0.1 Minutes ago~ Still Now Here Option to Downloading or watching How to Watch Challengers Movie 2024 FULL HD 1080 All Regulation Movie, Drive Link Hindi Dubbed, English Dubbed, Any one language toother Language Movie Provie this Post. HD 720p all Quality Movie Here way to Watch Now This linkis Premimum Movie Free, Big Company Movie Insder IMDB, New Movie FREE Just Watch Now all Country Supported. #TheFallGuyfullmovie
preview for Zendaya On Her In-N-Out Order, Last Show Binged & Styling w/ Law Roach | Ask Me Anything | ELLE
Every item on this page was chosen by an ELLE editor. We may earn commission on some of the items you choose to buy.
Luca Guadagnino’s newest film, Challengers, has been a hot subject of conversation since its release in late April, and fans are still flocking to the theater as it enters its second week at the box office. Naturally, many are curious about how they can watch the dramatic sports thriller from home—and see if it lives up to the thrill. Below, a quick streaming guide for the buzzy Zendaya-led tennis drama.
What is Challengers about?
The film focuses on three characters played by Zendaya, Mike Faist, and Josh O’Connor. Zendaya is Tashi Duncan, a rising tennis star who begins a complicated relationship with two other players—Art (Faist) and Patrick (O’Connor)—after they’ve won the boys’ junior doubles title at the U.S. Open. The trio enter in something of a love triangle, though it’s at times hard to tell who’s in love with who. Tashi later suffers a traumatic injury that takes her out of the game; the film skips ahead to her marriage to Art, who’s once again competing against her ex-boyfriend, Patrick.
Challengers, one of the most buzzed-about movies of the year, has finally hit the screens, but not in the traditional theater format. Now available for rent on Prime Video, this Luca Guadagnino-directed film invites viewers into a gripping narrative centered around a professional tennis champion's journey to redemption, portrayed by Mike Faist, with the unwavering support of his wife, played by Zendaya.
Challengers Plot
Set against the backdrop of the competitive world of tennis, Challengers explores the complexities of friendship, love, and rivalry as Faist's character confronts his past while striving for a comeback.
Want a Loan? Get cash against your Mutual Funds in 4 hours
The story unfolds with intense anticipation, fueled by the clash between Faist's character and his former best friend, portrayed by Josh O'Connor, who emerges as a formidable opponent on and
For those eager to immerse themselves in the world of Challengers, streaming the film on Prime Video is now within reach. Although purchasing options are not yet available, viewers can rent Challengers for an impressive cinematic experience from the comfort of their homes, eliminating the need for a trip to the theater.
The rental option on Prime Video offers access to the film for $19.99, providing an affordable and convenient viewing opportunity for audiences worldwide.
Critical Acclaim and Box Office Success
Challengers has garnered widespread acclaim from both critics and audiences, earning a commendable 89% rating on Rotten Tomatoes and receiving positive feedback for its compelling storytelling and stellar performances.
Despite opening with a promising $15 million at the domestic box office, the film's success is poised to soar further as it continues to captivate viewers globally. With a production budget of $55 million, Challengers' box office journey promises to be a noteworthy chapter in the cinematic landscape.
Zendaya's Stellar Rise
Zendaya's portrayal in Challengers adds another milestone to her illustrious career, solidifying her status as one of Hollywood's most promising talents. Following her remarkable performances in blockbusters such as Dune: Part 2 and Spider-Man: No Way Home, Zendaya continues to impress the audience with her versatility and depth as an actress. Her involvement in Challengers further enhances the film's appeal and underscores her growing influence in the entertainment industry.
Seizing the Opportunity to Watch Challengers
As Challengers makes its debut on Prime Video, viewers have the opportunity to embark on an unforgettable cinematic journey filled with intrigue, drama, and exhilarating tennis showdowns.
Experience Challengers on Prime Video Today
Rent or purchase Challengers on Prime Video and Apple TV+ today to witness the gripping tale of rivalry and redemption unfold on screen.
FAQs:
Is Challengers a true story?
"Challengers" is not rooted in true events, yet the concept for the movie was sparked by real-life inspiration for writer Justin Kuritzkes. Tashi, portrayed by Zendaya, drew inspiration from Roger Federer's wife, Mirka.
How does the movie Challengers end?
"Challengers" concludes with an ambiguous tone. Patrick and Art share smiles and hugs, while Tashi rises from her chair, leaving viewers to interpret whether her emotion is fueled by rage or pride in the remarkable tennis match she witnessed—a desire she harbored all along. However,
“Someone asked me what is the best time to invest in India, I told him in my opinion the best time to invest was July 24th, 1991, which is the day Manmohan Singh gave the budget, the index of 1400, the Sensex I believe was around 1400 odd there and that day the cards were open. He knew that India was going to change and go to a better place and subsequent events have proved it completely right. The next best time to invest is today. I mean if you have not invested in India, you gotta start doing it now,” says Ramesh Damani, Member, BSE.
Damani says: “All my predisposition tells me to remain invested, do not get scared by the volatility and I have not been for 30 years, I have always remained almost fully invested in Indian markets, so I do not get scared with the volatility. The best is yet to come.”
What a delight to have you on ET now. Thank you for joining us.
It is always a pleasure to be with you and thank you so much for the very kind words. And I will say learn to be bullish in India, I learned from our common friend Rakesh Jhunjhunwala and my mentor RK Damani. They are the ones who taught me that India is a growth country. It is so populated and so there is only upside. I owe a lot of debt to those two people at least.
To be fair, you have always identified mega trends. And before the world started using the word mega trends, you started practicing the whole thesis of looking at the big picture and then identifying companies within that.
Yes absolutely right. I tried to do that. When I came back in the late 80s to India, the mega trend was cement shares. It was actually morphed by what was called the liberalization trend that was taking place in India. After that, I realized the big money is made in the big swing and you need to identify the big swing. So we were very lucky we got the 2000 technology trend right. And then I tried to follow each bull market and try to spot the leadership in this bull market.
Unlock Leadership Excellence with a Range of CXO Courses
I have been at somewhat of a thought process trying to figure out how to label this bull market that started. You know how we label this bull market? I finally had what you call eponymy moment which says that the label would have caused the growth of the great Indian middle class. I think that is going to be a great story. The new book out which I would recommend. I have not read it yet but I have ordered it is by Homi Kharas called The Middle Class. A lot of my ideas are from there.
Did you Know?
Learn trading in the stock market - we will give you 10 lakh cash to start!
View Details »
He says that it is the middle class that started in England in the 18th-19th century that is shaping our world today. And he says that out of a population of about 8 billion 4 to 5 billion are now in the middle class. And the maximum number of middle class are coming from India rather than from places like America. So that is going to be a major trend because the middle class is roughly defined as having a PPP purchasing power parity of about $12 per day which is significantly above the poverty level of $2 a day.
You Might Also Like:
Rally in PSU stocks not a flash in the pan, won’t fizzle out next year: Pankaj Murarka
That means at that point they can save, they can invest, educate, travel and do a number of things. And what we are seeing perhaps in India is the beginning of a hockey stick curve as our per capita has gone over $2,500 and the middle class expanded quite handsomely. They are now demanding action on things from climate change, to travel, to better education, to better living standards. That will be the mega trend which is not only shaping this bull market but also the society around us.
What is right and wrong in this market? We can argue both ways. What is your assessment?
Well you know I think there is much to be right in this market. I think the last few days we have seen a significant fall in the market. I think we have added, if I am not mistaken, about 13 crore demat accounts in India, a majority of which have come in the last three years. All of them have been uniformly optimistic which is good. But they are getting a lesson to understand exhibits in the market, the difference between what I call risk and volatility.
Risk is the choice of permanent loss of capital which is very dangerous and you do not want to be in that situation. Volatility is what happened yesterday and what happened the day before yesterday and what will keep on happening in the markets. That market is correct. The next 2,000 points on the Sensex can be up and down. Nobody knows what is going to happen. Maybe an astrologer can say what will happen. But my strong feeling is that the next 20,000 points on the Sensex are higher because of the unfolding demographics, digitization and democracy that has taken root in India. So I feel that there is a lot that is going on right with this market.
What is going wrong in the market? A bull market like this will always lead to excesses, to overstretched valuations and will lead to unnecessary confidence and sometimes regulatory changes that are important or regulation changes that are important being pushed aside because the market is doing so well. We hope those mistakes do not happen. But there is a lot to be thankful for and a lot to be looking forward to being optimistic over the next few years rather than being pessimistic.
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Sunil Subramaniam explains why market is volatile now and says FIIs will return in January
How are you approaching this market, are you fully invested?
Yes, I am fully invested. I barely have any cash which is rare for me. Typically, I go in with 5-10% cash into the bull market but as I have aged and matured, I have been more confident putting all the money on the table and letting the risk come where it will. I feel there is good reason for optimism and one of the sectors that I called this time was of course the public sector stocks and they have had a brilliant run out there.
We need to give credit to the Modi government that the public sector, which was one of the drags on the Indian economy, has turned around. The people in DIPAM are really on top of the game. For the first time they are doing an OFS and the prices go sharply higher after the OFS, you know, so the fall is very temporary in those prices. I think the debate that PSUs should be privatized or value will not be unlocked has now receded. We are fine if these companies are so well managed.
One very important thing that people missed in the stock market was that a) the government would use these public sector units as the blunt edge for capital expansion and b) that they were telling them that you have to pay 30% of its dividends.
Two, three years ago, you were getting these companies on today's earnings and at a 7-8% yield which is an extraordinary bonanza the investors got early. So, it has been a good place and I am very clear, including after what the prime minister said in the Parliament and I am sure you noticed that. Basically, the Prime Minister of India going on the floor or well of Parliament and saying a bullish case of public sector in stocks, when did that happen? It has never happened before. So we were ecstatic when the prime minister did that.
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Be cautious; this is not the time to buy on dips: Dipan Mehta
It was in mid-August sometime and so my personal feeling is that the leadership is very much intact with the public sector stocks. They probably have a large-ish way to go still because typically, in the bull market leadership, the stocks go up 10x 20x after some point. So I would remain invested in good quality businesses.
The aggregate market cap for PSUs including LIC and some new IPOs is up 3x, that is aggregate market cap.
It has been a phenomenal run and plus you got so much dividend out of it. I mean you were getting these stocks basically at 4-5% yield and with a certainty of an order book, it is not that the order books were speculative. We knew the order books for the next five years. So, I think there was a whole debate which I think was wrongly conceived in the stock market last year that you buy quality at any price and, of course, that is a mislead, you cannot buy quality at any price. There is a price that you pay will reduce your investment returns without doubt and I think the people who stuck to finding value investing and trying to find value irrespective of the PSU, smallcap, largecaps, did well.
riod we did not make any money from them. But again it has come back. So, the market has to have the cyclicality and up and down trajectory that goes through. I think people who in 2000 said only invest in tech in India or people who said I only invest in high-quality business, pay the price. The market is not a place for the arrogant. It is a place for the humble.
In markets mean reversion is the biggest truism they always say that. Excesses always get created on the upside, on the downside. Where do you think markets are mispricing growth on the upside, that they are pricing a cherry consensus and where do you think they are still ignoring the potential of the business or the value of the company?
It is a very difficult question. I do not know all that because I am a stock picker. I try to look bottom. Having said that, would I want to remain fully invested? Corrections have started, maybe it is coming, maybe it is right there. I think yes, I do not see any signs that I normally would see in a top. We do see some size in the reckless capital expansion, the QIPs, the response to public issues, something out there but for the first time, we are also getting three crore new investors coming in.
Every morning the market opens and Rs 1,500 crore is ready waiting to be invested. So, that is a sea chain that is happening. Some of the tops that we see in the market in terms of over leveraged companies or too much debt or too shaky corporate earnings; I do not see that yet. So, I am willing to tell you that what we are witnessing now is volatility and that is the nature of the market.
Charlie Munger recently passed away. He was asked the same question. He said in his lifetime of 40-50 years of being with Berkshire Hathaway, Berkshire Hathaway corrected three times of 50% each because he said that is the nature of the market. We cannot deal with it. You are not going to make money in life, okay. Risk is what I said is the chance that I can permanently lose capital, that I buy a business that goes bust. There have been a lot of businesses that went bust in India also, in the 2000 the tech boom I can rattle off names.
So, you want to avoid that kind of situation for any time in the portfolio and that can happen even in a good market that stocks can actually go bust. So, we do not want to get into that. A lot of people do option trading which is a zero-sum game. You probably want to scale down on that because it might be easy money but when you lose, you can lose almost the entire fortune in that, and I would be very careful of that.
But there are very good high quality businesses in India whether it was the public sector stocks, that BPO businesses, the IMEC corridors that we are talking about which will generate returns and do well for the customers over many-many years to come and if you are young in India and you are looking in the next 30 years, you need to invest.
Someone asked me what is the best time to invest in India, I told him in my opinion the best time to invest was July 24th, 1991, which is the day Manmohan Singh gave the budget, the index of 1400, the Sensex I believe was around 1400 odd there and that day the cards were open. He knew that India was going to change and go to a better place and subsequent events have proved it completely right. The next best time to invest is today. I mean if you have not invested in India, you gotta start doing it now.
I mean when they are going to do it and look at it for a period of 5-10-20-year period, do not look at it from the next five days which as I said could be extremely volatile and you could lose a lot of money out there. But if you keep the faith, buy high quality business with good cash flows, you are going to come out ahead in this business.
I will sound very repetitive with this one but it is important that we just get your views again. If you weigh prices and risk and the market dynamics, the sliver of the market may be expensive which always is the case but by and large, if you do a health checkup, the diagnosis of the market, you do not think there is a bubble or there is a mania in the market, one should remain fully invested.
Absolutely not.
I am asking it point blank.
Yes, I mean the point blank and I know I can be wrong with these kinds of things. You know markets live forward but understood backwards, so you do that. But all my predisposition tells me to remain invested, do not get scared by the volatility and I have not been for 30 years, I have always remained almost fully invested in Indian markets, so I do not get scared with the volatility. The best is yet to come.
Maybe India cannot double in three years, maybe it can double in four years’ time, but it is still the best place for a young Indian to be. I am not a young Indian anymore, I am reaching senior citizen level, but for a young Indian, if you are 30-35 years starting out, where are you going to put the money? I mean you cannot put it in gold or cryptocurrency. It is a dud’s game to do, it is the mugs game in my opinion to do it. You need to put in equity which generates some returns for you, gives you some dividend and allows you to build your wealth, just like my generation built the wealth.
As I told you in 1991 when we started the index was 1500. It is closer to 75,000 now. Look at the journey that has taken place. You made 30-40x on the index, imagine if you pick stocks how well you must have done during that period. So, I think given the sweet spot that India is in terms of its democracy, in terms of its demographics, in terms of digitisation that is helping and the growing middle class in India. I mean 500 million people will be in the Indian middle class by 2030. That is an extraordinary development taking place and we are going to witness what a lot of economists call a J curve once India's economy, per capita goes over $2,500-3,000. In that there will be a wide dispersion with people earning $10,000-15,000, the average is 3000, but a lot of people are above that number and that is going to power growth for a number of years to come.
Demographically as you know we are the best positioned country in the world. China's population
0.1 Minutes ago~ Still Now Here Option to Downloading or watching How to Watch Challengers Movie 2024 FULL HD 1080 All Regulation Movie, Drive Link Hindi Dubbed, English Dubbed, Any one language toother Language Movie Provie this Post. HD 720p all Quality Movie Here way to Watch Now This linkis Premimum Movie Free, Big Company Movie Insder IMDB, New Movie FREE Just Watch Now all Country Supported. #TheFallGuyfullmovie
preview for Zendaya On Her In-N-Out Order, Last Show Binged & Styling w/ Law Roach | Ask Me Anything | ELLE
Every item on this page was chosen by an ELLE editor. We may earn commission on some of the items you choose to buy.
Luca Guadagnino’s newest film, Challengers, has been a hot subject of conversation since its release in late April, and fans are still flocking to the theater as it enters its second week at the box office. Naturally, many are curious about how they can watch the dramatic sports thriller from home—and see if it lives up to the thrill. Below, a quick streaming guide for the buzzy Zendaya-led tennis drama.
What is Challengers about?
The film focuses on three characters played by Zendaya, Mike Faist, and Josh O’Connor. Zendaya is Tashi Duncan, a rising tennis star who begins a complicated relationship with two other players—Art (Faist) and Patrick (O’Connor)—after they’ve won the boys’ junior doubles title at the U.S. Open. The trio enter in something of a love triangle, though it’s at times hard to tell who’s in love with who. Tashi later suffers a traumatic injury that takes her out of the game; the film skips ahead to her marriage to Art, who’s once again competing against her ex-boyfriend, Patrick.
Challengers, one of the most buzzed-about movies of the year, has finally hit the screens, but not in the traditional theater format. Now available for rent on Prime Video, this Luca Guadagnino-directed film invites viewers into a gripping narrative centered around a professional tennis champion's journey to redemption, portrayed by Mike Faist, with the unwavering support of his wife, played by Zendaya.
Challengers Plot
Set against the backdrop of the competitive world of tennis, Challengers explores the complexities of friendship, love, and rivalry as Faist's character confronts his past while striving for a comeback.
Want a Loan? Get cash against your Mutual Funds in 4 hours
The story unfolds with intense anticipation, fueled by the clash between Faist's character and his former best friend, portrayed by Josh O'Connor, who emerges as a formidable opponent on and
For those eager to immerse themselves in the world of Challengers, streaming the film on Prime Video is now within reach. Although purchasing options are not yet available, viewers can rent Challengers for an impressive cinematic experience from the comfort of their homes, eliminating the need for a trip to the theater.
The rental option on Prime Video offers access to the film for $19.99, providing an affordable and convenient viewing opportunity for audiences worldwide.
Critical Acclaim and Box Office Success
Challengers has garnered widespread acclaim from both critics and audiences, earning a commendable 89% rating on Rotten Tomatoes and receiving positive feedback for its compelling storytelling and stellar performances.
Despite opening with a promising $15 million at the domestic box office, the film's success is poised to soar further as it continues to captivate viewers globally. With a production budget of $55 million, Challengers' box office journey promises to be a noteworthy chapter in the cinematic landscape.
Zendaya's Stellar Rise
Zendaya's portrayal in Challengers adds another milestone to her illustrious career, solidifying her status as one of Hollywood's most promising talents. Following her remarkable performances in blockbusters such as Dune: Part 2 and Spider-Man: No Way Home, Zendaya continues to impress the audience with her versatility and depth as an actress. Her involvement in Challengers further enhances the film's appeal and underscores her growing influence in the entertainment industry.
Seizing the Opportunity to Watch Challengers
As Challengers makes its debut on Prime Video, viewers have the opportunity to embark on an unforgettable cinematic journey filled with intrigue, drama, and exhilarating tennis showdowns.
Experience Challengers on Prime Video Today
Rent or purchase Challengers on Prime Video and Apple TV+ today to witness the gripping tale of rivalry and redemption unfold on screen.
FAQs:
Is Challengers a true story?
"Challengers" is not rooted in true events, yet the concept for the movie was sparked by real-life inspiration for writer Justin Kuritzkes. Tashi, portrayed by Zendaya, drew inspiration from Roger Federer's wife, Mirka.
How does the movie Challengers end?
"Challengers" concludes with an ambiguous tone. Patrick and Art share smiles and hugs, while Tashi rises from her chair, leaving viewers to interpret whether her emotion is fueled by rage or pride in the remarkable tennis match she witnessed—a desire she harbored all along. However,
“Someone asked me what is the best time to invest in India, I told him in my opinion the best time to invest was July 24th, 1991, which is the day Manmohan Singh gave the budget, the index of 1400, the Sensex I believe was around 1400 odd there and that day the cards were open. He knew that India was going to change and go to a better place and subsequent events have proved it completely right. The next best time to invest is today. I mean if you have not invested in India, you gotta start doing it now,” says Ramesh Damani, Member, BSE.
Damani says: “All my predisposition tells me to remain invested, do not get scared by the volatility and I have not been for 30 years, I have always remained almost fully invested in Indian markets, so I do not get scared with the volatility. The best is yet to come.”
What a delight to have you on ET now. Thank you for joining us.
It is always a pleasure to be with you and thank you so much for the very kind words. And I will say learn to be bullish in India, I learned from our common friend Rakesh Jhunjhunwala and my mentor RK Damani. They are the ones who taught me that India is a growth country. It is so populated and so there is only upside. I owe a lot of debt to those two people at least.
To be fair, you have always identified mega trends. And before the world started using the word mega trends, you started practicing the whole thesis of looking at the big picture and then identifying companies within that.
Yes absolutely right. I tried to do that. When I came back in the late 80s to India, the mega trend was cement shares. It was actually morphed by what was called the liberalization trend that was taking place in India. After that, I realized the big money is made in the big swing and you need to identify the big swing. So we were very lucky we got the 2000 technology trend right. And then I tried to follow each bull market and try to spot the leadership in this bull market.
Unlock Leadership Excellence with a Range of CXO Courses
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IIM Lucknow Chief Executive Officer Programme Visit
I have been at somewhat of a thought process trying to figure out how to label this bull market that started. You know how we label this bull market? I finally had what you call eponymy moment which says that the label would have caused the growth of the great Indian middle class. I think that is going to be a great story. The new book out which I would recommend. I have not read it yet but I have ordered it is by Homi Kharas called The Middle Class. A lot of my ideas are from there.
Did you Know?
Learn trading in the stock market - we will give you 10 lakh cash to start!
View Details »
He says that it is the middle class that started in England in the 18th-19th century that is shaping our world today. And he says that out of a population of about 8 billion 4 to 5 billion are now in the middle class. And the maximum number of middle class are coming from India rather than from places like America. So that is going to be a major trend because the middle class is roughly defined as having a PPP purchasing power parity of about $12 per day which is significantly above the poverty level of $2 a day.
You Might Also Like:
Rally in PSU stocks not a flash in the pan, won’t fizzle out next year: Pankaj Murarka
That means at that point they can save, they can invest, educate, travel and do a number of things. And what we are seeing perhaps in India is the beginning of a hockey stick curve as our per capita has gone over $2,500 and the middle class expanded quite handsomely. They are now demanding action on things from climate change, to travel, to better education, to better living standards. That will be the mega trend which is not only shaping this bull market but also the society around us.
What is right and wrong in this market? We can argue both ways. What is your assessment?
Well you know I think there is much to be right in this market. I think the last few days we have seen a significant fall in the market. I think we have added, if I am not mistaken, about 13 crore demat accounts in India, a majority of which have come in the last three years. All of them have been uniformly optimistic which is good. But they are getting a lesson to understand exhibits in the market, the difference between what I call risk and volatility.
Risk is the choice of permanent loss of capital which is very dangerous and you do not want to be in that situation. Volatility is what happened yesterday and what happened the day before yesterday and what will keep on happening in the markets. That market is correct. The next 2,000 points on the Sensex can be up and down. Nobody knows what is going to happen. Maybe an astrologer can say what will happen. But my strong feeling is that the next 20,000 points on the Sensex are higher because of the unfolding demographics, digitization and democracy that has taken root in India. So I feel that there is a lot that is going on right with this market.
What is going wrong in the market? A bull market like this will always lead to excesses, to overstretched valuations and will lead to unnecessary confidence and sometimes regulatory changes that are important or regulation changes that are important being pushed aside because the market is doing so well. We hope those mistakes do not happen. But there is a lot to be thankful for and a lot to be looking forward to being optimistic over the next few years rather than being pessimistic.
You Might Also Like:
Sunil Subramaniam explains why market is volatile now and says FIIs will return in January
How are you approaching this market, are you fully invested?
Yes, I am fully invested. I barely have any cash which is rare for me. Typically, I go in with 5-10% cash into the bull market but as I have aged and matured, I have been more confident putting all the money on the table and letting the risk come where it will. I feel there is good reason for optimism and one of the sectors that I called this time was of course the public sector stocks and they have had a brilliant run out there.
We need to give credit to the Modi government that the public sector, which was one of the drags on the Indian economy, has turned around. The people in DIPAM are really on top of the game. For the first time they are doing an OFS and the prices go sharply higher after the OFS, you know, so the fall is very temporary in those prices. I think the debate that PSUs should be privatized or value will not be unlocked has now receded. We are fine if these companies are so well managed.
One very important thing that people missed in the stock market was that a) the government would use these public sector units as the blunt edge for capital expansion and b) that they were telling them that you have to pay 30% of its dividends.
Two, three years ago, you were getting these companies on today's earnings and at a 7-8% yield which is an extraordinary bonanza the investors got early. So, it has been a good place and I am very clear, including after what the prime minister said in the Parliament and I am sure you noticed that. Basically, the Prime Minister of India going on the floor or well of Parliament and saying a bullish case of public sector in stocks, when did that happen? It has never happened before. So we were ecstatic when the prime minister did that.
You Might Also Like:
Be cautious; this is not the time to buy on dips: Dipan Mehta
It was in mid-August sometime and so my personal feeling is that the leadership is very much intact with the public sector stocks. They probably have a large-ish way to go still because typically, in the bull market leadership, the stocks go up 10x 20x after some point. So I would remain invested in good quality businesses.
The aggregate market cap for PSUs including LIC and some new IPOs is up 3x, that is aggregate market cap.
It has been a phenomenal run and plus you got so much dividend out of it. I mean you were getting these stocks basically at 4-5% yield and with a certainty of an order book, it is not that the order books were speculative. We knew the order books for the next five years. So, I think there was a whole debate which I think was wrongly conceived in the stock market last year that you buy quality at any price and, of course, that is a mislead, you cannot buy quality at any price. There is a price that you pay will reduce your investment returns without doubt and I think the people who stuck to finding value investing and trying to find value irrespective of the PSU, smallcap, largecaps, did well.
riod we did not make any money from them. But again it has come back. So, the market has to have the cyclicality and up and down trajectory that goes through. I think people who in 2000 said only invest in tech in India or people who said I only invest in high-quality business, pay the price. The market is not a place for the arrogant. It is a place for the humble.
In markets mean reversion is the biggest truism they always say that. Excesses always get created on the upside, on the downside. Where do you think markets are mispricing growth on the upside, that they are pricing a cherry consensus and where do you think they are still ignoring the potential of the business or the value of the company?
It is a very difficult question. I do not know all that because I am a stock picker. I try to look bottom. Having said that, would I want to remain fully invested? Corrections have started, maybe it is coming, maybe it is right there. I think yes, I do not see any signs that I normally would see in a top. We do see some size in the reckless capital expansion, the QIPs, the response to public issues, something out there but for the first time, we are also getting three crore new investors coming in.
Every morning the market opens and Rs 1,500 crore is ready waiting to be invested. So, that is a sea chain that is happening. Some of the tops that we see in the market in terms of over leveraged companies or too much debt or too shaky corporate earnings; I do not see that yet. So, I am willing to tell you that what we are witnessing now is volatility and that is the nature of the market.
Charlie Munger recently passed away. He was asked the same question. He said in his lifetime of 40-50 years of being with Berkshire Hathaway, Berkshire Hathaway corrected three times of 50% each because he said that is the nature of the market. We cannot deal with it. You are not going to make money in life, okay. Risk is what I said is the chance that I can permanently lose capital, that I buy a business that goes bust. There have been a lot of businesses that went bust in India also, in the 2000 the tech boom I can rattle off names.
So, you want to avoid that kind of situation for any time in the portfolio and that can happen even in a good market that stocks can actually go bust. So, we do not want to get into that. A lot of people do option trading which is a zero-sum game. You probably want to scale down on that because it might be easy money but when you lose, you can lose almost the entire fortune in that, and I would be very careful of that.
But there are very good high quality businesses in India whether it was the public sector stocks, that BPO businesses, the IMEC corridors that we are talking about which will generate returns and do well for the customers over many-many years to come and if you are young in India and you are looking in the next 30 years, you need to invest.
Someone asked me what is the best time to invest in India, I told him in my opinion the best time to invest was July 24th, 1991, which is the day Manmohan Singh gave the budget, the index of 1400, the Sensex I believe was around 1400 odd there and that day the cards were open. He knew that India was going to change and go to a better place and subsequent events have proved it completely right. The next best time to invest is today. I mean if you have not invested in India, you gotta start doing it now.
I mean when they are going to do it and look at it for a period of 5-10-20-year period, do not look at it from the next five days which as I said could be extremely volatile and you could lose a lot of money out there. But if you keep the faith, buy high quality business with good cash flows, you are going to come out ahead in this business.
I will sound very repetitive with this one but it is important that we just get your views again. If you weigh prices and risk and the market dynamics, the sliver of the market may be expensive which always is the case but by and large, if you do a health checkup, the diagnosis of the market, you do not think there is a bubble or there is a mania in the market, one should remain fully invested.
Absolutely not.
I am asking it point blank.
Yes, I mean the point blank and I know I can be wrong with these kinds of things. You know markets live forward but understood backwards, so you do that. But all my predisposition tells me to remain invested, do not get scared by the volatility and I have not been for 30 years, I have always remained almost fully invested in Indian markets, so I do not get scared with the volatility. The best is yet to come.
Maybe India cannot double in three years, maybe it can double in four years’ time, but it is still the best place for a young Indian to be. I am not a young Indian anymore, I am reaching senior citizen level, but for a young Indian, if you are 30-35 years starting out, where are you going to put the money? I mean you cannot put it in gold or cryptocurrency. It is a dud’s game to do, it is the mugs game in my opinion to do it. You need to put in equity which generates some returns for you, gives you some dividend and allows you to build your wealth, just like my generation built the wealth.
As I told you in 1991 when we started the index was 1500. It is closer to 75,000 now. Look at the journey that has taken place. You made 30-40x on the index, imagine if you pick stocks how well you must have done during that period. So, I think given the sweet spot that India is in terms of its democracy, in terms of its demographics, in terms of digitisation that is helping and the growing middle class in India. I mean 500 million people will be in the Indian middle class by 2030. That is an extraordinary development taking place and we are going to witness what a lot of economists call a J curve once India's economy, per capita goes over $2,500-3,000. In that there will be a wide dispersion with people earning $10,000-15,000, the average is 3000, but a lot of people are above that number and that is going to power growth for a number of years to come.
Demographically as you know we are the best positioned country in the world. China's population