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Path To Profit
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The Path to Profit. A section where Ajit Dayal writes about his daily experiences as he travels the length and breadth of South India, meeting existing and new investors and facing their questions. Read the latest on the Path to Profit below.
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Posted by Ajit Dayal
on
Thursday, September 17, 2009
So we have just left Coimbatore and are back on the road - this time to Kodaikanal.
Raju has had a good night’s sleep after his 27 hairpin bends and now ready to make the 172 kilometre journey.
As we leave the city for the highway we come across a red light.
Raju stops.
The cars behind him begin chanting their horns.
Raju goes through the red light.
I don’t like it. “Please don’t go through red lights”, I say sternly.
“But woh horn bajara tha”, says the smiling Raju
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(9)
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Posted by Ajit Dayal
on
Wednesday, September 16, 2009
The journey from Mysore to Coimbatore was bumpy.
The roads were terrible for much of the way.
We did the first 70 kilometres in two hours.
And then we went on better roads and down what we think are the Vindhya Hills to Coimbatore.
There were 27 hairpin bends heading down the ghats.
And at every hairpin bend we had to blast the horn to make sure that the buses and trucks racing up a curve at high speed to avoid a stall, would not plough into us.
Raju was happy. In Bombay, I forbid him from honking and/or from cutting lanes.
Here, that is the only way to survive.
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(2)
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Posted by Ajit Dayal
on
Tuesday, September 15, 2009
The investor meet in Mysore on Monday began at 5.30 pm and went on till 9.15 pm.
After 3 hours and 45 minutes of talking, my voice is giving way.
But why, asked someone, are you willing to spend so much time with so few people?
Because an advertisement in a newspaper and on TV will cost money – and you as the investor will eventually pay for it!
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(1)
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Posted by Ajit Dayal
on
Monday, September 14, 2009
The drive southwards from Bangalore to Mysore was smooth. Sonia Gandhi was due to fly down to Mysore for the inauguration of the Infosys Global Education Centre. No, we were not heading to Mysore for that. Ours was a more modest journey: to keep informing investors and sharing our views with them.
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Posted by Ajit Dayal
on
Saturday, September 12, 2009
So, the 90 minute discussion is over with much laughter and disbelief.
Are we for real, are we really, really real??
Yes, Quantum Mutual Fund is for real. We are a business: we have costs and we need revenues to match those costs.
Our revenues – like any other mutual fund house anywhere in the world – come from the fees we earn on the assets we manage.
And if those assets do not increase – if more investors do not give us a portion of their total savings pool to “manage”, Quantum Mutual Funds will not have revenues. And will not be able to pay salaries. And will, well, fade away.
It is not an outcome that I want – and I know that with your support it will never happen.
Why am I so confident?
Because we have something unique to offer.
It may be a “contrarian” view: but it is our view.
We are custodians of your capital, when you invest in the Quantum Long Term Equity Fund you are putting your future into our hands.
Into the hands of the investment processes we have built.
Into our ability to question managements on why they do what they do.
We may own only 0.00001% of a company’s share capital. But that means we are paying 0.00001% of that CEO’s salary.
‘We’ means ‘you’ – and all the other investors and unit holders in the Quantum Long Term Equity Fund.
For the honour of the responsibility of looking after your savings, we as fund managers have the right and the responsibility to ask questions......
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