{"id":6570,"date":"2020-12-20T14:29:14","date_gmt":"2020-12-20T14:29:14","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=6570"},"modified":"2021-12-15T13:18:45","modified_gmt":"2021-12-15T13:18:45","slug":"the-impeding-resurgance-of-indian-value-investing-%f0%9f%9a%80","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/the-impeding-resurgance-of-indian-value-investing-%f0%9f%9a%80\/","title":{"rendered":"The impeding resurgance of Indian value investing ?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d6f4a46dad4\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d6f4a46dad4\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/the-impeding-resurgance-of-indian-value-investing-%f0%9f%9a%80\/#Feature_Showcase_Tax_Harvesting\" title=\"Feature Showcase: Tax Harvesting\">Feature Showcase: Tax Harvesting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/the-impeding-resurgance-of-indian-value-investing-%f0%9f%9a%80\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/nav><\/div>\n<p><img loading=\"lazy\" class=\" wp-image-6555 alignleft\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/12\/Picture1.jpg\" alt=\"\" width=\"81\" height=\"122\" \/><\/p>\n<p><em>Rahul is the Founder and Managing Partner of Willow Investment Management, a US based fund that invests in the Indian public equities. He lives with his family in NY. Outside of his work and family commitments he spends time teaching finance and wishing for value investing to make a comeback.<\/em><\/p>\n<p>&nbsp;<\/p>\n<table class=\"mcnBoxedTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnBoxedTextBlockOuter\">\n<tr>\n<td class=\"mcnBoxedTextBlockInner\" valign=\"top\">\n<table class=\"mcnBoxedTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td>\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<div>\n<blockquote><p>&nbsp;<\/p>\n<p>Many shall be restored that now are fallen,<br \/>\nand many shall fall that now are in honor.<\/p>\n<p>:Horace, Ars\u00a0Poetica<\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" valign=\"top\">\n<table class=\"mcnCaptionTopContent\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\" width=\"564\">\n<p id=\"468a\" data-selectable-paragraph=\"\">Once upon a time buying cheap Indian stocks made money. That\u2019s no longer the case. For a decade now value investing has sucked in India. Why does it not work? Will it ever work again? And, if it does then what happens?<\/p>\n<p data-selectable-paragraph=\"\">Let\u2019s start by looking at the last 10 years of the Fama-French HML factor in India.<\/p>\n<p><em>Sidenote: HML, which mimics value investing, stands for High-Minus-Low by Book to Price. Here\u2019s how you build it:<\/em><\/p>\n<p id=\"fc46\" data-selectable-paragraph=\"\"><em>(a) Stack all stocks by their P\/B ratio, cheapest to most expensive<\/em><\/p>\n<p id=\"f82d\" data-selectable-paragraph=\"\"><em>(b) Buy the cheapest one third<\/em><\/p>\n<p id=\"8830\" data-selectable-paragraph=\"\"><em>(c) Short the most expensive third in equal amount.<\/em><\/p>\n<p id=\"9d0e\" data-selectable-paragraph=\"\"><em>(d) Track the returns over a time period.<\/em><\/p>\n<p id=\"3d47\" data-selectable-paragraph=\"\"><em>(e) At the end of the period start\u00a0at step (a).<\/em><\/p>\n<p id=\"87af\" data-selectable-paragraph=\"\"><em>Building a long-short portfolio like this helps isolate and study a particular factor, in this case, valuation, while keeping everything else more or less constant. More detail\u00a0<\/em><a href=\"https:\/\/rady.ucsd.edu\/faculty\/directory\/valkanov\/pub\/classes\/mfe\/docs\/fama_french_jfe_1993.pdf\" rel=\"noopener nofollow\"><em>here.<\/em><\/a><\/p>\n<p data-selectable-paragraph=\"\">\n<\/td>\n<\/tr>\n<tr>\n<td class=\"mcnCaptionTopImageContent\" align=\"center\" valign=\"top\"><img class=\"mcnImage\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/0ad353e5-e0aa-4067-9bd3-d6b52c094314.png\" alt=\"\" width=\"564\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"mcnCaptionBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" valign=\"top\">\n<table class=\"mcnCaptionTopContent\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\" width=\"564\">\n<p id=\"551a\" data-selectable-paragraph=\"\">The dotted line is the performance of the value portfolio made up of Indian stocks. The solid line is the performance of the market over the risk-free rate.<\/p>\n<p>The value portfolio lost about half its value over the last decade.<\/p>\n<p>It\u2019s obvious that value is having a tough time. How tough exactly? Here\u2019s a look at the drawdowns from the peak.<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"mcnCaptionTopImageContent\" align=\"center\" valign=\"top\"><img class=\"mcnImage\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/1fdd37e9-f645-4960-89c3-1ac3c5630c61.png\" alt=\"\" width=\"564\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnCaptionBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" valign=\"top\">\n<table class=\"mcnCaptionTopContent\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\" width=\"564\">\n<p id=\"aab7\" data-selectable-paragraph=\"\">As of Nov 2019, the buy-cheap-sell-expensive portfolio was down 56.9% from its last peak. A 5.4-year losing streak that continues to date.<\/p>\n<p>Here\u2019s the same data, but as a picture this time. A value portfolio will have to double from here just to get back to even.<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"mcnCaptionTopImageContent\" align=\"center\" valign=\"top\"><img class=\"mcnImage\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/684d75f3-5d60-46c5-8b9e-6a08bd8e2e09.png\" alt=\"\" width=\"564\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnCaptionBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" valign=\"top\">\n<table class=\"mcnCaptionTopContent\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\" width=\"564\">\n<p id=\"5d7f\" data-selectable-paragraph=\"\">This is usually the point at which folks start nit-picking \u2014 especially about the use of Book Value. The common complaint is that it\u2019s a bad measure. It\u2019s stale. It\u2019s got accounting issues. It\u2019s meaningless.<\/p>\n<p>OK, let\u2019s do these using earnings.<\/p>\n<p>Picture, once again, rolling the clock back to 2010 and investing 100 Rupees in a value portfolio, but this time based on the P\/E multiple. Buy the cheapest P\/E stocks, short the most expensive, rebalance every year.<\/p>\n<p>Here\u2019s your next ten years:<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"mcnCaptionTopImageContent\" align=\"center\" valign=\"top\"><img class=\"mcnImage\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/cd1dc46a-da30-45aa-8318-3beed30390d0.png\" alt=\"\" width=\"564\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnCaptionBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" valign=\"top\">\n<table class=\"mcnCaptionTopContent\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\" width=\"564\">\n<p id=\"d318\" data-selectable-paragraph=\"\">Ouch!<\/p>\n<p>What if, just for kicks, you did the exact opposite of value investing? And you did it\u00a0<em>without<\/em>\u00a0pretending to be a quality investor, or a growth investor, or momentum investor. What if you simply wanted to be, say, a Not-Value-Investor?<\/p>\n<p>You take your 100 Rupees and buy the ten most expensive BSE 100 stocks. Keep them for a year, then switch into a new set of most expensive stocks. Here\u2019s your performance:<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"mcnCaptionTopImageContent\" align=\"center\" valign=\"top\"><a class=\"\" title=\"\" href=\"http:\" target=\"_blank\" rel=\"noopener noreferrer\"><img class=\"mcnImage\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/857c0dd1-488b-4fc6-a169-9eb8b41dcadf.png\" alt=\"\" width=\"564\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnCaptionBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" valign=\"top\">\n<table class=\"mcnCaptionTopContent\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\" width=\"564\">\n<p id=\"f4f4\" data-selectable-paragraph=\"\">You make 2.5x your money by blindly buying the\u00a0<em>most expensive\u00a0<\/em>stocks. Value investing has done so poorly for so long in India that it makes you wonder \u2026<\/p>\n<p>Whether it ever worked?<\/p>\n<p>Yes, beautifully so. For an entire decade, just before its sudden demise. Notice below the performance of the HML portfolio from circa 2000 to 2010. A 13x return.<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"mcnCaptionTopImageContent\" align=\"center\" valign=\"top\"><a class=\"\" title=\"\" href=\"http:\" target=\"_blank\" rel=\"noopener noreferrer\"><img class=\"mcnImage\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/5ab31c6e-e621-45a6-b922-60ea37d2bbc0.png\" alt=\"\" width=\"564\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<p id=\"8d8e\" data-selectable-paragraph=\"\">For reference, BSE 100 index was up 3.5x during the same period. Value annihilated the market, and every other strategy.<\/p>\n<p>So here in lies the dilemma &#8211; which decade should we go by? The one where value made 13x or the one where value lost 50%? Which way does the weight of evidence tilt? And more importantly, if it has worked so well before then \u2026<\/p>\n<p>Even though I\u2019m only really concerned about the Indian market here , fortunately for us, value stopped working in the US around the same time as it did in India.<\/p>\n<p>Which means that like every other US financial phenomena, the death of value has also been sliced, diced, and julienned from every possible angle.<\/p>\n<p>And sure enough, the brilliant financial pathologists of America seem to have found their culprit\u2026 Intangibles.<\/p>\n<p>A recent survey\u00a0<a href=\"https:\/\/www.economist.com\/briefing\/2020\/11\/14\/value-investing-is-struggling-to-remain-relevant\" rel=\"noopener nofollow\">piece<\/a>\u00a0in the Economist summarizes their findings as follows:<\/p>\n<ol>\n<li id=\"0a4b\" data-selectable-paragraph=\"\">Intangibles are the primary source of value for many companies, more so now than in the past. And intangibles are hard to account for using GAAP. So any strategy based on GAAP book value or earnings, like value investing, is meaningless as well.<\/li>\n<li id=\"12e9\" data-selectable-paragraph=\"\">Businesses based on intangibles are easier to scale, so a small number of firms come to dominate. These firms have increasing returns to scale. As they grow bigger they get better, which makes them even bigger, and so on. Mean reversion is dead and so is value investing.<\/li>\n<li id=\"ab23\" data-selectable-paragraph=\"\">The indices are dominated with tech. There\u2019s too much disruption in tech, and value investing does a poor job of predicting disruption.<\/li>\n<\/ol>\n<p>Before we get to whether any of this holds true for the Indian markets (it doesn\u2019t), let\u2019s examine whether it even holds true for the US. Cliff Asness, who runs a $140bn systematic strategies fund, did just\u00a0<a href=\"https:\/\/www.aqr.com\/Insights\/Perspectives\/Is-Systematic-Value-Investing-Dead\" rel=\"noopener nofollow\">that<\/a>\u00a0back in May. He argued that:<\/p>\n<ol>\n<li id=\"f83d\" data-selectable-paragraph=\"\">If the problem is accounting then let\u2019s buy cheap stocks and sell expensive ones\u00a0<em>within<\/em>\u00a0industries and see what happens. In any given industry the importance of intangibles should be about the same for all players. Besides, everyone more or less follows the same accounting rules.<\/li>\n<li id=\"8ef1\" data-selectable-paragraph=\"\">If the problem is mega-caps (Microsoft, Amazon, Facebook, Google etc.) that dominate due to increasing returns on scale then let\u2019s exclude those mega caps and see what happens.<\/li>\n<li id=\"5a9c\" data-selectable-paragraph=\"\">If the problem is tech, with all that disruption, then let\u2019s exclude tech completely and see what happens.<\/li>\n<\/ol>\n<p>In each of these cases when Asness ran the numbers he found value investing to be severely underperforming over the last decade. Cheap stocks are the cheapest they have ever been regardless of how you cut the data. Those fancy explanations for why value doesn\u2019t work are likely bunk.<\/p>\n<p>If the explanations designed for the US don\u2019t work in the US then one can hardly hope for them to work for India.<\/p>\n<p>But here\u2019s another cut \u2014 this time using common sense instead of statistics. Take a look at the top 10 Indian firms by market cap below (along with their American counterparts for reference). Together these 10 firms make up ~ 40% of the total Indian public equity.<\/p>\n<p>&nbsp;<\/p>\n<table border=\"0\" width=\"464\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"264\" height=\"19\"><strong>Biggest Indian Firms<\/strong><\/td>\n<td width=\"200\"><strong>Biggest US Firms<\/strong><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/reliance-industries-ltd\">Reliance Industries Ltd<\/a><\/td>\n<td><a href=\"https:\/\/kuvera.in\/explore\/us-stocks\/d\/apple-inc-aapl\">Apple Inc<\/a><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/tata-consultancy-services-ltd\">Tata Consultancy Services Ltd<\/a><\/td>\n<td><a href=\"https:\/\/kuvera.in\/explore\/us-stocks\/d\/microsoft-corporation-msft\">Microsoft Corporation<\/a><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/hdfc-bank-ltd\">HDFC Bank Ltd<\/a><\/td>\n<td><a href=\"https:\/\/kuvera.in\/explore\/us-stocks\/d\/amazon-com-inc-amzn\">Amazon.com Inc<\/a><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/hindustan-unilever-ltd\">Hindustan Unilever Ltd<\/a><\/td>\n<td><a href=\"https:\/\/kuvera.in\/explore\/us-stocks\/d\/alphabet-inc-class-a-shares-googl\">Alphabet Inc<\/a><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/infosys-ltd\">Infosys Ltd<\/a><\/td>\n<td><a href=\"https:\/\/kuvera.in\/explore\/us-stocks\/d\/facebook-inc-fb\">Facebook Inc<\/a><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/housing-development-finance-corp-ltd\">HDFC Ltd<\/a><\/td>\n<td><a href=\"https:\/\/kuvera.in\/explore\/us-stocks\/d\/tesla-inc-tsla\">Tesla Inc<\/a><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/kotak-mahindra-bank-ltd\">Kotak Mahindra Bank Ltd<\/a><\/td>\n<td><a href=\"https:\/\/kuvera.in\/explore\/us-stocks\/d\/berkshire-hathaway-inc-class-a-brk-a\">Berkshire Hathaway Inc<\/a><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/icici-bank-ltd\">ICICI Bank Ltd<\/a><\/td>\n<td><a href=\"https:\/\/kuvera.in\/explore\/us-stocks\/d\/visa-inc-v\">Visa Inc<\/a><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/bajaj-finance-ltd\">Bajaj Finance Ltd<\/a><\/td>\n<td><a href=\"https:\/\/kuvera.in\/explore\/us-stocks\/d\/walmart-inc-wmt\">Walmart Inc<\/a><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/bharti-airtel-ltd\">Bharti Airtel Ltd<\/a><\/td>\n<td><a href=\"https:\/\/kuvera.in\/explore\/us-stocks\/d\/johnson-johnson-jnj\">Johnson &amp; Johnson<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnCaptionBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" valign=\"top\">\n<table class=\"mcnCaptionTopContent\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\" width=\"564\">\n<p id=\"3c91\" data-selectable-paragraph=\"\">What do you see?<\/p>\n<p>Specifically, do you see any tech disruptors? Do you see blockchain based AI platforms enabling driverless EV revolution, which will ultimately lead to genetic editing designer babies?<\/p>\n<p>I see a bunch of moneylenders, body-shoppers, and telcos.<\/p>\n<p>So no, the death of value investing, at least when it comes to India, has got nothing to do with tech disruption.<\/p>\n<p>But what about more intangibles, new business models, a change of guard at the top of the index, or some such? One way to find out is by examining where the large firms of today were a decade or two ago? Kind of like those then-and-now celebrity pictures.<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"mcnCaptionTopImageContent\" align=\"center\" valign=\"top\"><a class=\"\" title=\"\" href=\"http:\" target=\"_blank\" rel=\"noopener noreferrer\"><img class=\"mcnImage\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/659f624c-5d0d-479f-9ffe-9926fda4a4af.png\" alt=\"\" width=\"564\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<p id=\"3c91\" data-selectable-paragraph=\"\">Here\u2019s the list of same ten firms from before, but this time along with their 2010 and 2000 market cap ranking.<\/p>\n<table border=\"0\" width=\"407\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"210\" height=\"19\"><strong>Biggest Indian Firms<\/strong><\/td>\n<td width=\"103\"><strong>2010 Rank<\/strong><\/td>\n<td width=\"94\"><strong>2000 Rank<\/strong><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/reliance-industries-ltd\">Reliance Industries Ltd<\/a><\/td>\n<td>1<\/td>\n<td>4<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/tata-consultancy-services-ltd\">TCS Ltd<\/a><\/td>\n<td>3<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/hdfc-bank-ltd\">HDFC Bank Ltd<\/a><\/td>\n<td>16<\/td>\n<td>22<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/hindustan-unilever-ltd\">Hindustan Unilever Ltd<\/a><\/td>\n<td>22<\/td>\n<td>2<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/infosys-ltd\">Infosys Ltd<\/a><\/td>\n<td>5<\/td>\n<td>3<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/housing-development-finance-corp-ltd\">HDFC Ltd<\/a><\/td>\n<td>17<\/td>\n<td>17<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/kotak-mahindra-bank-ltd\">Kotak Mahindra Bank Ltd<\/a><\/td>\n<td>44<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/icici-bank-ltd\">ICICI Bank Ltd<\/a><\/td>\n<td>10<\/td>\n<td>35<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/bajaj-finance-ltd\">Bajaj Finance Ltd<\/a><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/bharti-airtel-ltd\">Bharti Airtel Ltd<\/a><\/td>\n<td>8<\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<ol>\n<li id=\"0949\" data-selectable-paragraph=\"\">Nine out of 10 firms were in the top 50 a decade ago. Four were in top 10.<\/li>\n<li id=\"5cab\" data-selectable-paragraph=\"\">Even two decades ago the list wasn\u2019t that different.<\/li>\n<li id=\"9583\" data-selectable-paragraph=\"\">The only new kid on the block is Bajaj Finance, a moneylender.<\/li>\n<\/ol>\n<p id=\"afdf\" data-selectable-paragraph=\"\">If the top echelon of Indian business is so damn persistent, could you really attribute the death of value investing to\u00a0<em>any<\/em>\u00a0fundamental shift?<\/p>\n<p>Maybe it\u2019s all just random. Maybe value investing ain\u2019t dead at all. Maybe it\u2019s just taking a hiatus.<\/p>\n<p>In his 1955 testimony to the Congressional Committee on Banking and Currency, Ben Graham was asked why value investing worked. Graham answered:<\/p>\n<blockquote>\n<p id=\"47fd\" data-selectable-paragraph=\"\"><em>That is one of the mysteries of our business, and it is a mystery to me as well as to everybody else. We know from experience that eventually the market catches up with value. It realizes it in one way or another.<\/em><\/p>\n<p data-selectable-paragraph=\"\">\n<\/blockquote>\n<p id=\"1b08\" data-selectable-paragraph=\"\">The problem with\u00a0<em>when\u00a0<\/em>value investing will work is that we don\u2019t exactly know\u00a0<em>why\u00a0<\/em>it works in the first place. The most cogent explanation I have read in the recent times comes from Lyall Taylor\u2019s\u00a0<a href=\"https:\/\/lt3000.blogspot.com\/2020\/11\/unravelling-values-decade-long.html\" rel=\"noopener nofollow\">blogpost<\/a>\u00a0on value investing. Lyall is a terrific thinker and I highly recommend following him. Here are a few choice quotes (please read the\u00a0<a href=\"https:\/\/lt3000.blogspot.com\/2020\/11\/unravelling-values-decade-long.html\" rel=\"noopener nofollow\">original<\/a>):<\/p>\n<blockquote>\n<p id=\"0a38\" data-selectable-paragraph=\"\"><em>One of the core reasons that value investing works is that investors systematically overestimate their ability to predict the future.<\/em><\/p>\n<p id=\"6bbc\" data-selectable-paragraph=\"\"><em>It is actually often the highest quality and highest rated companies that have the most to lose from disruption, as they have both high valuations with very long duration payoffs\u00a0and\u00a0very high profitability. This means not only do they have a long way to fall if anything goes wrong (and even the\u00a0fear\u00a0of disruption can crush these stocks, whether or not it actually transpires), but their fat margins also act to invite disruption by creating an outsized opportunity for would-be disruptors.<\/em><\/p>\n<p data-selectable-paragraph=\"\">\n<\/blockquote>\n<p id=\"9373\" data-selectable-paragraph=\"\">We know that value investing works because people get ahead of themselves but how far ahead before value starts working? That\u2019s impossible to tell.<\/p>\n<p>What we do know for sure is that when it does work, value investing will make us fundamental types look very stupid. Here\u2019s Lyall again with an explanation:<\/p>\n<blockquote>\n<p id=\"ebf1\" data-selectable-paragraph=\"\"><em>Evidence of this stems from the multiple studies that have been done on net-nets \u2014 the worst of the worst in terms of business quality and future outlooks (the outlook is so assuredly bad investors are not even willing to pay a price above net working capital net of all liabilities). As a group, such stocks have substantially outperformed over time. However, very interestingly, when studies have been done where investors were given the opportunity to choose the \u2018best of a bad bunch\u2019, choosing only those that were profitable or paid a dividend for instance, the results were much\u00a0worse. Taking out the \u2018worst\u2019 of the worst lead to inferior returns. Why? Because if it\u2019s obviously bad to you, then it\u2019s obviously bad to everyone else as well, and the stock will be priced accordingly, with the probability of unexpectedly favourable change underestimated, leading to greater scope for a major re-appraisal of its prospects if conditions do unexpectedly improve<\/em><\/p>\n<p data-selectable-paragraph=\"\">\n<\/blockquote>\n<p id=\"e4fb\" data-selectable-paragraph=\"\">When value works it works in surprising ways. The crappiest businesses sometimes do exceedingly well simply because our expectations from those businesses is so low. Here are the large caps that did well the last time around value worked in India.<\/p>\n<table border=\"0\" width=\"361\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\" width=\"361\" height=\"19\"><strong>2000-2010 Returns of few large firms<\/strong><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/vedanta-ltd\">Vedanta Ltd<\/a><\/td>\n<td>152x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/bharat-heavy-electricals-ltd\">Bharat Heavy Electricals Ltd<\/a><\/td>\n<td>22x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/steel-authority-of-india-ltd\">Steel Authority Of India Ltd<\/a><\/td>\n<td>20x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/abb-india-ltd\">ABB India Ltd<\/a><\/td>\n<td>14x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/nlc-india-ltd\">NLC India Ltd<\/a><\/td>\n<td>12x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/siemens-ltd\">Siemens Ltd<\/a><\/td>\n<td>10x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/container-corporation-of-india-ltd\">Container Corporation of India Ltd<\/a><\/td>\n<td>10x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/adani-enterprises-ltd\">Adani Enterprises Ltd<\/a><\/td>\n<td>8x<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">Chock-full of cyclical commodity type companies. And here\u2019s what obviously looks bad right now- the lowest P\/E stocks amongst Indian large caps.<\/p>\n<table border=\"0\" width=\"396\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"298\" height=\"19\"><strong>Name<\/strong><\/td>\n<td width=\"98\"><strong>P\/E Ratio<\/strong><\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/rec-ltd\">REC Ltd<\/a><\/td>\n<td>5.2x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/coal-india-ltd\">Coal India Ltd<\/a><\/td>\n<td>5.5x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/gail-india-ltd\">GAIL India Ltd<\/a><\/td>\n<td>5.7x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/ntpc-ltd\">NTPC Ltd<\/a><\/td>\n<td>8.3x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/nmdc-ltd\">NMDC Ltd<\/a><\/td>\n<td>9.2x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/oil-natural-gas-corp-ltd\">Oil &amp; Natural Gas Corp Ltd<\/a><\/td>\n<td>10.6x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/power-grid-corp-of-india-ltd\">Power Grid Corp Of India Ltd<\/a><\/td>\n<td>10.8x<\/td>\n<\/tr>\n<tr>\n<td height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/stocks\/l\/hindustan-petroleum-corp-ltd\">Hindustan Petroleum Corp Ltd<\/a><\/td>\n<td>12.4x<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<p id=\"339e\" data-selectable-paragraph=\"\">Again, a chock-full of cyclical commodity names. Look beneath the surface though. Each of these businesses generates tons of earnings and cashflows. Each pays dividends. REC has a dividend yield of 7.8%, Coal India 8.25%, Power Grid 5%, and so on. As a group, these companies have reported 90 annual earnings over the last decade. 89 of those have been positive, and significantly so. Don\u2019t be surprised if this is the decile that outperforms everything else when value investing start working next time around.<\/p>\n<p>My edition of Security Analysis has 281,735 words spilled over 700 pages. These first seventeen are the truest of them all.<\/p>\n<p>&nbsp;<\/p>\n<blockquote>\n<p id=\"4759\" data-selectable-paragraph=\"\"><em>Many shall be restored that now are fallen, and many shall fall that now are in honor.<\/em><\/p>\n<p>:Horace, Ars\u00a0Poetica<\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\"><em>Disclaimer from Rahul: This analysis is personal opinion and thoughts, and certainly not recommendations or advice of any sort. I and my firm may own stocks mentioned herein, including the ones I sometimes bad-mouth.<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>Happy investing,<br \/>\nGaurav<br \/>\nCEO | kuvera.in |\u00a0<a href=\"https:\/\/twitter.com\/rustapharian\" target=\"_blank\" rel=\"noopener noreferrer\">@rustapharian<\/a><\/p>\n<p><strong>Love our blog? Share it with friends (sample <a href=\"https:\/\/ctt.ac\/fRi5s\" target=\"_blank\" rel=\"noopener noreferrer\">tweet<\/a> | <a href=\"https:\/\/api.whatsapp.com\/send\/?phone&amp;text=Highly%20recommend%20the%20weekly%20wealth%20newsletter%20from%20kuvera.in%20%20Signup%20here:%20https:\/\/kuvera.in\/?p=finance-insights\">WhatsApp<\/a>)<\/strong><\/p>\n<p>&nbsp;<\/p>\n<table class=\"mcnCaptionBottomContent\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionBottomImageContent\" align=\"center\" valign=\"top\"><img class=\"mcnImage\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/cd4cdda0-9ad1-48e1-9be7-897d653b7a1f.png\" alt=\"\" width=\"564\" \/><\/td>\n<\/tr>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\" width=\"564\">\n<h4><span class=\"ez-toc-section\" id=\"Feature_Showcase_Tax_Harvesting\"><\/span>Feature Showcase: Tax Harvesting<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><a href=\"https:\/\/blog.kuvera.in\/save-up-to-%e2%82%b910000-in-ltcg-taxes-with-tax-harvesting\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Tax Harvesting<\/strong><\/a> is a technique that utilises the \u20b91 Lakh annual LTCG exemption by selling and buying back part of your investment such that you \u201crealise\u201d gains and not pay taxes on them.\u00a0At a 10% LTCG tax rate, you could save up to Rs 10,000 in LTCG taxes every year by doing this diligently.<\/p>\n<p>Do not wait for February \/ March of FY21 to harvest taxes. Do it as early in the financial year as possible &#8211; as happened in FY20 you may not have gains later to harvest!<\/p>\n<p>Like all our features, Tax Harvesting optimizes on your entire portfolio &#8211; bought on Kuvera or <a href=\"https:\/\/blog.kuvera.in\/automatic-tracking-of-your-external-transactions\/\" target=\"_blank\" rel=\"noopener noreferrer\">imported<\/a> from elsewhere.<\/p>\n<p><strong><a href=\"https:\/\/kuvera.in\/feature\/tax-harvesting\" target=\"_blank\" rel=\"noopener noreferrer\">Start harvesting<\/a>\u00a0today.<\/strong><\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Read more:\u00a0<a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Watch\/hear on YouTube:<\/p>\n<p><iframe loading=\"lazy\" title=\"Kuvera Insights\" src=\"https:\/\/www.youtube.com\/embed\/videoseries?list=PLDSzQdT9nLmCysU31bg4Ngh7WY2p3UiiI\" width=\"640\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit\u00a0<a href=\"https:\/\/www.kuvera.in\/\"><strong>kuvera.in<\/strong><\/a>\u00a0to discover\u00a0<a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> \u00a0and\u00a0<a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rahul is the Founder and Managing Partner of Willow Investment Management, a US based fund that invests in the Indian public equities. He lives with his family in NY. Outside of his work and family commitments he spends time teaching finance and wishing for value investing to make a comeback. &nbsp; &nbsp; Many shall be [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/the-impeding-resurgance-of-indian-value-investing-%f0%9f%9a%80\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":7,"featured_media":6587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[99,173],"tags":[470,469,11,471,472,388,468],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The impeding resurgance of Indian value investing ? - Kuvera - Kuvera.in<\/title>\n<meta name=\"description\" content=\"Value investing has not worked since 2010. Should investors still care about value and is it poised to make a comeback?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kuvera.in\/blog\/the-impeding-resurgance-of-indian-value-investing-\ud83d\ude80\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The impeding resurgance of Indian value investing ? - Kuvera - Kuvera.in\" \/>\n<meta property=\"og:description\" content=\"Value investing has not worked since 2010. 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