Motilal Oswal Asset Management Company Ltd. (MOAMC) is a public limited company incorporated under the Companies Act, 1956 on November 14, 2008, having its Registered Office at 10th Floor, Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai - 400025.
Motilal Oswal Asset Management Company Ltd. has been appointed as the Investment Manager to Motilal Oswal Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated May 21, 2009, executed between Motilal Oswal Trustee Company Ltd. and Motilal Oswal Asset Management Company Ltd.
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Motilal Oswal Dynamic Fund (Div-A) - 12.7364Motilal Oswal Dynamic Fund (Div-Q) - 11.9304Motilal Oswal Dynamic Fund (G) - 13.54Motilal Oswal Dynamic Fund-Dir (Div-A) - 13.0214Motilal Oswal Dynamic Fund-Dir (Div-Q) - 11.9237Motilal Oswal Dynamic Fund-Dir (G) - 14.1843Motilal Oswal Equity Hybrid Fund - Direct (G) - 12.2496Motilal Oswal Equity Hybrid Fund - Regular (G) - 11.8374Motilal Oswal Focused 25 Fund - Direct (D) - 18.41Motilal Oswal Focused 25 Fund - Direct (G) - 26.8181Motilal Oswal Focused 25 Fund (D) - 16.7011Motilal Oswal Focused 25 Fund (G) - 24.2378Motilal Oswal Large and Midcap Fund - Dir (D) - 10.18Motilal Oswal Large and Midcap Fund - Dir (G) - 10.18Motilal Oswal Large and Midcap Fund (D) - 9.9958Motilal Oswal Large and Midcap Fund (G) - 9.9957Motilal Oswal Liquid Fund - Direct (Div-D) RI - 10.0077Motilal Oswal Liquid Fund - Direct (Div-F) RI - 10.0081Motilal Oswal Liquid Fund - Direct (Div-M) - 10.0593Motilal Oswal Liquid Fund - Direct (Div-Q) - 10.0325Motilal Oswal Liquid Fund - Direct (Div-W) RI - 10.0096Motilal Oswal Liquid Fund - Direct (G) - 10.9026Motilal Oswal Liquid Fund - Regular (Div-D) RI - 10.0055Motilal Oswal Liquid Fund - Regular (Div-F) RI - 10.0077Motilal Oswal Liquid Fund - Regular (Div-M) - 10.0578Motilal Oswal Liquid Fund - Regular (Div-Q) - 10.0314Motilal Oswal Liquid Fund - Regular (Div-W) RI - 10.0165Motilal Oswal Liquid Fund - Regular (G) - 10.8722Motilal Oswal Long Term Equity Fund (D) - 14.9474Motilal Oswal Long Term Equity Fund (G) - 16.8692Motilal Oswal Long Term Equity Fund -Dir (D) - 16.245Motilal Oswal Long Term Equity Fund -Dir (G) - 18.2384Motilal Oswal Midcap 30 Fund (D) - 17.7946Motilal Oswal Midcap 30 Fund (G) - 24.909Motilal Oswal Midcap 30 Fund-Dir (D) - 18.2986Motilal Oswal Midcap 30 Fund-Dir (G) - 27.05Motilal Oswal Multi Asset Fund - Direct (G) - 10.1277Motilal Oswal Multi Asset Fund (G) - 10.0917Motilal Oswal Multicap 35 Fund (D) - 22.8229Motilal Oswal Multicap 35 Fund (G) - 25.9054Motilal Oswal Multicap 35 Fund-Dir(D) - 22.9266Motilal Oswal Multicap 35 Fund-Dir(G) - 27.5652Motilal Oswal Nasdaq 100 FOF - Direct (G) - 18.098Motilal Oswal Nasdaq 100 FOF - Regular (G) - 17.96Motilal Oswal Nifty 50 Index Fund - Direct (G) - 9.6931Motilal Oswal Nifty 50 Index Fund (G) - 9.66Motilal Oswal Nifty 500 Fund - Direct (G) - 10.8634Motilal Oswal Nifty 500 Fund (G) - 10.7829Motilal Oswal Nifty Bank Index Fund - Direct (G) - 8.8425Motilal Oswal Nifty Bank Index Fund (G) - 8.7775Motilal Oswal Nifty Midcap 150 Index Fund (G) - 11.4739Motilal Oswal Nifty Midcap 150 Index Fund-Dir (G) - 11.5594Motilal Oswal Nifty Next 50 Index Fund - Dir (G) - 9.5541Motilal Oswal Nifty Next 50 Index Fund (G) - 9.5017Motilal Oswal Nifty Smallcap 250 Index Fund (G) - 11.1296Motilal Oswal Nifty Smallcap 250 Index Fund-Dir(G) - 11.2131Motilal Oswal S&P 500 Index Fund - Direct (G) - 11.3669Motilal Oswal S&P 500 Index Fund (G) - 11.3269Motilal Oswal Ultra Short Term Fund - Dir (Div-D) - 9.7157Motilal Oswal Ultra Short Term Fund - Dir (Div-F) - 9.734Motilal Oswal Ultra Short Term Fund - Dir (Div-M) - 9.7226Motilal Oswal Ultra Short Term Fund - Dir (Div-Q) - 9.8623Motilal Oswal Ultra Short Term Fund - Dir (Div-W) - 9.7265Motilal Oswal Ultra Short Term Fund - Dir (G) - 13.7663Motilal Oswal Ultra Short Term Fund (Div-D) - 9.7192Motilal Oswal Ultra Short Term Fund (Div-F) - 9.7296Motilal Oswal Ultra Short Term Fund (Div-M) - 9.7197Motilal Oswal Ultra Short Term Fund (Div-Q) - 9.861Motilal Oswal Ultra Short Term Fund (Div-W) - 9.7226Motilal Oswal Ultra Short Term Fund (G) - 13.3865

Buy Right Sit Tight Insights - August 2016

Blog Blog Details
  • August 18, 2016
  • Raamdeo Agrawal|
  • Chairman, Motilal Oswal AMC
Raamdeo Agrawal,  Motilal Oswal AMC
Dear investor friends,

I am pleased to present the fifth edition of our “Buy Right Sit Tight Insights”. Through this series, we will share with you our investment insights and other ideas which we believe are relevant to the world of equity investing. 

This time, we discuss a very basic framework for equity investing – the Knowability-Importance Matrix.

Focus on the Knowable and Important; the rest is noise


 “There are two kinds of people who lose money: those who know nothing and those who know everything.”
— Henry Kaufman, economist & financial consultant


In the age of TV channels, mobile phones and internet, information overload is obvious. How does one take care of which information to accept and which to reject? The following 2x2 matrix helps me in allocating my time prudently:

The Knowability-Importance Matrix with associated probabilities


There are 2 types of information: Important and Unimportant. Further, within each of these, there are two types: Knowable and Unknowable

Important information is what one should be concerned about and where most of one’s time should be allocated. Even within the Important information, much of it may pertain to the future and hence Unknowable. Thus, very little of what is Important is Knowable.  Just to give it a numerical flavour, 99% of all information may be Unimportant and only 1% Important. Of this 1%, again 99% may be Unknowable. Thus, only 0.01% of all the information may be both Important and Knowable.

The human mind gets drifted into issues which are Important but Unknowable, particularly relating to global macroeconomic issues like Chinese credit bubble, Brexit, US interest rates, etc, etc. Our effort is to cut all the noise and allocate maximum time in researching what is Important and Knowable.

Basically, everything around the company / business / competition is what we focus on. Time is limited and how we allocate will decide where we get maximum edge.  True competitive advantage of an investor is in superior understanding of Value i.e. the Moat and Growth of the company. (Price is same for everybody.)

In conclusion

Howard Marks’ book “The Most Important Thing Illuminated”  has a chapter titled “The Most Important Thing is … Knowing What You Don’t Know”. The closing words of the chapter are apt in this context – 
“Overestimating what you’re capable of knowing or doing can be extremely dangerous – in brain surgery, transocean racing or investing. Acknowledging the boundaries of what you can know – and working within those limits rather than venturing beyond – can give you a great advantage.”

So let’s focus on what is Important and Knowable and put disproportionate effort over there. 

I welcome your feedback and suggestions for improvement. Please email the same to insights@motilaloswal.com.


Raamdeo Agrawal

Chairman





Disclaimer
This bulletin has been issued to explain our investment philosophy. The information contained in this document is for general purposes only and should not be construed as investment advice to any party. Readers shall be fully responsible / liable for any decision taken on the basis of this bulletin. Past performance may or may not be sustained in the future. This bulletin is not for circulation in general and is meant for intended recipient only. The bulletin does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. The statements contained herein may include statements of future expectations and other forward-looking statements that are based on our current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
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