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Vodafone Idea: Too Big To Fail?


Too big to fail describes a business or business sector deemed to be so deeply ingrained in a financial system or economy that its failure would be disastrous to the economy.

Here’s a look at some of the too big for their shoes companies which were touted by many as “too big to fail”:

No alt text provided for this image


Remember Houston-based Enron? The energy company was seemingly a model workplace offering employees great pay, benefits and the possibility of a bright future. Before declaring bankruptcy on December 3, 2001, Enron had 29,000 employees and claimed to have revenues of $101 billion in 2000.

The game of fake reporting and false numbers meant the end of the road for Enron and it’s chief auditor Arthur Andersen. Today, Enron has become a running joke amongst investors and even has numerous derogatory references made to it in Hollywood. The Enron story remains an unnerving tale of caution.


In the world of photography, Eastman Kodak was a pioneering star of the film and camera world in the 60’s and 70’s. The company however failed to anticipate how fast digital cameras became “commodities”. In 2001, Kodak was #2 in digital camera sales in the US, but shockingly lost $60 on each camera sold. By 2011, Kodak stock had fallen to $0.54 per share from the steep $90 levels of the 1990s. In January 2012, Kodak filed for bankruptcy protection and the company’s stock was delisted from the NYSE. 

Luckily for Kodak, Citigroup extended a $950 million line of credit that enabled it to stave off bankruptcy. Today Kodak is attempting to make a comeback, but it’s nowhere close to the company it once was.


In the 2000s Nokia phones were the world’s most popular and the iconic Nokia ringtone could be heard everywhere. With a global market share of 50% in 2007, how did this iconic brand end up being near-obsolete? The resistance to moving to a touchscreen and it’s focus on hardware rather than software was the cause for Nokia’s ultimate undoing. Oh and yes, there was the launch of a completely unknown new product, the iPhone.

Luckily for Nokia, Microsoft swooped in to buy it’s mobile phone business for $7.2 billion in 2014. 

Lehman Brothers

The 2015 film The Big Short opened the world’s eyes to the dangers of financial leverage, with Lehman Brothers being a central part of the film set in the 2007-08 US subprime mortgage crisis. The company borrowed large amounts to fund its investing in real estate. Lehman’s investments were leveraged at 30.7 to 1 meaning Lehman had $1 in assets for every $30.70 invested. The drastic fall in housing prices led to the company’s ultimate failure. It’s filing remains the largest bankruptcy story in the history of the US, with Lehman’s assets at liquidation exceeding $600 billion.

The fall of Lehman sent shockwaves across the financial world, with the company’s auditor Ernst & Young also getting considerable flak for “approving of the accounting treatment leading to the massive accounting fraud”, said New York attorney general Andrew Cuomo.

Ludicrously, Richard Fuld, the head of Lehman Brothers got to walk away with a fat paycheck of $460 million.


The ailing telcos' journey may be coming to an end in India. Riddled with losses, a crumbling subscriber base and court-upheld dues of over INR 50,000 crores, Vodafone Idea’s survival hopes seem bleak at best. Could the influence of business scion Kumar Mangalam Birla and the millions of jobs at stake push the Government into bailing out the loss-making giant?

There are dire implications when a large corporation “fails” but the government needs to consider the implications bailouts have on taxpayers.

Bailouts cannot be random, with some companies getting the free pass whilst others being left to sink. The government in question must present a concrete plan highlighting the merits and risks of the bailout and taxpayers should have a right to vote on whether or not a bailout should be offered.

Ending with a Robert Kiyosaki quote on bailouts:

“If you or I fail at business, we fail. If we cheat and fail, we go to jail. But if you're rich and politically connected, your incompetence may be protected by a government bailout.”

Article By-
Ilan Bhatia 

Good Investors Arrive On Time, But Always Leave the Party Early



It isn't what you earn - it is what you keep that matters in investing. While systematically underwriting too little risk may mean that you do not earn all that you might, underwriting too much towards the end of a business cycle can be disastrous. With this in mind, it becomes obvious that timing an investment strategy may be the most important single decision an investor needs to get right.

But how is one to know where you are in the cycle?

Our collective experience from the last cycle tells us where not to look for answers. Don't waste time analyzing the minutes of the latest FOMC meetings. No one at the Fed saw the cataclysm of 2008 coming. Nor did the Fed see the demise of the cycle before that (2001-02), or the brutal deleveraging of 1998. Indeed, the track record of our central bankers when it's come to helping investors see into the future has been dismal.

As an investor you would have been similarly disappointed by our experts in government, on Wall Street, or in the media. I'm afraid all that stands between you and a major capital drawdown is your personal independent judgment and, of course, that of your investment manager. So where should one go to get some schooling on the business cycle?


For entertainment if nothing else, check out the conventional wisdom you'd find in most any textbook.
You might read that the business cycle happens because manufacturers get exuberant over their prospects and end up producing a lot of inventory that can't be sold. Businesses are obliged to "clear" the excess and this they do by shuttering factories and laying off their assembly-line workers. Now, seriously, does this sound like any cycle we've experienced in the past 30 years? It does not.

So, perhaps you read on and find an alternative explanation: the whole economy gets infused with an excess of "animal spirits" and consumers collectively demand too much from producers, bidding up prices. Inflation rises to unacceptably high levels and the Fed is forced to "pull the punchbowl." Well, sorry, that doesn't sound like any cycle we've seen in decades, either. The global financial crisis unfolded while U.S. inflation remained perfectly benign.

Maybe we should give up on understanding the cycle? Not so fast. There is, we believe, a working explanation for the cycle which conforms to the reality we've witnessed in recent periods. It is this: the American economy is now so thoroughly "financialized" that the business cycle and the credit cycle have essentially become one and the same. So long as credit markets are willing and able to extend new credit, GDP grows; once the credit markets go the other way and initiate a de-leveraging process, economic growth falls into the tank.

The credit creation tail wags the economic dog, and the dogma that counsels you to focus on the real economy is, ironically, out of touch with reality. Labor markets may be slack, conventional inflation benign, but these are not the metrics that count, so don't spend your time counting them! Rather, assess the credit markets. Will investors continue to expand the frontiers of credit creation? Once the credit tide has reached its high water mark, it must, by definition, recede. Those businesses and associated claims on those businesses that have been built on solid foundations will weather the ebb tide, those built on sand will suffer a different fate.

Ah, but you say the Fed can't possibly let rates go up or stand by as credit conditions tighten. Nay, not with labor slack and inflation nil. Indeed, the Board of Governors might just decide to hold its collective breath and keep rates at zero until growth blooms, or hell freezes over. Many do believe this, or some variant of the almighty Fed narrative. A central banking atlas holding up the structure of asset prices and providing free loans...sounds too good to be true. Well, the Fed is mighty, but not almighty. Sorry, artificially high asset prices (houses too pricey for their renters, stocks too pricey for their earnings, and bonds too pricey for their risk of loss) never survive their inevitable rendezvous with reality. Alas, economics is derived from the human condition and until and unless folly can be banished from the human condition, neither the credit cycle nor the asset price structure it supports nor the business cycle that is co-terminus with the credit cycle can be willed away. So, what can the individual, or the institutional investor do about this?

Individually, assess where you think we are in the cycle. Notice how under the Fed's leverage driven economic growth model, that a late stage condition is signaled by, among other things, an unsettling rise in volatility. Call it the postman always rings twice effect. In 1999, that volatility was manifested by watching your favorite stock get thrashed after missing its earnings by a measly penny.
Irrational behavior? Not at all. The capital in the equity markets "knew" that valuations were stretched and that missed earnings meant that the corporate growth model in question was exhausted.

Remember the Thai banking crisis of 1997, the prelude to the stomach turning swoon in the emerging markets in 1998? And no one needs reminding of the mortgage "early payment defaults," hedge fund failures, and collapse of Bear Stearns that were the prelude to the last great de-leveraging cycle. With this as context, consider well whether the 2013 "taper tantrum" was just a disembodied episode of volatility or one of these recurring warning shots across the bow. While no one can be sure until after it no longer matters, recognize that all Bernanke had to say was "Boo" before practically bringing the whole house down.

Further, consider the basic DNA of a credit cycle. First, lenders get burnt by the bad loans made in the previous cycle. They vow never again, like a drunk after his last hangover. So early stage underwriting is disciplined. Borrowers are forced to prove their creditworthiness beyond any reasonable doubt and to further consent to restrictive covenants. But time goes on and credit amnesia sets in. Zero rate cash gets restless and finds its way into bond funds and the managers of said funds have to do something with their newfound riches.

Whether you have too much time on your hands or too much money, something bad eventually is going to happen. Marginal borrowers are courted and so marginal loans get made. And while it is never apparent while the party is roaring, the neighbors have already called the cops. The punchbowl is getting emptied, distress is getting manufactured and no, the solution is not to refill the punchbowl. Loans that ultimately can't be repaid, won't be. And simply creating more and worse loans to repay the bad loans already made is a solution that only a politician, or a central banker, could come up with.

As scholars of the credit cycle (the core of our team has invested together for nearly a quarter-century), our assessment is that the punchbowl is looking pretty drained. An examination of all-in yield levels, an assessment of the skinny risk premia in bonds, and a general unease with lofty asset valuations counsels us to maintain a high quality of underwriting. Yes, less risk means less yield, but it also means more peace of mind. Are we too early to leave the party? Well, good investors are like professional party goers: they arrive on time but leave early, and let others swill the last dregs left in the punchbowl.


By Tad Rivelle

Tad Rivelle is Chief Investment Officer for Fixed Income at TCW in Los Angeles, CA. TCW manages over $180 billion in assets.   


BURGER KING IPO Listing Date, Price, Issue | Burger King IPO Review | Burger King IPO Listing Gains


 Burger King IPO date is finalized on 02 December and closes on 04 December. The price band is fixed at Rs.59-60. Burger King India is going to raise ₹810 crores via IPO. As we all know Burger King is a restaurant chain with over 200 outlets in 47 cities in India. They are India's fastest growing quick service restaurant chains. They have established their restaurants in high traffic areas in metropolitan areas. The company to list on NSE and BSE. The company has a ticket value of Rs.500-550. Check out Burger King IPO date, price band, and market lot details.


Of the total fresh issue, the company has reserved Rs 150 crore towards pre-IPO placement. Of which, company has undertaken a pre-IPO placement by way of a rights issue of 1.32 crore equity shares to promoter selling shareholder for cash at a price of Rs 44 per share aggregating to Rs 58.08 crore. - MoneyControl

Equity Shares outstanding prior to the Issue = 29,09,41,785 Shares
Fresh Issue of Shares 9,03,20,000 @60/- = Rs.541.92 Crores
Offer for Sale of 6,00,00,000 Shares @60/- = Rs.360.00 Crores
Less: Pre-IPO Placement of (1,53,20,000) Shares @60/- = Rs.(91.92) Crores
Equity Shares outstanding after the Issue = 13,50,00,000 Shares

Category-wise Break up:
Anchor: 6,07,50,000 Shares = 364.50 Crores
QIB: 4,05,00,000 Shares = 243.00 Crores
NII: 2,02,50,000 Shares = 121.50 Crores
RII: 1,35,00,000 Shares = 81.00 Crores (Lot size: 250 = 54,000 Forms)
Total Issue: 13,50,00,000 Shares = 810.00 Crores.

Subscription required for 1X
RII = 54,000 Forms
NII = 121.50  Crores

Burger King

Burger King IPO Review:

  • Apply with Short Term and Long Term Gain

Burger King IPO Dates & Price Band: (Tentative)

 IPO Open: 02 December 2020
 IPO Close: 04 December 2020
 IPO Size: Approx ₹810 Crores
 Face Value: ₹10 Per Equity Share
 Price Band: ₹59 to ₹60 Per Share
 Listing on: BSE & NSE
 Retail Portion: 10%
 Equity: 13,50,00,000 Shares

Burger King IPO Market Lot:

 Minimum Lot Size: Apply for 250 Shares
 Minimum Amount: ₹15,000
 Maximum Lot Size: Apply for 3250 Shares
 Maximum Amount: ₹1,95,000

Burger King IPO Allotment & Listing:

 Basis of Allotment: 09 December 2020
 Refunds: 10 December 2020
 Credit to Demat Account: 11 December 2020
 Listing Date: 14 December 2020

Burger King IPO Form:

How to apply the Burger King IPO? You can apply Burger King IPO via ASBA available in your bank account. Just go to the online bank login and apply via your bank account by selecting Burger King IPO in the Invest section. The other option you can apply Burger King IPO via IPO forms download via NSE and BSE. Check out the Burger King forms - click NSE Forms & BSE Forms blank IPO forms download, fill and submit in your bank or with your broker.

Burger King Financial:

  ₹ in Crore

H1 2021152269-119

Company Promoters:

  • QSR Asia PTE LTD.

Quick Links:

DRHP Draft Prospectus
RHP Draft Prospectus

Burger King IPO Registrar:

Link Intime India Private Limited
C-101, 1stFloor, 247 Park,
Lal Bahadur Shastri Marg
Vikhroli (West) Mumbai,
Maharashtra 400 083
Tel: +91 22 49186200
Investor grievance E-mail:
Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058
Note: Check Burger King IPO allotment status on Linkintime website allotment URL. Click Here

Burger King IPO Lead Managers:

  • Edelweiss Financial Services
  • Kotak Mahindra Capital
  • JM Financial
  • CLSA

Company Address:

Burger Kind India Limited
Unit Nos.1003 to 1007,
10th Floor, Mittal Commercia,
Asan Pada Rd, Chimatpada, Marol,
Andheri (E), Mumbai, Maharashtra, 400 059
Tel: +91 2271933047
Contact Person: Ranjana Saboo
Company Secretary, Compliance Officer and Head Legal
Tel: +91 2271933047
Corporate Identity Number: U55204MH2013FLC249986

Read Also
Intraday Tips for Today
IPO Grey Market Premium

Burger King IPO FAQs:

When Burger King IPO will open for QIB, NII, and Retail?
The IPO is to open on 2 December 2020 for QIB, NII, and Retail Investors.

What is Burger King IPO Investors Portion?
The investors' portion for QIB-50%, NII-35%, and Retail 10%.

How to Apply the Burger King IPO?
You can apply Burger King IPO via ASBA online via your bank account. You can apply ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.

How to Apply the Burger King IPO through Zerodha?
Log in to Console in Zerodha Website. Go to Portfolio and Click on IPO. You will see the IPO Name "Burger King India". Click on Bid Button. Enter your UPI ID, Quantity and Price. Submit IPO Application Form. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate.

What is Burger King IPO Size?
Burger King IPO size is 810 crore.

What is Burger King IPO Price Band?
Burger King IPO Price Band is 59-60.

What is Burger King IPO Minimum and Maximum Lot Size?
The minimum bid is 250 Shares with ₹15000 amount while maximum bid is 3250 shares with ₹195000.

What is Burger King IPO Allotment Date?
Burger King IPO allotment date is 09 December 2020.

What is Burger King IPO Listing Date?
Burger King IPO listing date is 14 December 2020. The IPO to list on BSE and NSE.

Note: The Burger King IPO date and price band will be added as it will be officially announced. The IPO grey market premium (IPO GMP) will be added on the grey market page as it will start.

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Announcing! The Trader's Code 2020


At Last! The Secrets of Multiplier Wealth Revealed....

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Abhishek Ninaniya's latest e-book contains the secrets, tools and techniques, insights and methodologies that will transform the way you trade. 

This book has been co-authored and fully edited by renowned author Dr. Sudhir Dixit who has written more than  20 popular books including the Kindle Bestsellers 'Dear Traders, There is Magic in RSI' and 'How to See a Breakout Before It Really Happens'.

This amazing e-book reveals such topics as:

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Best Advice I Ever Got

What Is The Best Advice You Ever Got? (Part 1) at Cyril Huze Post ...
Just came across a very interesting video series in CNN Money. Its a series of video clips of a few minutes each where famous people share the best piece of advice they have. Link here.
Some interesting ones are:
  1. Business
    • Reed Hastings, CEO of Netflix: Strategy is not about what you are doing, it is about what you are not doing. The hard part of strategy is defining all of the “nots”. If you end up with all of the “Do”s, it is just a wish list. Strategy is about making hard choices, and you never get that clear until you specify all the “nots”.
      [This reminds me of Charlie Munger’s way of thinking — to always invert!]
    • Tom Freston, ex-CEO of Viacom: Business is problems. Business is really about problem solving.
    • Dan Gilbert, Founder and Chairman of Quicken Loans: A penny saved is just a penny. Spend your valuable time to create something rather than save pennies.
  2. Learning
    • Bob McDonald, CEO of Procter & Gamble: Always be learning. Force yourself to learn new things even when its uncomfortable.
    • Charlie Munger, Vice Chairman of Berkshire Hathaway: The school of life is always in session, if you aren’t learning something new, you are falling behind.
  3. Do What You Love
    • Bill Ford, Executive Chairman of Ford: If you are not doing what you really want to do, you are not doing yourself or the company any favours. Whatever you do, make sure its your passion.
    • Arianna Huffington, co-Founder of The Huffington Post: Not let your fears stop you. If we learn not to fear failure, we both enjoy our lives more, and we end accomplishing a lot things that we didn’t think we can accomplish.
    • Frank Greenberg, ex-CEO of AIG: Fight for what you believe in, in many ways be a workaholic, you gotta love what you do, and have the courage and conviction that goes along with it.
  4. Take Risks
    • Stephanie Tilenius, SVP and GM of eBay’s North American Marketplaces: If you are not risking failure, you are not trying hard enough.
  5. Be Prepared
    • David Boies, Chairman of Boies, Schiller, Flexner: I am ready to advantage of what happens in a trial because of the huge amount of preparatory work that I had done.
      [Just like in investments.]
  6. Job Advice
    • Sheryl Sandberg, COO of Facebook: Advice she got from Eric Schmidt, CEO of Google — Go where there is growth, because where there is fast growth, that’s what creates opportunities.
    • Ram Charan, Business Strategy Expert: You are responsible for your own development. People do what they like to do. The people who progress, they do what is needed to be done.
  7. Peter Peterson, co-Founder of The Blackstone Group: Know what is enough.

“Rule No. 1 : Never lose money. Rule No. 2 : Never forget Rule No. 1.” ― Warren Buffett

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