#hdfc F
- Friday was ATH Close
- For 3 weeks, it consolidated above P/SVWAPs
- 3000 CE had covered 10% OI, but still has huge OI

> I shall look for Longs 'if'
- scrip breaches 3k and
- 3k CE writers start covering (Better if 3k PE writers add too)

#trading

Joanna Cherry:"Alex Salmond secured a concession that nothing in Scotland Act would preclude the people of Scotland from subsequently choosing an independent future. This is recorded in Hansard during second reading of Referendums (Scotland & Wales) Bill, May 21, 1997."

Donald Dewar said: “I should be the last to challenge the sovereignty of the people, or deny them the right to opt for any solution to the constitutional question they wished. For example, if they want to go for independence, I see no reason why they should not do so." JC

"In same debate Alex Salmond went on to emphasise that “… the Claim of Right referred to sovereign right of the Scottish people to determine a form of Govt best suited to their needs. It did not suggest sovereignty resides with English Members of Parliament." Joanna Cherry

Joanna Cherry: "Donald Dewar articulated the democratic norm later enshrined in the Edinburgh Agreement. His concession laid the foundation for the 2014 referendum in recognising the rights of Scots to choose whether to remain part of our voluntary union with England."

"I am wholly in agreement with view that we must find a legal & constitutional way to demonstrate that public opinion in Scotland has changed since 2014 referendum, in order for our independence to be internationally recognised & therefore meaningful." Joanna Cherry

1/ I am seeing more and more founder secondary in venture rounds (Secondary = founders selling some of their shares before some other shareholders are able). Series B-D. I see both as an investor and through entrepreneur circles.

2/ I like secondary for entrepreneurs. Moderation is key but in a lot of situations I think it helps accelerate the co. Lots of very smart investors disagree. Here are my thoughts.

3/ Magnitude: My basic rule of thumb from what I see is market is 4+ yrs and up to 10% of founder’s equity stake with some $ cap that makes sense given stage etc. (typically <$10m)

4/ The entrepreneurial journey is brutally hard. Giving some financial relief helps remove one piece of pressure. I don’t think that secondary in the magnitude mentioned impacts the drive/persistence of great entrepreneurs.

5/ That secondary means they will be able to just sleep knowing they can pay their kids’ tuition. Secondary will make most founders better at their jobs, thus accelerating the co.

THE BATTLE OF SARAIGHAT (1671)

Lachit Borphukan's humiliation of Aurangzeb.

The battle of Saraighat was a naval engagement fought on the Brahmaputra river near Saraighat between the M0ghul empire and Ahom kingdom in 1671.

Guts, resolve and glory!

(Elaborate thread)

Koch was a state situated between the dominions of M0ghuls and Ahoms. For Ahoms, it was a buffer state for keeping M0ghul territorial expansions at bay.(1)

Times changed when the ruler of the Koch kingdom, Nara Narayana passed away in 1587 resulting in Koch being divided into 2. Western Koch was ruled by his son Lakshmi Narayan and the eastern Koch by his nephew, Raghudev.(2)

Lakshmi Narayan formed an alliance with M0ghuls after which he attacked Parikshit, son of Raghudev, in 1602. Parikshit Narayan was defeated while his brother Bali Narayan took refuge in the Ahom Kingdom.(3)

The M0ghuls used it as a pretext to invade Ahom kingdom. The first battle between them took place in 1615 leading to a series of engagements in which both sides had their shares of ups and downs resulting in a stalemate.(4)