What I told a Frustrated Guy in Job. At 37, He Retired few Months Back – Part 3

This post was long due after I did Part 1 and 2 in April this year. Though the story of this guy was covered in first two parts, I wanted to do a follow up post highlighting some of the important points raised in comments of the post.

Readers like Krish, Bharat and many others made some noteworthy points, which I feel need to be shared with a larger audience and hence this post.

You can either read the complete story in detail in Parts 1and 2;Or just go through the broad outlines below:

This person had a big home loan, was earning decently, but just sufficient to make ends meet (after paying his monthly loan EMIs), had very little savings and investments and more importantly, was frustrated with his job and financial situation.

Luckily, he inherited a plot of land which till a few months back, he did not know what to do with. 

What he does afterwards, is what changes his life:

Step 1: Sold off the land plot for Rs 9 Crores (post tax).

Step 2: Closed his home loan of Rs 70 Lacs.

Step 3: Created an Emergency Fund of Rs 30 Lacs (which covered his family’s expenses for next 2 years).

Step 4: Put Rs 4 Crores in Fixed Deposits, which provide approximately Rs 1.75 Lacs every month in interests (post tax).

Step 5: Bought 7 flats for Rs 3 Crores

Step 6: Bought a small warehouse (godown) for Rs 1.1 Crore

Step 7: Put 5 (now 6) of these flats on rent for a total of Rs 1 Lac a month.

Step 8: Put Godown on rent of Rs 60,000 a month.

Step 9: Quit his day job

Note – Actually he quit his job before the godown went on rent.

To summarize, he used proceeds of selling his inheritance to create a monthly income stream of more than Rs 3 Lacs. His average monthly expenses are between Rs 50K to 60K.

Now this is the current situation. And we do not know what might happen in future.

But few readers raised concerns about this approach and shared some different approaches. I share their concerns and ideas below:

Point 1: Cashflow is great in terms of interests, rents etc., but over the years expenses also rise. Not only because of inflation, but also because of altogether new expenses like kid’s education, medical bills, renovations, etc.

Point 2: If investment in properties (flats) is made for capital appreciation, then one should understand that it is not that easy to sell off properties. Banks are generally skeptical about lending to buyers for older properties.

Point 3: Once again if investment in property is made for capital appreciation, it makes sense to buy in relatively undeveloped areas. Then wait for 3-5 years and sell them off. In this way, one can cash out on overall upgradation (read: development) of that area, and the increase in desirability quotient of that area. If one waits for more than 5-7 years, there’ll always be a problem of “Old Flat” perception.

Point 4: In rental properties, each time a tenant vacates, it requires big expenses in form of painting, cleaning, plumbing, unsolicited breakdown of utilities, etc to get the flat ready for next occupant. This eventually reduces the actual rental income coming from the property.

Point 5: Dependency on rental income often proves to be fickle and it does not even beat inflation. Since chances of real estate markets being in bubble currently are high, expectations of very high capital appreciation would be wrong.

Point 6: There is an increase in people seeking help / donations / loans when they realize that you are flush with funds and living off without working for anybody else.

Point 7: With so much money coming in every month, life style changes and expenses on luxuries like foreign trips, electronic gadgets tend to increase. These eventually reduce the surplus every month.

Point 8: Could have chosen not to close the home loan and continue getting tax benefits. The money could have been used to earn hefty interest.

Point 9: Plan of taking another loan (>2 Crores) and use the monthly surplus to pay EMIs can be a big risk as it greatly reduces the free cash available every month.

Point 10: Plan of starting a money lending business is a big no-no if one gives any weightage to peace of mind.

Point 11: All the proceeds from sale of property could have been put in debt funds (50% Growth, 50% Quarterly payout). After decent quarterly payout accumulation, the money could have been invested in Equity Mutual Funds and Residential plots in small towns as in long term, only MFs, Direct stocks and Land are game changing wealth creators.

Point 12: This person should not have quit his day job until his planned business had kick started. Any business started after inheritance is more of a time-pass and chances of it succeeding are pretty low.

These are few of the major points which came out of the discussion which took place in comments of the post. I personally do not subscribe to quite a few like not paying off loan (I love being debt free). But I also think that few of points like expenses related to properties are quite valid.

Overall, I think the approach taken has been quite prudent, driven by common sense and most importantly focused on generating cashflows. But finally, only time will tell whether its correct or not.


Dissecting The 98 Most Powerful Words That Can Make You Really Very Rich

At 98 words, previous post on Stable Investor was the shortest one ever. But probably one of the most important ones, if I was to consider its potential impact on a genuine long term investor’s life.
Read these 98 words by Charlie Munger again…
“Experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime. A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.”

I got a mail from a reader yesterday suggesting that I should have added something else to my previous post apart from just quoting Charlie’s words.

Honestly speaking, I thought that these words were so complete, useful and impactful, that there was no need to add anything else. And whatever I would have added would have been born out of my personal, biased and little experience which I have. So it would not have served any purpose.
But then I thought that may be its a good idea to do it as it will help me document my thoughts about these 98 powerful words. And hence I decided to write this follow up post.
I for the second time, quote these words in this post.
Emphasis below (in red) are mine:
“Experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime. A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables. And then all that is required is a willingness to bet heavilywhen the odds are extremely favorable, using resources available as a result of prudence and patience in the past.”
Now let’s see what we can make out of these highlighted words.
Being Prepared
These 2 words are not only applicable to markets, but life in general. Being prepared means to have thought through and be ready to take advantage of any situation, good or bad. In markets, there are times when stocks are undervalued compared to the real value which actual business behind the stock offers (Read: What we missed if we didn’t buy at Lows of 2009).
And during such times, it makes sense to put in money and buy those undervalued businesses. But for that, you need to be prepared. Prepared with the knowledge (based on study) that stocks are underpriced; Prepared with free money to buy such stocks; And a strong, disciplined mindset to be ready to hold onto these stocks till they become overvalued.
Simple & Logical Things
We are average investors. We don’t have access to inner circles of companies and hence have no clue about what these companies are planning to do in future. So the logical thing to do here is to not to make big guesses about future. And to stick with companies which have a track record of ‘not-fooling’ investors, have the ability to survive bad times and have potential for making money from their business for themselves as well as for their shareholders.
It’s plain and simple.
No need to rush for IPOs or companies selling future-changing technologies etc. The companies of latter type have mortality rates in excess 90%. And we are not capable enough to identify the remaining 10% of the companies.
Few Major Opportunities
If you have been in markets for last few years, you would know what happened in 2009. The markets were so undervalued that if you blindly bought stocks of any well known company, chances are that you would have doubled you money in next 2-3 years.
Now, lows of 2009 (in terms of valuations) are very rare. And during those times, it looked like a crisis situation from which markets could never recover. But markets move on. Yes. No matter how bad or how good the situations are, the markets move on. And those who realised this fact and took actions accordingly, were the ones who made truckloads of money in next few years.
Willingness To Bet Heavily
Now this one is not easy. It is possible that you are well prepared for the crisis. You also knew what you wanted to buy in case markets crashed. You had the money to buy. And once the markets tanked, you were getting the chosen stocks at prices well below your imagination.
But still you did not buy.
What was the problem?
You did not have the guts to go out their and make a big bet.
Its understandable that for average investors, its tough to make big bets which can alter their financial life dramatically. But its also a proven fact that unless and until you are ready to put substantial amounts of money in shares of good companies when markets and economy is down, you will not get life changing results.
You need all the 3 ‘C’s to become ridiculously rich,
CashCrisis and ofcourse…Courage.
Resources Available
This is very simple. You may be great at identifying opportunities, and also have the guts to go out there and bet big money. But unless and until you have the cash to invest, you cannot make use of this opportunity.
Once again, you need all the 3 ‘C’s to become ridiculously rich.
Crisis…Courage and ofcourse…Cash.
Patience In Past
You cannot easily become rich in stock markets. Though it is as simple as the 98 words being discussed, it is not easy at all. We can boast about how we can time the markets and know how to buy low and sell high.
But becoming rich in market, and staying rich (which is much tougher) takes time.
It takes years.
And unless and until you are patient enough, you will take some rash action which will hamper your chances of getting / remaining rich (read: Don’t disturb the magic of compounding)
It might be years before you get an opportunity of the type which can change one’s life. And during all these years, you would need to stay connected with developments of businesses which you have already shortlisted as ones worth buying. You would need to continuously accumulate resources (read: cash) to be ready when the opportunity comes. And you would need to continuously develop the mindset that you will need to buy heavily when the opportunity comes, i.e. you need to build your guts.

98 Words That Can Make You Very Rich

“Experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime. A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favourable, using resources available as a result of prudence and patience in the past.”

– Charlie Munger

PS – I strongly suggest that you read this statement multiple times to understand its real importance. And please do share your thoughts too.

After 47.2% between Feb & May, PSU Bank Tracker Portfolio takes a breather with 10.9% – Update 3

It’s time for 3rd quarterly update of PSU Bank Portfolio. For benefit of those who do not know the whole story behind this tracking portfolio, I would briefly share the purpose of this portfolio:

In November 2013, like many others, I also felt that PSU Banks (as a group) were grossly undervalued and would give better returns than broader index in next 5 years. This portfolio tracks my gut feeling on a quarterly basis and was started with 10 stocks having equal weights.

Initial Portfolio PSU Banks

To know more details and thought process behind this portfolio, please read the first post in this series here. After this there have been 2 quarterly updates which can be found at below links:

In last 3 months, markets have been kind to PSU Banks (except to Syndicate Bank, which was in news for a bribery case linked to its Chairman). The portfolio has given a return of 10.9%, which is similar to that of broader index (11.3%).

Now if you compare this performance with that of previous quarter, i.e. 48% (against market’s 18% – details), then this one can be shrugged off as a pathetic one. But frankly speaking, I don’t think 10.9% in one quarter is a bad performance at all. Even if I am not beating the market, a performance which is better than after tax returns of safer, risk-free assets is acceptable to me.

In last 9 months, this portfolio has given returns of 40.5% (excluding dividends) and 43.7% (including dividends), which is better than Nifty’s 29% return in same period.

9 Month Banks Portfolio Returns
And surprisingly, it has been the larger banks which have performed better than than their smaller counterparts. And we always thought that smaller stocks moved more and faster.

Current Bank Portfolio Value

What Not To Do With Rs 10 Lacs

I have just come back from a trip to my hometown and this is the reason I could not update the site for last few days.

During my stay at home, something interesting happened when I had to accompany a family member to the Aadhar Card registration center. Registrations take place at many places like ones nominated as permanent centers by the government, ones which are temporary in nature and others which are set up in partnership with private companies operating in technology and financial domain and having existing branches at suitable locations.

The center which I visited was setup in partnership with a well known private company which is involved in share trading and financial services. One section of the office was dedicated for Aadhar registration and rest for normal trading and financial services related operations.

I was waiting for our turn when I heard 2 employees of this private company trying to convince a middle aged guy about the merits of investing for long term. Being a self-confessed long term investor, I was naturally attracted towards their discussion and decided to overhear them for a while.

The two salesmen were pitching a product to this guy with following simple claim:
Pay Rs 10 Lacs today (in 2014) and you will start receiving an assured income of Rs 1.5 Lacs every year from 2024 onwards till the time you die.

Simple and easy…

The potential customer seemed attracted to the simplicity of the statement and big numbers and claims of ‘assured income’ and started asking what(s), how(s) and when(s) about the scheme and the company which was managing the scheme.

Now both salesmen took this person away in one corner of the room (picture below) and (probably) started showing him vivid presentations about the potential riches which this 10 Lac – 1.5 Lac scheme had to offer.

Policy Agent Fool Investors
Salesmen Explaining the Benefits of Product/Scheme to the Customer
I am not sure what more these guys might have told him… but after about half an hour, I saw these men shaking hands with the customer and appreciating him for his wise and quick decision.

Now I don’t know what this product (or scheme) was, nor did I make any effort to enquire about it. So, in case I get my assumptions and calculations wrong in rest of the post, please correct me by posting a comment. I will promptly correct the post to reflect changes.

So lets see…

Suppose you are the customer being persuaded by these salesmen…

But instead of buying this product, you decide to put Rs 10 Lacs in fixed deposits for 5 years. I checked a few bank websites and found that 5 year deposit rates are close to 9.00% per year.

Now the scheme/product offered by the people promises Rs 1.5 Lacs every year after 10th year.

So what would you get if you decided to put your money in Fixed Deposit for 10 years (two back-to-back 5 year terms)?

I did some basic calculations as depicted below:
10 Year Fixed Deposit Return

As evident from above calculations, using something as simple as 5-Year Fixed Bank Deposits, one can earn more ‘assured’ yearly income than that being promised by the scheme which these 2 salesmen were selling.

And I have not even considered the tax savings which you get from putting your money in 5-Year FDs. Assuming your only contribution to Section 80C is through these FDs, a sum of Rs 1.5 Lacs would be eligible for income tax exemption.

Now, a sum of Rs 40,000 yearly (difference in yearly incomes from above two scenarios) may not be much for a lot of people. And probably this difference would reduce further when we have more information about the product and are more realistic about our assumptions.

But the point which I am trying to drive home is that sometimes the facts are clearly in front of our eyes (in form of simple numbers) and we do not see them because of our ignorance.

But a little common sense and a sensible approach (which atleast questions the motives of people selling financial products, claiming ‘assured’ returns) can go a long way in creating long term wealth.

There may be other such assured returns kind of schemes which your so-called financial well-wishers might ask you to consider. But remember, its your hard earned money and not theirs. It is entirely upto you whether you really understand the scheme/product or are just blindly taking some action for sake of taking action (and showing off that you care and more importantly, understand about long term investing).

Proof (Using 24+ Years Data) that Market Timing May Not Be Worth the Effort…Atleast for Us

I know people who have an uncanny knack of making correct calls (with almost perfect timings) in markets. And surprisingly, they are right more often than they are wrong. This surprises me as almost all wise investors are of view that average investors should not try to time the markets. Maybe I am wrong in putting these people in category of average investors. 🙂

Jokes apart, I feel that making correct calls and making money in markets are two very different things. And as far as timing is concerned, I think that timing the markets is very tough, if not impossible. And as an extension to this thought, I feel that accepting one’s inability to time the markets can eventually help amass quite a lot of money in markets.

I keep looking for data which proves the futility of market timing, atleast for average investors. This post evaluates data set for last few decades to see whether it makes sense to try to time the markets or not.

Now someone has rightly said:

“The market timer’s Hall of Fame is an empty room.”

Even Peter Lynch, one of the greatest investors of his generation, who also popularized the concept of PEG Ratio once remarked:

 “I can’t recall ever once having seen the name a market timer on Forbes’ Annual List of Richest People.”

Now to evaluate the usefulness (or uselessness) of market timing, lets pick 3 long term investors named A, B and C.

Investor Types

All three investors invest Rs 5,000 every month. Only difference is the timing of their investments.

Investor A invests on Monthly Highs (Perfect Mistiming)
Investor B invests on Monthly Lows (Perfect Timing)
Investor C invests on any one of the trading days of the month (Average Timing)
Now performance of these three investors has been evaluated over 5 different time periods (with amounts invested in brackets):

Starting 1990 – 24 Years Till Now (Rs 14.8 Lacs)
Starting 1995 – 19 Years Till Now (Rs 11.8 Lacs)
Starting 2000 – 14 Years till Now (Rs 8.8 Lacs)
Starting 2005 – 9 Years till Now (Rs 5.8 Lacs)
Starting 2010 – 4 Years Till Now (Rs 2.8 Lacs)

Results obtained by them over various time periods (upto 01 August 2014 – assuming complete month) are given in table below:
Market Timing Investor

Remember that Investor A is a Perfect Mis-timer and Investor B is a Perfect Timer. The calculations are based on actual Sensex figures between 1990 and 2014.

As you can see, the difference between a Perfect Timer (Investor B) and a Perfect Mis-timer (Investor A) is not as big as expected. For example, if both started out in 1995, their total investment of Rs 11.8 Lacs would have become Rs 54 Lacs and Rs 49 Lacs respectively.

A figure of Rs 49 Lacs is not bad for someone who got it wrong each month of the year since 1995!! He invested when index was at its highest point of the month. And he still fares decently when compared with Rs 54 Lacs achieved by a perfect timer (Investor B).

As an investor, I know I cannot time the markets perfectly, i.e. I am not Investor B. But since I invest regularly, I also know that by principle of averages, I cannot be Investor A, i.e. I cannot possibly pick the highest point every month to invest. This leaves me with just one option…that of being Investor C.

And I will be glad to be like Investor C.


Without the effort (like that required by perfect timer), I am able to earn returns which are respectable when compared to those earned by a perfect timer. And this is clearly visible in table below:

Market Timing Outperformance

There is no big outperformance achieved by the investor who times the market perfectly (atleast monthly). As an investor who strongly believes in Power of Doing Nothing in Stock Markets, this result should be acceptable to all average investors.

And this clearly (if not convincingly) shows that if someone is ready to invest periodically with discipline, then timing the markets may not be essential at all. I agree that I have made few assumptions in these calculations. And that these may not be a technically correct ones when trying to prove the uselessness of market timing. But for average investors like us, this analysis is a clear indicator that if one is not interested questions like how and which stocks to pick, then trying to time the markets may not only be futile but also a worthless exercise. 

Just keep investing regularly in well diversified equity funds or index funds. You will be better off than 99% of the investors.

Caution: The data used in above tables is only for one index (Sensex) and hence representative of performance of a weighted-combination of only 30 companies which constitute the index. And since index constituents change over time (existing companies are regularly replaced by other ones), its possible that numbers might differ if any other index is chosen. Also, as a reader has rightly pointed out in comments below,  if the same logic is used for a combination of companies which are not part of the index, chances are that you might lose some money! But this also does not mean that if you follow passive investing, then you will not lose money. In markets, no matter how careful we are, we can never eliminate the risk of being wrong. 


One of the Biggest Reasons You should be Investing. Even if you can’t beat the Markets.


I am asking you to invest, knowing very well that most of you may not be capable of beating the markets regularly.

Let’s be honest here. Most investors haven’t been able to beat markets consistently over long periods. I am not talking about greats like Buffett. I am talking about common people like You and me. People who have an intention of making a killing in markets, but somehow or the other, end being killed by the markets.

But if you know that you cannot beat the market, then does it make any sense to be in market?

Yes it does.

But first and foremost, please understand that accepting and embracing the fact that you are incapable of beating markets is an achievement in itself. 95 out 100 people in markets do not know this or don’t want to accept this. But it is the hard truth and tough to swallow.

But…if you are ready to accept this uncomfortable truth, then it can be one of your biggest strengths in stock markets. 

Market has an unbelievable potential of creating wealth. On an average, markets deliver annual returns of 12% to 15% over long term.

For someone who is capable of beating these numbers, returns would be in excess of 15%. But for those who are not in markets, all they can possibly earn is 7% to 9% depending on taxes applicable on the chosen asset class like banks deposits, etc. By not investing in markets, these people are missing out on extra 3% to 5% which can be earned by staying in markets.

Now these might look like small single-digit numbers. But you will be shocked to see the effect these numbers have on your wealth over a period of 10-20 years.

And the graph below clearly shows this. It’s a very simple depiction of what happens when an annual investment of Rs 60,000 (5K Per month) grows at 12%-15% (Equities); and what happens when the same money is parked in safer options at 7%-9% (FDs, PFs, etc).
Monthly Investment 20 Years
Returns on Rs 5000 per month investment in 20 years (At 7%, 9%, 12% and 15%)
Over a period of 20 years, you would have put in Rs 12 Lacs, i.e. Rs 5000 every month. Now this can either grow into Rs 26 to 34 Lacs if invested at 7% to 9% class of assets. Or into a much bigger amount of Rs 48 to 71 Lacs if invested at 12%-15% in stock markets.

Now wait…if you think that markets guarantee 12%-15% every year, then that is not the case. Returns in market are volatile. It can be 50% in one year and (-)30% in another. But over long periods spanning decades, the average returns are in line with these numbers.

And this clearly means one thing…

Even if you cannot beat the market, you should still not avoid investing in it.

Avoiding markets would prevent you from achieving higher long-term returns when compared with other options like bank deposits, PF, etc.

So is there a way to invest in markets, which is…

1) Simple
2) Sensible
3) In line with the thought that it is not easy to beat markets?

The answer is yes.

And the way to do it is Index Funds.

What is an Index Fund?

According to Investopedia, Index Fund is a type of mutual fund with a portfolio constructed to match or track the components of a market index (such as Sensex or Nifty 50). An index fund is said to provide broad market exposure, low operating expenses and low portfolio turnover.

You might not know which individual stock or sector will outperform. But on an average, a carefully selected group of companies across sectors can do a decent job of maximizing diversification and minimizing exposure to few individual companies or sectors.

I am not saying that you should invest all your money in index funds. But if you think you want to save (invest) for long term, then atleast a part of your money should be parked in instruments linked to stock markets. And your safest bet can be Index funds. You can also choose well diversified large-cap or multi-cap funds which have proven track records. But that would mean that returns achieved by such funds would depend on fund manager’s ability to pick stocks. On the other hand, there is no active selection of stocks in index funds. Such funds simply replicate the composition of an index.

So if you feel that you have a knack of picking stocks which give market beating returns, then there is nothing like it and you should surely invest in stock markets directly.

But if not, then may be its time to think a little more seriously about Index Funds. And that is because if you are not in markets, then over long periods, you are missing out on some seriously big wealth creation opportunity.

Interesting Story:

When Google was about to launch it IPO in 2004, the company realized that this would create quite a few millionaires among its employees. The company therefore brought in a series of financial experts to teach them to make smart investment choices. A 1990 Economics Nobel Prize winner was also brought in. Even he advised Google employees “[not to] try to beat the markets” and to park their money in index funds.

Seems like Someone has rightly said – If you can’t beat them, join them. 🙂


P/E Ratio of Indian Markets in July 2014 – Is It Telling Us Something?

I regularly monitor index ratios like price-to-earnings, price-to-book values to gauge overall market sentiments. I know it’s a very crude way of doing it. But still it provides a decent picture of what is happening in markets.

Now here is something interesting what happened on July 7th, 2014.

Nifty 50’s P/E multiple crossed 21 after almost 3 years. Surprisingly, last it stood past 21 was also on July 7th (2011). That’s exactly 3 years back!

Long term analysis (starting end of 1998) of Nifty’s P/E ratio tells the following story…
PE Ratio India 2014
We all know its common sense to buy low (Low PEs) and sell high (High PEs). And we also know that its difficult to do it. So if you go out and buy the index as whole when P/E multiples are less than 12 (quite low), then on an average, your probable 3 year and 5 year returns will be 39.5% and 29% respectively.

Similarly for index-buying during P/E multiples being in between 12 and 16, the 3 and 5 year returns are 28% and 25% respectively.

But we are currently in the band of 20-24. And this is not a cheap market at all. As per past data, your 3 year returns and 5 years returns look bleak at 4% and 7%. 

So does it mean that we sell all our stocks and put money in bank deposits?

The answer is I don’t know.

The above numbers are based on data of past 15 years. And there is no guarantee that past performance may be repeated. Or whether this time it might be different.

The last instance of PE21, for which 3 year returns data is available (May 02, 2011), the market gave a return of 5.3%.

Similarly for last instance of PE21, for which 5 year returns data is available (June 11, 2009), the returns were 10.3%. Not bad considering the superiority over returns given by safer ones, but also not eye-popping considering the optimism we have for next 5 years.
Now we are all quite hopeful that the new Indian government, if permitted by external uncontrollable like oil-shocks, natural-disasters, wars, etc… would be able to provide a conducive environment for India’s return to high growth days.

But having said that, I also beg to differ with those who believe that this would be achieved overnight and Sensex will hit 40000 by end of 2015.

As for the current markets which are rising everyday, it seems that they are now running ahead of the actual ground realities. But it is this over-optimism that gives us, the long term investors a chance. Isn’t it? 🙂