I have been trying to gather a group of like minded people who will collaborate on good stock ideas which will in long run give good returns. As it is difficult to articulate what I am trying to do let me give what I do not intend to do:
• Form a group of day trader
• Technical Analysis
• Predict the future
• Work on multi level marketing scam
• Ponzi schemes
You see I am not much of a day trader, hell I am not much of a monthly or even yearly trader. My only trade in 2009 till date ( May 15, 2009) have been selling some stocks at loss, not because I do not believe in these companies any more but more because I needed money to take possession for that long awaited apartment ( this is another blog post some time in future). I did not see these stocks going up before 31st March 09 so decided to book some capital losses to square them off against future gains ( Please check my blog: Make lemonade when you have got lemons).
So I do not have much interest in day trading, don’t understand technical analysis at all and certainly I cannot predict the future because if I could I would not be writing this blog but would be buying the next hot internet or biotechnology startup (food for thought). I don’t think I want to say anything about MLM scams and Ponzi schemes. (More about them in some other post in future).
Unfortunately my attempts to form a group of such investors who are interested in forming such a group have gone in vain. There have been many challenges to the same. While most people like the idea they all want to begin with asking for the next hot tip. This was more prevalent during the bull run when every second person you met wanted to know the next stock that was going to double in next 10 days. Those who did not want a tip were more than eager to offer a tip which has been given to them by a good friends cousin who is close to a CA who is very close to a guy in Kolkota whose wife’s best friends husband travels to Mumbai every week for work where he frequents a dance bar where he met a girl who is mistress of a big broker in BSE who has been cornering this particular hot stock ( got it? Neither did I ).
Surprisingly people are willing to buy on such hot tips from dubious sources than do some research of their own. Man you will ask 20 people, visit 10 showrooms and haggle for hours to buy a 10K TV but you will put 50K in a stock you have never heard about till 5 minutes ago. Sounds crazy to me. Well crazy people loose their money quickly confirming the old saying: A fool and his money are soon parted.
So here I invite all like minded people to do some serious brain storming to find the next Infosys or ICICI bank or Airtel. No tipping etc will be encouraged.