Each applicant must submit an online application of his/her best current investment idea. Here are some guidelines to help you.

Investment Idea:

Should be a well-reasoned explanation of your investment idea of approximately 400 words (or more) which could be on:

• equity shares
• debt instruments
• convertible securities
• warrants
• any other class of quoted securities

• long
• short
• paired trade (purchasing one security, while shorting another)

The idea can cover any sector and market cap that represents a good investment opportunity. Ideas should preferably be from the Indian public markets, although ideas from other parts of the world are also accepted. Most important criteria for acceptance is the quality of your idea and your reasoning.

Commonly Applied Valuation Criteria:

You may choose to incorporate some of the following valuation ratios and measures (wherever appropriate) to back up your idea and reasoning:

In addition, if any of the following apply to your idea, please include them:

• Normalized earnings
• Growth rates of sales, earnings & free cash flow
• Relative valuation
• Sum-of-the-parts valuation
• Private market value
• Liquidation or replacement value or value to a strategic buyer
• Management analysis

Catalyst:

Sometimes a good investor tries to examine beyond cheapness, if any particular event, corporate or other action, or future scenario will cause the market to enhance and recognize value in the opportunity. We refer to this as catalysts. These form an important part of your write-up. So please do include these.

Examples could include an expected sale/merger/acquisition, spin-off, operational restructuring, likely regulatory/legal change, product introduction, large buybacks, management change, divestitures, financial restructuring, etc.

Sometimes a security is so inefficiently priced and at such bargain levels that such cheapness cannot be ignored.

Please mention any special insights that you may have into the company, industry or the particular situation as a result of what Phil Fisher called "scuttlebutt".

Please note that the membership will be restricted to a total of 200 members and there can no assurance that your application will be accepted.