Semester IV Download
December 3, 2012
by Nikunj Chugh
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April 19, 2012
by Nikunj Chugh
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Study table
April 19, 2012
by Nikunj Chugh
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Introduction to Essential Elements for B.Com(Hons)
March 19, 2012
by Nikunj Chugh
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A letter to Sachin Tendulkar – By Virat Kohali
Dear Sachin Paaji
You have a million fans and I am one of them. In fact, I started playing cricket because of you. Simply watching you play motivated me. I don’t know if you remember this but I first met you at Wankhede Stadium in 2007.
I was part of the Indian under-19 side and we were set to leave for New Zealand. Mr Lalchand Rajput was our coach and it was he who’d requested you to come and have a chat with us. I was barely 17 then and I must apologise that I — in fact, all my teammates — did not pay much attention to anything you said!
Well, we were simply in awe of you. The boys stood in a huddle and you were, literally and figuratively, the centre of attention.
You had told us about the conditions in New Zealand; you spoke about the bounce, the swing and how we need to tackle that. Your technical knowhow held me in good stead on that tour.
Ravindra Jadeja, Ajinkya Rahane, Piyush Chawla and Dhawal Kulkarni were also part of that team and each of them has either played for India or done well in the IPL.
People crave to shake hands with you, get your autographs, have a picture clicked and here I am so abundantly lucky to be sharing a dressing room with you. To get to know you personally has been a huge honour.
I have had a fairly good start to my international career and I want to thank you for helping me in every possible way. Paaji, I have never said this to you, but I actually connect with you very easily. I feel comfortable and reassured when I speak to you about my game and, invariably, you tell me what I am actually thinking! I consider it an honour to be on the same page with you.
It’s always a pleasure talking to you about the game. You know how frustrated I was after the first two Tests in Australia recently. I was batting on 40-odd in the third Test at Perth and you came up to me and said that I’d get a big hundred. I am sorry I disappointed you by getting out for 75, but I hope I pleased you by scoring my maiden Test hundred in the final match at the Adelaide Oval.
You have no idea how much that one statement from you motivated me. It was amazing; I started hitting the ball really well and I knew that if you thought I could get a hundred, then I was going to get it.
On Friday, you achieved something which no other cricketer can or will. Yes, I know the last one year was frustrating, but I admire you for the way you handled yourself during this tough phase.
I was at the other end when you missed out on the landmark in Mumbai. It would have been great had you got it there, but it’s fine. I know you were not desperate because that’s what you have told me: never think too much, just play your game.
We admire you for your patience. You never lost your cool throughout this period. You behaved so normally. You were, are and always be a team man first. I am honoured to be part of a historic day in cricket. You are my childhood hero and I am equally thrilled to be part of this celebration.
You had once told me during our 75-run stand during an ODI in Nagpur that I must follow my instincts. I am doing just that and the results are showing.
Yours lovingly,
Virat Kohli
March 12, 2012
by Nikunj Chugh
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Kingfisher Airlines crisis: Oil companies stop fuel supply due to non-payment of dues
In fresh trouble for Kingfisher Airlines, state-owned Hindustan petroleum Corporation Limited (HPCL) today stopped jet fuel supplies to the ailing carrier due to non-payment of dues which resulted in 6 flights being cancelled in Bombay and some disruptions in Delhi.
HPCL, which is Kingfisher’s biggest aviation fuel supplier, stopped refuelling the Vijaya mallya-run firm’s airlines at around 1830 hours today, a senior company official said.
The cash-strapped airlines, which has over Rs.425 crore outstanding in fuel dues to HPCL, had not been honouring its daily fuel bills, prompting the oil company to snap supplies.
Indian Oil Corporation (IOC) earlier declined quantifies to Kingfisher while Bharat Petroleum Corporation Limited contonues to sell fuel to the airlines on a cash-and-carry basis at some airports.
A spokesperson of Mumbai International Airport Limited said 6 Kingfisher flights have been cancelled since this evening. Irate passengers protested over the last minute cancellations.
At least three Kingfisher flights were delayed in Delhi, airport sources said.
“We first cut supplies to Kingfisher for a couple of hours earlier this month. But it didn’t help and we had to snap supplies this evening,” the HPCL official said.
Kingfisher buys ATF jet fuel worth Rs.4-4.5 crore daily from HPCL. The airline was last year put on cash-and-carry and has to make daily payments before it is supplied jet fuel.
The official said Kingfisher had provided bank and corporate guarantee to cover for the past dues of over Rs.425 crore but HPCL has so far not decided to encash the guarantees.
The decision came close on the heels of global airlines body IATA suspending Kingfisher’s participation for not clearing its dues.
The ailing carrier said payments would be made as soon as tax authorities de-froze its bank accounts.
March 3, 2012
by Nikunj Chugh
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How to Apply for IPOs Using ASBA
Applying for IPOs using ASBA / Subscribing to IPOs using ASBA
What is ASBA?
ASBA (Applications Supported by Blocked Amount) is a new payment method using which you can apply for IPOs (Initial Public Offerings). It is available only for retail investors and is supported only by certain banks. Using ASBA, you can apply or subscribe to any IPO easily without paying any money upfront.
Which Banks offer ASBA?
Only Banks certified by SEBI, Self Certified Syndicate Banks (SCSBs), can offer the ASBA facility to their customers. There are now 53 such banks which offer this facility in India.
List of Banks offering ASBA in India
How does ASBA work?
ASBA (Applications Supported by Blocked Amount) allows you to apply for IPOs without paying any money upfront. Your money is just blocked by the bank until the IPO book building process is over and the share allotment is done (you cannot withdraw it until then). After that, the money is deducted from your account based on how many shares have been allotted to you. The remaining amount is unblocked immediately.
This is much better than the traditional way of applying for IPOs. You don’t need to send a cheque for applying to the IPO or wait for a refund when the allotment is over. You also keep receiving interest on the blocked amount under ASBA.
How to use ASBA for Applying to IPOs
1. If your bank is in the list of banks supporting ASBA (SCSBs), you just need to go to your bank’s website and register your CDSL or NSDL demat account under the ASBA facility by entering your account details.
2. You can then view a list of open IPOs and FPOs and submit your bids for it using ASBA. If your bids are valid, the bank will give you an acknowledgement number and your application is complete.
3. When the book building process is over, the shares allotted to you will be deposited to your demat account and the balance amount will be unblocked in your bank account. Retail investors now receive a 5% discount to the final listing price.
March 3, 2012
by Nikunj Chugh
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Maximizing Shareholder Value: The Dumbest Idea In The World
Excellent argument.
The real market vs the expectations market
In today’s paradoxical world of maximizing shareholder value, which Jack Welch himself has called “the dumbest idea in the world”, the situation is the reverse. CEOs and their top managers have massive incentives to focus most of their attentions on the expectations market, rather than the real job of running the company producing real products and services.
The “real market,” Martin explains, is the world in which factories are built, products are designed and produced, real products and services are bought and sold, revenues are earned, expenses are paid, and real dollars of profit show up on the bottom line. That is the world that executives control—at least to some extent.
The expectations market is the world in which shares in companies are traded between investors—in other words, the stock market. In this market, investors assess the real market activities of a company today and, on the basis of that assessment, form expectations as to how the company is likely to perform in the future. The consensus view of all investors and potential investors as to expectations of future performance shapes the stock price of the company.
“What would lead [a CEO],” asks Martin, “to do the hard, long-term work of substantially improving real-market performance when she can choose to work on simply raising expectations instead? Even if she has a performance bonus tied to real-market metrics, the size of that bonus now typically pales in comparison with the size of her stock-based incentives. Expectations are where the money is. And of course, improving real-market performance is the hardest and slowest way to increase expectations from the existing level.”
Continue reading: The Dumbest Idea In The World: Maximizing Shareholder Value
March 1, 2012
by Nikunj Chugh
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Why Passive Investing is a True Investing
To be able to consistently beat the market in terms of risk adjusted returns, you have to be either
1. A fucking genius
2. Very fucking lucky
The probability of you being a big fucking genius or at least smart enough to beat the market is very low, tending to zero. There are many very intelligent people who have tried to do it, and have failed miserably.
There is one who has done very well – Warren Buffett, and he definitely isn’t a proponent of active investing, at least not in the form that most of you practice it. Buffett swears by the power of passive investing, even though he doesn’t do it himself.
Buffett can be considered to be the most successful investor on Earth, and he has always believed in value investing and passive (indexed) investing. If he says something, I’m surely inclined to believe him. Even history shows that passive investing is the best way to invest in the long term.
Coming to the second point, the probability that you will make a good amount of money by just being lucky is also quite low. There are seven billion people in the world. Assuming that there are 10000 people who will be able to beat the market by sheer luck, the probability that you will be one of them is 1 in 700,000. The odds are just too low to even try.
Buffett is probably both – a genius and very lucky, and as you can see, there is only one of him. If you believe that you are smarter than him, or the many smart people who have tried to beat the market, and failed, you need to read this.
Active Investing is very much a waste of time, as all EMH proponents will tell you.
The only easy way to make a risk-free killing in the market is to have some informational advantage (inside information), which I assure you, that you as a normal investor, never will.
Here are some other ways to make money in the stock market.
Stop trying to beat the market by acting on ‘sure’ tips by your broker or your grandmother’s neighbor’s watchman, just because someone you know got lucky and made some money in the market, and now you feel that if that idiot could, you can too. Instead, invest in some equities or commodities index, and divert your energy to something productive, and actually create something of value. You will have a much better chance of getting rich that way.
Note: I know that you probably think that you are the next Warren Buffett, and that you are smarter than all the idiots who couldn’t make shitloads of money in the stock market, including me, and that you are going to take a shot at it anyway. Here’s a tip: You aren’t. And don’t.
February 26, 2012
by Nikunj Chugh
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What If You Bought Apple Stock Instead of Apple Products?
Buying Apple Stock Instead of Apple Products
With Apple’s market cap at an all time high, many investors are thinking what would have been if they had bought Apple stock years back. Kyle Conroy has posed an even more interesting question. What if you had bought Apple stock instead of Apple products? The results are very interesting. Apple has launched more than 300 different products over the years (317, to be precise). If you had bought each of those products at launch, you would have shelled out exactly $591,719. Now if you would have instead bought Apple stock instead of Apple products for the same price when they launched, the current market value of your Apple stock would have been $11,120,691. That’s close to a 1800% increase to the original purchase price, not adjusting for time value. Impressive, huh? You can check out the original data set here – Apple Products vs Stock
February 24, 2012
by Nikunj Chugh
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DIFFERENCE BETWEEN DISPERSION AND SKEWNESS ?
The main points of difference between dispersion and skewness are given as under:
(1) Dispersion is concerned with measuring the amount of variation in a series rather than with its direction. Skewness is concerned with direction of variation or the departure from symmetry.
(2) Dispersion tells us about the composition of the series whereas skewness tells us about the shape of the series.
(3) Measures of dispersion are based on averages of the first order such as K, M, Z etc. whereas measures of skewness arc based on averages of first and second order such as X , M,Z,cr etc.