Shaishab Pran Bora

I think in investing, identifying the management is one of the toughest steps I generally face. Identifying the right management is one of the longest processes. No one can identify the management in a week or months. Sometimes it takes years and years for people like me. Every time, a hidden fear appears within me, as if I misidentified the management or paid the wrong price. I know that making mistakes is normal in the equity market. I made lots of mistakes in the past and have made new mistakes. As time passes by, I am just trying to improve myself and become more conscious so that I will not repeat those mistakes that I have made in the past.      I think that management is one of the most important parts of equity investing. If I pass this step, then I think my majority of work is done. Management is like a driver for me. Let's say I have to go from one place to another. Only a perfect driver will know which road is best, which road will use less fuel, or wh...

       A few weeks ago, I was reading a research report on the mutual fund industry, uploaded by one of the best brokers, Motilal Oswal. Though I am not a big fan of mutual funds, as I am in the same industry, sometimes I read some reports. I have come to know that the best performing fund in a particular year will not be on top in the next 3 to 5 years. This is the reality of the Indian fund industry.      If we look at the history of the Indian mutual fund industry, the best performing fund in 2009–11 was ranked 162nd in 2012–14. The best performance in 2010–12 was 123rd place in 2013–15. The best performance in 2011-13 was 172nd rank in 2014- 16. If we see the performance of the funds, it will be clear that the top 10 funds of a particular year will not be in the top 50 in the next 2-3 years. Now the question is: why does this happen?      It is human nature for everyone to want to be with the best. So, when we have lots of o...