Good investing reading – 18 January 2013

Infosys stock jumped up by around 16% a few days back after the company announced its quarterly result. This article discusses whether things have changed for Infosys after is relatively dull performance in the last year.

Has Infy’s new strategy started delivering? – Forbes


The German Central Bank is getting back the country’s gold that was stored with the US Fed until now. Trust between counter-parties in the financial system is dipping, at every level, from retail investors to central banks!

It Begins: Bundesbank To Commence Repatriating Gold From New York Fed – Zero Hedge

Bundesbank Official Statement On Gold Repatriation – Zero Hedge

Arshiya International was in the news recently with the reported employee problems and the company’s subsequent denial that there are no major issues outstanding. The stock closed at a price of Rs. 129.3 on Jan 2, 2013. Today, it has touched around Rs. 51.7. It looks like it fell off a cliff.  As per consolidated data from Moneycontrol, the company has a debt/equity ratio of over 2.5 times at close of FY12. At close of FY08, this was close to zero. Financially, its not the prettiest picture.

An earnest appeal to all my readers! Please do bother about looking up debt level and growth rate of debt for for any company that you consider for investment. It should be an important part of your investing checklist.

Do read the Arshiya International – Jan 2013 – Analyst Call Transcript.

(Update: The company has subsequently removed the transcript from the website. I had to remove the earlier link.)


Dylan Grice is a well known equity strategist who used to work for Societe Generale till recently. If you have the opportunity to catch hold of his earlier notes to his clients, please, please take time to read them. He is a big believer in the principle that its better to be aware of what you do not know.

Q&A: I fear Great Disorder, says Dylan Grice – DNA

Here is his list of recommended books, the bulk of which deal with investing and economics.

DYLAN GRICE: Here Are 22 Books Everyone Must Read – Business Insider

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