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The Moons That Could Eclipse the Suns - Views on News from Equitymaster
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The Moons That Could Eclipse the Suns
Sep 1, 2017

On 21 August 2017, the world, or at least a part of it, watched in awe as moon ate the sun.

It's not a totally unheard-of phenomenon, but still quite a rare alignment of planetary bodies.

The spectacle lasts for a couple hours. And then things get back to normal.

Life goes on.

In the world of investing, the phenomenon of moons eating suns is quite normal.

Except that only a few get to experience it.

For those who do, the event could be life changing.

I'm talking about the cases where small and lesser-known businesses eclipse the returns of the most hallowed and sought-after companies.

Take a look.

*The chart shows absolute returns for 5 years, averaged for different specific liquidity segments in stock market.

The horizontal axis represents different liquidity buckets (average annual turnover in August 2012) for BSE stocks.

The Y axis represents the absolute stock returns in five years, averaged for each liquidity bucket.

In the last five years, which is acceptable for long term, the highest wealth generating stocks have been from the lowest liquidity stock segment.

As we move further up the liquidity scale (towards the right on the x axis), the returns come down.

Incidentally, lowest liquidity stocks are also the ones with low market caps, the universe of sparkly gems that the market and big investors mostly ignore.

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DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST:
  1. 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report.
  2. Equitymaster holds 1 share of Captain Polyplast as per the guidelines prescribed by the Board of Directors of the Company. The investment is made for research purposes only.
  3. Equitymaster has no other financial interest in Captain Polyplast
  4. Equitymaster's Associates and Research Analyst or his/her relative doesn't have any financial interest in the subject company.
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