Not by the Book

Price to book value is a popular valuation tool. It is meaningless in practical application, as this small study proves. Analysis by Debashis Basu

One of the popular ways to value stocks is to use a formula that compares the market price to book value (P/B), which is arrived at by dividing the market price of a share with a company's book value per share. If a company is trading at a P/B of...

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"Our business is run on the trust that clients put in our investment philosophy"

Fund managers are profiled prominently in the media but not the portfolio managers working with fund houses who manage private money under portfolio management schemes (PMS). Dhiraj Sachdev is the vice president & fund manager of HSBC Asset Management, responsible for PMS funds across the Indian equity market. Before joining HSBC, he worked with ASK Raymond James as portfolio manager and with...

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Return To The Mean?

Will corporate profits and stock returns now come back to the historical mean?  The ground is being laid for such a possibility

As we approach the end of fiscal 2007 and begin 2008, there is just one question on which hinges the fate and direction of the market: the earnings growth that fund managers and analysts think corporate India will deliver. If they deduce that earnings are set to slow...

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