Wishing you and your family a wonderful 2017.We’ve completed 16 years in our profession and entering the 17th year today.We are very grateful for your continued trust and support.

Sensex as on December 31’st 2015: 26117

Sensex as on December 30’th 2016: 26626

The Sensex was up by just 2% in 2016. In 2015, Sensex was down by 5%. In 2014, it was up by 30%. We do not know how the markets would be in 2017. What we do know that in the long run positive years are more than negative years. We also know that market mirrors earnings. Over long run, as the economy and corporate earnings grows, the markets also keeps going up.

What we’ve been focusing on for last 16 years and what we would continue to focus is your (investor) behaviour.
We can work only on what we can control. The only thing we can control in investing is our own behaviour.

By personal discussions, blogs and daily messages, the primary focus is always on the behaviour. That is how we have designed our practice from the beginning.

No amount of planning, asset allocation and fund selection would be of any use if you cannot stay the course. If not kept under control, greed and fear can create havoc to your finances. 90% of the investment success comes only from behaviour.

Many studies have shown that investors do not make money or even end up losing due to their incorrect behaviour. With each one of you, whenever we discuss your finances, our thrust is always on ensuring you to stay the chosen course. You would have also observed that we do not make frequent changes to the portfolio. More the number of decisions, the more things are likely to go wrong. More effort does not mean better results. In investing, less is more. That’s why some investment experts even say that good investing is all about doing nothing 99% of the time.

As an investor, after many ups and downs, going through lot of pain, learnt in a hard way as to why I should make fewer decisions with my portfolio and focus more on my behavioural aspects. I also realised, though difficult, it is not impossible to change our investing behaviour. The very fact that you are adhering to appropriate investing behaviour is a proof that behaviour can be modified. 100% credit goes to you for making this happen. Without your adherence, we would not have achieved the results you’re enjoying by being a long term investor.

Shaping the behaviour, either that of our own or others, is a continuous process. It needs the nourishment of positive reinforcement. I keep reading good books and articles towards the same. By our many modes of communication, we also ensure that you get this reinforcement.

Thanks again. When we started ten years ago, I never expected to be where we are today. It is because of your faith, trust and support. More importantly, you saw value in adhering to what we preach so that we are able to achieve good results for you.

I would like to end this note with one of my all time favourite quote from John Bogle.

“Stay the course. No matter what happens, stick to your program. I’ve said ‘stay the course’ a thousand times, and I meant it every time. It is the most important single piece of investment wisdom I can give to you.”

Have a great year ahead.                        Happy Investing !!


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