Zero To One After A Decade In the Stock Market - Views on News from Equitymaster

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The Equitymaster Research Digest

Zero To One After A Decade In the Stock Market
Apr 25, 2017

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The year was 2007. Our readers thought we were out of our minds.

First Motilal Oswal.

Then Religare Enterprises.

And then Edelweiss Financial.

We recommended our subscribers to stay away from each of these steaming hot IPOs, unless that have a penchant for taking very high risk.

Needless to say, the stocks soared post listing. Never mind their astronomical valuations, investors could not have enough of them. Everything from demographic dividend to India's consumption story was cited as the reason for their up-move. Think of these as the 'D-Marts of 2007'.

Our subscribers had reason to believe that they were missing the bus by heeding to our recommendation. After all, broking was a new kind of business, debuting on the stock exchanges after years. The companies in question were the biggest in the business. And their managements convinced most analysts and investors at the IPO meet that the roaring stock market would push business into the stratosphere. That the broking business would not always be directly correlated to the stock market was unfathomable.

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