Here are some stray thoughts for you to read and share with your readers. Returns in the market are directly proportional to your luck: Ask those who sold Aban Lloyd early. Hindustan Unilever runs a great business. I bought the stock at Rs311 and sold it at Rs115 only to see it go up to Rs220. A good scrip at a bad price or a bad scrip at a good price – you know it only with hindsight....

A huge misconception among investors is that size, corporate image or a collection of brands are important factors that contribute to the creation of shareholder value. As the two previous examples in this series prove (Hindustan Unilever – HUL – and Tata Motors), this is not true. Companies that have been around for a long time, have the highest reputation and well-known brands can be shunned...

Madhusudan Kela, head equity, Reliance Mutual Fund, is among those rare fund managers with a known prowess of handling the largest and the best funds in India, having seen all kinds of market cycles. In a career spanning two decades, Kela has been associated with Peregrine Securities, UBS Securities and Motilal Oswal prior to joining Reliance. In an interview with Shailendra Lotlikar of...