Report Card : 31-Mar-21

Our composite portfolio is the sum total of all individual client portfolio values and our composite high water mark is the sum total of all individual client high water marks.…

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Sovereign Gold Bonds : 28-Feb-21

The Government of India introduced the Sovereign Gold Bond (SGB) scheme In the Union Budget of 2015-16. To date about 45 SGBs have been issued. Let us for example consider…

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ETFs vs Index Mutual Funds : 31-Dec-20

This blog is a continuation of last month’s blog. In last month’s blog we discussed at length the obfuscation around the word “Total” in Total Expense Ratio (TER) in fund…

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Talking Money with Monika Halan : 30-Sep-20

I recently attended a webinar on the Financialisation of India’s Savings with Monika Halan moderated by Marcellus Investment Managers. Drawing from the evolution of Bollywood, at the webinar Ms Halan…

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SEBI Circular : 23-Sep-20

This is an unusual blog – in that it comes in-between month ends. We write this blog since SEBI has issued a circular dated 23-Sep-2020 with wide ramifications for Investment…

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Gross Misselling in Insurance Products : 31-Jul-20

On 03-Jul-20, SEBI amended the Investment Adviser Regulations. A few progressive amendments included were (i) disallowing individual Registered Investment Advisers (RIAs) from distribution (ii) reserving the name Investment Adviser only…

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The Investing Game : 30-Jun-20

The book – Winning The Losers Game by Charles D Ellis is a fascinating read. It is clearly THE BOOK we would recommend for individual investors – we are almost…

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TWRR vs IRR : 30-Apr-20

In our blog of Report Card : 31-Mar-20 we presented our performance on a consolidated basis. Performance was reported on a Time Weighted Return (TWRR) basis as against an Internal…

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Report Card : 31-Mar-20

Amidst the COVID-19 crisis the world finds itself in, and the commensurate rout that the markets have witnessed, we report on our annual performance for one more year. Whilst each…

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In Search of Quality : 31-Dec-19

In our blog Emerging Value : 28-Feb-19, we had made out the case for deep value emerging in the wider markets. We had also implied in the same blog that…

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Low Hanging Fruit : 30-Jun-19

A client recently purchased a house and had taken a home loan. As usual the client had to also undertake insurance for his home loan. While chosing the appropriate insurance…

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Report Card : 31-Mar-19

The financial year 2018-19 has just ended. The year gone by has witnessed stellar growth in the headline BSE SENSEX. The wider market however has lagged these indices. We present…

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Emerging Value : 28-Feb-19

In our blog of 31-Oct-17, we referred to the fact that our equity portfolios (we call them risky portfolios) benchmarked against either the BSE SENSEX or the BSE Small Cap…

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Time Value of Money : 31-Oct-2018

The time value of money is an Investment 1.0 topic. It is a fundamental attribute that capital today is more valuable than the same notional amount of capital anytime into…

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Letter to SEBI : 30-Sep-2018

Aroha’s Investment Adviser License is coming up for renewal and in this regard, we recently submitted our application for renewal. Anguished with the unfair situation Corporate Fee Only Registered Investment…

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Capital Gains : 31-Jul-2018

The Union Government in its wisdom, introduced a Long Term Capital Gain (LTCG) tax on equity shares in its budget for the financial year 2018-19. My attempt in this blog…

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The power of compounding : 31-May-18

Simple interest is one in which the interest is paid out at regular intervals. In compound interest, the interest is not paid out at regular intervals, but instead added to…

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Report Card : 31-Mar-18

It is the time of the year to take stock of how things have panned out in the financial year gone by. Clients have a choice of three benchmarks to…

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A path less trodden : 30-Sep-2017

The CFA Society of India had recently conducted a Value Investing Summit in Delhi. Eager to listen to the best minds in the industry, I enrolled for the conference in…

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On Robo-advisory : 31-Jul-2017

In mid July, I had the good fortune of being a part of a panel discussion on robo-advisory in India. I was the only representative of a bricks and mortar…

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Report Card : 31-Mar-17

While every client is aware of the return generated in her portfolio for the financial year just ended, I would like to take some time to present on how Aroha…

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High Watermarking : 28-Feb-17

When I receive enquiries on the viability of Portfolio Managed Services (PMS), amongst the many pointers that I put out to prospective investors is to draw attention to the concept…

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Dumb-bell strategy : 31-Jan-17

In the many reviews I have received of our new web-site, one question that kept repeating itself was – what does the term dumb-bell strategy mean?. As real estate on…

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The demon in demonetization : 31-Dec-16

Dear clients, my apologies for not presenting my monthly blog for 30-Nov-16. We have been swamped with work including the revamping of our website, change in office location and the…

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The source of wealth : 31-Aug-16

In his book the Aspirational Investor, Ashvin B. Chhabra provides insightful analysis on investing. The book is a great read and provides some thought-provoking ideas about making smarter investment choices…

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The Fiduciary Standard : 30-Jun-16

A hilarious video hosted by John Oliver in his talk show Last Week Tonight was brought to my attention this month. In this video, Mr. Oliver delivers a supremely funny…

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Liquid Funds : 31-May-16

In the 11th May 2016, edition of the Mint newspaper, as a part of an investor awareness initiative – swatantra, I answered a few questions centered on how a salaried…

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Understanding Annuities : 30-Apr-16

With the raging controversy surrounding the restrictions the Government of India proposed in the recent budget around provident fund withdrawals, specifically with the insistence of taking up single premium annuities…

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Report Card : 31-Mar-16

In my blog of 31-Mar-15, I promised to bring to you a report card on the performance of Aroha Capital one year from then. One year has passed and it…

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On Financial Intermediation : 31-Jan-16

In the recently concluded 6th India Investment Conference conducted by the Indian Association of Investment Professionals, I was fortunate to sit through a talk by Professor John Kay, an eminently…

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A silver lining : 31-Aug-15

Amidst the market mayhem we have witnessed in the past fortnight, market pundits have voiced a variety of opinions, including the likelihood of persistent volatility, the relative safe haven India…

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Being roughly right : 31-May-15

In a recent discussion among friends, we briefly debated the idea of the lack of training in probabilistic thinking in our schools. We discussed how of all disciplines we learn…

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Report Card : 31-Mar-15

I was pondering over the topic for this month’s blog when my wife in the background was reminding me that our children’s end of term report cards were ready and…

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Risk and Uncertainty : 28-Feb-15

My dear client – you would have by now received an email from finametrica, asking you to fill up a questionnaire for assessing your risk profile. The idea is to…

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Term Life vs ULIPs : 30-Nov-14

Many clients I have spoken to have Unit Linked Policies (ULIP) in their portfolio of investments. Clients are either unaware of Term Life policies or believe that they are more…

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The virtues of Direct plans : 31-Oct-14

SEBI circular no. CIR/IMD/DF/21/2012 dated 21-Sep-2012, mandates mutual funds to provide a separate plan for direct investments, i.e., Investments not routed through a distributor. Such a separate plan shall have…

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Delaying gratification : 30-Sep-14

Rising markets distort portfolio allocations in two ways. The first is by the sheer improvement in valuations, equity portfolios rise and hence take a significantly larger portion of the asset…

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Staying liquid : 31-Aug-14

Over the last 6 months India has seen a steady and definite improvement in its macro fundamentals. With a simple majority government coming to power, levels of uncertainity are significantly…

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