Newsletter December 2024
MESSAGE FROM THE BOARD
Society Updates Dec 2024
Society Updates
Navin Vohra, CFA
True wisdom lies in regularly participating in knowledge sharing events, staying curious and open-minded as I emphasize later in this message as well...
PERSPECTIVES
The Galloping Greenback | Recent Strengthening of the US Dollar
Foreign Exchange
Mihir Shirgaonkar, CFA
In March 2022, the US Federal Reserve raised the target range for the Federal Funds Range by 25 basis points or 0.25%, putting an end to the near-zero interest rate...
PERSPECTIVES
Person of the Year 2024
Perspective
Navneet Munot, CFA
Don is back dodging bullets by the ear. He can claim the year. Criminal convictions? Courtroom speed bumps. Impeachment? Old news. Age? Merely a number...
RESEARCH
The Art & Math of Concentrated Investing
Investment
Jinesh Sarat Sheth, CFA, CA
Knowing what to buy is important; but wait; knowing how much to buy is even more important!! Portfolio return does not just depend on which stocks you have...
INSIGHTS FROM SOCIETY EVENTS
India Sustainable Investment Leadership Summit 2024 | Mumbai | Press Release
Contributed by
Labanya Prakash Jena, CFA and Mohan Kumar Prabhu, CFA
Leaders from the Indian financial market, banks, and other institutions converged in National Stock Exchange, Mumbai for the...
15th edition of India Investment Conference | Mumbai | Press Release
Contributed by
Mihir Shirgaonkar, CFA
Investment professionals gathered in Mumbai to delve into economic resilience amid disruptions, investment avenues and techniques, and perspectives on...
#8thVIPS – Unveiling the Multibagger Blueprint: Essential Strategies for Investment Success
Contributed by
Srishti Madan, CFA
In the dynamic and ever-evolving investment landscape, the pursuit of multibagger opportunities remains a compelling quest...
#8th VIPS – Art of Selling | Kuntal Shah |
Contributed by
Ajay Minocha, CFA
The session “Art of selling”, delivered at the 8th Value Investing Pioneers Summit (VIPS) organised by CFA Society India, explored the overlooked yet vital skill of selling in investing. The common focus in financial...
BOOK REVIEW
The Making of Modern Corporate Finance
Donald Chew’s forthcoming book, The Making of Modern Corporate Finance, is a love letter to those who published in the Journal of Applied Corporate Finance, of which the author is the founder and remains its publishing editor. It is a love letter to unfettered capitalism and the financial system...
The M&A Failure Trap: Why Most Mergers and Acquisitions Fail and How the Few Succeed
At an early-1980s presentation by a leading investment bank to a business school alumni group, the bank’s CEO was confronted during the Q&A session about the high failure rate of corporate mergers and acquisitions (M&A)...
SELECTED READINGS
The Discounted Cash Flow Dilemma: A Tool for Theorists or Practitioners?
If your foresight is strong enough to build a reliable Discounted Cash Flow (DCF) model, you likely don’t need one. Why does this matter? Because genuine foresight is rare and too much faith in one spreadsheet can lead to overconfidence...
Beyond the Fed Model: Dissecting Equity Valuation Trends
With equity markets hitting record highs and the Fed Model signaling historically low valuation spreads, investors face a perplexing landscape. This post explores the intricacies of the equity risk premium, scrutinizes traditional valuation models, and...
Practical Guide for LLMs in the Financial Industry
Large language models (LLMs) are advanced artificial intelligence (AI) models trained to understand and generate human-like text based on vast datasets, often containing millions or even billions of sentences. At the core of LLMs are deep neural networks that learn patterns, relationships, and contextual...
The Modern Family Office: Balancing Legacy, Innovation, and Risk
Family offices have evolved significantly from their origins as closely held structures for wealth management. Today, they are complex organizations facing an ever-changing landscape of legal, regulatory, reputational, and financial challenges and...