error in judgement ...
Mar 7, 2018 • 4 tweets • 2 min read
The curious case here - Revenue growth that is only marginally above Total Area growth is mathematically impossible when SSG growth is so high. It would imply that the last 3-4 years store/area addition has a negligible contribution to the current top line.
While FY13-17 growth numbers themselves make little sense, the situation worsens further when FY12 data is also included in the analysis.
Despite 24% area CAGR, revenue growth is only 27%. The result is that Rev/sft has only grown 3% CAGR despite 20% average SSG growth!!
Nov 28, 2017 • 22 tweets • 4 min read
Bull markets are a great time for fraudster promoters to make money. If you are a fraudster and also want to benefit from this bull market, here's a thread that explains how you can defraud shareholders and get rich.
1. Have a good story to catch investor's attention. Something like "only listed XYZ company" will help. Has zero value in terms of improving long-term cash flows of the business but is excellent branding for a stock. Change the name of the company to what's booming in the market
May 18, 2017 • 10 tweets • 4 min read
In the spirit of asking Qs that few seem to do in a bull market, here are a few more related to Dilip Buildcon.
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