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By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Modak and the Art of Investing

As the aroma of freshly steamed Modaks fills homes during Ganesh Utsav, the festive spirit comes alive instantly. My mouth is already watering at the thought! The humble Modak, prepared with love to honour Lord Ganesha, may look simple from the outside. But anyone who has tried making one knows that a good Modak depends on several things coming together - the right ingredients, the right recipe, patience with the process, and finally, enjoying the result. Investing is surprisingly similar....

Modak and the Art of Investing

As the aroma of freshly steamed Modaks fills homes during Ganesh Utsav, the festive spirit comes alive instantly. My mouth is already watering at the thought! The humble Modak, prepared with love to honour Lord Ganesha, may look simple from the outside. But anyone who has tried making one knows that a good Modak depends on several things coming together - the right ingredients, the right recipe, patience with the process, and finally, enjoying the result. Investing is surprisingly similar. Choose the Right Ingredients A Modak is only as good as the ingredients that go into it. Fresh coconut, good-quality jaggery, properly prepared rice flour and the right flavours all contribute to the final result. Our investments and financial products are the ingredients of our financial plan. Equities, mutual funds, fixed income, gold and other investments each have a specific role to play. The objective is not to pick whatever appears most exciting at the moment, but to select suitable, good-quality investments that match our financial goals, time horizon and ability to take risks. Health and life insurance are equally important ingredients. Adequate coverage helps protect savings, the family, and their financial goals and dreams. Good ingredients provide the foundation. But ingredients alone are not enough. Get the Recipe Right You may have the finest ingredients in the kitchen, but if the proportions are wrong, the Modak may still not turn out well. The same applies to investing. Asset allocation is the recipe of a financial plan. Too much of one ingredient can spoil a Modak. Similarly, excessive concentration in one asset or too much money in low-return products can spoil a portfolio. Balance is key. A thoughtfully constructed portfolio brings different investments together in the right proportions. To keep asset allocation very simple - short-term goals can be planned through bank fixed deposits, recurring deposits and debt mutual funds. For long-term goals, one can consider hybrid mutual funds, equity mutual funds or direct stocks. Trust the Process Once the Modak is shaped and placed for steaming, constantly checking whether it is ready will not make it cook faster. Investors often make the same mistake. We keep checking markets, reacting to every correction, chasing recent performers or changing strategies because of short-term noise. Good investing requires patience and discipline. Invest regularly, review periodically and allow your financial plan enough time to work. Compounding is powerful precisely because it rewards those who remain invested for long periods. Sometimes, the best thing an investor can do is simply avoid unnecessary interference. Enjoy What You Have Created Finally comes the most important part - eating the Modak! The purpose of investing is not merely to accumulate the largest possible number on a statement. Wealth should eventually help us fulfil our goals, support our families, create financial security and enjoy life with greater peace of mind. A good Modak needs the right ingredients, the right recipe and trust in the process. A good investment journey needs exactly the same. This Ganesh Utsav, may Bappa bless us with the wisdom to make good financial choices, the patience to stay disciplined, and the prosperity to enjoy the fruits of our efforts. Ganpati Bappa Morya! (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

Who will be next CM?

Correspondent
Nov 23, 2024
3 min read

Updated: Nov 25, 2024

Mahayuti, MVA constituents drop different names


next CM

Mumbai: Even before the first votes are counted in Maharashtra, fissures have emerged within the ruling Mahayuti and the opposition Maharashtra Vikas Aghadi (MVA) on who will head the next government with constituents in both camps laying claim over the chief minister’s post.


After polling for the 288-member assembly ended on Wednesday evening, the ruling as well as opposition fronts have started claiming that mandate will be in their favour when votes are counted on November 23.


Soon after polling, state Congress chief Nana Patole asserted an MVA government would be formed in Maharashtra under the leadership of his party.


Voting trends suggest the Congress will get the maximum number of seats in the new assembly, he said.


His remarks did not go down well with ally Shiv Sena (UBT), whose leader Sanjay Raut on Thursday insisted the chief ministerial face will be decided by all alliance partners jointly once the MVA secures majority. The Rajya Sabha MP said if the Congress high command has told Patole that he will be the CM face then the national party’s president Mallikarjun Kharge, and its top leaders Rahul Gandhi, Sonia Gandhi and Priyanka Gandhi Vadra should announce the same.


The MVA, consisting of the Congress, Shiv Sena (UBT) and NCP (SP) and the Mahayuti, comprising the BJP, Shiv Sena and NCP, have expressed confidence that their respective alliance will form the next government after votes are counted on Saturday.


While a majority of exit polls have predicted that Mahayuti will retain power, a few have favoured the MVA. On the Mahayuti side, Shiv Sena MLA and party spokesperson Sanjay Shirsat said the assembly elections were contested with Chief Minister Eknath Shinde as the face.


“Voters have shown their preference for Shinde through voting. I think it is Shinde’s right (to be the next CM) and we are confident that he will be the next CM,” Shirsat said.


BJP leader Pravin Darekar batted for Deputy Chief Minister Devendra Fadnavis for the top post.


“I think if anyone from the BJP is becoming the CM then it will be Devendra Fadnavis,” he said.


NCP leader Amol Mitkari pushed the name of his party chief and Deputy CM Ajit Pawar for the coveted job. “Whatever the results, the NCP will be the kingmaker,” Mitkari said.


Asked about the CM face, Fadnavis maintained all three Mahayuti parties will sit together and take a “good decision”. Speaking to reporters separately, BJP leader Darekar claimed the Mahayuti will form the next government, dismissing the possibility of the MVA coming to power, and said the opposition bloc was plagued by “internal rifts”.


“The people of Maharashtra have given a clear mandate. The Chief Minister will be from the Mahayuti, not the MVA, and certainly not the Congress,” he asserted.


Highlighting divisions within the MVA, Darekar said, “Congress MP Praniti Shinde and her father and former CM Sushilkumar Shinde supported an independent candidate against Uddhav Thackeray’s nominee in a constituency in Solapur district. These internal rifts expose a lack of unity. How can parties without internal coherence decide on a Chief Minister?”


The BJP leader said Patole’s aspirations to become chief minister were nothing but “Mungerilal ke haseen sapne” (daydreaming). On exit polls, Darekar remarked, “While no exit poll is final, most have predicted a Mahayuti win. Even independent candidates (on winning) are likely to back Mahayuti.”


Taking a swipe at Prahar Janshakti Party leader Bachchu Kadu, he said, “Kadu speaks with grand bravado, but his own seat is under threat. Let him first declare how many of his candidates are winning.”


Regarding Rahul Gandhi’s statements on the Adani group, the BJP leader quipped, “Rahul Gandhi should go to the US and focus on issues abroad, where his commentary might hold weight. His remarks on the fall of the Union government are childish and baseless.”


On the alleged involvement of NCP (SP) Lok Sabha MP Supriya Sule and Patole in using bitcoins illegally to fund elections, Darekar said the truth will come out soon.

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