July-12 | -0.43 | -0.9 | 0.52 |
August-12 | -2.70 | 0.6 | (3.27) |
September-12 | 5.03 | 8.5 | (3.43) |
October-12 | 0.16 | -1.5 | 1.62 |
Novemb-12 | 6.16 | 4.6 | 1.54 |
So what does this denote? For the longer run, what matters is company fundamentals and business model. After all, beta is a mere co relation statistic bit, nothing to denote fundamentals. Companies who have been efficient capital allocators, have wide moats, superior return on capital employed and stellar management have gained in the last one year and more. Cipla, Nestle, Titan, HDFC, HDFC Bank, M&M are all examples of quality which has held in good stead during trying times. Moral of the story? Hold on to quality. BTW, V Guard continues to go great guns and investors would do well to hold on to the stock even though it has quadrupled from sub 100 to 400 levels. Seems to be another TTK in the making!