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@theasifkhanblog
Back to Turkey
I first visited Turkey in Nov 2020. The first experience was unique by itself given the pandemic was still in full swing and most countries were closed to visitors. The first visit was as a tourist and we spent time in Istanbul, Cappadocia, and Izmir. This time however things are different. We are here for some medical checks. Most people from Bangladesh go to India, Thailand or Singapore for…
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What does EDGE do?
What does EDGE do?
Sometimes we take certain things as given. For example, in my mind, I felt that everybody on my friend list knows very well what EDGE does. The reality is different and a few incidents changed my perception quite significantly. I will write a thread here to explain in simple terms the services EDGE provides. EDGE AMC Limited EDGE AMC Limited is a licensed asset management company. We are…
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Introduction to startup investing – a reading list for beginners
Introduction to startup investing – a reading list for beginners
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I was late to the startup game. Ever since I graduated in 2008, my world revolved around investing in public equities and I spent most of my time learning how to be a better investor in the public markets.
A few years back when the startup movement just started in Bangladesh, I got exposed to the concept for the first time. Yet it was just a vague understanding and in…
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How I have changed my reading habits over time
How I have changed my reading habits over time
As a lot of my readers know, I love reading books. I have also mentioned previously that, over the years two things happened to my reading list.
First, I read less of finance theory and more biographies, interviews, practical investing methods etc.
Secondly, I broadened out into many other subjects like history, communication, journalism, psychology etc instead of keeping myself solely…
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Investing in early stage companies; mental challenges for a public market investor
Investing in early stage companies; mental challenges for a public market investor
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I have been involved with stock markets for more than 10 years. Over the years, I learned that a lot of commonly held beliefs can be misleading. For example, one of the first things finance students learn is ‘not to put all eggs in one basket’. Yet, the best asset managers of the world generally prefer to do concentrated investing. The logic in this case is that risk does not…
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The start of EDGE Bangladesh mutual fund and our research services
The start of EDGE Bangladesh mutual fund and our research services
In my last post written yesterday, I discussed about the decision to quit my job to start two companies. Now I will discuss the two businesses that we have started, EDGE AMC Limited and EDGE Research & Consulting Limited. We decided on the name EDGE as it is a synonym for competitive advantage and we certainly believe that we had a few such advantages. But it also suggests being at the forefront…
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Risk, entrepreneurship and a post after a year
Risk, entrepreneurship and a post after a year
The last post I made on this blog was on February 2018 which is almost a year ago. The longest stretch of time without a single post on this blog. I wish I could say that I was too busy to write, but honestly speaking that is a pretty weak excuse. Therefore, the official answer is that I took a break.
2018 was a very important year for me and brought major changes. The seeds of this change were…
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The chemistry of investing
The chemistry of investing
Q: What happens when you add a risk free security with the efficient frontier?
A: You get the capital market line (CML). Theoretically you can choose the right mix of risky and risk free assets to create efficient portfolios. Practically its a different issue altogether. In my 9 plus years of investing I have not been able to figure out what to exactly do with this piece of information. Maybe we…
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Interest rate, stock markets and other issues in Bangladesh
Interest rate, stock markets and other issues in Bangladesh
Tracking interest rates in Bangladesh is no easy task!
Banking sector developments have dominated newspaper reports for the last few years. Although non-performing loan formation took the spotlight for a long period, since late 2017 the soaring rates on fixed deposits and tight liquidity conditions also came under attention. Much has been written on why the interest rate cycle has turned so…
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Role of cash in a stock portfolio
Role of cash in a stock portfolio
I have agonized over the role of cash in stock portfolios for long. Often I felt that I should have some cash at all situations because market throws some very attractive opportunities from time to time. Other times I felt that by not remaining fully invested in the stock market I am trying to time the market which is impossible. Generally I have jumped around from one school of thought to…
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Reconciling cash flows and net profit
Reconciling cash flows and net profit
One of the first thing we learn about investing is the price to earnings ratio. Analysts spend a great deal of time trying to forecast earnings and whether companies meet analyst expectations of earnings tend to move stock prices in the short-term. What is however surprising is that valuation models of companies use cash flows and not earnings. Thus, its cash flows and not earnings that determine…
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Undervalued stock vs undervalued product
Undervalued stock vs undervalued product
By reading about many investors I have realized that looking at an investment case from different angles and perspectives unearth insights which can be very valuable. For example, in a simple DCF framework we value a company only based on its long term cash flows. However, the assets of the company could be used for something totally different and unrelated which can create more value.
There was…
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Portfolio allocation in an overvalued market
Portfolio allocation in an overvalued market
US equities are trading at a P/E ratio of 25x and a Shiller P/E (aka CAPE) of 27x. Since 1870, the mean P/E ratio had been 15.6x while the mean Shiller P/E is 16.7x. A somewhat naïve conclusion is that the market is overvalued as it trades above its mean and if financial markets have any chance of mean reversion equity holders will lose out big time. There are however several problems to this…
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Screening for cyclical stocks
Screening for cyclical stocks
Cyclical stocks are those that have high correlation with economic activity and thus see a lot more volatility in revenue and earnings. Typical examples will be banking, cement, metals & mining etc. However, one needs to be very careful when categorizing companies into cyclical or non-cyclical. Not all banks need to be cyclical because sometimes lack of private sector credit growth can be offset…
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When equal is not equal
When equal is not equal
A country saw weak loan growth of 7% on average for around 10 years. Every year people expected growth to pick up only to become disappointed. Then in the beginning of 2016, two analyst’s predicted that loan growth will be 15% which is double the average for the previous decade. At the end of 2015, real growth came exactly similar. Both analysts were correct. Yet, for the purpose of investment…
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Ultimate list of the best investing books I have read.
Best investing books - the essential list
Best investing books – the essential list
I have written book reviews in the past in bits and pieces. However, it has been a long time wish to make a broad comprehensive list of the best investing books that I have read. Such a list goes beyond the typical investment books and takes a multidisciplinary approach, which is something investment legend Charlie Munger had been advocating for. Hence, in this long (really long) piece, not only…
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