You are a classic value investor. That explains why you have NTPC or an ITC or HPCL and other oil marketing stocks in your portfolio. But in the post-Covid crisis, given how Nasdaq has moved up and how a stock like Nestle or Britannia has made a comeback, are you getting challenged on your thesis of buying cheap and value investing because in this new normal, will the classic old way of value investing?
You are right. I do have a value bias and you could say I have been one on a few occasions earlier than one would have liked to be. But what is value investing? It is simply saying that I want to buy a business that is strong, that is well-managed and at a price which I believe is lower than the fair value. The discovery of fair value at times is a function of the environment in the market and this time around value investing has struggled for longer than what we had anticipated.
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