1,000 and Counting

What a joyous moment it is for us at DSIJ right now! So much so that even the indices appear to be in a celebratory mood. And what’s the reason? Well, this is our 1,000th edition! A big number, indeed! It has taken us an eventful 37 years to reach this milestone, which hardly any other magazine can boast about. Our first magazine was published on January 11, 1986 and was in the form of a 12-page cyclostyled stapled booklet. Immediately gaining recognition as an ‘Investor’s Bible’, it climbed upwards, and upwards, to become the segment leader and the highest-selling investment magazine in the country.
 

Dalal Street Investment Journal (DSIJ), the iconic brand that it has become, continues to guide investors at large through the different market and economic cycles not only in print form but via all digital mediums whether it be mobile, web, app, et al. Dalal Street Investment Journal has played a very important role in creating wealth for investors by recommending wealthcreating stocks, something you can know more about in our special report titled ‘How DSIJ has been Creating Wealth for Investors Since 1986’. This journey of nearly four decades reflects our quality of service towards our readers.
 

I would therefore like to take this opportunity to thank all our readers and all the people who were and are associated with us during this glorious journey. To give you an overview and also to share how important this victorious march has been to us, there were many publications from reputed houses covering the stock market that were started with much fanfare but are now either non-existent or have a marginal presence. If we have survived the odds and grown it is because of our research strength and our genuine interest in the wellbeing of investors that has helped us publish original stock market content leading to unparalleled wealth-creating opportunities year after year.
 

The best investment processes and adoption of new technology have further helped us to meet the investors’ objectives as we now are able to serve lakhs of happy investors every year. The buoyant equity market in India has been a great motivator for all of us. Recently, IMF announced that ‘India is a bright spot on a dark global horizon’. We would proudly like to say that DSIJ too is a bright spot, or rather a beacon that projects a guiding light for millions of investors. To move on to matters of the investment world, FPIs are pouring in billions of dollars into the Indian markets. For instance, in November we have so far received USD 4 billion from the FPIs. In tandem, SIP investments are happening at a record pace, indicating strong demand from retail investors.
 

Further, the credit demand is increasing even as the interest rates increase – it can’t get any better for the banking industry. Adding to this amazing chemistry is the political stability in our country at a time when most countries in the developed and emerging world are facing leadership crisis. All this has pushed global investors towards Indian equities. The Indian corporate world has delivered so far and there is no doubt in the minds of Indian business houses that India will continue to shine in the coming years. With both BSE Sensex and Nifty at record highs, the end of the story for the Indian equity markets for CY 2022 has been absolutely engrossing, thrilling and wealth-creating.
 

To move on, while all is well with the Large-Caps of the world, everyone is talking about the underperformance of the broader markets. To have an insight on this anomaly we have taken up this curious issue in our cover story wherein we have highlighted the underperformance of the broader markets with a fresh perspective. We have discussed why the underperformance in the equity markets is an opportunity for long-term investors. The story also highlights the stocks that have fallen by a huge margin from their 52-week highs, creating some margin of safety in them. All this and more has found its way into this special edition.

The power-packed edition of DSIJ that you have in your hands right now has 360-degree content for both investors and traders alike. We have covered some trending topics like options trading, value investing versus growth investing, bytes from industry leaders across various sectors and inputs shared by some of the best investment minds in India. As far as the market goes, we all have seen huge outperformance in the most ignored and unexpected stocks in 2022, including those of PSU banks, PSU railways and defence. There is a chance that your portfolio may have underperformed in CY 2022 so far as the action was taking place in areas you would not have been present in.
 

It can be frustrating to see underperformance in the portfolio, especially when the markets are making lifetime highs and several popular names keep making fresh headlines almost every day about the bullish price-volume action. The secret is to continue to do your equity research and remain invested in quality names and add on to your high conviction stocks. Do not get disturbed by the other stocks which could be outperforming your set of stocks temporarily. It usually happens that we churn a portfolio just for the sake of outperformance in the near term and then we pay a heavy price in the long term as we replace quality stocks with poor quality momentum stocks.
 

That said, December looks to be promising for the Indian markets. The outperformance may continue for awhile. Also, I have noticed that the pharmaceutical stocks haven’t done much even as the markets are trading at all-time highs. Watch out for that sector in the near to medium term. Several pharmaceutical stocks are available in the oversold zone. To sum up on this special occasion and edition, I take immense pride to be at the helm of such a magazine that has been every investor’s true friend across India. The market has evolved over the years in many ways and so has your magazine, Dalal Street Investment Journal. We put our heart and soul into this magazine to create content that is informative, precious and provides the right path in the maze that the investment world is. The journey continues!
 

RAJESH V PADODE
Managing Director & Editor