Winners –
| Stock | Entry | Entry Price | Exit | Exit Price | Return |
| KRBL ltd | Sept-10 | 30 | May-18 | 525 | 1650 % |
| Wimplast Ltd | Aug-10 | 90 | Aug-17 | 1400 | 1456 % |
| La Opala | July-10 | 9 | Nov-13 | 100 | 1011 % |
| Mirza Int | Feb-12 | 20 | Aug-17 | 160 | 700 % |
| Cinemax | June-11 | 30 | Dec-12 | 210 | 600% |
| IFB India Ltd | Feb-11 | 90 | Aug-15 | 520 | 478 % |
| Take Solutions | June-14 | 31 | Aug-17 | 160 | 416% |
| Amrutanjan | May-13 | 110 | Nov-16 | 550 | 400 % |
| Cera Sanitaryware | Nov-11 | 170 | Apr-14 | 850 | 400 % |
| Poly Medicure | Dec-10 | 65 | Sep-14 | 300 | 362 % |
| Siyaram Silk | Jan-12 | 250 | Sep-15 | 1050 | 320 % |
| Honda Power | May-11 | 350 | June-15 | 1150 | 229 % |
| Bliss GVS Pharma | June-11 | 20 | July-14 | 55 | 175 % |
| Capital First | Jan-12 | 165 | June-15 | 420 | 155 % |
Selling Out Early –
We were able to identify these gems at extraordinarily low levels. However we made an error in judging their future prospects & sold out early. The valuations were above historical averages, and we underestimated the kind of re-rating these stocks would get due to their earnings / return ratio profile. The overvalued pockets became even more fancied in 2016 / 2017, and we just kept on watching from the sidelines.
In some cases like Venky’s, Future Retail & Edelweiss, we exited because of the lack of earnings visibility over the next 4 quarters! They proved out to be the most expensive mistakes.
| Stock – | Entry | Entry Price | Exit | Exit Price | Return |
| Cera Sanitaryware | Nov-11 | 170 | Apr-14 | 850 | 400% |
| Bliss GVS | Jul-11 | 20 | Jul-14 | 55 | 175% |
| La Opala | Jul-10 | 9 | Nov-13 | 100 | 1011% |
| Poly Medicure | Oct-11 | 65 | Sep-14 | 300 | 362% |
| Venky’s India | Mar-12 | 260 | Oct-15 | 350 | 34% |
| Edelweiss | Oct-14 | 50 | May-16 | 70 | 40% |
| Future Retail | Feb-15 | 150 | May-16 | 160 | 7% |
Wrong Stock Selections & Opportunity Cost
We misjudged the evolution of business models, went wrong on timing of certain stocks and ended up getting into value traps / bad companies. This is what we call our ‘Hall Of Shame’. This reminds us of not to repeat these mistakes again, keeps us humble & asserts that markets are supreme and one must never stop learning.
The biggest loss in having these stocks in our portfolio has been the opportunity cost more than the monetary one.
| Stock | Entry | Entry Price | Exit | Exit Price | Return |
| Pennar Industries | Nov-15 | 45 | May-19 | 35 | -22% |
| Prime Focus | Jun-12 | 42 | Jul-14 | 50 | 5% |
| ITHL | Oct-10 | 265 | Aug-15 | 275 | 4% |
| Suzlon | Oct-11 | 45 | Sept-15 | 23 | -45% |
| Action Constructions | May-11 | 42 | Sep-14 | 35 | -16% |
| Fedders Lloyd | Feb-10 | 75 | Jul-14 | 80 | 7% |
| Fortis Healthcare | Aug-11 | 150 | Jun-15 | 175 | 16% |
| CESC | Apr-18 | 1000 | Oct-18 | 850 | -15% |
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