शेयरों में निवेश के 4 सुनहरे नियम


अगर आप शेयरों में निवेश करना चाहते हैं तो ये मुख्य चार बातें अवश्य याद रखें।
1. सही कंपनी चुनिये– मुनाफे में बढोत्तरी करने वाली तथा बेहतर कंपनी चुनें जिसने अपने शेयरधारकों की पूंजी पर कम से कम 20% लाभ अर्जित किया हो।
आदर्श रूप से एक दीर्घकालिक निवेश (5वर्ष से अधिक) आपको कंपनी के विकास में भाग लेने की अनुमति देता है।
कम अवधि( 3 से 6 महीने) में शेयर का प्रदर्शन कंपनी के मूल सिध्दांत से कम तथा बाजार भाव से अधिक प्रेरित होता है। जबकि लंबे काल में सही कीमत की प्रासंगिकता कम हो जाती है।

2.अनुशासित रहें– शेयर में निवेश एक लंबी सीखने की प्रक्रिया है,जिसमें आप अपनी गलतियों से सीखते हैं। ये कुछ तथ्य हैं जिनसे ये प्रक्रिया सरल हो सकती है।
निवेश में विविधता- किसी एक शेयर में अपने कोष का 10% से ज्यादा न डालें भले ही वो एक रत्न हो,दूसरी ओर बहुत अधिक शेयरों में भी निवेश न करें क्योंकि उनकी निगरानी करना मुश्किल होता है। एक कम सक्रिय लंबी अवधि के निवेशक के लिये 15-20 विभिन्न शेयर अच्छी संख्य़ा है।
इस asset allocation tool का प्रयोग करें जिससे ये पता लगाया जा सके कि आपको शेयरों से अतिरिक्त निवेश करने की जरूरत है क्या।
.अपनी कंपनी के प्रदर्शन का विश्लेषण उसके तिमाही परिणाम, वार्षिक रिपोर्ट और समाचार लेखों से करते रहें।
.एक अच्छा ब्रोकर ढूंढे तथा निपटान प्रणाली समझें।
.हॉट टिप्स पर ध्यान न दें क्योंकि अगर ये सच में काम करती तो हम सब करोङपति होते।
.और अधिक खरीदने के प्रलोभन से बचें क्योंकि प्रत्येक खरीद एक नये निवेश का निर्णय है। एक कंपनी के उतने ही शेयर खरीदें जितने आपके कुल आवंटन योजना के अनुसार हैं।

3.निगरानी और समीक्षा—अपने निवेश की नियमित निगरानी व समीक्षा करें। लिये गये शेयर के तिमाही परिणामों की घोषणा पर नजर रखें और सप्ताह में कम से कम एक बार अपने पोर्टफोलियो वर्कशीट पर शेयर की कीमतों में आये सुधार लिखते रहें। ये कार्य अस्थिर समय के लिये ज्यादा महत्वपूर्ण है जब आप मूल्य चुनने के लिये बेहतर अवसर पा सकते हैं।
जैसे कि पता लगायें कि आप 50 पैसे के सिक्के में 1 रूपये के सिक्के कैसे खरीद सकते हैं buy 1 rupee coins at 50 paise
इसके अलावा ये भी जांचे कि जिन कारणों से आपने पहले शेयर खरीदा था वे अभी भी वैध हैं य़ा आपके पहले के अनुमानों और उम्मीदों में महत्वपूर्ण बदलाव आया है। साथ ही एक वार्षिक समीक्षा प्रक्रिया अपनायें जिससे आप अपने कुल परिसंपत्ति आवंटन के भीतर इक्विटी शेयरों के प्रदर्शन की जांच कर सकें।
अगर जरूरी हो तो आप RiskAnalyser पर समीक्षा कर सकते हैं क्योंकि आपके जोखिम प्रोफाइल और जोखिम क्षमता में 12 महीने की अवधि में परिवर्तन हो सकता है।

4. गलतियों से सीखें– समीक्षा के दौरान अपनी गलतियों को पहचानें और उनसे सीखें,क्योंकि आपके खुद के अनुभव को कोई नही हरा सकता। यही अनुभव आपके ‘ ज्ञान के मोती ’ बनेंगे जो निश्चित ही आपको एक सफल शेयर निवेशक बनाने में सहायक होंगे।

श्रोत: मनीकण्ट्रोल.कॉम

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सिस्टेमैटिक इन्वेस्टमेंट प्लान(SIP)क्या है?


invest-1SIP नियमित रूप से निवेश के सिद्धांत पर काम करता है। यह आपके आवर्ती जमा की तरह है जिसमें आप हर महिने कुछ छोटी राशि डालते हैं।

ये आपको एक बार में भारी पैसा निवेश करने की जगह म्यूचुअल फंड में कम अवधि का (मासिक या त्रैमासिक) निवेश करने की आजादी देता है। SIP आपको एक म्युचुअल फंड में एकसाथ 5,000 रूपये के निवेश की बजाय 500 रूपये के 10 बंटे हुये निवेश की सुविधा देता है ।

इससे आप अपनी अन्य वित्तीय जिम्मेदारियों को प्रभावित किये बिना म्यूचुअल फंड में निवेश कर सकते हैं। SIP कैसे काम करता है ये बेहतर समझने के लिये आपको Rupee cost averaging और धन के जुङते रहने की शक्ति (power of compounding) को समझना जरूरी है।

SIP एक औसत आदमी की पहुंच के भीतर म्यूचुअल फंड निवेश को ले आया है क्योंकि यह उन तंग बजट लोगों को भी निवेश करने योग्य बनाता है जो एक बार में बङा निवेश करने के बजाय 500 या 1,000 रूपये नियमित रूप से निवेश कर सकते हैं।

SIP के माध्यम से छोटी छोटी बचत करना शायद पहली बार में आकर्षक न लगे लेकिन ये निवेशकों को बचत की आदत डालता है और बढते वर्षों में ये आपको सुंदर प्रतिलाभ (रिटर्न) देते हैं। 1,000 रूपये महिने का एक SIP का धन 9% की दर से 10 वर्षों में बढकर 6.69 लाख रूपये, 30 साल में 17.38 लाख रूपये और 40 साल में 44.20 लाख तक हो सकता है।

यही नही धनी लोगों को भी ये गलत समय और गलत जगह पर निवेश करने की आशंका से बचाता है। हांलाकि SIP का असली फायदा निचले स्तर पर निवेश करने से मिलता है।

SIP के अन्य लाभों में शामिल हैं—
1.अनुशासित निवेश-
अपने धन कोष को सुरक्षित बनाये रखने के मुख्य नियम हैं- लगातार निवेश करें,अपने निवेशों पर ध्यान केन्द्रित रखें और अपने निवेश के तरीके में अनुशासन बनाये रखें। हर महिने कुछ राशि अलग निकालने से आपकी मासिक आमदनी पर अधिक अन्तर नही पङेगा। आपके लिये भी बङे निवेश हेतु इकट्ठा पैसा निकालने से बेहतर होगा कि हर महिने कुछ रूपये बचाये जायें।

2.रूपये के जुङते रहने की शक्ति (Power of Compunding)
निवेश गुरू सुझाव देते हैं कि एक व्यक्ति को हमेशा जल्दी निवेश शुरू करना चाहिये इसका एक मुख्य कारण है चक्रवृद्धि ब्याज मिलने का लाभ। चलिये इसे एक उदाहरण से जानें। प्रसून(अ) 30 साल की उम्र से 1,000 रूपये हर साल बचाना शुरू करता है,वहीं प्रसूव (ब) भी इतना ही धन बचाता है लेकिन 35 साल की आयु से। जब 60 साल की उम्र में दोनों अपना निवेश किया हुआ पैसा प्राप्त करते हैं तो (अ) का फंड 12.23 लाख होता है और (ब) का केवल 7.89 लाख। इस उदाहरण में हम 8% की दर से रिटर्न मिलना मान सकते हैं। तो ये साफ है कि शुरू में 50,000 रूपये निवेश का फर्क आखिरी फंड पर 4 लाख से ज्यादा का प्रभाव डालता है। ये रूपये के जुङते रहने की शक्ति (Power of compounding) के कारण होता है। जितना लंबा समय आप निवेश करेंगे उतना ज्यादा आपको रिटर्न मिलेगा।

अब मान लीजिये कि (अ) हर साल 10,000 निवेश करने की बजाय 35 वर्ष की उम्र से हर 5 साल बाद 50,000 निवेश करता है इस स्थिति में उसकी निवेश किया धन उतना ही रहेगा (जो कि 3 लाख है) लेकिन उसे 60 साल की उम्र में 10.43 लाख का फंड (कोष) मिलता है। इससे पता चलता है कि देर से निवेश करने में समान धन डालने पर भी व्यक्ति शुरू में मिलने वाले चक्रवृद्धि ब्याज के फायदे को खो देता है।

3. रूपये की कीमत का औसत( Rupee Cost Averaging)
ये मुख्य रूप से शेयरों में निवेश के लिये उपयोगी है। जब आप एक फंड में लगातार अंतराल पर समान धन का निवेश करते हैं तो रूपये की कम कीमत के समय में आप शेयर की ज्यादा यूनिट खरीदते हैं। इस प्रकार समय के साथ आपकी प्रति शेयर या (प्रति यूनिट) औसत कीमत कम होती जाती है। यह रूपये की औसत लागत की नीति होती है जो एक लंबी अवधि के समझदार निवेश के लिये बनाई गयी है। ये सुविधा अस्थिर बाजार में निवेश के खतरे को कम करती है और बाजार के उतार चढाव भरे सफर में आपको सहज बनाये रखती है।

जो लोग SIP के माध्यम से निवेश करते हैं वे बाजार के उतार के समय को भी उतनी ही अच्छी तरह संभाल सकते हैं जैसे वो बाजार के चढाव के समय को। SIP के द्वारा आप के निवेश की औसत लागत कम होती है ,तब भी जब आप बाजार के उँचे या नीचे सभी प्रकार के दौर से गुजरते हैं।

4. सुविधाजनक
ये निवेश का बहुत ही आसान तरीका है। आपको केवल पूरे भरे हुये नामांकन फॉर्म के साथ चेक जमा करना होगा जिससे म्यूचु्अल फंड में आपके द्वारा कही गयी तारीख पर चेक जमा हो जायेगा और अपके खाते में शेयर यूनिट आ जायेंगी ।

5.अन्य लाभ—
• SIP निवेश में पैसा डालने या निकालने पर कोई टैक्स या शुल्क नही है।
• इसमें कैपिटल गेन पर लगने वाला टैक्स (जहां भी लागू होता है) निवेश करने के समय पर निर्भर होता है।

श्रोत: मनीकण्ट्रोल.कॉम

Why you should think Long-term when investing in Equities?


When it comes to investing for your future, there are a lot of stocks and investment to choose from. Although there is no specified formula or handbook that investors are expected to follow, there is one general rule: “Invest for the long-term and buy in dips”. Don’t bother about the Market position whether it is all time high or all time low.

If you need funds for the short term, investing in stocks is not encouraged as by the markets leaders because of the nature of volatility of market and can swing in either direction based on a lot of factors. That is why, in India, gold and real estate are preferred investment options. However, if you’re looking to your returns 5 or more years into the future, an investment in equities or an equity fund can be ideal.

Here are reasons why long term planning is essential when investing in equities:
1. Power of compounding
Your age and financial responsibility play an important part in your investment decisions. Since youngsters have fewer financial responsibilities such as retired parents, a spouse, children, or car or home loans to pay off, they are encouraged to start their investments early. A young individual also has a high risk-bearing capacity, being able to withstand the swings of the market. Moreover, buying stocks or investing in equity for the long term allows you to take advantage of compounding.

Compounding requires two factors for it to work: the reinvestment of earnings, and time. The more time you give your investments, the more you can accelerate the income potential of your original income.

For example, an investment of 10,000 at 10% will result in 11,000 in one year. If you decide to reinvest the gain of 1,000 and receive the same rate of return, your capital will grow to 12,100 by the end of the second year. By contrast, not reinvesting the gains would have resulted in capital of just 12,000. This difference seems small over short time periods, but if one were to sustain the same 10% annual rate of return over a decade, the difference would show 25,937 for the reinvested corpus, versus just 20,000 total for the portfolio with gains pulled out of the market.

Year Starting Value Multiplier Interest Earned End Value
1 10,000 10% 1,000 11,000
2 11,000 10% 1,100 12,100
3 12,100 10% 1,210 13,310
4 13,310 10% 1,331 14,641
5 14,641 10% 1,464 16,105
6 16,105 10% 1,610 17,715
7 17,715 10% 1,771 19,487
8 19,487 10% 1,948 21,435
9 21,435 10% 2,143 23,579
10 23,579 10% 2,357 25,937

The above table is for illustrative purposes only.

2. The data doesn’t lie
Although there have been ups and down, history shows that if you align your portfolio for the long term, you’re more likely to make money, especially if you focus on high-quality businesses.

After the 2008 crisis, many investors terminated their SIPs. This was a really bad choice because the whole point of an SIP is to keep investing, irrespective of market conditions. Investments made when the markets are down big tend to make the greatest profits – as Warren Buffett says, “Be greedy when others are fearful.”

3. You can correct investment mistakes in the long term
Anyone can start a long-term investment; you don’t have to be an investment guru to invest in well-run businesses for the long term. An important thing to remember is that you will make mistakes; even the best investors have been wrong. But a regular review of investments every six months can help to correct at least some of these mistakes. It is important to hold on to companies that have historically demonstrated strong growth and add to companies whose business models are still intact but have fallen on hard times.

Growth or Dividend – How to make the right choice?


Mutual Funds offer three options:

* Dividend
* Dividend Reinvestment and
* Growth

Which is the best and why?

In my experience as a financial and investment planner, I have largely found that investors tend to give a lot of time and importance to the process of selecting a mutual fund. However, once a particular fund is chosen, choosing an investment option is done on an almost arbitrary basis. Some like the idea of receiving periodic Dividend, some like recurring investments and hence choose the Dividend Reinvestment option and others choose Growth. And some even leave the entire exercise to the discretion of the agent or distributor.

However, choosing the correct option is perhaps as important to the health of the investment as choosing the particular mutual fund is. What are the various factors one should consider and why?

Background
There are two factors that are of prime importance when choosing an investment option – a. Fiscal policy b. Your investment needs and goals.

Both these factors play an important role and let us see how we can tweak each for the maximum benefit.

Choosing the Dividend Option – Drawbacks

Before considering the drawbacks, let us look at the benefit of choosing the Dividend option.

The foremost and the most obvious benefit is that the dividend is tax-free — in the real sense of the term. Though all MF dividends are tax-free, dividends received from non equity-oriented schemes are subject to a distribution tax of 14.025%. This means that though such dividend is tax-free in your hands, you are receiving 14.025% less than what you would have otherwise received. This by inference means that it is you who is bearing the 14.025% tax, the MF only pays it on your behalf.

Dividends from equity schemes do not suffer this distribution tax and hence are truly tax-free. Then shouldn’t all investors choose the Dividend option? Isn’t this entire discussion a non-issue?

Not so fast. Let’s consider a live example — that of Franklin India Prima, a scheme that has been in existence since November 1993.

As on 19th June, 2006, the NAV of the Growth Option of Prima was Rs 153.86 whereas that of the Dividend Option was Rs 48.99 – almost 68% lower. Why is this?

The difference is the dividend received by the investor.

It should be understood that dividend from a mutual fund, unlike stock dividend, is your own money coming back to you. Therefore, had you invested in the Growth option of the scheme, the NAV of Rs 153.86 would apply to you. But since you have chosen the dividend option, periodically, some of your investment amount was paid back to you (by calling it dividend) and hence the market value of your units is Rs 48.99.

Now, also note that the scheme performance is calculated based on the Growth option NAV. Actually, technically, it doesn’t matter, which NAV is chosen, as the dividends received are assumed to have been reinvested in the scheme at the Internal Rate of Return or the IRR. But without getting into mathematical jargon, it suffices to say that the Prima performance (which has been nothing less than spectacular) is based on the NAV of Rs 153.86 and not Rs 48.99.

So far so good. As long as you needed the dividend, all this really doesn’t matter. But my next question is what one should do when the dividend comes and sits in your bank? Do you reinvest it in the same scheme or for that matter into another scheme? If so, do realize that you are reinvesting the money in the same asset class — Equity. It needn’t have come out of the asset class (in this case Prima) in the first place! Plus you may have to bear a load for the fresh investment. Of course, your distributor is happy since this means extra commission.

The second problem is agility. You may forget that the scheme has paid dividend and the money is lying in your bank. It happens. Or even if you are well aware of the fact, the market is behaving in a whimsical manner and this volatility is delaying your decision to enter. The money again sits in your bank.

All this time, when the money relaxes in your SB account, the rate of return of your investment is falling. The reason is simple arithmetic. The capital that is invested in Prima is growing at the IRR as discussed above (44% for the last year, 69% over 3 years and almost 26% since inception). However, the dividend that is lounging in the bank is growing at just 3.5% p.a, which is the SB interest rate. Over time, this substantial difference in the two rates dilutes the net return on the investment. More the time spent in the bank, more the dilution.

Other Reasons for choosing Dividend
Of course there are a couple of excellent reasons given to me by investors for choosing the dividend option. One is of course, needing the funds for day to day life. The second one was that getting dividend in a rising market is like partial profit booking, which is good form. The funds representing dividend can be invested into fixed income avenues or even fixed maturity plans thereby rebalancing the asset allocation.

Excellent arguments that cannot be argued with, per se. Only one hitch. Unlike fixed income avenues (such as PPF, RBI Bonds etc.) when the interest is fixed, not only in terms of the amount but also the timing thereof, dividends from mutual funds are at the discretion of the mutual funds. One never knows how much would one receive and when. In other words, the fund manager may decide not to distribute dividend. Or he may decide to distribute much less than what you need. Or much more than what your intended shift of the asset allocation dictates. What do you do?

There is a simple solution. Ask for the dividend yourself.

Yes, you read that right. You can ask for the dividend. To put it differently —

‘When the MF pays you money, it is called dividend. When you yourself withdraw an equivalent amount, it is called capital gain!

We all know that after one year, withdrawals (capital gains) from a mutual fund are tax-free. Therefore, for your annual dividend requirement, do not depend upon the whims of the mutual fund concerned, instead withdraw the funds as per your requirement.

This way, you can earn dividend not at the whim of the Mutual Fund, but at your fancy! The value of your investment remains the same, whether dividend is paid to you by the MF or whether you redeem units of an equivalent amount.

To Sum Up
The psychology of investing, fiscal policy and your requirements from your investments, all go hand in hand in deciding the optimal option to choose from. As fiscal policy stands today, the dividend option doesn’t stack up against the alternatives. However, if tomorrow, long-term capital gains tax is imposed, this strategy wouldn’t work and the dividend option would once again come to the fore.

www.shashidharkumar.com

New Fund Offer: Things to note before you invest


Most of us like to try out new things whether its dining at restaurants, buying mobile phones and cars to name a few. Some go to the extent of changing mobile phones every 1 year and a car every 3 years. Well this is a matter of personal preference and lifestyle and might give you some kind of emotional happiness which is good in some sense.

But when it comes to most new funds, there is hardly anything different, unique or really NEW about it. It’s just that the name gets more exotic, dressing gets much better or a new marketing ploy such as Invest in India’s Growth potential as if other options available are not investing in India’s growth potential. (Also read – Have a Dravid and a Dhoni in your portfolio)

To put it simply most of the new fund offers are Old Wine in a New Bottle. They are packaged very smartly with fancy marketing ideas to entice the client to buy. There was a deluge of New Fund Offers in 2005 and early part of 2006.

SEBI on its part took a series of steps. Firstly, SEBI objected against the use of the word IPO and instead had every fund house use NFO (New Fund Offer), to confuse with Stock IPOs, to curb rampant mis-selling of new funds.

Secondly, SEBI had Mutual Funds launching open-ended New Funds charge the initial issue expenses within the entry load itself whereas close ended funds could still charge 6% initial issue expense. (Also read – Invest, but choose the right mutual fund)

This is precisely one of the reasons why most of the mutual funds have been launching closed ended New Fund Offers so they could pay a higher brokerage of around 5 to 6% to distributors.

Thirdly, SEBI has taken note of this deluge of similar funds being launched and made it mandatory for the trustees of Mutual Funds to personally certify that their new schemes are different from the old ones. Despite this some of the fund houses have been launching me too schemes.

Some fund houses such as DSP Merrill Lynch have not launched any new offering in the last 12-15 months, except for the Super SIP (which was a genuine attempt to offer something new that was relevant), whereas others such as Tata Mutual Fund and SBI Mutual Fund have been strong contenders for the Top Slot in the New Fund Euphoria.

So the question boils down to “How does then one decide if the New Fund Offer of the so many being launched every other month is suitable for me”.

Before answering this question, first 3 Common Mistakes all investor should be aware of:

(a) Too less or Too many aren’t good enough
I have seen many investors having anywhere between 16-85 funds or some who have just one or two. Having too many in the name of diversification is no good and in fact defeats the very purpose of diversification.

After all the one of the reasons you opt for a mutual fund is to diversify your investments but having all large cap funds in your portfolio is unlikely to do any good.

At best based on the size of your portfolio, spread your investments across in 4-9 different funds spread across different Mutual Funds, fund managers, investing styles, expense ratios, portfolio turnover, market capitalization and whether its an all equity, balanced, or tax planning fund. Give Sectoral funds a complete miss unless you are very bullish on the sector and understand the risks well.

(b) Rs. 10 NAV is not cheaper than Rs.100 NAV
What you should be concerned about is the% fall or% rise. A Re. 1 fall in a NAV 10 fund is the equivalent of Rs.10 fall in a NAV 100 fund. In fact Rs.100 means proven competence and a long track record of capital appreciation. (Also read – Demystifying NAV myths)

(c) Don’t fall for fancy terms
Don’t fall for fancy and general terms such as Investing in India‘s growth potential, Options and Derivatives to diversify your portfolio. See if there are any existing funds with longer track records with similar investment objectives & strategies.

If there are, opt for the tried and tested ones rather than going from newer exotic ones.

How to decide if the New Fund is an appropriate one for you?

1. Take a look at your Financial Plan if you have one or at your existing portfolio. What kind of funds do I have in my existing portfolio? Are they large cap funds, mid cap funds, flexi cap funds, balanced funds, tax planning funds?
2. The next to see is how does this new fund really add value to my existing portfolio? How does this New Fund fit into my portfolio, my asset allocation, and help achieve my goals? This is a million-dollar question.
3. Is this really a New Fund with an interesting theme that might fit well within my portfolio? Understand the investment objective, strategy and asset allocation of the fund.
4. What has been the fund manager’s track record of managing other schemes? Which are the other schemes managed by this fund manager? How have they performed in the past? Especially what has been his previous funds performance during tough times like the May 2006 mayhem, 2000 crash etc.
5. How stable is the investment team of the fund house and how many schemes are they managing? What is their track record of launching new funds? If the fund house is notorious for launching new schemes once every 2-3 months, you will be better off skipping such schemes or fund houses altogether. (Also read – 7 investment tips to improve your returns)
6. If after doing this, you still cannot figure out if you should opt for the new scheme, seek the advice of your financial adviser.

www.shashidharkumar.com