5 Beautiful villages to visit in India

  Mana Village, Uttarakhand

Situated in Chamoli district in Uttarakhand, Mana is one of the best tourist attractions in the country. It is the perfect place for adventure lovers to live among the mountains and enjoy the expanse of nature. Officially known as India's last village, this snow-nestled place has some amusing features like shops mentioning 'India's Last Tea and Coffee Corner,' lots of places for trekking and visiting Vasudhara, a waterfall some 5 km away from Badrinath Temple.

How to reach: You can book bus tickets directly to Mana village from Dehradun, Haridwar and Rishikesh.

Ziro Village, Arunachal Pradesh

This small town is 160 km from the capital city of Itanagar and is one of the oldest towns in Arunachal Pradesh. It has stunning landscapes, lush green forests, elevated patches and the famous paddy-cum-pisciculture cultivation. The village is mainly inhabited by the Apatani tribe, who are often draped in festive attire on special occasions.

How to reach: Take a bus to Ziro village after reaching Ziro airport in Arunachal Pradesh.

Mawlynnong Village, Meghalaya

This tribal village in Meghalaya is around 90 km south of Shillong. In 2003, Mawlynnong was awarded the cleanest village in Asia due to the efforts of the local community and the government in their commitment to eco-tourism. One of the major attractions of the village is the Living Roots Bridge, which was engineered out of the roots of the trees in the vicinity and is said to be over 1,000 years old.

How to reach: The nearest airport to Mawlynnong is in Shillong. By road, cabs and taxis are available from Shillong as well.

Kainakary Village, Alappuzha, Kerala

Located in Kuttanad, Kainakary village is like a little Holland in Kerala. There are several activities for the travel junkie to enjoy, from boat rides to having tender coconut juice. The village gives you a whiff of nostalgia as it takes you back to childhood memories where you relish plucking mangoes from trees and having them with tamarind and chilly. Most believe Kainakary is a frame of picturesque wallpaper.

How to reach: The nearest train station is in Alappuzha. Take a bus ride from Alappuzha to Kainakary.

Khimsar Village, Rajasthan

Tucked between sand dunes, Khimsar village in Rajasthan is a treat for sore eyes. Khimsar could be a hidden gem in the state that is an ideal vacation spot for those who want to relax. Desert safaris, sunset viewing and visiting the Nagaur Festival, Khimsar offers unique experiences like stargazing as well. Khimsar Fort, 2. Panchala Black Buck Reserve and Nagaur Fort, are some of the places you can visit while you're in the vicinity.

How to reach: Khimsar is 100 km north of Jodhpur. You can take a bus from Jodhpur airport.

கிருஷ்ணர் உபதேசம்

காட்டில் பாண்டவர்கள் வனவாசம் செய்து கொண்டிருந்த சமயத்தில் பாண்டவர்கள் எப்படி இருக்கிறார்கள் என்று போய் பார்த்து விட்டு வரலாம் என்று கிருஷ்ணர் நினைத்தார். உடனே புறப்பட்டு காட்டுக்குப் போனார். அவர்களைப் பார்த்தார். அவர்களுடன் ஒரு இரவு தங்கினார்.

 அப்போது பஞ்சபாண்டவர்கள் அவருக்கு காவல் காத்தார்கள். இரவு ஒருவர் மாறி ஒருவர் கண்முழித்து காவல் செய்ய வேண்டும். முதலில் அர்ஜுனன் காவல் காத்தான். எல்லோரும் தூங்குகிறார்கள். அவன் மட்டும் முழித்துக் கொண்டிருக்கிறான். அப்போது எதிரிலே ஏதோ ஒரு உருவம் தெரிந்தது. உற்றுப் பார்த்தான். அது ஒரு பூதம். அதுபாட்டுக்கு எதிரில் கொஞ்ச தூரத்தில் நின்று கொண்டிருந்தது. இவன் நேரம் முடிந்துவிட்டது. அடுத்தபடியாக நகுலன் காவல் காக்க வந்தான். இப்போதும் அந்த பூதம் கண்ணில் பட்டது. ஆனால் அது முதல் இருந்ததை விட கொஞ்சம் பெரிதாக இருந்தது. அடுத்தபடியாக சகாதேவன் , பீமன் , தருமன் இப்படி மாறி மாறி காவல் பொறுப்பை ஏற்றுக் கொண்டார்கள். அந்த பூதத்தின் வடிவம் பெரிதாகிக்கொண்டே வந்தது. ஒவ்வொருவரும் அதை கொல்ல முயற்சி செய்தார்கள்.

இரவு காவல் பணியில் பாண்டவர்கள் இப்படி மாறி மாறி இருப்பதை பார்த்ததும் கிருஷ்ணர் தர்மரைப் பார்த்து கேட்டார் ' இந்த காவல் பணியில் எனக்கும் ஒரு வாய்ப்பு கொடுக்கக் கூடாதா? நானும் கொஞ்ச நேரம் கண் விழித்து காவல் காக்கிறேன் '.

 இதற்கு தர்மர் சொன்னார் " செய்யுங்கள். இந்த உலகத்தையே பாதுகாப்பதும் நீங்கள்தான். பாண்டவர்களை பாதுகாப்பதும் நீங்கள்தான். இந்த பாதுகாப்பு பணியில் ஈடுபட வேண்டும் என்று நீங்கள் நினைத்தால் அதை வேண்டாம் என்று சொல்வதற்கு நாங்கள் யார்? " என்றார்.

 ஒவ்வொருவராக காவல் காத்து முடிந்ததும் போது கிருஷ்ணர் வர வேண்டிய முறை. காவலுக்கு கிருஷ்ணர் புறப்பட்டார் .

இப்போது தர்மர் சொன்னார் " கிருஷ்ணா காட்டிலே ஒரு பெரிய பூதம் இருக்கிறது. அது வரவரப் பெரிதாகி கொண்டே வருகிறது. அது உங்களுக்கு ஏதாவது இடைஞ்சல் கொடுக்கும். அதனாலே நீங்கள் போகாமல் இருப்பது நல்லது " என்றார். 

அதற்கு கிருஷ்ணர் இப்படி என்மேலே உனக்கு சந்தேகம் வரலாமா?  ஏன் இப்படிப்பட்ட சந்தேகம். அது உன்னுடைய பலவீனம். நான் நிச்சயமாக காவல் பணி செய்யத்தான் போகிறேன் என்றார்.

 2 மணியிலிருந்து 3 மணி வரைக்கும் அவருடைய நேரம். 3 மணிக்கு மேலே அர்ஜுனன் வர வேண்டும். அதனால் மூன்று மணிக்கு அர்ஜுனன் வந்தான். அர்ஜுனன் வந்து பார்க்கிறான் கிருஷ்ணர் சிரித்துக் கொண்டே இருக்கிறார். அவன் பார்க்கிறான் பூதத்தையும் காணும் பிசாசும் காணோம்.

அர்ஜுனன் கேட்கிறான் " அந்த பூதத்தை அழித்து விட்டாயா? " 

இப்போது கிருஷ்ணன் சொல்கிறார் அர்ஜுனா நான் எந்த பூதத்தையும் பிசாசையும் பார்க்கவில்லை. என் கண்ணுக்கு அப்படி எதுவும் தெரியவில்லை. எதுவுமே நம்முடைய பிரதிபலிப்புதான். நம்முடைய கோபம் தான் நமக்கு முன்னால் அரக்கத்தனமாக காட்சியளிக்கிறது. எவ்வளவுக்கெவ்வளவு கோபம் அதிகரிக்கிறதோ அந்த அளவுக்குச் சமமாக அதுவும் வளர்கிறது. எனக்கு யார் மீதும் கோபமோ வெறுப்போ இல்லை.

 உண்மையிலேயே நமக்குன்னு யாரும் எதிரிகள் கிடையாது. நம்முடைய குணங்கள் தான் நமக்கு எதிரிகள். உள்ளே இருக்கிற உணர்வுகள் தான் நமக்கு பிரதி பிம்பமாக வெளியே தெரிகின்றன. வெறுப்பே இல்லாமல் எல்லாத்தையும் அன்பால் நிரப்பும்போது நம் கண் முன் அன்புதான் தெரியும் அரக்கன் தெரியமாட்டான் என்றார்.

20 Investing Ideas from 20 Years of Wealth Creation

 Editor's note: Equitymaster's co-head of research and editor of StockSelect, Tanushree Banerjee, recently shared her journey and learnings from 2 decades of wealth creation in her safe stocks recommendation service. Read on to benefit from Tanushree's timeless wisdom...

Warren Buffett made his first investment when he was just 11 years old.

He is also one of the best value investing teachers I have known in my life.

Unlike Buffett, I did not invest when I was 11. I did not even know what stock markets were until I was 16.

Buffett started writing letters to shareholders, to pass on his learnings, at 35.

I am late for that too.

But the last two decades have taught me more about safe, timeless wealth creation than I would have learnt at any school.

So, it would be a shame if I did not make a modest attempt to pass on few of my learnings to you, dear reader.

And what better occasion to do so than the celebration of StockSelect's 20th anniversary!

StockSelect is a service I have been associated with since my first month at Equitymaster. I have also had the privilege to guide thousands of subscribers as its editor.

Over the years, StockSelect became synonymous with buying safe stocks without compromising on returns.

Of course, I have had my fair share of hits and misses. But each one has taught me some valuable lessons.

And I would like to share them with you today.

My top 20 takeaways to create timeless wealth in stocks

1. Price cannot compensate for quality
   
   I was tasked with analysing banks in my initial years as an analyst. So, I understood the importance of quality of a business quite early.
   
   Banks are leveraged business. Bad allocation of borrowed capital can have disastrous impact on profits and valuations.
   
   Cheap and vulnerable banks have the potential to destroy more wealth than any other kind of stock. So, I erred on the side of caution when recommending banks. Those without quality lending practices were a strict no.
   
   Not compromising on quality allowed me to sidestep the value destruction in large PSU banks since 2005. I managed to help them avert disasters in and even behemoths like IL&FS.
   
   When I told Equitymaster readers that IL&FS was not a true AAA rated company, I wrote..
   Pursuit of return must be balanced against aversion to risk.
2. Buy price matters more than sell price
   
   The power, telecom, and real estate bubbles of late 2000s saw investors flock to blockbuster IPOs at obscene valuations. While many of these companies were slated to be bluechips, their financials offered no comfort.
   
   Stocks like Reliance Power, Reliance Communication, and DLF destroyed shareholder wealth as swiftly as they became popular once the sector bubbles burst.
   
   It was then fashionable for the so-called market experts to endorse popular stocks with sky high sell targets, based on DCF (discounted cash flow) valuation. But such theories were quickly swept under the carpet when the sector's fortune took a U-turn.
   
   Hence, I chose to never ignore the buying valuation in the greed for lofty returns.
3. Build conviction. Stick to it.
   
   The conviction about owning a business for the long term cannot be built over few days or even months. Rather, it takes years to observe the management's credibility, track record and the business moat to build conviction.
   
   Once built, there is no reason to not stick to it.
   
   Legends like Ben Graham owed a large chunk of this wealth to his conviction in GEICO. Buffett owes it to Coca Cola, See's Candy, and now Apple. Even the late Rakesh Jhunjhunwala owed it to Titan.
   
   So, when I have tracked a business for years and built conviction, I typically recommend subscribers to hold on to the stock for much longer.
   
   Few of my recommendations that have helped subscribers fetch four digit returns over long term are:
   
   1,004% in Exide Industries in less than 9 years
   
   1,082% in Titan in just two and a half years
   
   1,197% in State Bank of India in 8 years
   
   1,821% in M&M in less than 7 years
   
   2,740% in Voltas in around 7 years
   
   3,309% in L&T in less than 8 years.
4. Take care of the downside. Upside will take care of itself.
   
   Recommending a newly listed stock, after a steep market crash, in the middle of a pandemic, may sound like the most stupid thing to do.
   
   But I did exactly that when I recommended Polycab in April 2020.
   
   Barely weeks after the Covid led market crash, when almost every person was in quarantine, I went ahead and recommended a stock that was listed just a year back. I even had the audacity to call it the next Asian Paints in the making.
   
   My conviction was based on the company's robust business model, lean balance sheet and widening moat.
   
   As a result, the nearly 250% gains on the stock, in just two years, did not really come as a surprise to me.
5. Don't be afraid to be a loner in stock markets.
   
   Looking for cheap, hated business, with the potential to outperform markets over the long term, is an ultra-boring approach. Anyone with such an approach is bound to be a loner in the stock markets.
   
   After all, loud and popular consensus views find the most takers.
   
   However, being in the company of my colleagues at Equitymaster, like Rahul Shah and Richa Agarwal, who are contrarians themselves, never made me feel left out.
   
   Rather, being loners with contrarian views , helped us recommend stocks, well before they became market darlings.
   
   For instance, I recommended Bharat Forge in 2018 as a 'defence' stock. This was when everyone else called it an auto ancillary company. Hardly anyone recognised its defence potential.
   
   Eventually, both the stock of Bharat Forge and the Defence Sector became market darlings.
   
   As I write this, Bharat Forge has just announced a new export order for artillery guns.
6. Always welcome sceptical opinions
   
   Being in the company of analysts who have contrarian views on stocks across marketcaps, helped me question my own narrative and finetune my own checklist.
   
   My ability to justify views on certain stocks, against their sceptical opinions, to their satisfaction, was important. This process not only helped me avoid behavioural biases, but also allowed me to evaluate businesses from different perspectives.
7. Selling winners too soon is the biggest folly.
   
   If like Buffett, I were to list my errors of commission, I would have to put out a long list of stocks sold too early.
   
   Now, StockSelect has an investment horizon of just three years. So, to cater to the rule, I have often recommended subscribers to exit stocks, at the end of three years, or based on valuations alone.
   
   I do not believe in timing the market and never recommend subscribers to wait for market tops to book profits.
   
   However, recommending Sell on stocks that compound wealth over decades was my biggest folly.
   
   I spoke at length on this when I finally realised the importance of recommending what I call Forever Stock.
8. First finish to finish first.
   
   More than 60% of the stocks in the benchmark indices churn every few decades. Similarly, the number of active demat accounts is just a fraction of the total number.
   
   We can draw only one inference from these. Both investors and corporates now have shorter life cycles.
   
   The last two decades allowed me to speak to scores of company managements and individual investors. Incidentally, very few show the resilience to sustain irrespective of hurdles.
   
   Many high growth companies succumb to high debt, poor cash flows and poor execution. But businesses with low capital intensity and healthy cash flows widen their moat and last for decades.
   
   Similarly, investors who invest for the long haul are less unnerved by market crashes or economic jolts than those hoping to make quick speculative profits.
   
   The longer an investor benefits from the power of compounding, the higher the chances of profoundly beating the market.
9. Look for mangers who are business owners and not just shareholders.
   
   Meeting managements of companies across sectors, over the last two decades, made me realise that stocks are best not treated as pieces of paper.
   
   Managements who consider themselves as business owners are the best wealth creators. Hence, it's important for minority shareholders to consider themselves as part owners of the business.
10. Capital allocation skills are rare
    
    Very few managements are skilled at allocating capital, especially during phases of very high or very low growth. Most tend to go overboard during phases of high growth and end up investing in low return or risky ventures.
    
    Even the managements of mature companies tend to destroy wealth by hoarding cash on the books when capital intensity is low.
    
    Great capital allocating companies are so rare that they are literally 1% of all listed businesses.
    
    So, whenever I come across a management that is a smart capital allocator, I make sure I keep it in my Forever watchlist.
11. Cyclical businesses with leverage are leaking boats
    
    Having tracked sectors with leverage, like banks, textile, power, and infrastructure, I know that debt is a double-edged sword. Especially so for cyclical businesses.
    
    So, any cyclical business with the tendency to take debt or keep debt on the books is a red flag for me.
    
    Even after recommending such stocks at cheap valuations, I tend to recommend an exit at the earliest warning sign. Holding on to such stocks could prove to be like waiting in a leaking boat.
12. Regulators and regulations can be riskier than believed
    
    Debt is to leveraged companies whet regulatory mandates are to the pharma sector. The USFDA warnings have been a dangling sword for even some of the most innovative generic companies in India, with global presence.
    
    However, the impact of regulatory warnings is best not underestimated. Even some of the best companies in the sector have suffered incessantly due to the regulatory risks clouding their future.
13. Big does not always mean beautiful in stocks
    
    DLF, Vakrangee, Amtek Auto are just few of the countless relatively large companies that have seen their market capitalisation decimate with their falling fortunes.
    
    When I recommended caution on the stock of Vakrangee after its nearly 10,000% gains, almost no one took my warning seriously. Here is what I wrote...
    The way Vakrangee's stock has zoomed in the last nine years, one would think it has all the makings of a great bluechip stock. Heck, I might even come across as a fool to question the so-called 'moat' of the business.
    
    But I am not perturbed, dear reader. My aim is to recommend the safest bluechip stocks.
    
    This means companies with sustainable moats, great business models, and strong management quality.
    Readers were sceptical of my views. Until, of course, the stock crashed 90% within months and languished there.
    
    Vakrangee is not the only example here. Take the case of Vodafone Idea. The stock price has crashed from Rs 200 in 2014 to single digits now. It depleted shareholder wealth by 95%!
    
    Apart from heavy debt, the stock has been beaten down due to high competitive intensity after the entry of Jio.
    
    Believe it or not, retail investors still hold about 6% of Vodafone's stock, hoping to recoup their losses or make unconventional gains someday.
    
    Tracking bluechips for two decades taught me to never take their quality or safety for granted.
14. When inflation is in sight...buy the exceptionally good
    
    Twenty years is long enough to see an entire cycle of interest rates repeat itself and observe how corporate react or adjust to it.
    
    I have seen companies in India contend with interest rates as high as 12% in early 2000s and the rock bottom rates in late 2000s. Low cost of capital is enjoyed by everyone. But rising cost of capital is like the capital allocation litmus test for corporates.
    
    When cost of capital rises, investors must back the champion capital allocators, promoters who have proven themselves decade in and decade out. These managements can run high quality businesses regardless of where interest rates are.
    
    So, whenever inflation and interest rates were key risks, I have stuck to recommending only the exceptionally good.
15. Interest rates have the power of gravity on stock valuations
    
    Interest rates especially have a gravity pull like effect on stock valuations. So, when rates begin rising overvalued and underperforming businesses are among the first ones to shed premium valuation multiples.
    
    So as much as I would love to recommend a few market darlings to StockSelect subscribers, I have refrained from recommending the obscenely valued ones in a rising interest rate scenario.
16. Focus on margins and return ratios than GDP growth
    
    Some of my best recommendations were in phases of low GDP growth and vice versa. Looking for value among safe stocks is not easy when the economy and stock market sentiments are buoyant.
    
    Rather it is the market's fear that allows me to get greedy about stocks that are proven to be evergreen performers.
    
    So, in my watchlists and checklists I look for volatility in margins, cash flows, and return ratios rather than GDP growth.
17. Opportunities to buy the best businesses are rare...grab them.
    
    Talking about recommending my best winning stock in times of great adversity, I cannot ignore Tata Elxsi.
    
    I had tracked the company for a few years. I was convinced that Tata Elxsi's niche presence in areas like artificial intelligence was at an inflection point.
    
    This was when not just the economy and stock markets, but even human lives were in tumultuous times. The first phase of Covid-10 lockdown had knocked down market valuations to historic lows.
    
    Tata Elxsi, though not very cheap, was reasonably undervalued despite its lean balance sheet.
    
    I knew that buying the stock when fear reigned the stock markets could be a rare opportunity. And my subscribers must grab it!
    
    Turned out recommending Tata Elxsi in April 2020 was one of my best decisions.
    
    The stock went on to be a 10 bagger (1,051% gains in two years) by the time I recommended selling.
18. Assets need not always be visible in the balance sheet
    
    Starting 2021, technology led startups debuted on the Indian stock markets. Most of these seemed ridiculously valued in terms of both earnings and assets on the balance sheet.
    
    The earnings volatility was understandable. But the small balance sheet sizes made me wonder whether the companies deserved such massive premiums in valuation.
    
    As I researched more such disruptive tech business for Equitymaster Venture, I realised that the assets of new age business are not plant and machinery but patents and manpower.
    
    So, it is no longer necessary for even strong and sustainable businesses to have massive assets on the balance sheet. Rather, their ability to innovate and execute matters most.
19. Megatrends change market leaders every few decades
    
    Seeing midcaps grow into market leaders and replace index heavyweights made me realise the importance of tracking megatrends.
    
    Be it electric vehicles or defence stocks, I was able to spot the top winning businesses well ahead of the markets, thanks to my megatrend approach.
    
    In fact, even as I write this, there are a bunch of sectoral megatrends I am bullish on...which are still taking shape. They may take a few years to manifest the true wealth creators.
    
    Nevertheless, I am tracking them intently to spot the key index leaders of 2030 or 2040. These are:
    • Defence equipment manufacturers (including drones) and defence technology companies
    • China + 1 (PLI incentivised) manufacturers
    • Green hydrogen and EV battery companies
    • Semiconductor makers
    • Energy trading and storage companies
    • 5G related tech opportunities
    • SpaceTech companies
20. No goal is impossible in stock markets...if you are persistent and patient.
    
    Now here is a data point that gets audited every quarter and I proudly update my subscribers on.
    
    Since inception in January 2002 till the quarter ended 30 September 2022, 7 out of every 10 stocks recommended in StockSelect have met the respective target prices within the given time frame.
    
    The audited success rate is 74.1%.
    
    The reason I am referring to this number is because most investors do not set long term investing goals due to the fear of market volatility.
    
    Fact is that a sound disciplined approach, practiced over long period of time, can yield mind boggling results. Like I showed you earlier, the returns from some of my recommendations are proof of that.

As we celebrate StockSelect's 20^th Anniversary, I hope my takeaways of two decades, make your wealth building journey timeless, immensely profitable, calm, and comforting.

Like Walter Schloss wrote in his 1946 article Hippocratic Method in Security Analysis...

• We need theories which stem from experience and close observation, but which are appropriately limited in their pretensions. We must steer a middle course between starry eyed doctrinarism on the one hand and vacillating opportunism on the other.
  
  It is the judicious mix of the theoretical and the practical approach that characterizes the truly successful security analyst and the outstanding physician.

Thank you for joining me on this fabulous journey!