Our Best Ideas Basket is a compilation of our high conviction ideas. We also provide Conviction Level (%) per idea to indicate our confidence level in a given idea. The Conviction Level also indicates relative attractiveness of a given idea vis-a-vis our other ideas. Higher the Conviction Level percentage, higher our confidence level. Structuring the basket by Conviction Level also enables measurability and trackability of the conviction-weighted performance of our recommendations in a consistent and quantifiable manner across time periods. Note that these Conviction Level percentages should not be construed as portfolio weightages or asset-allocation/capital-allocation advice. Our clients/end-users are free to invest in none or one or many or all of our recommended ideas, in any proportion/weight/allocation as per their choice and as they deem appropriate.

We are a SEBI registered Research Analyst. Under this license, our scope entails publishing research recommendations and/or research reports. Our recommendations are available through our Best Ideas Basket service. Our premium plans also includes access to in-depth research reports. Note that we neither provide portfolio management service or asset allocation advice, nor do we do financial planning and/or risk profiling.

We follow a bottom-up approach to come up with new ideas. Typically, we have 10-15 ideas in the Best Ideas Basket with a horizon of 3-5 years. This implies that, on average, we generate 2-4 new ideas per year. However, when broad market valuations are very attractive (like in Mar 2020, at the start of the pandemic), the number of ideas could exceed our typical upper band. Similarly, the number of ideas could be below the lower band, when the environment is not conducive.

Our in-depth research entails 1) Initiation Reports, 2) Quarterly Updates and 3) Exit Notes. Our initiation reports discuss new ideas in depth, including detailed investment thesis, channel checks, business model, competitive scenario, corporate governance checks and valuation. We publish quarterly updates on our invested companies post their earnings announcement. When exiting an idea, we publish exit notes to communicate our sell rationale.

Yes, our smallcase subscribers can get access to research reports by paying the differential fee to the aforementioned bank account. Once the payment is initiated, please send a proof of the same to services@yellowstoneequity.com.

We tend to be slow on entries and exits, as we believe that real money is made in holding, not in buying/selling. Wealth is created through longevity and compounding, there is no other magical secret sauce. Accordingly, we are stringent on both our entry and our exit filters. Our criteria for exit are: 1) Change in Thesis or Deteriorating Fundamentals, 2) Replacement for a More Attractive Idea and/or 3) Overstretched Valuations.

Yes, we are registered with GST. Our GSTIN is 24AKQPA9168D1Z3. In case you wish to claim ITC, please email us your GST registration certificate at the time of subscription, so that we can incorporate it in the invoice.