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November 12,2016
Demonetization - Equal opportunity for every Indian!

Dear Investors,


Demonetization is an important step towards“Equal Opportunity for Every Indian”. It’s the single biggest economic event inthe history of India. A much-required, bold and patriotic decision, any normalpolitician would have preferred to avoid due to the vote bank risk. Almostevery citizen will go through some difficulties and inconveniences in the shortterm.


Equity investments also could be affectedin the short term, but the Big-Picture is getting brighter and beautiful.Revenue and profitability of some companies could be affected in the coming oneor two quarters during this transformation process. Listed companies, beingorganized in doing businesses, will be major beneficiaries of GST,Demonetization and other upcoming revolutionary reforms. Many small &medium companies will embrace changes happening and be managed more professionally,creating wealth for shareholders. Let us continue to explore, identify andinvest in stocks adapting to new environment.


I have spent a quarter century of my life, learning& analyzing businesses, economy and the economy-related politics. I amproud that I could change the financial profile of thousands of families bysharing ideas & principles of Value Investing and managing fundslegitimately and ethically.


Considering the potential of India’sstructurally Wealthy Economy, we have no excuse for keeping half a billion peoplein poverty. I don’t feel like a ‘Proud Indian’ when so many fellow Indianssuffer! Sustained rise in corruption over the decades has affected theefficiency and quality of ‘Economy Management’ by politicians. Faster economicprogress through long-term visionary policies should be the way forward. I amconfident that this first-time-serious War against corruption and black moneycould transform India – make her richer, better and beautiful.


It is unfortunate that a part of the mediais against this bold move of the establishment with an agenda. They have atendency to mislead, exaggerate and misinterpret everything against thedemocratically elected Govt. It is easy to find flaws in the implementationprocess by RBI, but we must also understand the challenges of such massivescale and reach of operations using the existing banking system – with an appreciablelevel of secrecy.


We have a duty to the Nation to bear withcurrent short-term inconveniences for making India a much better country tolive in! Remember that you and me make the Nation, it’s not about NarendraModi, BJP or Congress!


Jai Hind!


Porinju Veliyath

12 November 2016


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