>Heard on street(Bulls & Bears)

A recent family function of the Old Fox, who was one of the highest advance taxpayers among brokers last quarter, was attended by some of the top

guns — past, present and even aspiring ones — of the stock market. Though informal get-togethers of various groups of brokers are common, it is rare that players from various camps come together and share their views about the market.

At the function, every big name in the business was asked about his Sensex forecast for December 31, 2009 and one stock or more, which would move 50%, along with its direction. As per the list available with ET, the broader consensus is that the Sensex could end at 10,000-12,000 in the said period.

The 'Rare'ing bull is believed to have assigned a target of 12,000 for the index, while one of the most successful bear traders in recent times, who shares the first name with the agricultural minister, set a target of 5,000. A flamboyant equity fund manager at a top private mutual fund, projected the Sensex at 10,000, while a co-promoter of a leading broking firm that went public in 2007 sees the index at 9,700 in December 31.

The 'silent operator', known for his huge bets in Hindalco and cement shares, forecast the index at 11,000, while the Old Fox set a target of 8,000. The more interesting part of the poll was the 'darkhorses' that were identified. The 'silent operator' named Maruti and Ranbaxy, the 'Rare'ing bull — HOEC and Lupin, the fund manager — Ranbaxy and HPCL as the stocks that could see a 50% upside. The bear trader is bullish on Bayer Crop Science, and pessimistic on real estate companies (even at these levels!!!). The Old Fox indicated his preference for gold and HPCL, and is negative on DLF.

Old Fox is RK (Radhakishan ) Damani ............ . n he is also knwn as "white n white" & was busy in the family function his daughter's marriage.... .......

'Rare'ing bull-RJ

'silent operator',-Nemish

RESEARCH REPORTS

>India’s Companies’ Pledged Shares by Promoters

===============================================================================
Companies                 Date of        Shares  % Paid-up Lender
                        Disclosure     Pledged   Shares~
===============================================================================
Maytas Infra              02/09/09    8,912,700     15.14% n/a
Ansal Housing & Const.    02/09/09    5,218,208     29.70% n/a
Kemrock Inds. & Exports   02/09/09    1,309,729     11.89% n/a
Jain Irrigation Systems   02/09/09    3,715,321      5.13% n/a
Arvind International      02/09/09      786,320     11.22% n/a
Rajratan Global Wire      02/09/09      750,000     20.13% n/a
Walchandnagar Inds.       02/09/09    1,996,000      5.25% n/a
STL Global                02/09/09    6,000,000     21.85% n/a
Kopran                    02/09/09      577,500      1.64% n/a
Eimco Elecon India        02/09/09      500,000      8.67% n/a
Birla Ericsson Optical    02/09/09    1,250,000      4.17% State Bank of India
===============================================================================
Companies                 Date of        Shares  % Paid-up Lender
                        Disclosure     Pledged   Shares~
===============================================================================
Kotak Mahindra Bank       02/09/09       50,000      0.01% n/a
Cranes Software Int.      02/09/09   31,880,000     27.00% n/a
Atlanta                   02/09/09      333,335      2.05% n/a
Gujarat NRE Coke          02/09/09   75,309,956     15.96% n/a
Kirloskar Oil Engines     02/09/09    8,830,000      4.55% n/a
JIK Industries            02/09/09       32,385      0.13% n/a
Wintac                    02/09/09      250,000     14.29% UCO Bank
Software Technology Grp.  02/09/09    2,529,000     18.59% J&K Bank
PVP Ventures              02/09/09    6,946,000      3.00% L&T Infra. Finance
                         02/09/09      500,000      0.22% Eureka Credit Fin.
Kamat Hotels India        02/09/09    6,214,750     47.09% n/a
India Infoline            02/09/09      150,000      0.05% n/a
Great Eastern Shipping    02/09/09        7,000     0.005% n/a
Shasun Chemicals          02/09/09    1,560,000      3.23% n/a
Geodesic                  02/09/09      760,230      0.82% n/a
Dr Reddys Laboratories    02/09/09   10,419,829      6.19% n/a
Pioneer Embroideries      02/06/09    2,045,570     16.75% n/a
===============================================================================
Companies                 Date of        Shares  % Paid-up Lender
                        Disclosure     Pledged   Shares~
===============================================================================
Suryachakra Power Corp.   02/06/09   11,420,835     14.91% n/a
Rain Commodities          02/06/09   17,638,612     24.90% n/a
Everonn Systems India     02/06/09      576,210      3.81% n/a
HEG                       02/06/09    4,100,000      9.47% n/a
Apollo Tyres              02/06/09   53,477,080     10.62% n/a
Sanghvi Movers            02/06/09    1,275,000      2.95% n/a
Kajaria Ceramics          02/06/09    1,500,000      2.04% Bank of Rajasthan
Prime Focus               02/06/09    1,900,000     14.93% Kotak Mahindra Bank
Spanco                    02/06/09    2,000,000      9.69% n/a
Sutlej Textiles & Inds.   02/06/09    1,758,125     16.10% n/a
Kale Consultants          02/06/09      457,000      3.67% Kotak Mahindra Invst
                         02/06/09    1,390,000     10.15% Birla Global Fin.
Arshiya International     02/06/09    7,375,000     12.55% n/a
Subex                     02/06/09    2,508,361      7.20% n/a
Shetron                   02/06/09    1,664,858     18.49% Citicorp Finance
                                       100,000      1.11% Union Bank of India
                                       815,200      9.05% Dewan Housing Fin.
===============================================================================
Companies                 Date of        Shares  % Paid-up Lender
                        Disclosure     Pledged   Shares~
===============================================================================
                                       546,000      6.06% Pam Pharmaceuticals
Oricon Enterprises        02/06/09    3,556,752     36.93% n/a
Jubilant Organosys        02/06/09   20,150,000     13.66% n/a
Bartronics India          02/06/09    2,656,760      9.17% n/a
Resurgere Mines           02/06/09    1,000,000      3.50% Union Bank of India
                         02/06/09    1,000,000      3.50% ICICI Bank
                         02/06/09    1,500,000      5.26% Pam Glatt PharmaTech
JK Cement                 02/06/09   31,875,225     45.58% Allahabad Bank
Filatex India             02/06/09      500,000      2.91% n/a
SRF                       02/06/09   20,920,795     32.83% n/a
Andhra Pradesh Paper M.   02/06/09      971,115      3.77% IDBI Trusteeship
GVK Power & Infra.        02/06/09   61,475,557      4.37% Axis Bank/IDBI Bank
OCL India                 02/06/09       50,000      0.09% n/a
CCAP                      02/06/09      873,998     24.48% State Bank of India
Amrit Banaspati           02/06/09    1,198,552     16.28% n/a
Silktex                   02/06/09      500,000      6.56% State Bank of India
Network 18 Media & I.     02/06/09    1,035,861      1.68% SICOM
===============================================================================
Companies                 Date of        Shares  % Paid-up Lender
                        Disclosure     Pledged   Shares~
===============================================================================
                         02/06/09    8,355,089     13.52% State Bank of India
Television Eighteen       02/06/09       70,000      0.06% BNP Paribas
                         02/06/09    1,750,000      1.46% Birla Global Fin.
Gillette India            02/06/09      158,917      0.49% n/a
Vanasthali Textile I.     02/06/09    4,350,000     21.96% IDBI Bank
                         02/06/09    2,360,000     11.91% Allahabad Bank
Chambal Fert. & Chem.     02/05/09   32,150,000      7.72% n/a
Rajvir Industries         02/05/09       93,092      3.07% SBH*
                         02/05/09      200,000      6.59% Bank of Rajasthan
                         02/05/09      100,000      3.29% Axis Bank
Zicom Electronic S S      02/05/09    1,720,100     13.54% n/a
Alchemist                 02/05/09    1,477,400     12.07% Bank of Rajasthan
Godawari Power & Ispat    02/05/09    3,380,000     12.04% n/a
Karuturi Global           02/05/09   84,472,370     18.77% Yes Bank
Sujana Metal Products     02/05/09    4,700,000      6.79% n/a
Sujana Towers             02/05/09    1,291,000      3.12% n/a
Zylog Systems             02/05/09      800,000      4.86% n/a
===============================================================================
Companies                 Date of        Shares  % Paid-up Lender
                        Disclosure     Pledged   Shares~
===============================================================================
J Kumar Infraprojects     02/05/09    2,025,000      9.76% Bank of India
Ganesh Benzoplast         02/05/09    6,279,538     21.45% n/a
Panchmahal Steel          02/05/09    4,057,000     29.00% n/a
Time Technoplast          02/05/09   58,970,000     28.18% n/a
Hindustan Motors          02/05/09   26,271,854     16.30% ICICI Bank
Sahara One Media & Ent.   02/05/09    1,500,000      6.97% IDBI Bank
Gangotri Iron & Steel     02/05/09      319,830      4.15% State Bank of India
Jindal Drilling & Ind.    02/05/09    6,159,400     26.86% n/a
Astra Microwave Prod      02/05/09      128,526      0.24% Religare Securities
Emco                      02/05/09    1,391,105      2.36% n/a
Lanco Infratech           02/05/09   18,962,500      8.53% n/a
Solix Technologies        02/05/09    1,750,000     28.11% TDB-Govt. of India@
Haldyn Glass Gujarat      02/05/09    2,158,750     40.16% n/a
UTV Software              02/05/09    7,781,199     22.76% n/a
LG Balakrishnan & Bros    02/04/09    3,361,900      4.28% n/a
LGB Forge                 02/04/09    3,361,900      3.36% n/a
Kavveri Telecom           02/04/09      500,000      5.09% n/a
===============================================================================
Companies                 Date of        Shares  % Paid-up Lender
                        Disclosure     Pledged   Shares~
===============================================================================
Kitply                    02/04/09   12,004,395     35.19% IDBI Trusteeship
Suryajyoti Spng. Mills    02/04/09      500,000      3.24% State Bank of India
                         02/04/09      500,000      3.24% IDBI Trusteeship
CHD Developers            02/04/09    8,000,000      8.25% n/a
Torrent Power             02/04/09   52,287,000     20.97% n/a
Upper Ganges Sugar1       02/04/09      657,966      5.69% Bank of Rajasthan
Upper Ganges Sugar2       02/04/09      259,923      2.25% Bank of Rajasthan
Upper Ganges Sugar3       02/04/09      234,891      2.03% Bank of Rajasthan
Great Offshore            02/04/09    5,527,592     14.88% n/a
Shyam Telecom             02/04/09    2,200,000     19.52% State Bank of India
Fluidomat                 02/04/09      734,078     14.83% n/a
Astra Microwave Prod.     02/04/09      300,000      0.56% Religare Finvest
Shree Ashtavinayaka CV    02/04/09    1,018,000      9.71% n/a
JB Chemicals              02/04/09       38,000      0.04% n/a
Murudeshwar Ceramics      02/04/09    2,278,840     13.02% IDBI
                         02/04/09      825,000      4.71% Dhanalakshmi Bank
                         02/04/09      412,000      2.35% Dev. Credit Bank
===============================================================================
Companies                 Date of        Shares  % Paid-up Lender
                        Disclosure     Pledged   Shares~
===============================================================================
Micro Inks                02/03/09   17,534,718     70.50% n/a
Balaji Telefilms          02/03/09    4,300,030      6.59% n/a
Khandwala Securities      02/03/09    1,733,321     14.52% Bajaj Auto#
Hind Syntex               02/03/09      580,902      5.33% ICICI Bank
Bhuwalka Steel            02/03/09    1,556,170     30.00% n/a
Kriti Industries          02/03/09   12,367,640     19.95% IDBI Bank
Radaan Mediaworks         02/03/09   12,500,000     23.08% IOB**
Aban Offshore             02/03/09    3,076,900      8.14% n/a
Shree Renuka Sugars       02/03/09   22,800,000      8.45% Crossborder Inves.
Pasupati Acrylon          02/03/09   15,125,000     21.26% IFCI Ltd.
Ganesh Housing Corp.      02/03/09    9,796,427     30.00% ICICI Bank
PVR                       02/03/09      500,000      2.17% Axis Bank
Bilpower                  02/03/09    1,160,000     11.05% n/a
Zuari Industries          02/02/09      780,000      2.65% IL&FS Fin. Serv.
                         02/02/09      750,000      2.55% Allahabad Bank
                         02/02/09      500,000      1.70% Birla Global Fin.
Crest Animation Studios   02/02/09      200,000      0.89% State Bank of India
===============================================================================
Companies                 Date of        Shares  % Paid-up Lender
                        Disclosure     Pledged   Shares~
===============================================================================
C&C Construction          02/02/09    2,300,000     12.60% Bank of Rajasthan
B.L. Kashyap & Sons       02/02/09    1,314,000      6.40% ECL Finance
Nava Bharat Ventures      01/30/09    5,000,000      6.44% IDFC^
HBL Power Systems         01/30/09      190,130      0.78% State Bank of India
Dolphin Offshore Ent.     01/29/09    2,136,512     22.34% State Bank of India
                         01/29/09      735,000      7.68% Canara Bank
Asian Paints              01/29/09   14,371,909     14.98% n/a
MindTree                  01/28/09       26,428      0.07% ICICI Bank
                         01/28/09       75,000      0.20% HDFC
Godrej Consumer Products  01/23/09   19,500,000      7.78% JP Morgan Sec.
SSPDL                     01/22/09    2,585,850     20.00% State Bank of India
Gammon India              01/31/09    6,000,000      6.86% India Infoline Invs.
===============================================================================
Notes:  * SBH = State Bank of Hyderabad.
       ^ IDFC = Infrastructure Development Finance Company.
      ** IOB = Indian Overseas Bank.
       # Company states that loan has been refunded and
         there is no balance pending with Bajaj Auto Ltd.
       ~ Calculated by Bloomberg News, where not provided by the company and
         may vary from actual company records.
       @ Technology Development Board, Dept. of Science & Technology,
         Ministry of Science & Technology, Govt. of India.

Source: Bombay Stock Exchange, National Stock Exchange of India.

RESEARCH REPORTS

>Three world famous Magicians

Three world famous magicians were in the bar drinking and boasting about their achievements.
The first one said," During my latest show, I made three women from the audience disappear, it was so convincing that their relatives started panicking, no one could find the trick"
The second one said, "Hey, that is nothing, during one of my open air shows I made the Municipality building disappear and the entire town was searching for it"
The third one sighed and said," Both of you are so local, I went to Paris and made the Eiffel Tower disappear for a full one hour,
it was live on the TV, entire France was searching for the building & no one had a clue".
Just then an Indian walked into the bar and the three magicians suddenly turned quiet, gave each other fugitive glances and started to slip towards the door.
A Bartender watching this got curious and asked one of the magicians, "Hey what happened? Who is that guy? "
One of the magicians whispered, "He is the World's greatest magician, he has done the biggest disappearing trick of all times,
we are all mere amateurs compared with what he has done. His name is Ramalingam Raju.
He has made USD 1.5 billion disappear from his company's balance sheet in front of everyone's eyes, and the entire world is still looking for it"

Surprizingly this was not knows untill recently he himself decided to confess.
Do we need stringent rules to discourage such fraud in future?
Do leave comments.
RESEARCH REPORTS

>Will Ambani Brother's patch up?

In the midst of a meltdown, the most intense sibling rivalry in corporate India — the Ambanis — is heading for a rapproachment, says SHANTANU GUHA RAY
LAST WEEK, brokers circles at Asia’s oldest bourse, the Bombay Stock Exchange (BSE), were awash with the rumour that a patch-up between the world’s richest brothers, warring since an infamous split in 2005 and a settlement a year later, might just be possible.

That the good news was merely a rumour was evident from the fact that neither brother — nor anyone from their respective camps — was willing to confirm its veracity. But the very lack of a vociferous denial did help increase the price of their stocks by almost 14 percent.
However, the possibility that there was indeed some fire beneath the smoke was borne out by the fact that this was the third such incident within a fortnight. In the first week of December, the Reliance (RIL) scrip rose to Rs 1258.90, ostensibly because of market talk that it was within reach of a gas supply deal with Reliance Natural Resources Limited (RNRL), owned by sibling and rival Anil Ambani. The value of the RNRL share rose by as much as 26 percent, its sharpest daily rise in 18 months. The two firms are locked in a dispute over whether and at what price RIL is required to sell gas to RNRL.
To read the full story.....

Will Ambani Brother's patch up?


RESEARCH REPORTS

>Buy back offered companies

The following companies have approved Buy Back offers untill now

Co_Name	Offer Open	Offer Close	Buy Back Price	Buy Back Amount	CMP Rs
Abbott India	08/18/2008	09/02/2008	630	50.24	368.1
Alembic	12/08/2008	11/13/2009	55	33.00	29.75
Amrutanjan Healt	12/03/2008	11/18/2009	450	6.36	358.15
ANG Auto	07/28/2008	01/02/2009	215	161.25	33.05
DLF	10/17/2008	07/09/2009	600	1100.00	191.9
EID Parry	12/15/2008	10/28/2009	160	46.84	132.8
FDC	11/24/2008	08/11/2009	40	35.86	27.2
Gateway Distpark	08/11/2008	01/24/2009	110	64.00	69.65
Godrej Consumer	12/04/2008	11/24/2009	150	14.90	121
Goldiam Intl.	05/07/2008	12/31/2008	85	9.37	15.03
Great Offshore	05/07/2008	03/30/2009	750	55.24	235.5
Guj Flourochem	08/21/2008	03/20/2009	300	61.43	57.05
HEG	10/13/2008	08/18/2009	350	48.50	111.9
Ipca Labs.	12/03/2008	11/10/2009	600	60.00	332.55
Jindal Poly Film	12/10/2008	08/28/2009	350	150.00	133.5
Maestros Medi.	11/18/2008	10/26/2009	75	3.26	40.05
Mastek	05/20/2008	11/26/2008	750	65.00	154.2
Monnet Ispat	12/08/2008	10/22/2009	300	7.50	127.05
Patni Computer	07/10/2008	02/06/2009	325	237.00	131.75
R Systems Inter.	10/29/2008	09/06/2009	150	8.00	48
Rain Commodities	09/25/2008	04/30/2009	307	26.00	86.6
Sasken Comm.Tech	09/15/2008	11/03/2008	260	40.00	51.15
SRF	07/02/2008	04/24/2009	160	70.00	68.25
Supreme Inds.	12/08/2008	11/25/2009	125	24.57	103.85
Surana Telecom	09/30/2008	04/20/2009	50	6.00	19.35
Valiant Commun.	10/07/2008	09/07/2009	32	3.14	21.1

Note: Buy Back amount mentioned is in Rs crore

RESEARCH REPORTS

>Baltic Dry Index recovers from lows

Friends, I was stressing about Baltic dry again and again here,And see whats its effect.
It recoves from its lows and here we see brusting rises in Shipping companies.

Its all about timing for a trader.

GE Shipping
Mercator lines
SCI
Varun shipping

Mercator lines saw 45% rise from lows in 2 days:)

GE shipping saw 25% rise in 2 days.
Read an old post which was written in october

Shipping companies analysis

Here am posting a live chart of Baltic dry which you can check whenever
necessary

View the full BALDRY chart at Wikinvest

Regards
Rish

RESEARCH REPORTS

>Berkshire Hathaway Shareholders meeting at Omaha(2008)

Summary By Some Gentleman who attended the meet.

_________________________________________________________________
I had the good fortune to attend the 2008- Berkshire Hathaway Shareholders meeting at Omaha, Nebraska a few weeks back.


It was a wonderful experience listening to and learning from the Master Investor- Warren Buffett himself and all I can say is that he stands alone as the reigning deity of financial world's Mt Olympus!

The degree of humility and composure he exhibited, although he is the richest and most well respected human is stunning!

I tried to take some notes and would like to share with you some of the best questions and answers which came across during the conversation between we mortals and God.

Having read about him, observed him and worshipped him for a few years now, I think it is reasonable to believe that this guy is exactly what he seems: a plain-speaking, tee totaling man of uncrackable integrity who works really, really hard and sticks to his investing and management principles through boom and bust which makes him a freak of nature since he is above normal human tendencies. He is like a comet streaking through the heavens every 75 years or so.

The questions the shareholders threw at him for 7 continuous hours ranged from finances, life, religion, career, politics, sports and several other streams. And he answered everything with a Zen like calm and confidence.

Even if you are least bothered about investments and finances, I insist, Pl read on.

================

What does it take to become a successful investor? Brilliance or Smartness?

Neither, Success in investing doesn't correlate with I.Q. Once you have ordinary intelligence, what you need is the temperament to control the urges that gets other people into trouble in investing.

When do you deicide to invest in a firm?

The best thing that happens to us is when a great company gets into temporary trouble. We want to buy them when they're on the operating table. (Mr. Buffett bought Coke when it had its biggest fiasco after launching New Coke; he bought American Express when it went through a loss making phase in the early 60's)

What do you look for in people when they come to sell their firms to you?

I don't look for the usual credentials such as an MBA, a pedigree (Harvard, Wharton), or cash reserves or market cap of their firm. What I look for is just a passion in their eyes; I think that's the key. A person who is hungry will always do well. I prefer it when people evenafter selling stay on and work for the firm; they are people who can't wait to get off their bed to get to work. Passion is everything; there is no replacement for innate interest.

Mr. Buffett, you told us that Berkshire Hathaway has $ 45 Billion in cash. Why aren't you investing?

Up until a few years back I had more ideas than money. Now I have more money than ideas.

When do you plan to retire?

I love my job; I love it so much that I tap dance to work. Mrs. B, the founder of Nebraska Furniture Mark worked until she was 104, she died within 6 months of her retirement, that's a lesson to all my managers, don't retire! I personally am going to work 6-7 years after I die, probably that's what they mean when they say- "Thinking out of the Box"!!

Why do stock market crashes happen?

Because of human nature for greed and insecurity. The 1970s were unbelievable. The world wasn't going to end, but businesses were beinggiven away. Human nature has not changed. People will always behave in a manic-depressive way over time. They will offer great values to you."

What are the things that are taught wrong in Business school and the corporate world?

I like such open ended questions, I think Business schools should refrain from teaching their wards about profit making and profit making alone, it gives a sense of 1 dimensional outlook to the young students that loss is a curse. In reality, in the corporate world, failure and loss making are inevitable. The capital market without loss is like Christianity without hell. I think they should teach the student on how to buy a business, how to value a business? Not just on how to determine the price of a business. Because price is what you pay, value is what you get.

Do you still hate Technology stocks?

With Coke I can come up with a very rational figure for the cash it will generate in the future. But with the top 10 Internet companies,how much cash will they produce over the next 25 years? If you say you don't know, then you don't know what it is worth and you arespeculating, not investing. All I know is that I don't know, and if I don't know, I don't invest."

How to think about Investing?

The first investment primer was written by Aesop in 600 B.C. He said, 'A bird in the hand is worth two in the bush.' Aesop forgot to saywhen you get the two in the bush and what interest rates are; investing is simply figuring out your cash outlay (the bird in the hand) and comparing it to how many birds are in the bush and when you get them."

How do you feel after donating $ 40 Billion to the Bill and Melinda Gates foundation? You are a hero to us!
I feel nothing. I haven't sacrificed anything in life. I have had a good life. I donated after I turned 75. I think I admire those people who sacrifice their time, share their food and home, as the people to be emulated not me. Besides, what is money before a man's life?

What do you think are the pitfalls in donation?

I have never donated a dime to churches or other such organizations; I need to believe in something before I end up doing that. I have beenobserving the Bill & Melinda Gates foundation for years now and I am confident they will do a fantastic job of making use of the money. I am a big believer in Outsourcing, others believed in me as an Investor and gave their hard earned money to invest. I believe in Bill Gates, he is a better donor than me.

Why do you work from Omaha and not Wall Street, New York?

Wall Street is the only place where people alight from Rolls Royce to get advised by people who use the Public transportation system.

You seem to be so well read, tell us how it all started.

My father was a stock broker, so we had all these financial books in our library. He introduced me to those classics and I got into them. Iam lucky that my father was not a fan of Playboy! Reading is the best habit you can get. Well, you can learn from teachers too, and have mentors but there are so many constraints attached- they will talk fast, talk slow, they might talk like a pro or they might be terrible communicators. Books are a different animal altogether, I love reading! The beauty about reading and learning is that the more you learn the more you want to learn.

People who join Berkshire Hathaway seldom leave. How do you get along well with all your executives?

I try to get quality people. I always say - Hire someone in your organization who is better than you are. If you do that, you build a company of giants. If you get people worse than yourself, you build a company of dwarfs. And do not try to do everything yourself. Delegate the jobs and look out of the window. The results will come. That's how you build institutions. It happens only when you empower others, believe in others. Iam an investor, Iam very secured at that, I have no clue how to make Coca-Cola or how to dole out credit cards (Mr. Buffett owns 8% of Coca-Cola and 13 % of American Express). I understand the wisdom of the aphorism that you cannot please all thepeople all the time. Of Course, you will always find qualities that you don't like in people around you, but if you observe carefully the love of the work unites you both. There is no point in being obsessive about a bad quality in a person, whom you otherwise respect.

I am a small time businessman from Dallas, Texas, what do I need to do to hit big time?

Be patient, Achieving your financial goals and dreams will not happen overnight. As much as we would all really love to accomplish our goals in a few years, this is an ongoing process. Defining your financial goals is not a one-time task; you need to keep adding new plans atdifferent stages in your life. We all admire the skills of Olympic ice skaters, pro golfers, and concert pianists. But do we remember that they didn't acquire their skills overnight? They had to practice hours on end for years to achieve their dreams. The key to success is to continue learning throughout your life with a voracious appetite.

I think it is marvelous that you have had a golden run with investing, how did you do that?

My rule is to be fearful when others are greedy, and be greedy when others are fearful. Besides, I call investing the greatest job in the world because you never have to swing. You stand at the plate; the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There's no penalty except opportunity lost. All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it. Stay dispassionate and be patient. You're dealing with a lot of silly people in the marketplace; it's like a great big casino and everyone else is boozing. If you can stick with drinking Coke, you should be OK. First the crowd is boozy on optimism and buying every new issue in sight. The next moment it is boozy on pessimism, buying gold bars and predicting another Great Depression, most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.

Mr. Buffett you have seen so many crashes and recessions, your take on facing recessions and stock market crashes?

If past history was all there was to the game, the richest people would be librarians. Every scenario is different. But always remember, Tough times do not last. Tough people do.

What is the 1 biggest advice you would impart to a young investor like me?

Think for a moment that you are given a car and told this is the only car you would get for the rest of your life. Then you would make sure that you car is taken care of well, it is oiled and detailed every now and then. You would make sure that it never gets rusted, and you would garage it. Think of yourself as that car. You just get 1 body, 1 mind and 1 soul. Take care of it well. Invest in yourself that would be my advice.

You personally know many of the Financial executives who are engineers of the current turmoil in the financial world, surprisingly even after record losses, those executives receive astronomical salaries and bonuses and arrogantly declare that they deserve it, why dint you advice them from making such decisions and what's your view on their justification for their pay?

I like sharing my ideas but don't like imposing my ideas on anybody. It doesn't make sense and is a waste of time. If somebody has decidedthat they know everything that is there to know, nobody can help them. The best way to learn and succeed is to know that we know nothing. There is an entire universe out there and still some of us think we can know everything. In the world of investing a few people after making some money tend to imagine they are invincible and great. This is the worst thing that could happen to any investor, because it surely means that the investor will end up taking unnecessary risks and end up losing everything – arrogance, ego and overconfidence are very lethal. Personally I don't feel too comfortable with too much extravagance, because I always think like an investor. My thought process doesn't see a lot of value in a fancy car or a designer suit. Thinking like an investor always is very important to bring in a sense of disciplineand focus. Before reading balance sheets and investing you need to make sure your outlook and mindset is that of an investor. Never let ego, arrogance and over-confidence control you - not just as an investor but also as a human being. You will never have internal peace if you are unable to look at everybody around you with love, compassion and understanding. Irrespective of who the person is, he or she can teach you something you don't know. I have learnt so much from people all around me and I wouldn't have been able to learn all thesewonderful things if I had not spoken to them with a smile. To quote Sir Isaac Newton- If I have seen farther than others, it is because I have stood on the shoulders of giants.


It was a 7 hour conversation and I could just capture some of the best questions and answers. As 37,000+ dazed, amazed and grateful shareholders trooped out of the stadium after the meeting, I found myself recalling one of my favorite quotes-

"A man has to learn that he cannot command things, but that he can command himself; that he cannot coerce the wills of others, but that he can mold and master his own will: and things serve him who serves truth; people seek guidance of him who is master of himself".

RESEARCH REPORTS

>FII Selling Pattern (year 2008)

Weekend,Its raining here in Bangalore had nothing constructive to do,
Thought let me ramble with FII selling we witnessed this year(2008) till now.

In 2008 top three months of wealth destruction till now are

January

June

October

October being the darkest month of the year till now.

January (OHLC)=6138,6356,4450,5171 A loss of 15%

June (OHLC)=4870,4906,4022,4025 A loss of 17%

October (OHLC)=3921,4000,2253,2905 A loss of 27%

Lets compare the FII selling in these 3 months

January FII sold=-17,226.90 (cr)

June FII sold =-10,577.70 (cr)

October FII sold=-14,248.60 (cr)

Now run your eye through the attached chart of nifty.

It clearly shows though the fall was steep traders/Investors were quite eager to buy
because by the time month ended more than half of fall was retraced (Traders were hopeful)

Come to June its calm compare to January but absolutely no retrace and the month ended
quite near to the monthly low.(Traders sold too not hopeful of rise) One thing to look for
though this being the lowest out of the three months comparing FII selling .Still it managed to shave off 17% off Nifty.

The October comes darkest of the three "mayhem" Bear salsa world over FII sold lesser than
compared to January but we witnessed Nifty being lighter by 27% .
Distress sale,Panic sale etc etc and what not.Long term investors sold there blue chips.
Sentiments negative to the core no one wanted to talk about stocks etc etc.

Then suddenly from no where we witnessed sharp and swift rally in October itself
From a low of 2250 to 2900 that's 650 points in a week, Of course on low volumes:)
Retail was quite scared to buy.

Data source :-Moneycontrol
RESEARCH REPORTS

>Nifty ,Dowjones & Reliance update.

Hi Friends,
The downside targets are coming thick and fast.

Nifty did its second target of 2550 Nifty analysis.

Dowjones reached the upper edge of the target 7500. Dowjones analysis

Reliance rose above 1180 and showed good momentum above that intraday
but was unable to give a close above 1180 which was needed. Reliance analysis

I feel we are quite near to an substantial rise, Swift and fast rally. May be next week
starting things should change.

RESEARCH REPORTS

>Failed acquisitions of INDIAN Inc (Blessing in disguise)

The first half of year 2008 saw INDIA Inc overseas acquisition Juggernaut in full flow!!!

Tata's ---------JAGUAR and LANROVER

Birla's--------- NOVALIS

HCL Tech------ AXON

Then came Credit crisis(worst in decade) money crunch. lenders turned apathetic!!!
Of course they had too as they had to fill there own money sucking holes.

In the first half of year we even witnessed few failed Acquisitions too.

First Bharti tried MTN (Gave up soon)
Later RCOM joined the race and almost won the bid,Here comes the brotherly rivalry
Mukesh spoiled Anil's ambitious plan to acquire MTN.

I am sure Anil must be thanking Mukesh for that.(Blessing in disguise).

Then we witnessed bidding war between two IT majors INFOSYS & HCL TECH

Though INFOSYS gave up after some try and it was a topic to debate for quite some time why
INFOSYS gave up.
Well in present situation it looks like it was a wise decision.Infy loss is a gain now. (Blessing in disguise)

The biggest buyout was of Malvinder singh's RANBAXY by Japanese major DIACHII (aaiii ooo chiii)
He sold his company for mouth watering price and is sitting on huge pile of cash:)
Indeed "Singh is king" in this case.



RESEARCH REPORTS