हिंदी में बिंदी की ताकत

हिंदी में बिंदी की ताकत

*इसका अंदाज़ा मुझे कल हुआ जब आगे जा रही बस पर लिखा पान मसाला का विज्ञापन देखा*

*दाने दाने में है केसर का दम*

*किसी मनचले ने एक बिंदी लगाकर पूरे विज्ञापन की हवा निकाल दी*

*दाने दाने में है केंसर का दम*

Dons of Indian bourses

Jhunjhunwala grew up in Mumbai, India where his father is posted as an Income Tax Officer. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.

Jhunjhunwala is the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sits on the board of directors of various Indian companies such as Prime Focus Limited, Geojit BNP Paribas Financial Services Limited, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited and Tops Security Limited.

Rakesh Jhunjhunwala Success Story from 5k to 1.8$ Billion

Rakesh Jhunjhunwala, the name that needs no introduction. The legendary investor who is known as the Warren Buffet of India. Lets check out the success story of Rakesh Jhunjhunwala and his journey from 5000 Rs to 8000 Crore.

Rakesh Jhunjhunwala was born on 5th July 1960. He father was an Income tax officer. His father was interested in stocks and used to discuss about the stock market with his friends. Rakesh as a child would listen to them. Once he asked his father why the price fluctuate. He told him to check the news, it makes the price to fluctuates. This was his first lesson of stocks market. He got fascinated by stocks and found it interesting. He expressed his wish to get into stock market to his father. He told him to do whatever he wanted in life but at least get professionally qualified. Rakesh then took up chartered accountancy and completed his CA in 1985.

After completing the CA he told his father that he wanted to go in the stock market. His father reacted by telling not to ask him or any of his friends for money. Earn and trade with your money. He started his career in 1985 when the BSE Sensex was at 150. He made his first big profit of Rs 0.5 million in 1986 when he sold 5,000 shares of Tata Tea at a price of Rs 143 which he had purchased for Rs 43 a share just 3 months prior. . Between 1986 and 1989 he earned Rs 20–2.5 million. His first major successful bet was iron mining company Sesa Goa(now Sesa Sterlite). He bought 400,000 shares of Sesa Goa in forward trading, worth Rs 10 million and sold about 2-250,000 shares at Rs 60–65 and another 100,000 at Rs 150–175. The price rose to Rs 2200 and he sold some shares.

Jhunjhunwala bought 6 crore shares of Titan in 2002-03 at an average price of around Rs 3. The stock is currently trading at 390 Rs level and his investment value is now 2100 crore, which made around 35 lakh per hour for him. In 2006 he bought lupin around 150 Rs which is now trading at 1100 levels. He bought crisil around 200-300 levels which is now at 1800. Likewise there are so many stocks in his portfolio that made huge money for him.

His philosophy

Rakesh Jhunjhunwala believes in power of mistakes. He says its the mistakes that made him to learn and become a better investor. he says. “If you don’t believe the markets are supreme, you will never admit that it was your mistake. If you don’t admit that it is your mistake, you will never learn. To succeed in the stock market, not only is the ability to learn from one’s mistakes vital, he says, but also to blame only oneself for it. “I don’t blame the promoters of companies. I blame myself. The promoter is what he is. I have to recognise that. He is not what I expect him to be.” Jhunjhunwala says what he has learnt in life is to try and earn money in trading and to invest it in stocks.

His believe on India

Jhunjhunwala says he is bullish on the country growth since he entered the stock market. He insists the Indian economy will grow by 9-10 percent, though that may need a transition of two to three years. Jhunjhunwala’s thesis is that Indians will save $1 trillion a year, and even if 10 percent of that money—$100 billion —flows into the markets, there will be a tsunami on the bourses. “So I remain bullish that, for the next 20 years, we could see a bull run like the one Wall Street had from 1987.”



His daily routine

He wakes up at 7.30 and does some exercise. At 9 am he watches TV to get update about market opening. At 10 he gets ready for work after having breakfast. Around 11.30 he reaches his office talks to his people, checks mails, reads articles and watch the trading screen. 4 PM onwards he meets the people at the end of the trading hours. At 7.30 he leaves for home, after reaching home he plays with his children and looks into his daughters homework. At 9.30 he takes dinner and after 10 goes to bed.

Radhakishan damani

He is a low-profile stock market veteran who invests on his own account. His portfolio includes a string of blue-chip stocks that he has been accumulating over the years. Notable holding is a 26 percent stake in cigarette maker VST Industries, an affiliate of British American Tobacco. A big chunk of his wealth also comes from hypermarket chain D-Mart, which he set up and grew into a chain of more than 70 outlets, mostly in western India. He has pledged $8 million to a Bangalore institute and $1.8 million to the new Ashoka University.

Fast Fact: His close friend is fellow investor Rakesh Jhunjhunwala (ranked 51) who refers to Damani as his 'guru'.

Mr Damani started his career as a trader in ball bearings, far from the battlefield of bulls and bears. Following his father’s death, he shut shop and joined his brother’s stock broking business, inherited from their father. Just 32 and lacking knowledge of market dynamics, Mr Damani’s only asset was his keenness to learn.

“He was not a value investor to begin with; he began his career in the stock market as a speculator,” says a Damani watcher. Mr Damani was quick to realise speculation was the not the best way to grow capital. Inspired by the legendary value investor Chandrakant Sampat, he started playing for the long term.

Often, his strategy was simple. When he bet on Indian Shaving Products (now Gillette), his reasoning was, “People will shave no matter what.” It took Mr Damani some time to gain a foothold, and several of his initial bets flopped. But he steadfastly refused to follow the herd, and concentrated on evolving trading strategies of his own.

Gradually, he began getting his calls right, and within the next couple of years he had joined the ranks of the big boys on Dalal Street. “Few players possess the kind of patience he does. But when he is convinced about any stock, he would buy his desired quantity in one sweep. And if he felt that a stock had run its course, he would dump his holdings at one go,” says an associate.

Also noted was his promptness in cutting losses. “Unlike many other players, ego would never get in the way of his booking losses,” says the associate. Mr Damani himself once said, “Cutting your losses is like performing a surgery on one arm with the other; painful, but it has to be done, otherwise the arm may have to be amputated.”

Mr Damani likes to keep a low profile. “He is not very articulate and does not communicate much, but he is a great listener. He patiently hears out everybody and never scoffs at any idea. It is a different matter that at the end of it all, he would back his judgement and instinct,” says the associate.

All along, Mr Damani made some great calls both on the long and short sides of the market. Yet, many players viewed him as a bear rather than a bull. “In India, anybody who is skilled at short selling is frowned upon, the general perception being that short sellers destroy value,” says a close friend of Mr Damani.

His limited circle of friends is said to include Dalal Street’s latest cult figure Rakesh Jhunjhunwala. Often, the market believed they hunted as a pair. Even if one of them was active at a counter, broking circles would say the duo was in it.

A string of successes notwithstanding, it was the epic battle of 1992, in which he emerged victorious, that would mark Mr Damani as a stock market legend. It was the battle with the Big Bull, Harshad Mehta.

Reining in the Big Bull

The flashy Harshad Mehta shot into prominence thanks to a daring rally that lasted the better part of 1991, only to eventually fizzle out in April 1992. Mr Damani, on his part, was bullish on the market only till February 1992. Even as the Big Bull was pumping up the shares, Mr Damani began to go short.

He reasoned blue chips had already run up a lot and fundamentals no longer justified the rally. What Mr Damani had not bargained for was the seemingly limitless supply of funds to Harshad Mehta. The market kept rising, but rather than cutting his losses, Mr Damani rode on his conviction and doubled up his short positions. “The market took off vertically between February to April, and RK was trapped badly,” recalls a veteran broker. “His losses were huge, and if the rally continued for a few more weeks, he may even have had to shut shop.”

But then, it emerged that Harshad had been siphoning off funds from the banking system and using them to buy stocks. When the scam got exposed, the market went into a tailspin. Mr Damani not only regained the lost ground, but walked away with a tidy profit.

Harshad Mehta was to lock horns with Mr Damani once more in 1998, but this time with fatal consequences for the Big Bull. Harshad now focused on three stocks, BPL, Videocon Industries and Sterlite. The prices of these shares touched dizzy levels even as the broader market fell. It was as though Harshad’s picks were defying gravity.

All the time, Mr Damani was biding his time on the sidelines. A disciple of the old school of investing, his assessment was that the stock price had run far beyond fundamentals. At the time he thought was right, he started building short positions.

Prices continued to climb and he had to square off some initial positions at a loss. But soon, signals came that the Big Bull was having trouble financing his positions. And Mr Damani moved in for the kill. He simply doubled his short positions, under the weight of which, the market caved in.

Panic set in. The prices of the three chosen stocks plunged 60%. Some brokers say exchange authorities even tried to bring together Mr Damani and Harshad for a compromise but the talks failed. “It would be wrong to say that RK’s call was motivated by a desire for revenge,” says a market watcher who once worked with Mr Damani.

“It was all about the price… He would have short sold those stocks irrespective of whoever had a bullish view on them,” he says.

When Mr Damani came to know that some small shareholders were left with positions they could not exit, he covered up a part of short positions by buying shares from these investors at a negotiated price. This was not the first time he had done such a thing. In the early 90s, Mr Damani had accumulated a pile of ACC shares.

When a payment crisis loomed, Mr Damani responded to a request from authorities and offloaded a part of his holding at a discount. He was among those probed by regulators for suspected price hammering, but was eventually given a clean chit.

Towards the fag end of 1998, the overall market sentiment began to improve. Before long, the market was in the grip of a bull run led by technology stocks, which would peak out in February 2000. RK continued to trade, but those close to him say he had already begun scaling down the number and size of his bets.

Was he preparing for a self-imposed exile from the market beginning somewhere in 2001 for the next few years? Friends say he was always passionate about retailing, but were there other factors also that influenced Mr Damani to retreat from Dalal Street?

After the stock market crash of 2001, bear operators were once again under the regulatory scanner, the allegation being that they had colluded to hammer stock prices. Needless to say, Mr Damani also figured on the list of suspects. “Like any other operator, RK made most of his money being on the long side of the market,” says a broker who knows Mr Damani for long.

“He had a finger on the pulse of the market and would not hesitate to sell short if the situation called for it. Unfortunately, his short (selling) calls attracted more attention than some of his long (buying) calls,” he says.

Some players say that Mr Damani found himself a bit out of depth during the technology boom of 1999-2000. He stuck to the classic rules of trading, short selling shares that he felt were over valued and going long on the under valued ones.

But stocks from the sectors that he had an sound understanding of, cement, automobile, steel, were out of favour. Technology was the buzzword at the bourse, and irrespective of whether those companies were making money or not, investors were falling over each other to buy into them.

And Ketan Parekh had now taken over the as the reigning Big Bull, and carved out a reputation for himself as a champion of new economy stocks. Mr Damani’s old school strategies did not work well for him in this period.

The comeback

If anyone had not noticed, Mr Damani’s right calls on Tata Steel and State bank of India made them aware of his return to the stock market this year. But this time, it has been a mixed bag of hits and misses, those close to him say. “Over the last one month, he has been as successful or unsuccessful as other players in his league,” says a Damani watcher.

It may be premature to judge the old fox when the markets have not shown a clear trend. India, like other equity markets around the world, has been volatile over the last month as a result of the crisis involving sub-prime loans in the US. It is anybody’s guess how things will go from here.

The market has also undergone a sea change during Mr Damani’s absence. The number of participants, stocks and liquidity have risen manifold. If there is greater transparency, there is also more volatility to contend with. Admirers or critics, everyone is impatient to know whether and how Mr Damani is going to pull it off this time.

6 Habits Of Mentally Strong People

1. They are positive

No matter how bad things get, mentally strong people stay positive. They do not worry and dwell on things that they can’t control. They know when to give up and when to try again. These people do not let the bad things of the world get then down. They have hope for better things and work to get them. Strong people know how to stay away from toxic people and shut down negative thoughts. Most importantly, they know how to be happy with what they have.

Mental strength isn’t something everyone is born with. However, it is something we can slowly learn to achieve one step at a time. If we accept the fact that we need to be stronger emotionally, we can slowly build up that strength. Mentally strong people can make better choices, accept all problems and lead happier lives in general. This is why we should all try to be stronger and live a little better.

2. They know how to forgive and let go

Mentally tough people realize that forgiving others and letting go of grudges will make their lives easier. They don’t allow past regrets and toxic people ruin their happiness. These people are mature enough to forgive others for their mistakes even before they get an apology. Forgiveness doesn’t mean accepting their actions, it means moving on without dwelling on the past. Anger and resentment create stress in our minds that prevent us from thinking logically or acting intelligently. So forgive, forget and move on with your life.

3. They get proper sleep

We all need sleep for mental strength. While we sleep, our body gets a chance to relax and unwind. Our brains rest and get rid of toxic proteins that are by-products of neural activity. Sleep allows the body to focus on repairing itself. People who sleep well are generally more alert, aware and can make better decisions. It also helps them be more focused and in control of their actions and emotions. Lack of sleep impairs your ability to think rationally and makes you feel lethargic and upset. Mentally strong people understand this and so they make sure they get enough sleep.

4. They embrace change

Mental strength also means being flexible and adapting to changes. Change brings opportunities and strong people know this. Mentally strong people can adapt to any environment they are in. They can also make the best out of every situation. Once you embrace change, you can find the good in it. Doing the same thing over and over again will ensure failure and monotony. Keep an open mind, embrace change and wait for wonderful things to happen.

5. They know how to say no

Mentally strong people know when to draw the line and say no. They accept that it is healthy and normal to put yourself first and have the self-esteem to refuse things and be clear about it. On the other hand, people who cannot say no are usually more stressed out and depressed than those who do. Having control over your actions and decisions is an empowering feeling and saying no from time to time can be very liberating.

6. They are confident

People with emotional strength have confidence in their abilities. Confidence is needed for success and those who are confident are likely to have better jobs, degrees etc. Mental strength comes from the ability to have confidence and faith in yourself. If you lack confidence, fake it till you make it. A big smile and a deep breath can do wonders for your attitude and outlook.

Source: http://curiousmob.com/habits-of-mentally-strong-people/

Born on 21

21st day of any month

Being born on the 21st day of the month (3 energy) is likely to add a good bit of vitality to your life. The energy of 3 allows you bounce back rapidly from setbacks, physical or mental. There is a restlessness in your nature, but you seem to be able to portray an easygoing, sometimes "couldn't care less" attitude. You have a natural ability to express yourself in public, and you always make a very good impression. Good with words, you excel in writing, speaking, and possibly singing. You are energetic and always a good conversationalist. You have a keen imagination, but you tend to scatter your energies and become involved with too may superficial matters. Your mind is practical and rational despite this tendency to jump about. You are affectionate and loving, but very sensitive. You are subject to rapid ups and downs.

Enjoy life NOW

It is Perception...

THE SITUATION:

In Washington, DC, at a Metro Station, on a cold January morning in 2007, this man with a violin played six Bach pieces for about 45 minutes.  During that time, approximately 2,000 people went through the station, most of them on their way to work.  After about 3 minutes, a middle-aged man noticed that there was a musician playing.  He slowed his pace and stopped for a few seconds, and then he hurried on to meet his schedule.

About 4 minutes later:

The violinist received his first dollar. A woman threw money in the hat and, without stopping, continued to walk.

At 6 minutes:

A young man leaned against the wall to listen to him, then looked at his watch and started to walk again.

At 10 minutes:

A 3-year old boy stopped, but his mother tugged him along hurriedly.  The kid stopped to look at the violinist again, but the mother pushed hard and the child continued to walk, turning his head the whole time.  This action was repeated by several other children, but every parent — without exception — forced their children to move on quickly.

At 45 minutes:

The musician played continuously. Only 6 people stopped and listened for a short while.  About 20 gave money but continued to walk at their normal pace.  The man collected a total of $32.

After 1 hour:

He finished playing and silence took over.  No one noticed and no one applauded.  There was no recognition at all.

No one knew this, but the violinist was Joshua Bell, one of the greatest musicians in the world.  He played one of the most intricate pieces ever written, with a violin worth $3.5 million dollars.  Two days earlier, Joshua Bell sold out a theater in Boston where the seats averaged over $100 each to sit and listen to him play the same music.

This is a true story. Joshua Bell, playing incognito in the D.C. Metro Station, was organized by the Washington Post as part of a social experiment about perception, taste and people's priorities.

This experiment raised several questions:

In a common-place environment, at an inappropriate hour, do we perceive beauty?

If so, do we stop to appreciate it?

Are we able to recognize talent in an unexpected context?

One possible conclusion reached from this experiment could be this:

If we do not have a moment to stop and listen to one of the best musicians in the world, playing some of the finest music ever written, with one of the most beautiful instruments ever made . . .

How many other things are we missing as we rush through life?

Enjoy life NOW . . .
it has an expiry date!

28 RIGHTS OF THE ACCUSED PERSONS

1. Protection against arbitrary or unlawful arrest (Article 22 of the Constitution and Section 41, 55 and 151 of Cr.P.C.)

2. Protection against arbitrary or unlawful searches (Sees. 93, 94, 97, 100(4) to (8). and 165 of Cr.P.C.)

3. Protection against “Double Jeopardy” (Article 21(2) of the Constitution and Section 400 of Cr.P.C.)

4. Protection against conviction or enhanced punishment under ex-past facto law (Article 20(1) of the Constitution)

5. Protection against arbitrary or illegal detention in custody (Article 22 of the Constitution and Sees. 56, 57 and 76 of Cr.P.C.)

6. Right to be informed of the grounds, immediately after the arrest (Article 71(1) of the Constitution and Section 50 of Cr.P.C. as also Sees. 55 and 75 of Cr.P.C.)

7. Right of the arrested person not to be subjected to unnecessary restraint (Section 49 of Cr.P.C.)

8. Right to consult a lawyer of his own choice (Article 22(1) of the Constitution and Section 303 of Cr.P.C.)

9. Right to be produced before a Magistrate within 24 hours of his arrest (Article 22(1) of the Constitution and Sees. 57 and 76 of Cr.P.C.)

10. Right to be released on bail, if arrested (Sees. 436, 437 and 439 of Cr.P.C., also Sees. 50, 20 and 167 of Cr.P.C.)

11. Right not to be a witness against himself (Article 20(3) of the Constitution)

12. Right to get copies of the documents and statements of witnesses on which the prosecution relies (Sees. 173(7), 207, 208 and 238 of Cr.P.C.)

13. Right to have the benefit of the presumption of innocence till guilt is proved beyond reasonable doubt (Sees. 101-104 of Evidence Act)

14. Right to insist that evidence be recorded in his presence except in some special circumstances (Section 273 of Cr.P.C., also Section 317 Cr.P.C.)

15. Right to have due notice of the charges (Sees. 218, 228(2), 240(2), etc. of Cr.P.C.)

16. Right to test the evidence by cross-examination (Section 138 of Evidence Act)

17. Right to have an opportunity for explaining the circumstances appearing in evidence against him at the trial (Section 313 of Cr.P.C.)

18. Right to have himself medically examined for evidence to disprove the commission of offence by him or for establishing commission of offence against his body by any other person (Section 54 of Cr.P.C.)

19. Right to produce defence witnesses (Section 243 of Cr.P.C.)

20. Right to be tried by an independent and impartial Judge (The Scheme of Separate of Judiciary as envisaged in Cr.P.C., also Sees. 479, 327, 191, etc. of Cr.P.C.)

21. Right to submit written arguments at conclusion of the trial in addition to oral submission (Section 314 of Cr.P.C.)

22. Right to be heard about the sentence upon conviction (Sees. 235(2) and 248(2) of Cr.P.C.)

23. Right to fair and speedy investigation and trial (Section 309 of Cr.P.C.)

24. Right to appeal in case of conviction (Sees. 351, 374, 379, 380 of Cr.P.C. and Arts. 132(1), 134(1) and 136(1) of the Constitution)

25. Right not to be imprisoned upon conviction in certain circumstances (Section 360 of Cr.P.C., and Section 6 of the Probation of Offenders Act)

26. Right to restrain police from intrusion on his privacy (Article 31 of the Constitution)

27. Right to release of a convicted person on bail pending appeal (Section 380 of Cr.P.C.)

28. Right to get copy of the judgment when sentenced to imprisonment (Sec.363 of Cr.P.C.)

Carl Icahn take away

First, we must compliment Carl Icahn for recently netting a profit of Rs. 13,000 crore ($2 Billion) from the sale of his entire holding of Apple stock. He bought the stock three years ago and had then called it an “undervalued” “no-brainer” with “great barriers to entrance”. Carl has now revealed that he sold Apple because he anticipates that the Company will have serious problems with China’s policies.

Second, we must compliment Carl Icahn for an incredible investing track record which surpasses that of Warren Buffett.

Bryan Rich of Forbes has revealed in his article “Billionaire Carl Icahn’s Winning Traits” that Carl Icahn has compounded his wealth at an incredible CAGR of 31% since the year 1968. Carl’s return since the year 2000 is an impressive 20%. He beat the S&P 500 by 4 to 1 over the period.

In contrast, Warren Buffett has compounded his wealth at a relatively modest CAGR of 19.5% in the same period from 1968 onwards.

In practical terms, if we had invested $1,000 with Warren Buffett, it would be worth about $5 million today. The same sum invested with Carl Icahn would be worth an eye-popping $400 million today.

This makes it clear that Carl Icahn has “superior skill” as compared to Warren Buffett and is “THE greatest investor of all-time” Bryan Rich says.

Bryan Rich adds that though Carl Icahn has amassed a net worth of $21 billion (Rs. 136,500 Crore) from his investing prowess, investors will find an analysis of his stock picks “very surprising”.

win-rate3
(Image Credit: Forbes)

Rich has analyzed Carl Icahn’s investments from the year 1994 onwards and deduced that the Billionaire’s “Win Rate” is merely 58%, which is almost equal to the result one would get from the toss of a coin. Out of the almost 100 stocks that Icahn purchased over the past 20 years, only a little more than half have been profitable.

However, what has made the difference to the ultimate result is that Icahn has put himself in the position where a winning stock has delivered disproportionate result. The winners are almost twice that of his losers. While the average winner is +87%, the average loser is -49%.

This reminds me of Mohnish Pabrai’s investment doctrine of “Heads I Win, Tails I Don’t Lose Much”.

The same doctrine is followed by Rahul Saraogi of Atyant Capital that a stock is worthy of investment only where the risk of loss is low and the prospects of gains are “asymmetrical”.

Prof Sanjay Bakshi, the authority on value investing, has expounded on this concept and provided valuable insights (See Prof Sanjay Bakshi Tutors Ace Investor Samir Arora On Core Investment Doctrine Of Warren Buffett).

Bryan Rich has formulated four takeaways of Carl Icahn’s investment philosophy:

Takeaway 1 – An investor need not have a high win rate. What he requires to ensure is that he does not lose much on his losing stocks and wins more on his winning stocks:

This is best exemplified by George Soros’ immortal quote: “it’s not whether you’re right or wrong, but how much money you make when you’re right and how much money you lose when you’re wrong.”

Takeaway 2 – Make concentrated bets where you are certain of winning big:

This principle is exemplified by Warren Buffett’s classic advice that we should not swing at every ball that is thrown to us but should wait for the “right pitch”. When the “right pitch” comes, we must swing at it with all our might.

Warren also advised that we should invest as if we are limited by a punch card with 20 slots in it. Every investment decision must be thoroughly thought of before being implemented.

Takeaway 3 – Be patient:

There is no better way to explain this than to see Carl Icahn’s interview where he revealed the “real secret” behind his success is the fact that he has held on to stocks for as long as 31 years.

“The real money that I made over the years is holding companies for 7, 8, 9 years and keeping them ….. You got to buy them when nobody wants them really …. That’s the real secret …. It sounds very simple but it is very hard to do … when everybody hates it, you buy them … and then when everybody wants it, you sell it to them … And that’s what we do” Icahn said.

Takeaway 4 – Don’t be afraid to take risks or to suffer losses:

Rich emphasizes that Icahn has multiple stocks over the past 20 years that have gone to zero and become full losers. However, this has not been an impediment to Icahn’s progress because he has had a portfolio of big winners which have more than made up for the losers.

We can implement Carl Icahn’s technique by adopting a “portfolio approach” and not obsessing over the losses of individual stocks.

We should also bear in mind the revolutionary advice offered by Prof Sanjay Bakshi that “Loss aversion turns us into reckless gamblers“.

Takeaway 5: Stay alert to changing circumstances and churn the portfolio.

One more takeaway that can be added to the four takeaways listed above is that one must keep one’s eyes and ears alert to changing circumstances.

This is exemplified by Carl Icahn’s action towards Apple. Though he described Apple as a “no-brainer” and an undervalued stock with great potential, he did not hesitate to dump his large holding over concerns that the political hostility in China towards the Company does not auger well for its prospects...