Business
Weekly Commentary: The Treasury Secretary And The Maestro
I’m at about 30 years persevering as a “professional bear.” My lucky break came in late-1989, when I was hired by Gordon Ringoen to be the trader for his short-biased hedge fund in San Francisco. Working as a short-side trader, analyst and portfolio manager during the great nineties bull market – for one of the most brilliant individuals I’ve met – was an exciting, demanding and, in the end, a grueling and absolutely invaluable learning experience. Later in the nineties, I had stints at Fleckenstein Capital and East Shore Partners. In January 1999, I began my 16 year run with PrudentBear (that concluded at the end of 2014), working as strategist and portfolio manager with David Tice in Dallas until the bear funds were sold in December 2008. In the early-nineties, I became an impassioned reader of The Richebacher Letter. The great Dr. Richebacher opened my eyes to Austrian economics and solidified my lifetime passion for economics and macro analysis. I had the good fortune to assist Dr. Richebacher with his publication from 1996 through 2001. Prior to my work in investments, I worked as a treasury analyst at Toyota’s U.S. headquarters. It was working at Toyota during the Japanese Bubble period and the 1987 stock market crash where I first recognized my love for macro analysis. Fresh out of college I worked as a Price Waterhouse CPA. I graduated summa cum laude from the University of Oregon (Accounting and Finance majors, 1984) and later received an MBA from Indiana University (1989). By late in the nineties, I was convinced that momentous developments were unfolding in finance, the markets and policymaking that were going unrecognized by conventional analysis and the media. I was inspired to start my blog, which became the Credit Bubble Bulletin, by the desire to shed light on these developments. I believe there is great value in contemporaneous analysis, and I’ll point to Benjamin Anderson’s brilliant writings in the “Chase Economic Bulletin” during the Roaring Twenties and Great Depression era. Ben Bernanke has referred to understanding the forces leading up to the Great Depression as the “Holy Grail of Economics.” I believe “The Grail” will instead be discovered through knowledge and understanding of the current extraordinary global Bubble period.
Business
Companies should focus on business growth, profitability rather than just share price: NSE chief
Addressing the 9th JITO Incubation & Innovation Foundation (JIIF) Day event, he said a company’s market valuation should be a reflection of its business performance and growth.
The objective of an entrepreneur should be to expand the business and increase shareholder value through stronger fundamentals, he suggested.
“If the company’s profit increases, the share value should increase. You cannot keep increasing value without creating actual business growth,” Chauhan said.
He said entrepreneurs need to remain focused on their core business rather than getting influenced by market trends or peer pressure.
Companies that consistently grow and deliver results eventually get recognised by the market, he added.
The public markets reward profitable businesses with a valuation that private balance sheets cannot match. A company earning an annual profit of Rs 2 crore, he said, could command a market capitalisation of Rs 40 to 50 crore once listed, giving the promoter room to raise capital, bring in partners and expand operations. Listing also gives a company its own currency, Chauhan said.
A listed promoter can use stock to acquire other businesses, draw in partners and reward staff through stock options, he said, citing the early use of employee stock options at Infosys by NR Narayana Murthy and Nandan Nilekani to attract talent the company could not otherwise have hired.
He also highlighted the importance of innovation in entrepreneurship, saying innovation is not limited to major technological breakthroughs but can happen through small improvements in everyday processes.
“Whatever you do, if you do it differently and in a better way, that is also innovation,” Chauhan said.
Chauhan said the journey of building a business involves significant challenges and persistence, with many founders facing years of struggle before achieving success.
On the listing journey, he said getting listed on the stock exchange is not as difficult as often perceived, but companies need to focus on compliance, governance and transparency after entering the public markets.
Capital markets provide opportunities for companies to raise funds and grow, but businesses need to maintain discipline and focus on long-term value creation, Chauhan stated.
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I have a strong inclination towards high-growth companies, often treading in sectors poised for exponential expansion. My expertise lies in understanding and investing in disruptive technologies and forward-thinking enterprises. My approach is a mix of fundamental analysis and future trend prediction. I believe in the power of innovation to yield substantial returns and aim to provide insightful analysis on such companies here on SeekingAlpha.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
US safety agency ends power steering probe into 376,000 Tesla EVs
No downward dog jokes, please: Yoga tights pioneer Lululemon Athletica is one of the stock market’s worst performers. It has fallen 45% year to date and 60% over the past five years, good for ninth and 12th worst, respectively, among S&P 500 companies.
South Korean shares slumped more than 8%, prompting regulators to halt trading for the second time this week as jitters over the valuations of companies riding the artificial-intelligence boom rattled the world’s best-performing market this year.
The benchmark Kospi tumbled 8.1% Friday afternoon, erasing Thursday’s gains as investors grew concerned that the rapid growth in profits of chip manufacturers that supply the AI industry could top out. Reflecting how volatile trading of South Korean stocks has become, regulators briefly suspended trading again in an effort to steady the market.
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Companies should focus on business growth, profitability rather than just share price: NSE chief
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