Travelogue: Ibadan-Hills, Bottoms, Masquerades & Research
More than 15 years ago, I met an Italian who had lodged at KS Motel at Total Gardens, Ibadan.
Ibadan is truly a mix of the ancient and the modern.
(I wrote this exactly 5 years ago on Dec 17, 2015)
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In support of Jimi Agbaje during the 2015 elections, I produced 2 jingles as my contribution. I wanted him to win.
So, through the assistance of a friend of mine who is a PDP stalwart, we were directed to handover the CDs to a PDP Chieftain in Lagos. The PDP Chieftain asked us to meet him at a club house around Palmgrove. It was a Sunday evening.
When we arrived, we passed through security checks. The club house was guarded by mobile policemen. On entering, the PDP Chieftain was seated with company. Right opposite him was a friend with company also. All of them were having drinks.
They were the only people in the club house-apart from the stewards- and my friend and I. The club house was shut to others and we could only come in because our names had been dropped with the mobile policemen who were on guard. Music blared from speakers in the club house.
We were invited to have drinks. We respectfully declined. No be wetin we come do be that. I handed over the two CDs. The first CD was played. It was a dance-along, sing-along, gyrate kind of jingle. The friend of the PDP Chieftain jumped up and started dancing.
I had become dissatisfied with my career at that point. Having started my career in Ibadan and having lived there all my life, I felt there was more. I remember how I felt there was a void within. Outwardly, things looked okay but inwardly, I was a mess.
I knew that if I wasn’t careful, I would just settle into a comfortable zone and that may just be the end of my career. Everyone loved Ibadan- the cost of living was low and I had almost everything, at least compared to those within my immediate space.
One of the greatest mistakes you can make is to benchmark your life by those within your immediate space or circle of influence. You will think you’re making progress until you get out and see others who will challenge you. And that was what I decided to do.
I saw a vacancy for a role in Lagos and I applied. Up till then, I had never worked in Lagos- save for a few trainings, attachments and banking school.
When I got the role, it was a major stretch for me. I didn’t have a place to stay so I had to ‘squat’ with a friend for 6 months until I could pull resources together to get a studio apartment.
Just look around you in Nigeria, for example. 20 years ago, the ATM machine was a novelty. No bank issued debit cards- maybe just the foreign ones. There were no banking apps. You couldn't transfer funds the way we do now.
It took 7 days for your 'upcountry' cheques to clear- meaning that if someone pays you a cheque in Sokoto and you pay it in in Ibadan, you had to wait for 7 days to receive value. Later, it became 3 days.
I recall as a young banker, I used to go to the CBN Clearing House with a box that was locked by my supervisor and which could only be opened by the CBN Clearing Supervisor. I carried that box like it was my life.
I had cheques of other banks and a very huge calculator we called casting machine inside that 'portmanteau'.
Around this period 20 years ago, there was an influx of new generation banks that changed the landscape. Now, see how the banks have changed in 20 years. In just 20 years, the banking sector in Nigeria is the one of the most sophisticated in Africa. So much progress has been made
“I’m not upset that you lied to me. I’m upset that from now on I can’t believe in you”- Friedrich Nietzsche
Sometimes in October, I received a call from a former client who had been out of the country for almost a year.
He is not a Nigerian but had just secured an appointment with a company. His first statement was “Bayo, I need to pick your brain on this because with you I know where I stand. I know you’ll not deceive me”.
After our discussion, he told me he had already informed his Chairman that their banking relationship had to come to me. I’ve signed it on since.
I’ve had cause to reflect over his statement many times since then. Here was a man whom sometimes I had very difficult conversations with. I’ve had to tell him no when I knew his requests were not possible. Sometimes, the relationship was stormy.
I never fail to tell my colleagues that the major currency for transaction is integrity and this will only be sustained in an atmosphere of trust. Never lie to customers in order to make a sale.
In 2013, a joint venture Israeli/South African company was looking to make a foray into Nigeria. They wanted to set up an outlet in Lagos after conducting their feasibility studies and they needed a Nigerian financial institution to partner with.
Somehow, i was given their contacts and we agreed to meet with our teams from both sides at Victoria Island.
I got my team together- about 8 of them- people in e-business, IT and other units that I know will have one thing or the other to do with this company.
I wanted to conclude in just one meeting. As the South African MD and his Israeli partner walked into my office where we were all seated and I stood up to exchange pleasantries with both of them, his eye went to the book on my table. 'Oh, you're reading Tipping Point?', he asked.
I was reading Tipping Point by Malcolm Gladwell that week and I had the book on my desk in the office. I usually have the books I'm reading either in my car or on my desk. I replied in the affirmative.
He asked for other books of Malcolm Gladwell that I've read and I mentioned Outliers-The Story of Success and What The Dog Saw. He asked for my best among the books and I mentioned Outliers. His best was Tipping Point.
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A thread with lessons about:
One day in 2018 when I was in my 9-5 cubicle, I thought to myself while I stared out of the window:
How could I continue waking up every morning and be totally unexcited about everything I was going to do day after day?
This led me to Google:
“How to quit my job forever”.
You know the rest of the story.
Early Retirement Extreme and Mr. Money Mustache are the first pages popping up.
I read everything in a couple of days.
There was really no way back.
WTF, could I quit my job in a couple of years by investing?
I have always been pretty good at handling money, but earlier on I'd just pay down my mortgage faster.
Now I was going all-in on investing.
I started saving and earning more money by changing my 9-5 job.
Starting out I had a savings rate of 40%.
Last 5 months SR: over 90%
I got addicted to investing.
It was like a game.
My salary was increasing every month and on top of that, I started earning more online than I did in my 9-5.
I started dreaming about $100M.
But, then I reflected:
"What will I sacrifice if I continue like this for 30+ years?
Let's first go through the negatives
2/x I really understand the excitement when you put on the "local dominant marketplace"-glasses and start comparing CDON multiples to the likes of $AMZN, $MELI, $SE or whatever. But with boots on the ground I can assure you, that they are *nothing* of the sort. At least yet.
3/x Just looking at GMV/revenue, after >20y in business, an "everything store", CDON doesn't even come near other local niche players like $BHG (8bSEK) or $BOOZT (4bSEK) and other private companies. They are closer to $LYKO in size, who are only selling hair & beauty..
4/x Unfortunately the brand is very much on decline (especially among young ppl) since the website has been mistreated for years and years, so I think they have to work extremely hard on building trust + enhance customer experience to even have a change long term.
5/x Like I wrote yesterday we have a very divided (in a good way) eCommerce market in the Nordics, with lots of amazing niche players with top notch customer experience. To put it in words you understand, we are a more $SHOP like region with independent businesses.
The waiting room is now up.
In the mean time, you can read their just-filed
Which is essentially just a re-direct to this press
Palantir's Consolidated Statement of Operations is pretty interesting.
They lost more than twice as much money in 2020 ($1.17B) as in 2019 ($580M). Despite a $12.6M tax benefit in 2020 vs. $12.4M tax provision in 2019.
Agreed, without experience, loading your trading account to the tilt and trading can be disastrous 🌋, but that does not mean you will have to paper trade forever. No matter how much you paper trade, you will never get the experience of trading (2/11)
When I talk about trading, I’m not just talking about experiencing the P&L rush. IMHO, experiencing the P&L and how it can vary in real-time is the last thing. There are multiple other things that you need to get comfortable with before diving into full-fledged trading 🏊♂️(3/11)
Stuff like placing limit/market order, GTT, AMO. Practising how SL-L for long & short positions works, trailing stops, figuring how margins work, M2M, T+1, T+2 settlements - the list is endless😩 with several moving parts. No paper trading platform gives you the real deal (4/11)
Here is a hack, though - instead of paper trading, try and place an actual trade on a low-value futures contract. My favourite is USD INR 💱, it costs just under 2K per contract, but gives you the whole trading experience (5/11)
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12 Most Powerful Hanuman Mantras
Hanuman ji is the Hindu God of strength, valor, agility, and wisdom. He is considered as the incarnation (avatar) of bhagwan Shiva. Hanuman ji is the symbol of devotion and dedication. He is the greatest devotee of Prabhu Shri Ram. 1/n
Hanuman ji is known by several names such as Bajrangabali, Mahabali, Maruti Nandan, Pawanputra, Mahaveer, and Anjaneya. Hanuman ji is the son of Bhagwan Vayu, the wind god.
God Hanuman played a prominent part in rescuing Mata Sitafrom the bondage of demon King of Lanka, Ravana.
One can worship Hanuman ji by chanting Hanuman Mantras. There are many different types of Hanuman Mantras, each fulfilling a specific purpose. Hanuman Mantras help to beget the blessings of Mahabali Hanuman for success. 3/n
Let’s explore these powerful Hanuman Mantras one by one. Here’s the list for you:
1. Hanuman Moola Mantra
!! Om Hanumate Namah !!
ऊँ हनुमते नम:
You can chant the “Hanuman Moola Mantra if you usually face problems and obstacles in your life.4/n
However, the Human Moola Mantra is also a very powerful success mantra.
It’s a Kaarya Siddhi Mantra.
It is highly advised that all those who usually face obstacles and problems in their life should chant the Hanuman Moola Mantra. 5/n
Curated the best tweets from the best traders who are exceptional at managing strangles.
• Positional Strangles
• Intraday Strangles
• Position Sizing
• How to do Adjustments
• Plenty of Examples
• When to avoid
• Exit Criteria
How to sell Strangles in weekly expiry as explained by boss himself. @Mitesh_Engr
• When to sell
• How to do Adjustments
1. Let's start option selling learning.— Mitesh Patel (@Mitesh_Engr) February 10, 2019
Strangle selling. ( I am doing mostly in weekly Bank Nifty)
When to sell? When VIX is below 15
Assume spot is at 27500
Sell 27100 PE & 27900 CE
say premium for both 50-50
If bank nifty will move in narrow range u will get profit from both.
Beautiful explanation on positional option selling by @Mitesh_Engr
Sir on how to sell low premium strangles yourself without paying anyone. This is a free mini course in
Few are selling 20-25 Rs positional option selling course.— Mitesh Patel (@Mitesh_Engr) November 3, 2019
Nothing big deal in that.
For selling weekly option just identify last week low and high.
Now from that low and high keep 1-1.5% distance from strike.
And sell option on both side.
1st Live example of managing a strangle by Mitesh Sir. @Mitesh_Engr
• Sold Strangles 20% cap used
• Added 20% cap more when in profit
• Booked profitable leg and rolled up
• Kept rolling up profitable leg
• Booked loss in calls
• Sold only
2nd example by @Mitesh_Engr Sir on converting a directional trade into strangles. Option Sellers can use this for consistent profit.
• Identified a reversal and sold puts
• Puts decayed a lot
• When achieved 2% profit through puts then sold
Already giving more than 2% return in a week. Now I will prefer to sell 32500 call at 74 to make it strangle in equal ratio.— Mitesh Patel (@Mitesh_Engr) February 7, 2020
To all. This is free learning for you. How to play option to make consistent return.
Stay tuned and learn it here free of cost. https://t.co/7J7LC86oW0
This isn't actually right, so here is another suggestion.
2/ I remember being 26 and writing about reading 52 books a year. I wrote blog posts about it. They got copied. It became "a thing." Now it's in Twitter bios. It looks impressive but it's insanely useless and I shouldn't have done it.
3/ what I should have known at that time is that only young idiots like myself, with no accomplishments, find list of tiny achievements impressive. Anyone who has actually done anything of substance doesn't gaf
4/ what is actually difficult, and worthwhile, instead is to do ONE single thing for a very, very long time. It's much harder and much rarer and results in outlier outcomes much more often.
Of course you can find this out too late if you are chasing the dragon of Ted talks etc
5/ if I had only worked on a startup for a year, I would've gotten nowhere, the same way that if you lift for 3 months, it achieves nothing. Everything good in life comes from perseverance, but at the beginning, you're just like "I need to be somebody!!!"
As a kid, we would do homework before school the next day - you have to do homework here too. A specific sector performs on a particular day and studying things a day before will help you spot that particular sector. (1/11)
To prepare for the next trading day, you got to check the Index charts of all sectors. You got to keep an eye on a specific Index if you see a few factors:
- If any Index closed exactly at the resistance, you can get a trade on either side on the next day. (2/11)
- If it gave a rejection candle at resistance.
- If any Index closed exactly at support, you can get a trade on either side the following day.
- If there was a bullish signal at the support.
- If any Index gave a breakout or breakdown and then gave a good closing. (3/11)
- If any Index has taken support at 50 or 200 EMA.
Once you spot the Index, look at all the stocks in that particular Index. Pick at least 3-4 stocks from that Index and add them to your watchlist for the next day. It's ideal to check both higher and lower timeframes. (4/11)
What you should do next day? (When I am unable to check Indices and stocks a day before, I sometimes directly start with this process.)
- Start with checking the top gainers/losers list. I observe market from 9:15 to 9:45am to check the sectors performing well on that day.(5/11)
(Must read for #FA learners)
🙏Like & RT to spread learning with all 🙏
Views Welcome 👉 @dmuthuk @Vivek_Investor @datta_arvind @caniravkaria @FI_InvestIndia @AdityaD_Shah
Return on Equity (#ROE) and Return on Capital Employed (#ROCE) are two important Financial Ratios used in #FundamentalAnalysis of Stocks.
Return on Equity (ROE) is the ratio of Net Income (Net Profit) of a company and it’s Total Equity (Shareholder's Equity).
Here - Shareholders Equity = Share Capital + Reserves & Surplus.
#StockMarket #Investing #FundamentalAnalysis
#ROE is a measure of how much net profit a company is making for every rupee invested by its shareholders in the company.
It can be said that higher the ROE, better it is for the equity shareholders. It tells shareholders about how effectively their money is being used.
However, you should not trust high ROE blindly. Biggest drawbacks or weaknesses of ROE is that it completely ignores debt.
Hence for companies having high levels of debt, ROE will give a higher but misleading value & therefore we need to look at #ROCE along with #ROE.