Sinewave Securities

The One Thing - Gary connects result and approach - From 14 to 7 to 3 to doing the one thing this week - one which makes everything else seem useless - and the results went over the roof. Key to success is not in all the things we do but in the handful of things we do well. I have covered a few key concepts : The Domino effect - Getting extraordinary result is all about creating that domino in your life. Extraordinary success is sequential not simultaneous. It is done overtime. Success leave clues - Gary take up the examples from corporate world - Apple, Google, Disney, Intel and their ONE THING One Passion One Skill. "We are bombarded with more life choices than our ancestors would face in their lifetime." Part 1 THE LIES -That mislead and derail us. Gary busts some common myths popular in the business world. Success has its own lies too and here Garry tells about the 6 lies - Everything matters equally, Multitasking, A disciplined life, Willpower is always on will...

Can’t Hurt Me by David Goggins is a book which describes the journey of a black American boy born in almost broken home, abusive father and a mother who was barely holding the things together into becoming the hardest man God ever created. It comes with the prescriptions to come out of your comfort zone, take the challenges and transform your life. Each chapter covers a part of his journey and comes up with a challenge in the end. Chapter One - I should have been a statistic - Gives an overview of his household conditions and takes up a bold decision to leave his father. David moved to Brazil with his mother. “Those raised in abusive households have an increased probability of being arrested as a juvenile by 53% and their odds of committing a violent crime as adults are increased by 38%.” Rather than being the part of the statistic, David decided to fight, take that pain and move. Chapter Two –Truth Hurts -   David tells the challenges they face in new town. David came up wi...

Obstacle is the Way, yet another simple yet powerful book by Ryan, taking inspiration from the life of Marcus Aurilius. I have summarized the book in about 1100 words and laid down some key takeaways. Starts with the words of Marcus – “What comes in the way becomes the way.” The idea of the book is to help you overcome those obstacles - mental, physical, emotional or perceived and turn them to the way. Objective judgement now at this very moment Willing acceptance now at this very moment Unselfish Action now at this very moment of all external events and that is all you need. Ryan distributes the idea in 3 - Perception, action and will. PART 1 Perception Discipline of perception - Rockefeller's case and financial markets - only discipline and objectivity can make you successful. Struggled for 3.5 years to controlling 90% of oil markets. Economic crash or personal tragedies are bound to happen - see the good and revert to present. "Oh How blessed the young men are w...

Ryan introduces himself and lays down his legitimacy to write the book. Getting inspired from stoic philosophy and his own life to explain EGO is the ENEMY. INTRO - You are most easy to be fooled and ego drags you in the whirl. Ryan gives an overview and introduces some famous personalities, who using there awareness and giving up ego to grow while some who perished. He advices to be "Humble in your aspirations,  resilient in your failure, gracious in your success." The book has 3 parts, each part resonating to your life where either you aspire, you are failing or you are successful - Look at EGO and destroy that enemy. PART I ASPIRE Every great journey begins here yet most fail to execute. To whatever you aspire- Ego is the enemy. What is rare is humility, diligence and self awareness.  He throws light on-Importance of silence, to be or not to be, being student for whole life - Ego makes us hostile to feedback. Don't be passionate - Invasion of Russia to underi...

Nasim gives a brief intro about Procrustes. A cruel ruler who put small people on large beds and large ones on the small to torture them. While he distinguishes between the bed and the person lying on the bed situation- Taleb shares that rather than changing the beds, the person who lays on them can be provided with worldly knowledge and saved from Procrustes's torture. Taleb gives some plain aphorisms, in his own blunt and bold manner. The Taleb way has always been harsh and brutal but the credibility with which he comes just overpowers everything. I have quoted a few of them here :  1. Your brain is more intelligent when you don't instruct it on what to do -ideas while walking, shower. 2. Life is repetitive stress injury - Eg gym, work and home over and over. 3. MORE THE PRECISION MORE DEAD YOU ARE. 4. If anger is increasing you are getting injustice, if decreasing you are doing injustice. 5. Nothing is more permanent than temporary arrangements -truces, deficits and r...

  Production Linked Incentives Schemes PLI Schemes launched in March 2020, are a cornerstone of the Government’s push for achieving an AtmaNirbhar Bharat. The idea is to provide support to the sectors, regain dominance in global trade and be more prepared for the volatilities and shocks in global supply chains as opposed to the protectionist approach of the pre-1991 era. The objective of the scheme is to boost domestic manufacturing in sunrise and strategic sectors, improve cost competitiveness of domestically manufactured goods, enhance domestic capacity and economies of scale. The scheme is specifically designed to attract investments in sectors of core competency and cutting-edge technology. The selection of sectors has been done based on the sectors’ abilities to introduce latest technology, generate direct and indirect employment by reaching global scales while increasing competitiveness to ensure penetration of Indian companies in the global value chains. This scheme is e...

  Evolution of disinvestment in Indian PSEs. With the passing of the Constitution (First Amendment) Act, 1951, nationalisation of private firms became a standard policy tool by the Government. The Act stated that ‘the citizen’s right to practise any profession or to carry on any occupation, trade or business conferred by article 19(1)(g) is subject to reasonable restrictions which the laws of the State may impose “in the interests of general public”’. The Act allowed for nationalisation or trading by the state in any business. Soon under the Air Corporations Act, 1953, the Government nationalised nine airlines—Air India, Air Services of India, Airways (India), Bharat Airways, Deccan Airways, Himalayan Aviation, Indian National Airways, Kalinga Airlines, and Air India International—and brought them under two PSEs, Indian Airlines, and Air India International. This was followed by nationalisation of life insurance in 1956 through the Life Insurance Corporation Act 1956, whereby 1...

The healthcare sector consists of all businesses involved in the provision and coordination of medical and related goods and services. With such huge base it packs together a number of companies from API players to generic drug makers to hospitals. Here an overview of the sector is provided using numbers, facts and estimated growth rates. Drug Segment Global-1.3tn$ @ CAGR 4.5% 2025E -Formulation-85% i.e. $1.1tn and rest 15% API and bulk drugs-$200bn -US=$500bn US Pharma Chain Fastest growing therapies : The domestic formulations business of pharmaceutical companies in India are pure cash cow businesses. This bucket has the highest ROCE, lowest working capital requirement & least capital intensive, generating ~11% of Revenue as free cash over the last 10 years. Given that the Indian Pharmaceutical market is a Branded generic market, the brands of companies are essentially their greatest competitive advantage. This is reflected in the fact that the top 25 pharma...