Understanding

Compounding

2

3

Disclaimer

Don’t try these stunts at home or office

4

Lessons in InvestingPRINCIPLES

Be you own expert at the

end of the day.

Diversifying risk means diversifying RETURNS also.

Risk is your best friend.

Real Estate & gold at the best capital protecting assets.

Calculate returns in USD. USD returns signify real returns.

No return without risk.

5

Risk is your best friend…..

LOW RISK

HIGH RISK

HIGH RISK

LOW RISK

Improvisation only will keep your genre going in efficient world

6

Challenge of Compounding- Turning back on best friend

Successful Investment managers fall in same trap

Your best friend only will keep your genre going in efficient world

An investment in knowledge

always pays the best interest

Benjamin Franklin

7

Take A Risk: The Odds Are Better Than You Think

We over-estimate the probability of

something going wrong.

We exaggerate the consequences of what might happen if it does

go wrong.

We under estimate our ability to handle the

consequences of risk.

We discount or deny the cost of inaction,

and sticking with the status quo.

8

USD- Real return

0

100

200

300

400

500

600

700

800D

ec-9

1

Jul-9

2

Feb

-93

Sep

-93

Ap

r-94

No

v-9

4

Jun-

95

Jan

-96

Au

g-9

6

Mar

-97

Oct

-97

May

-98

Dec

-98

Jul-9

9

Feb

-00

Sep

-00

Ap

r-01

No

v-0

1

Jun-

02

Jan

-03

Au

g-0

3

Mar

-04

Oct

-04

May

-05

Dec

-05

Jul-0

6

Feb

-07

Sep

-07

Ap

r-08

No

v-0

8

Jun-

09

Jan

-10

Au

g-1

0

Mar

-11

Oct

-11

May

-12

Dec

-12

Jul-1

3

Feb

-14

Sep

-14

Ap

r-15

No

v-1

5

Jun-

16

Jan

-17

S&P 500® Dollex 30 Dollex 200

Yoga n Business

Chakra n business

11

Chakras (Energy centres in body)

Basic/ Root

Throat

Third eye/Ajna

Crown

Solar plexus

Sacral

Heart

12

Chakras n Endocrine- Two sides of same coin

Endocrine System 7 Primary Chakras

13

Chakras in business

Vision

Metabolism

Immune system

Feel good

Insulin to produce energy

Reproduction

Basic

Business vision

Metabolise capital

Fight dilemma n competition

Quality

Profits

Reinvesting

14

Progression (Chakras) in Life

VALUE SCALE

Education

Literacy

Knowledge

Belief

Confidence

Intellectuality

Sharing

1

2

3

4

5

6

7

15

Lotus: Chakras n Life

• Our painful thoughts/feeling are inextricably linked with our values and goals.

• Our pain must therefore be embraced to create a rich, full and meaningful life.

• The swamp mud provides the nutrients and fertiliser from which the lotus arises.

• In the same way, you can't have love without pain, courage without fear, creativity without some contact with "the dark side", and so on.

3rd break

2nd break

1st break

Enlightment - AJNA

Building strong core

Shedding impurities

Our nourishing roots

16

Importance of AJNA

Lower productLower cost

Same productLower cost better

features

Higher productHigher value

VA

LUE

SCA

LE

ReverseEngineering

Value engineering

Forward engineering

17

Lotus flower n Tesla

Roots Stem Flower

18

TESLA- Return on Intellectuality

19

Progression in business

20

Progression

21

What is the (Ajna) in mobile phone business

Hardware Operating system

22

Ajna n implications of strategies

M cap $45 bn

Sunk cost

$20 bn

Chakra n businessCase study:

24

Inside e-commerce balance sheet & income statements

25

Putting money where the mouth is

• We will continue to make investment decisions in light of long-term market leadership considerations rather than short-term profitability considerations or short-term Wall Street reactions.

• We will continue to learn from both our successes and our failures.

• We will make bold rather than timid investment decisions where we see a sufficient probability of gaining market leadership advantages.

• Some of these investments will pay off, others will not, and we will have learned another valuable lesson in either case.

• When forced to choose between optimizing the appearance of our GAAP accounting and maximizing the present value of future cash flows, we’ll take the cash flows.

• We will balance our focus on growth with emphasis on long-term profitability and capital management.

Strong gum makes Strong teeth- Not vice versa

26

Amazon & Progression Artificial Intel

27Failure a stepping stone to success

Billions of dollars made out of failures

StepUp from failure

“If you think that’s a big failure, we’re working on much bigger failures right now — and I am not kidding,” he said.

“Some of them are going to make the Fire Phone look like a tiny little blip.”

(+) x (+) = + or (-) x(-) = +

28

Risk return is exponential- Not proportionate

Making friends with

RISK

29

So why doesn’t everyone innovate

Misaligned with customers

Yoga principles n

Business

31

BREATHING

32

All is Cell

Cell is Well then All is Well

33

Breathing

34

NERVOUS SYSTEM

35

Nervous system - Most critical of all

36

Business portfolios

Where is the error

Existing Sold

37

Licensing vs Free market

Milks customer Mines customer

UNSUSTAINABLE SUSTAINABLE

38

Licensing businesses limits expansion

Spotify Netflix Gmail

Smartphones

Gmail Whatsapp

I-tunes Facetime Hotmail Skype

39

Profits n margins are a passe

Asset less balance sheet Intellectual intensive income statement

40

ALIGNMENT

41

Alignment

42

Alignment

Dual classGAAP v Non GAAP

43

What Alignment means

Share price Revenue

44

What Alignment means

Operating income Operating margins Free cash flow

45

2016

Amazon$ 364 bn Alibaba

$232 bn

2012

Alibaba$ 231 bn Amazon

$154 bn

Market Capitalization

46

NADI SYSTEM

Buyer beware

Customer beware

Investor beware

BE WARE

No valuecreation

47

Opaqueness bane for value creation

• Highly leveraged

• No FCF

• Trade at discount to book

• Opaqueness attract intense competition

48

Conflicts bane for value creation

Company PE Ratio Op

Margin %ROA % ROE %

EV-to-EBIT

BlackRock Inc 20.8 41.9 1.5 11.7 14.0

Schroders PLC 17.7 28.8 2.5 16.6 10.7

Blackstone Group LP 16.6 47.2 5.4 13.8 9.7

T. Rowe Price Group Inc 14.6 42.5 20.1 25.8 8.9

Franklin Resources Inc 14.5 36.2 10.9 14.8 6.5

KKR & Co LP 10.4 57.2 2.3 15.2 13.7

Apollo Global 8.7 45.1 10.8 71.3 6.7

Kinnevik AB 6.0 798.5 18.6 19.0 6.0

3i Group PLC 5.7 85.7 26.0 31.2 5.5

Investor AB 4.1 72.7 20.7 25.6 6.2

49

Accounting misalignments- GAAP n Non GAAP

Secular growth

50

Income Statement

• Misalignment between income and costs – Celebrity advertisements

• Misalignment between income and compensation – ESOPs

• Misalignment between products and distribution – Luxury product and whole sale distribution

• Misalignment between products and costing licensing and free market

Why Twitter with higher user base

failed but Linkedin with

lower user base got sold

51

Are we missing the (gums) woods for the trees (teeth)

• Tradition, practice, management and valuations have conditioned use to make profits

• Profits & margins dictate decision making

• Short term over long term

• Half baked attempt to invest & innovate

• Once bitten twice shy with failures and risk taking

Value withers over time

PROFIT

52

Alignment - Moral of the story

• Align with customer interest

• Profits and margins are distraction

• Think long term and adding value to customer

• Think hard and universe can expand much more beyond the current portfolio

• Aligned Chakras

• Lower the FCF higher the value and vice-versa*.

* Having positive operating cash flow

Moats are paid by

CUSTOMERS

53

FLEXIBILITY

54

Balance

Who is Fitter

55

Keep Equity tight

In sync

• Excess debt

• Excess equity

• Excess cash

• Excess assets

• Excess liabilities

Keep balance all across. Support risk taking and management

What is a strong BALANCE sheet

56

Formula 1: Singapore and India – Asset flexibility

Existing roads used for race $400 mn facility used for few days in a year

57

BALANCE

58

Balancing Assets n Liabilities

Equity

Debt

Cash

Compounding capital Compounding

Asset

Predictable cashflowAsset

Justify needsN

Not wants

Liabilities

Regular return capital

Needs capital

Asset

59

Analyzing capital structure, business and valuations

50% Discount

Alibaba

Telecom

? Why is there such a big discount

? Why the equity value of Softbank is equal to stake of Alibaba

$100bn

$50 bn

$65 bn

$65 bn

$65 bn

750 startups

• Capital markets like predictability of cash flow1

• Unpredictable consequently risky cash flows2

• Risky businesses financed by debt are heavily discounted. Prudent risk management is highly valued by markets

3

Equity Value

Net Debt

Enterprise Value

$130 bn

Enterprise Value

$215 bn

Is WACC lower of higher in this capital structure

60

Banking Valuation

ROA= Profits/ Assets1%

Leverage= Assets/Equity15

ROE

15%

BANK A

ROA (0.75) X Leverage (20)= 15%

BANK B

ROA (1.0) X Leverage (15)= 15%

Which bank is better Bank A or Bank B ?

61

Banking Valuation

ROA= Profits/ Assets2%

Leverage= Assets/Equity15

ROE

30%

BANK A

ROA (1.5) X Leverage (20)= 30%

BANK B

ROA (3.0) X Leverage (10)= 30%

Which bank is better Bank A or Bank B ?

62

BEEFY OR SLIMY

63

Small is Smile

Customerconcentration

Risk

64

MUSCLE ENGAGEMENT

65

Engaging the smallest customer

Digital revenue Print advertising revenue Which one is better

66

CORE

67

Negatively Positive Working Capital

Working Capital

Financing

Current Assets

Current Liabilities

Lowers cash flow

Increases Capital

Employed

Lowers Return

on Capital

Working Capital

Financing

Current Liabilities

Current Assets

Increases cash flow

Lowers Capital

Employed

Increases Return

on Capital

Current ratio= + 1.33

Current ratio= (1.33)

68

What is the (Ajna) in mobile phone business

Hardware Operating system

69

What is strong core

Not necessarily

70

Excess cash is Sugar

Leading to

71

Cash is KING

• Brings down returns as cash yields are low

• Need to hire treasury specialists

• Extra cash balance signals risk to market in business model driving valuations down

• Extra cash extra craving leads to buying of unproductive or trophy assets

• Signals reluctance to invest in future

Leading to

Increases girthInduces

Lifestyle diseases

72

STRENGTH

73

Balance Sheet

Why balance sheets get broken

Income Statement

Too many assets

Too little income

Fixed liability

Variable income

Too little cash flow

Too much income

Lower Return on

capital

Higher growth rate

Higher growth

rate

Lower return

on Capital

Equity

Compounding

Equity financing

unavailable

Equity financing available

Debt Financing

Cash Flow

Vicious Circle leading to

distress

Salvage Balance Sheet

(Compounding instrument)

No Yes

No Yes

1Imbalance GAP FINANCING

74

Debt driven M&A valuations

2% borrowing cost= ½%= 50X

Assumption being the target Company will

produce return greater than 2% resulting in value

creation

Inverse PE = 1/ (borrowing cost)

Company A (target)= Profit= 50

1,000 2,500

Industry PE = 20X Inverse PE = 50X

Value of Company A= Profits into PE

75

Lifting beyond body weight

Debt + premium

(carciogenic)Goodwill

Benigntumour

Canceroustumour

Body weight is the optimal resistance and strength training exercise

76

Leverage risk X Operating risk X Volatility risk

Volatility & Business risk

77

Myths of Capital structure theory

78

Drivers of Value

Dividends

M & A

Debt

Buyback

Treat the

cause

Not the symptoms

Job cuts

79

ENDURANCE

80

Boot strapping

Equity Compounded

Equity Eroded

Earningsn

Earnings3

Earnings2

Earnings1

Equity

Debt Burdenn

Debt Burden3

Debt Burden2

Debt Burden1

Debt

Debt service

Equity

81

What’s equity

NO equity dilution

82

What’s equity

Equity dilution. Debt overload. Series of acquisitions.

83

Balkrishna Tyres- Interplay of Debt, Cashflow & Value

84

YOGIC BODY

85

Understanding diversification

PE multiple: 28X PE multiple: 68X

86

Understanding diversification

PE multiple: 68X PE multiple: 39X

87

Vertical demerger

• Loss making / low profitability business at times relying on the cash flow from Division B.

• Guzzling capital due to huge asset requirement or working capital needs.

• Poor return on capital.

• Generally, highly leveraged.

• Provides top-lines to the Company but, very less to the bottom-line

• Can be termed as DOG business

• Highly profitable

• Negative capital employed or very low capital requirement

• High return on capital

• Cash surplus balance sheet / zero leverage

• Provides the bottom-line to the Company but, very less to the top-line

• Can be termed as CASHCOW business

Company A Company B

ROCE (EBIT / Capital employed) formula:

(-) Division A + (+) Division B = EBIT

(-) Division A + (–) Division B Capital employed

88

Vertical demerger

ROCE (EBIT / Capital employed) formula:

(-) Division A + (+) Division B = EBIT

(-) Division A + (–) Division B Capital employed

Company A Company B

89

Vertical demerger

Company A Company B

90

STRUCTURAL STRENGTH

91

Why structures matter

92

Joint venture between our muscles and bones

Joint ventures- Spot the difference contest

93

Joint Venture and Corporate Finance

• Win-lose JV as the value of JV would never have increased so that it would become difficult for Microsoft to buy out stake of Nokia

• Nokia increased its dependence on Microsoft in the process. It ended up paying license fee to Microsoft, whereas other competitors are having free Android.

• Microsoft got an efficient eye view of Nokia

• Eventually, lead to buyout of Nokia and integration will no longer be a challenge

94

Why value and not cash

Company

Aviation engineeringsoftware Company

EQUITY- $ 100 mn15% stake at 25% premium to CMP

ROCE >50%

CONTRIBUTE15% of your revenue

Will you accept the investment

95

Yoga n Business

Case study

96

Case study from forthcoming book

Yogic traits

Pure organic growth, Single line of business with home grown brands.

Alignment with Customer wants and aligning the business operations to deliver the wants

Secular growth in topline & bottomline with no degrowth

No disruption due to competition or technology

Delivery of fashion line within two weeks from design

Grown from single store, single market, single brand to 7000 stores, 93 markets and 8 brands

Balancing Strategy, Design, Operations, Logistics to deliver consistent results

Focus

Alignment

Balance

Stability

Strength

Endurance

Flexibility

Alignment

97

Inditex in perspective (two and half decade)

Compounded annual growth rate (“CAGR”) in topline and bottom line ~16-18%

Average Return on Capital Employed (“ROCE”) ~28%

Average Return on Equity (“ROE”) ~28%

Net current assets (adjusted for cash/Sales)

Capital expenditure/Operating Cash Flow ~50%

Total annual return ~15%

Cummulative total return ~800%

Serious alpha over competitionOnly fashion retailer in

$100 bn market cap.

# stores:-7,000+

Store opened virtually every

day

98

Inditex

Concentration

Diversification

Delivering concentrated returns

Balance

Spirituality

Awareness

Communication

Wisdom, Power

Love, healing

Creativity

Basic Trust

Largest clothing retailer as well as most valuable market cap company.

Establishing “Fast fashion based on customer wants” as AJNA. Driven by faster turnaround of designs and delivery to the stores.

Brand expansion beyond Zara to establish range diversification.

First Zara store:- based on experience & belief that designing what customer wants.

International expansion building on success of ZARA.

Own Factory : -reinforced the belief that “tailoring” supersedes “designing” in fashion.

Tailor:- Got accustomed to tailoring according to customers wants.

Journey from ‘basic’ chakra to ‘Ajna’ chakra

99

Sensory fitness

“Through its history the Group has evolved to become the business it is today reaching many notable milestones along its journey. But it has always remained focused on listening closely to its customers to offer them the fashions they desire”. (https://www.inditex.com/en/our_group/at_glance)

Sensory sytems

Fine tuned samples are converted into initial products and rolled

into the stores. The initial products are 5%-10% of the range to get the customer feel.

Based on customer feel @ 80% of the range is then rolled out in

stores.

Balance rolled out and balanced achieved between customers wants and needs of Inditex customer satisfaction.

Store managers sight what customers wants.

Designers back in Headquarters hear the Store manager.

Designers & Store managers collaborate to produce samples

Samples are put out on actual stores designed inside the Headquarters

Samples are fine tuned based on the observations at the prototype stores

Listening, envisioning, sensing, touching, feeling and embracing testifies to the strong

sensory systems of Inditex.

100

Value Management

101

Lessons of good income statement

• Diversified revenue

• Diversified products but not businesses

• Smaller the better.

• Natural hedge in income and expenses.

• Grows secularly.

• Avoid concentration of customer or products

• Efficient supply chain

Do B2C than B2B

102

103

Valuation drivers

GrowthGrowthMargins

ProfitsReturn ratios

Re-investing cash-flow for future growth

TCS$70 bn

Accenture$ 60 bn

Balance sheet discipline. Risk and Valuations inversely related

Near term Medium term Longer term

Uber $ 70 bn

Accenture$80 bn

TCS$ 60 bn

104

Fundamental check

CAPITAL ALLOCATION REINVESTING WITHIN CASHFLOWS

DIVIDEND POLICY MANAGEMENT QUALITY

FOCUS OR CONGLOMERATE

Health ROCE • Robust balance sheet • Graceful income statement quality• Secular growth in top line bottom line • Leader / market share Outsmarting

peers

Valuation Scale

Discount Premium

Check ROCEProfits = Op. Cash

flowCheck the core~ Working capital

Check excess assets or excess leverage

105

Clinical examination of a Company

Check ROCE = EBIT / (NFA + NCA)

Whether revenue, revenue growth or

profitability is an issue

Evaluate product portfolioRationalizeSell brands

Check the problem area. Is the capital employed bloated. Whether NFA is a

problem or NCA is a problem

DeleverageDispose assetsSell divisionsRecapitalize

IF <20%

Evaluate Sell-off

106

Clinical examination of a Company

Check ROCE = EBIT / (NFA + NCA)

Check customer/product

concentration

Check margins

Check growth trajectory&

Balance sheet management

Risk Management&

Re-investing

IF >20%

Evaluate competition

& Mkt share

107

Effective use of Multiples

16 March 2015 16 March 2016

CompanyPrice

(INR)PE / SPE

Price

(INR)PE / SPE

Fall in

Price (%)

Gain in

PE/SPE (%)

Carin (I) 218 5.27 / 4.30 148.3 21.81 / 4.79 -31.97 313.85/11.23

Hindalco

Industries126.8 25.82 / 2.63 81.5 40.95 / 2.85 -35.73 58.6 / 8.45

ACC 1,587.55 25.66 / 17.02 1,236.15 39.49 / 17.89 -22.13 53.9 / 5.10

GAIL

(India)381.55 13.82 / 9.94 339.7 21.13 / 10.41 -10.97 52.89 / 4.78

Ambuja

Cements256.55 26.57 / 16.56 206.2 39.65 / 17.44 -19.66 49.23 / 5.31

Why traditional PE can be misleadingEven though stock prices have fallen over the year, their PE has spiked.

Shiller PE, however, has risen only moderately.

Source: ETIG Database

108

Adjusting multiples for cycles

109

Normalizing Multiples

110

Sweet spots

DistressInvesting

Exploit Inefficiency

111

Protected markets Protected market caps

Twitter $15bn

Google$ 600 bn

Amazon$330 bn

Companies which receive no protection fight battles win markets wins race to market cap

Weiobo$10bn

Baidu$36bn

Alibaba$234 bn

112

Is clinic more profitable or hospital

Higher return Lower return

• Small ticket size

• Diversified revenue

• Higher asset turnover

• Minimum investment

• Minimum manpower

• Large ticket size

• Low asset turnover

• Higher investment

• Higher manpower

Operating profitCapital employed

=Returns

Most important

This is not the only metric

113

Masses or Classes

114

Which CEO speak is #1

We want to reach market cap of $XXX by year XX

We want to reach revenue target of $XXX by year XX

We want to reach profit target of $XXX by year XX

We will focus on processes, people, customers, brands, distribution

115

Mergers & Acquisitions

116

Mergers & Acquisitions

• M&A is high risk high return strategy

• Signifies the need for eagle instincts in M&A.

• M&A should ride like an eagle to become spacious, stable & steady with least resistance.

• M&A requires enormous strength, flexibility, endurance, and unwavering concentration to bring about alignment and balance

The Art of Science

117

Effective acquisitions

Factors that support• Same or similar business

• No operating leverage. Small size

• Funded by internal cash flow

Factors that don’t support• High leverage

• High operating leverage

• Unrelated businesses

• Support non performing business

Revenue

Operating Expenses

PBIT

Interest

PAT

Capital Employed

Low

1

2

3

3

3

4

118

Deal Origination

119

Deal Origination

McDonald’s Sells Control of China Business to Citic, Carlyle

CEO Steve Easterbrook thinks the answer is franchising, in which aseparate company invests capital, takes over ownership, followsrules set by McDonald’s, and runs them independently from thecompany headquarters.

In return, McDonald’s gets a share of the sales as a royalty (4% in theUS), as well as regular rent payments.

120

Evaluating M&AsCASE STUDY

$ 4.5 bn

$ 1.8 bn

• 33% premium

• 3.5 times Sales. Industry precedent is 1.5X

• TUMI:- 14.5 EV/ EBIDTA

• Samsonite:- 11.7 EV/EBIDTA

EPS growth of 44%

121

Case study- Motherson Sumi

Acquired @

discount

Buys PKC, Finland for $610 mn @ 51% premium

Funded by cash on balance sheet raised thro equity and debt

PKC ROE has been 8% and Debt/Equity 1.4

What are the positives and negatives of this acquisition

122

Evaluating M&As- Case Study: Samsonite-Tumi

• Acquisition represents 40% of Samsonite Mcap

• Financed entirely by debt

• Samsonite moves from net cash balance sheet to 1.2X Debt Equity

• Debt to EBIDTA moves to 4X

• Two recent acquisition's yet to be integrated

Why is Mkt cap flat?Not $ 6.3 bn

123

Debt driven M&A valuations

Inverse PE = 1/ (borrowing cost) 2% borrowing cost= ½%= 50X

Company A (target)= Profit= 50

1,000 2,500

Assumption being the target Company will

produce return greater than 2% resulting in value

creation

Industry PE = 20X Inverse PE = 50X

Value of Company A= Profits into PE

124

Example: Bootstrapping earnings

Company One Company TwoCompany One

Post-Acquisition

Earnings $100 million $50 million $150 million

Number of shares 100 million 50 million 125 million

Earnings per share $1 $1 $1.20

P/E 20 10 20

Price per share $20 $10 $24

Market value of stock $2,000 million $500 million $3,000 million

Assumptions:• Exchange ratio: One share of Company One for two shares of Company Two• Market applies pre-merger P/E of Company One to post-merger earnings.

Bootstrapping earnings is the increase in earnings per share as a result of a merger, combined with the market’s use of the pre-merger P/E to value post-merger EPS.

125

Why mode of payment matters Why Microsoft, With $100

Billion, Wants a Loan for LinkedIn

Pros Cons

Shares/ Rightsissue

• Use of stock as currency.• Facilitating to raise if controlling

shareholder is @ 75%.• Better than leverage.

• Results in dilution of existing shareholders.

• Dependent on reaction of market to the deal.

• External financing.

Internalaccrual

• Relying on the free cash flow to support the acquisition.

• Valuation is reasonable as there is no external financing involved.

• Deployment of excess cash generated by the business distribution rather than as dividend.

• Limits ability to bid in a competitive situation.

• May create additional risk by deployment of surplus cash in risky business over dividend distribution.

Leverage • Cheap leverage allows ability to bid higher but still keeps the deal EPS accretive.

• Easy to raise in a low interest liquidity scenario.

• Can create high leverage restricting business flexibility.

• Difficult to refinance in tight

liquidity scenario.

Foreign currency leverage

• Foreign currency loans will come at lower rates.

• Allows natural hedge against the underlying business earnings in foreign currency.

• Risk of Fx fluctuation is present unless there is natural hedge.

126

Why acquisition size matters

GOOD

NOT SO GOOD

UGLY

127

Why timing matters

Buy low and discount the M&A risk

128

Acquisition and Business cycles

Combined value$80 bn

Low $16 bn

129

Negotiations

$30 bn

130

Why my book

• Can be read by anybody anytime

• Even the font is bigger than any book

• 90% of the content is unique globally

• Story telling mode (108 case studies)

Finance to Psychology

Learning curve cut by 2-3 years

131

Aseem Foundation

Treatment

Reader Enrichment

ProfitTEACHING

132

Forthcoming book

No Profiteering

133

Career Tips

• Invest in your self, grow your assets, grow your good will

• Give interviews for a change. For personality development

• Don’t retire in life ever

• There is no such thing as Luck, Luck is your creation

134

Focus, process and balance

• Highs and lows are part of life

• Your own life is Gita, Bible, Quran all rolled in to one. Draw less from it and you will find your way

STAY FIT & BALANCED

135

Dark age of information

Thinking Fast

Thinking slow

News paper

XXX

Magazines

Amazon

136

Noun or Verb

Is

Noun Or Verb?

137

That’s why GOOGLE is a verb

Every search we do fine tunes Google algorithm

Algorithm of Life - Fine tune daily

BECOME A VERB –

Most active &dynamic of all

138

To conclude

Life is a Marathon

Pace it

139

Stay grounded, Stay humble, Stay flexible

140

Reach the top- Bloom like Lotus

Realize full potential.Open hearted & open

minded

Building strong core

Shedding impurities

Our nourishing roots

141

THANK YOU