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Economic Times
23 minutes ago
- Economic Times
Warren Buffett's 7 point playbook for mutual fund investors
Warren Buffett has never been one to follow trends. At 94, the Berkshire Hathaway chairman has steered clear of mutual funds, preferring to invest directly in businesses he understands. Yet his investment doctrine, built on low cost, long-term focus and unfailing rationality, offers a framework for mutual fund investors navigating increasingly volatile markets. ADVERTISEMENT Buffett's investing wisdom, distilled over decades, emphasises restraint over reaction, simplicity over strategy, and time as the most dependable compounding force. In an environment where fund flows often chase headlines and past performance tables, his principles remain a sharp counterpoint, and arguably, more relevant than ever. In his 2016 shareholder letter, Buffett delivered a stinging assessment of the asset management industry: 'When trillions of dollars are held by Wall Street managers who charge huge fees, the real profits usually accrue to the managers, not to the investors.' His endorsement of low-cost index funds, particularly for those unwilling or unable to scrutinise markets full-time, has been consistent. Posthumously, he has said, 90% of his personal fortune is to be allocated to S&P 500 index funds, and only the cheapest India, the implications are clear. Large-cap index funds tracking the Nifty 50 or Sensex offer broad market exposure at a fraction of the cost of actively managed schemes, with higher tax efficiency and lower tracking error in the long run. ADVERTISEMENT 'Only buy something you would be happy to hold if the market closed for the next 10 years.' This often-cited line captures Buffett's disdain for market timing and his belief in the power of mutual fund investors, the lesson is unambiguous: avoid frequent portfolio reshuffling, select schemes with robust long-term performance, and allow them the runway to deliver. Switching funds to chase near-term returns is, in Buffett's view, self-defeating. ADVERTISEMENT 'Give time to a good investment, and time will be your best friend,' Buffett says. ADVERTISEMENT Buffett has long maintained that successful investing owes more to temperament than intellect. 'Investors should be able to separate themselves from the fear or excitement of the crowd, and focus on a few basic principles,' he wrote in mutual fund participants, the prescription is clear: regular SIPs, realistic expectations, and emotional discipline. In other words, no CFA charter is required. ADVERTISEMENT 'Watching the market too closely can be harmful.' Buffett has warned of the dangers of hyper-monitoring, noting how short-term volatility can breed panic and is famously dismissive of overreaction: 'The stock market is a device for transferring money from the impatient to the patient.'Fund investors, he suggests, should ignore daily NAV updates, resist reacting to headlines, and trust the process. SIPs work best when left undisturbed. Also read: How Jane Street targeted over 40 Nifty, Nifty Bank stocks in expiry-day trades 'Be fearful when people are greedy, and greedy when people are fearful,' Buffett once said, a philosophy that turns crisis into market downturns, when most investors withdraw, Buffett sees value. 'Fear is your friend when investing in quality at a discount.' Mutual fund investors would do well to continue their SIPs during corrections and consider additional allocations. The best returns often follow the worst headlines.'Risk comes from not knowing what you're doing.' Buffett's remark underscores the importance of understanding one's investments, a frequent blind spot in mutual fund type, sector exposure, and volatility characteristics matter. Sectoral and small-cap funds demand longer horizons; international funds carry currency risks. Chasing last year's winners without understanding their structure, Buffett warns, is an invitation to disappointment.'The first rule of investing is don't lose money, and the second rule is don't forget the first.'Buffett has made no secret of his disdain for predictions. 'Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.'Mutual fund investors, in his view, should not reallocate based on short-term rankings or macro calls. A fund's performance over six months says little about its suitability over ten years. Steadiness, not speculation, wins the philosophy is not anchored in the mechanics of mutual funds but in the principles that underpin all sound investing: cost, time, clarity, and composure. His rules, though simple, are anything but simplistic. They ask investors to resist distraction, eschew complexity, and commit with conviction. Also read | Warren Buffett's billion-dollar EV play backed BYD, so why not Tesla? For those seeking to build wealth through mutual funds, the path is not paved with forecasts or fast trades, but with a patient alignment to fundamentals. That, Buffett would argue, is where the real compounding begins. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Hans India
an hour ago
- Hans India
Indian stock markets end week lower amid trade deal concerns, profit booking
The Indian equity markets closed lower for the week as investors turned cautious ahead of the crucial July 9 US-India trade deadline and the start of the corporate earnings season, experts said on Saturday. Both benchmark indices -- the Sensex and the Nifty -- slipped 0.7 per cent each on a weekly basis, as broader market sentiment remained clouded by global uncertainty and profit booking after the recent rally. The Nifty ended the week at 25,461, while the Sensex closed at 83,432.89. The indices had started the week with a strong breakout, but the momentum faded amid concerns over a possible delay in finalising trade agreements. However, reports suggesting an interim deal between India and the US helped limit the downside in the latter half of the week. According to Ajit Mishra of Religare Broking Limited, the pullback was largely driven by investors booking profits following recent gains. 'The cautious tone was evident with the looming trade deadline. However, optimism around a potential agreement between India and the US acted as a cushion,' he noted. India's fiscal health remained strong, supported by a robust Rs 2.69 lakh crore dividend transfer from the RBI, which helped contain the fiscal deficit at just 0.8 per cent of the annual target. June GST collections also remained firm, rising 6.2 per cent year-on-year (YoY) to Rs 1.84 lakh crore. Vinod Nair, Head of Research, Geojit Financial Services, said, 'The week saw some consolidation after sharp gains in previous sessions. Global cues remained mixed, and investors preferred to stay on the sidelines ahead of the US tariff decision." 'FIIs turned cautious due to high valuations, but support from DIIs kept the market from falling sharply,' Nair mentioned. From a sectoral perspective, defensive sectors like IT and healthcare outperformed, supported by stock-specific action and stable demand. Meanwhile, rate-sensitive sectors such as banking, auto, and realty witnessed pressure from profit booking. FMCG stocks also edged lower. Defence stocks, however, saw strong buying after the government cleared several high-value contracts. Technically, the market entered a consolidation phase. Bajaj Broking Research noted that the Nifty has formed a small bear candle with a higher high and low on the weekly chart, signalling consolidation amid stock specific action after the recent strong upward move. 'Key support levels are seen around 25,150–25,200, coinciding with the 20-day exponential moving average, while resistance is expected near the 25,600–25,740 zone,' according to Angel One. 'A breakout above this range could trigger the next leg of the rally,' the brokerage added.
Time of India
2 hours ago
- Time of India
Sebi action on Jane Street highlights 3 aspects of market: Uday Kotak
In the wake of market regulator Sebi 's sweeping crackdown on U.S. trading firm Jane Street , billionaire banker and founder of Kotak Mahindra Bank , Uday Kotak , has flagged three key concerns about the structure of India's stock markets. He cautioned against the rising dominance of money power, the widening gap between single-stock and index derivatives liquidity, and business models that prioritise volumes over fundamentals. 'Recent stock market actions signify 3 aspects: money power, low liquidity in single stocks vs. index derivatives, exchange, broker business models linked to volume, less to fundamentals. Primary role of market is to promote capital formation, fair price discovery,' Kotak posted on X (formerly Twitter) on Saturday, July 5. Recent stock market actions signify 3 aspects: money power, low liquidity in single stocks derivatives, exchange, broker business models linked to volume, less to fundamentals. Primary role of market is to promote capital formation, fair price discovery. — Uday Kotak (@udaykotak) July 5, 2025 Link to the post: Kotak's remarks come a day after the Securities and Exchange Board of India (Sebi) barred Jane Street Group and four affiliated entities from India's securities market and ordered a freeze on Rs 4,840 crore in alleged unlawful gains. A crackdown on expiry-day manipulation In a 105-page interim order issued Friday, Sebi accused Jane Street of deploying high-volume, cross-segment strategies to manipulate the Nifty and Bank Nifty indices, misleading retail traders and booking massive profits from index options. The regulator said the firm generated more than Rs 36,500 crore in net profits in India between January 2023 and March 2025, of which Rs 43,289 crore came from index options alone. The order said Jane Street used a strategy called 'Intra-day Index Manipulation' on 15 of the 18 expiry days Sebi examined, which involved buying large quantities of index constituent stocks in the morning to artificially push up prices, while holding large bearish bets in the derivatives market. These trades were later reversed to drive down prices, profiting from the fall. On January 17, 2024, a day Sebi described in detail, the firm allegedly bought Rs 4,370 crore worth of Bank Nifty stocks in the morning, creating a misleading sense of strength. At the same time, it built Rs 32,114.96 crore worth of bearish options positions. By the afternoon, it reversed its cash market trades, pushing the index lower and booking Rs 734.93 crore in profit from derivatives, its biggest single-day gain in Indian markets. 'The sales are aggressive, in a manner that pushes down prices in the component stocks and hence index. JS Group books losses in intraday cash/futures market trading,' the order said. 'Profits in index options more than compensate for the JS Group's losses.' Also read | Rs 735 crore in 1 day! Jane Street's most profitable day on Dalal Street was built on Nifty Bank's fall Repeated warnings, mounting concerns Sebi said it first began reviewing Jane Street's trades in April 2024, and issued a cautionary letter in February 2025 through the National Stock Exchange (NSE), warning the firm to avoid such patterns. Despite this, 'JS Group continued with similar trades, in disregard of the caution letter from the Exchange… and JS Group's own commitments,' the regulator noted. On three other expiry days, the firm allegedly deployed an 'Extended Marking the Close' strategy, placing large sell orders in the final minutes of trading to depress index levels, thereby benefiting short-call or long put positions. Sebi wrote that the firm was 'consistently running what appeared to be by far the largest risks in 'cash equivalent' terms in F&O particularly on index option expiry days,' and that other traders were 'unaware of all this, and were hence enticed to deal at a time that the Nifty Bank itself was being artificially and temporarily propped up.' Jane Street responds Jane Street has denied any wrongdoing. 'Jane Street disputes the findings of the SEBI interim order and will further engage with the regulator,' the firm said in an emailed response to Reuters. It added that it is committed to operating in compliance with regulations globally. The company, which began its India operations in December 2020, has 21 days to respond to the Sebi order or challenge it before the Securities Appellate Tribunal. As of Friday, four Jane Street-linked entities — JSI Investments Pvt Ltd, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading Ltd — have been prohibited from buying, selling, or dealing in Indian securities, and their accounts have been placed under a debit freeze. How Sebi's crackdown on Jane Street unfolded: A 15-month trail of scrutiny and ignored warnings Kotak's post echoes broader concerns raised by Sebi in its investigation: that the market has tilted too far in favour of high-frequency, algorithmic strategies, while retail investors trade on distorted signals. The regulator pointed to a growing imbalance, where foreign and proprietary traders made over Rs 610 billion in FY24 through such strategies, nearly matching the losses absorbed by retail participants.
