Understanding Bear Markets What they are, how they work, and what they mean for your investments

Last year, I wrote an article entitled Understanding a Bear Market. The first sentence read, "If you've only begun investing in the past few years, you aren't aware of what a bear market is." Unfortunately, that isn't the case anymore. In the past few months, Wall Street has reeled, stumbled, picked up speed, fallen on its side, and gone in circles. Professional and average investors alike have no idea where the market is headed, but everyone seems to have an opinion.

What is a bear market and what causes it?
By definition, a bear market is when the stock market falls for a prolonged period of time, usually by twenty percent or more. It is the opposite of a bull market. This sharp decline in stock prices is normally due to a decrease in corporate profits, or a correction of overvaluation (i.e., stocks were too expensive and fell to more reasonable levels). Investors who are scared by these lower earnings or lofty valuations sell their stock, causing the price to drop. This causes other investors to worry about losing the money they've invested, so they sell as well; the vicious cycle begins.

One of the best examples of a prolonged bear market is that of 1970's when stocks went sideways for well over a decade. Experiences such as these are generally what scare would-be investors away from investing. Ironically, this keeps the bear market alive; because no few buyers are purchasing investments, the selling continues.

How does a bear market affect my investments?
Generally, a bear market will cause the securities you already own to drop in price. The decline in their value may be sudden, or it may be prolonged over the course of time, but the end result is the same: the quoted value of your holdings is lower. This leads to two fundamental principles:

1.) A bear market is only bad if you plan on selling your stock or need your money immediately.

2.) Falling stock prices and depressed markets are the friend of the long-term, value investor.

In other words, if you invest with the intent to hold your investments for decades, a bear market is a great opportunity to buy. It always amazes me that the "experts" advocate selling after the market has fallen. The time to sell was before your stocks lost value. If they know everything about your money, why they didn't warn you the crash was coming in the first place?

What do I do with my money in a bear market?
The first thing you need to do is to look for companies and funds that are going to be fine ten or twenty years down the road. If the market crashed tomorrow and caused Gillette's stock price to fall 30%, people are still going to buy razors. The basics of the business haven't changed. This brings us to our third principle:

3.) You must learn to separate the stock price from the underlying business. They have very little to do with each other over the short-term.

When you understand this, you will see falling stock markets like a clearance sale at your favorite furniture store; load up on it while you can, because history has borne out that prices will eventually return to more reasonable levels.

Courtesy:
About.com
Investing for Beginners

Sri Lanka stocks end down 0.3-pct

Sri Lanka's stocks end lower for the fifth straight day with tobacco and diversified stocks losing ground, brokers said.

The Colombo benchmark All Share Price Index closed 17.71 points lower at 5,896.23 down 0.30 percent. The S&P SL20 closed 15.02 points lower at 3,207.11, down 0.47 percent.

Turnover was 251.77 million rupees, down from 336.48 million rupees a day earlier with 65 stocks close positive against 82 negative.

Foreign investors bought 100.17 million rupees worth shares while selling 120.45 million rupees of shares.
Asiri Surgical closed 90 cents higher at 14.00 rupees, attracting most number of trades during the day.

John Keells Holdings closed 2.80 rupees lower at 220.00 rupees with two off market transactions of 66.10 million rupees contributing to 26 percent of the daily turnover while contributing most to the index drop.

JKH’s W0022 warrants closed 20 cents higher at 62.00 rupees and its W0023 warrants closed 30 cents lower at 64.70 rupees.

Ceylon Tobacco Company closed 28.70 rupees lower at 1,111.30 rupees and Carson Cumberbatch closed 9.70 rupees lower at 340.30 rupees.

Nestle Lanka closed 26.60 rupees lower at 1,973.30 rupees and SLT closed 50 cents higher at 44.50 rupees.

Lion Brewery closed 8.90 rupees higher at 394.00 rupees and Bukit Darah closed 40 cents lower at 544.60 rupees.

George Steuart Finance closed 21.90 rupees higher at 136.90 rupees and HNB closed 1.20 rupees higher at 152.40 rupees.

www.lbo.lk

Sri Lanka stocks close down 0.3-pct, rupee weaker

Sri Lanka's stocks close lower for the fourth consecutive day with tobacco and diversified stocks losing ground and the rupee weakened amid stronger import demand, brokers and dealers said.


The Colombo benchmark All Share Price Index closed 19.58 points lower at 5,913.94 down 0.33 percent. The S&P SL20 closed 14.16 points lower at 3,222.13, down 0.44 percent.

Turnover was 336.48 million rupees, down from 408.01 million rupees a day earlier with 74 stocks close positive against 84 negative.

In forex markets the rupee weakened to around 130.65/70 rupees to the US dollar in spot market after opening at around 130.60 levels amid stronger import demand, dealers said.

In equity markets Softlogic Holdings closed 1.00 rupee higher at 11.00 rupees with an off market transaction of 108.90 million rupees contributing to 32 percent of the turnover.

Asiri Surgical closed 90 cents higher at 14.00 rupees and Nation Lanka Finance closed 50 cents higher at 8.70 rupees, attracting most number of trades during the day.

Foreign investors bought 183.15 million rupees worth shares while selling 174.25 million rupees of shares.
Ceylon Tobacco Company closed 28.70 rupees lower at 1,111.30 rupees and John Keells Holdings closed 1.70 rupees lower at 222.80 rupees, contributing most to the index drop.

JKH’s W0022 warrants closed 30 cents lower at 61.80 rupees and its W0023 warrants closed 80 cents lower at 65.00 rupees.

Commercial Leasing and Finance closed 10 cents lower at 3.80 rupees and HNB closed 1.80 rupees lower at 151.20 rupees.

NDB Capital Holdings closed 43.60 rupees lower at 490.00 rupees and Ceylinco Insurance closed 47.30 rupees higher at 1,350.00 rupees.

C T Holdings closed 4.90 rupees higher at 135.00 rupees.

Nestle Lanka closed 10 cents lower at 1,999.90 rupees and Bukit Darah closed 5.10 rupees lower at 545.00 rupees.

SLT closed flat at 44.00 rupees and Dialog Axiata also closed flat at 9.00 rupees.

www.lbo.lk

The Very First Stock Warren Buffett (And Other Famous Investors) Ever Bought

MARCH 4TH, 2014 by ANDREW BLACKMAN

Everybody has to start somewhere.

It’s easy to look at investing “gurus” like Warren Buffett and Peter Lynch, and feel as if you could never hope to emulate their success.

But the Buffett’s and the Lynch’s of this world were once naïve newbies. In this post we’ll take a look at the very first stock Warren Buffett, Peter Lynch and other famous investors ever purchased.

We’ll look at what their investing rationale was and how it worked out for them. Then we’ll see what you can learn from their successes or mistakes.

Peter Lynch

What He Bought and Why: As a teenager in the 1950s, Peter Lynch worked as a golf caddy. While he was carrying bags and handing out putters, he used to make a mental note of the stocks he heard people talking about, and looked them up later on.

When he was in college and had some money to invest, he started researching the air freight industry and “thought this air cargo was going to be a thing of the future.” He put his first $1,000 investment into a company called Flying Tiger.

What Happened Next: Lynch’s research paid off, as the stock soared ten-fold and helped pay for graduate school. He acknowledges the role of luck, too: the stock’s spectacular returns were partly due to the escalation of the Vietnam War and the profits Flying Tiger made from transporting troops.

In 1988, Flying Tiger was bought by a younger, fast-growing competitor called Federal Express. Lynch was right about this air cargo thing having a future.

The Lesson: Do your research. Peter Lynch is famous for preaching the importance of understanding what you’re investing in, and you can see that principle at work in his very first investment. Luck played a role, but even at that early stage he’d done his research and formed a sound investing rationale.

Ray Dalio

What He Bought and Why: He’s known now for founding the world’s largest hedge fund firm, but Ray Dalio, just like Peter Lynch, started out as a golf caddy. At the age of 12, he used his earnings to buy his first stock, Northeast Airlines.

His investment thesis was not as sophisticated as those he’d develop later in his career. His caddying savings were limited, and Northeast was the only company he knew of that was trading for less than $5 per share.

What Happened Next: Northeast was on the verge of going broke, but Dalio got lucky: the firm was bought out by Delta Airlines, and its stock tripled. Dalio continued to trade stocks throughout his teens, quickly learning that it wasn’t always as easy to make money, and ended up with a portfolio worth several thousand dollars by the time he graduated high school.

The Lesson: Luck plays a part in investing, but successful investors don’t get carried away. Dalio soon understood that his success with Northeast Airlines was a one-off event, and developed better methods of picking his stocks in the future. Or perhaps the lesson is that teenage golf caddies make great investors?

Warren Buffett

What He Bought and Why: When he was just 11 years old, Warren Buffett pooled his savings with his sister Doris and bought six shares of oil company Cities Service (now called Citgo) at $38 per share.

From visiting his father’s stock brokerage and chalking in stock prices on the blackboard, he’d marked this out as an undervalued stock, and was confident he and his sister would make money.

What Happened Next: In the first few months, the stock dropped almost 30%, and Doris harassed him every day about the money they’d lost. When Cities Service finally recovered to $40 a share, he quickly sold to book a small profit.

But then the young Buffett watched from the sidelines as the stock soared to $200 a share. His original investing rationale had been vindicated, but it was too late.

As for Citgo, it’s no longer publicly traded. It was acquired by Occidental Petroleum in 1982, and is now owned by Petróleos de Venezuela.

The Lesson: The first stock Warren Buffett bought taught him the value of patience in investing. He got halfway there by not panicking when the stock dropped 30%, but missed out on big gains by selling too early. Spotting an undervalued stock is one thing, but often it can take the market a while to reach the same conclusion.

Seth Klarman

What He Bought and Why: Buy what you know. It’s age-old investing advice, and it worked for billionaire investor Seth Klarman on his first foray into the stock market.

As a 10-year-old boy, Klarman was always getting little cuts and scrapes, and putting Band-Aids on them. So he figured he’d invest in the company that made Band-Aids, Johnson & Johnson. He bought one share.

What Happened Next: Shortly after Klarman made his purchase, the stock split three for one, and he sold for a tidy profit. Johnson & Johnson has had five more stock splits in subsequent years, and Klarman’s single share would have multiplied to 144 shares if he’d held onto it, and would be worth more than $13,000. Not bad for a 10-year-old kid.

The Lesson: “Buy what you know” is advice that’s stood the test of time for good reason. It’s simple, but it makes sense. The growth of Klarman’s single J&J share also shows the powerful wealth-building effect of buy-and-hold investing over the long haul.

Bill Miller

What He Bought and Why: Bill Miller’s Legg Mason mutual fund famously beat the market for 15 straight years, before coming seriously unstuck in the financial crisis of 2008. His stock-picking prowess started at 16, when he took $75 he’d earned from umpiring baseball games and invested it in long-established electronics firm RCA.

The rationale was simple: it was recommended by his dad, who managed a Jacksonville truck terminal and liked to invest in stocks in his spare time. It was watching his father combing through the stock quotes in the newspaper that first got Miller interested in investing, as he realized he could make money much more easily with stocks than by mowing lawns and umpiring baseball games.

What Happened Next: RCA stock soared, giving Miller a $300 gain on his $75 investment. He blew it on a second-hand Triumph TR4 convertible. It’s just as well he didn’t hold – RCA fell on hard times in the 1980s, and in 1986 GE acquired it and broke it up.

The Lesson: When he talked about his RCA investment in a 2007 interview, Miller focused not on the gain but on the missed opportunity: “Had I reinvested that $300 in the market continuously, I’d have a lot more money. So, that was a really expensive used car that I bought.”

http://blog.wallstreetsurvivor.com/2014/03/04/first-stock-warren-buffett-bought/

Benjamin Graham Value Investing Strategy

In addition to penning several of the most important value investing books in history, Benjamin Graham, the father of value investing, was one of the two partners in the Graham Newman Corporation, the investment fund through which he put money to work.

It was at this firm that Warren Buffett worked early in his career, learning from the master.  As he amassed an astounding investing record, Graham divided his portfolio into several categories, or “operations”.   These served value investing students well for more than seventy years and some still have value today.

The Benjamin Graham Value Investing Portfolio

Benjamin Graham’s value investing strategy was focused on buying stocks with the same discipline as an insurance underwriter, carefully considering the risks, rejecting potential securities that had too much uncertainty, and insisting upon a margin of safety in the event his calculation of intrinsic value was too optimistic.  During his time as the President of the Graham-Newman Corporation, Benjamin Graham had the money entrusted to his care put into several different value investing operations.

Net Working Capital Investments: For many years, net working capital investments were the cornerstone of value investing.  Due to improvements in market technology and transparency, “that ship has sailed”, in the words of billionaire Charlie Munger.  Nevertheless, it was net working capital investments that helped secure Graham’s place in the pantheon of Wall Street history and helped make value investing a respected discipline.

Put simply, a net working capital investment was one in which the shares of stock were trading at a 30% or greater discount to modified working capital (that is, the current assets that could be quickly converted to cash less current liabilities and cash needs).  The value investor was purchasing, quite literally, dollar bills for 30, 50, or 70 cents.  Although some of the companies would inevitably go bust, by working with the law of averages, Graham insisted on widespread diversification because these commitments would prove extremely favorable on an aggregate basis.  Net working capital investments factored heavily into the first years of the Buffett Partnership, which eventually led to Berkshire Hathaway.

Arbitrage: There can be little doubt that arbitrage was the secret weapon with which both Benjamin Graham and Warren Buffett accelerated their returns.  In fact, Graham was convinced that disciplined arbitrage could regularly generate 20% returns, improving the overall rate of return earned on a value investing strategy portfolio.

The goal of arbitrage is to profit from price discrepancies with little or no risk.  Imagine Procter & Gamble wanted to acquire J.M. Smucker’s and made a tender offer at $50 per share with the deal closing in two months.  The shares of Smucker’s aren’t immediately going to go to $50 per share; they may, instead, trade at $48.95.  Depending upon 1.) the probability of the deal closing, 2.) the time remaining before the deal closes, and 3.) the spread between the ultimate price you will receive in the merger and the price at which you can acquire the stock, you may have an opportunity to enter into an arbitrage transaction.  The $1.05 profit you could earn may only represent 2.1%, but you are generating it in two months.  On an annualized basis, that’s a nearly 13% return compounded and, if you believe the deal is certain to close, comes with little risk.  With arbitrage, the value investor is focusing on profiting from the time value of money, which is being undervalued by other investors.

Tangible Assets: Benjamin Graham looked at the real, tangible assets backing a bond, preferred stock, or common stock, such as railroad cars, real estate, office buildings, or factories.  He then attempted to only invest in companies that offered sufficient asset backing to guarantee that if the bond interest payment, or preferred stock dividends, were not met, the investors could take control of the company and liquidate the property to recover their money.  Graham admonished those who practiced value investing to always examine their own bond holdings and be willing to switch from your existing bonds to another bond issue if the latter enjoyed a better asset position.  He was fond of pointing out that those who had followed this advice would have avoided losses from some of the 20th centuries biggest failures, such as the Pennsylvania Railroad.

Diversification: Benjamin Graham insisted that those who followed a value investing strategy structure their portfolio to take advantage of the benefits of diversification.  This included diversification of asset class just as much as individual investments.  Examining his January 31, 1948 letter to shareholders of the Graham-Newman Corporation, we see that Graham invested:

• 15.82% of the money in bonds, which were sub-divided into railroads, utilities, real estate, holding companies, and the United States Government,
• 22.93% of assets into preferred stocks, which were sub-divided into industrials, investment companies, utilities, insurance companies, and holding companies, and
• 61.25% into common stocks, which were sub-divided into industrials, holding companies, investment companies, railroads, utilities, and insurance companies.

The 61.25% invested in common stocks were spread among 57 different companies, ranging from ship builders to sugar companies in Puerto Rico.  This meant that each of Graham’s value investments had a margin of safety all their own, plus the protection of sitting in a larger, extremely diversified portfolio of bonds, preferred stocks, and common stocks.  This was consistent with Graham’s belief that the primary goal of value investing was to avoid losing money first, and then to enjoy a satisfactory return on capital thereafter.

Benjamin Graham Value Investing Strategy Portfolio for Defensive Investors

As we explained in Asset Allocation Rebalancing, Benjamin Graham recommended investors that didn’t want to learn how to read financial statements or spend their free time looking at ticker tape should instead split their money 50% to stocks and 50% to bonds.  He then went on to say that they should take some time to study history and if they thought stocks were overvalued or undervalued, they should sell off some of those stocks and move the funds into bonds (and visa versa).  This made Graham, and value investing, one of the first practitioners of Tactical Asset Allocation.

www.about.com

 

Company portrait

The Würth Group with its over 400 companies is a globally operating business. The business areas of the Würth Group are subdivided into two parts: The companies belonging to the Würth Line and the so-called Allied Companies. The origin of the worldwide active trading business is the distribution of assembly and fastening material. The companies of the Würth Line still work in this field, Würth is the market leader here.
Allied companies are companies that operate as trade or production businesses in related business areas, as well as financial service providers. The business segment ‘Diversification’ that also belongs to the group of allied companies includes service businesses in logistics as well as the hotel and restaurant trade.

The Group’s strategy and further development is marked by core competences and values respected throughout the Group. Above all, the customer-oriented distribution, the service idea connected with it and the top quality level are characteristics of the products and services of the Würth Group.
The parent company of the Würth Group, Adolf Würth GmbH & Co. KG, was founded by Adolf Würth in Künzelsau, a town in Baden-Württemberg, in 1945. After the early death of his father in1954, Prof. Reinhold Würth, today’s Chairman of the Supervisory Board of the Würth Group’s Family Trusts, took over the company. He turned the former screw dealer with annual sales of Euro 80,000 into a group of companies that generated a sales volume of Euro 9.98 billion in the business year 2012.

A family business
that is active
all over the world

The Würth Group is represented in more than 80 countries of the world and has about 64,000 employees on the payroll worldwide. About 30,000 of them are employed sales representatives working in the field. Now as before, Germany as the domestic market is a focus market of the Würth Group, with the parent company remaining the nucleus of many further developments of the international group of companies.

Nevertheless, Würth remains a family business at its heart of hearts. Since March 2006, the Chairwoman of the Advisory Board of the Würth Group has been Bettina Würth, the daughter of Reinhold and Carmen Würth. Robert Friedmann as Chairman of the Central Managing Board of the Würth Group is at the head of the management hierarchy. Other members of the Central Managing Board are Peter Zürn, Uwe Hohlfeld and Joachim Kaltmaier.

More than just screws
Over the years, the screw dealer of the past soon developed into the specialist in assembly technology. The product range of the Würth Line in the field of assembly and fastening material meanwhile comprises more than 100,000 items.

The Würth sales force mainly distributes these products to craft enterprises and increasingly also to the medium-sized and large industry. Today Würth enjoys the trust and confidence of more than three million customers worldwide.

However, Würth has come to be much more than a company trading in screws, screw accessories, anchors, tools or chemical products only. Besides this classical product range, the Allied Companies of the Würth Group which operate under their own company name, have been selling protective clothing, products for DIY shops, material for electrical installations, electronic components (such as circuit boards) and financial services for many years.

www.ft.lk

කොටස් වෙළද පොළට සම්බන්ධ පාරිභාෂිත වචන

CDS ගිණුම
කොටස් වෙළද පොලට සම්බන්ද වන ආයෝජකයෙක්, කොටස් වෙළද පොළට සම්බන්දවීමට ප්‍රථම පළමුවෙන්ම සිදුකළ යුතු කාර්ය වන්නේ CDS ගිණුමක් ආරම්භ කිරීමය. එහිදි ආයෝජකයා කොටස් තැරැව්කාර සමාගමක් වෙත ගොස්, ඔවුන් හරහා CDS ගිණුමක් විවෘත කළ යුතුය. මෙය මධ්‍යම තැන්පතු ක්‍රමයේ ගිණුමක් ලෙසද හැදින්වෙයි.
CDS ගිණුමක් විවෘත කිරීමෙන් තොරව ආයෝජකයෙකුට කොටස් වෙළද පොළට සම්බන්ධවීමේ, එනම් කොටස් මිළදී ගැනීමේ හෝ විකිණීමේ අවස්ථාව හිමි නොවෙයි. CDS ගිණුමක් ආරම්භ කිරීමට බලාපොරොත්තු වන ආයෝජකයා වයස අවුරුදු 18 සම්පූර්ණ කළ අයෙකු විය යුතුය. එමෙන්ම තමාගේ ස්ථිර පදිංචිය තහවුරු කළ හැකි ලියවිල්ලක් (විදුලි බිල්පතක්, ජල බිල්පතක් ආදී) සහ ජාතික හැදුනුම්පතේ ඡායා පිටපතක් රැගෙන කොටස් තැරැව්කාර ආයතන‍ය වෙත ගොස් CDS ගිණුම විවෘත කළ යුතුය. එහිදි කොටස් තැරැව්කාර ආයතනයේදී අවශ්‍ය ලිපිලේඛන පුරවා අවසන් වීමෙන් පසුව ගිණුමක් විවෘත කිරීමේ අවස්ථාව ආයෝජකයාට හිමිවේ. 


CDS ගිණුමක් හරහා සිදු වන්නේ කොටස් වෙළදාමට අවශ්‍ය පහසුකම් සැලසීමය. යම් ආයෝජකයෙකු කොටස් මිළදී ගත් විට CDS ගිණුමට එම කොටස් ප්‍රමාණය බැරවී කොටස් විකුණූ ආයෝජකයාගේ ගිණුමට හර වන අතර, යම් ආයෝජකයෙකු තමා සතු කොටස් ප්‍රමාණය විකුණූ විට ඔහුගේ ගිණුමට හර වී, කොටස් මිළදී ගත් ආයෝජකයාගේ CDS ගිණුමට එම කොටස් ප්‍රමාණය බැර වීමක් සිදුවෙයි.

ගැනුම් කුවිතාන්සි සහ විකුණුම් කුවිතාන්සි
කොටස් වෙළද පොළට සම්බන්ධ වී සිටින ආයෝජකයෙකු කොටස් මිළදී ගැනීමෙන් පසු හා තමා සතු කොටස් විකිණීමෙන් පසු කොටස් මිළදී ගත් බව හෝ‍ කොටස් විකුණු බව සනාථ කරමින් ලැබෙන සහතික ගැනුම් කුවිතාන්සිය (Bought Note) හා විකුණුම් කුවිතාන්සිය (Sold Note) යන නම් වලින් හැදින්වෙයි. 

ඒ අනූව කොටස් මිළ දී ගත් ආයෝජකයෙකුට ගැනුම් කුවිතාන්සියක් ලැබෙන අතර, කොටස් විකිනූ ආයෝජකයෙකුට විකුනුම් කුවිතාන්සියක් හිමිවෙයි. ඊමේල් මගින් මෙම කුවිතාන්සිය ලැබේන්නේ නම්, ගනුදෙනු කල දිනයේම අදාල කුවිතාන්සිය එම ආයෝජකයා වෙත ලැබෙයි. මීට අමතරව තැපැල් මාර්ගයෙන් එය ලැබෙන්නේ නම්, ගනුදෙනු කල දිනයට පසු දිනයේ එය  ආයෝජකයා වෙත ලැබෙයි.

එහිදී, කොටස් වෙළද පොළට සම්බන්ධ වී ගනුදෙනු සිදුකළ බවට දෙන සහතිකයක් ලෙස ගැනුම් කුවිතාන්සිය හා විකුණුම් කුවිතාන්සිය පෙන්වා දිය හැකිය. මෙම කුවිතාන්සි දෙකෙහි මිළදි ගත් හෝ විකිණූ කොටස් ප්‍රමාණයන්, සමාගම් වල නාමයන්, මුදල් ලැබෙන් දිනය හෝ මුදල් ගෙවිය යුතු දිනය, මෙන්ම තැරැව්කාර ගාස්තු ආදි ගෙවිය යුතු අනෙකුත් ගාස්තු මොනවාද යන්න ඇතුළත් වෙයි.

CDS මාසික වාර්තාව
කොටස් වෙළද පොළට සම්බන්ධවන ආයෝජකයෙකු අදාල මාසයේ යම් කිසි ගනුදෙනුවක් සිදු කර ඇත්නම්, එම මාසය අවසානයේදී වාර්තාවක් හිමිවන අතර, එම වාර්තාව CDS මාසික වාර්තාව ලෙස හැදින්වෙයි. මීට පෙර සදහන් කළ ගැණුම් හා විකිණුම් කුවිතාන්සි කොටස් තැරැව්කාර සමාගම් මගින් එවනු ලබන නමුත්, මෙම CDS වාර්තා එවනු ලබන්නේ මධ්‍යම තැන්පතු ක්‍රමය මගිනි. එම CDS වාර්තාවේ එම මාසය තුළ අදාළ ආයෝජකයා සිදුකළ සියලුම ගනුදෙනු වල විස්තරයක් අඩංගු වෙයි. 

එනම්, අදාළ මාසය තුළ ආයෝජකයා මිළදී ගත් කොටස් ප්‍රමාණය, විකිණූ කොටස් ප්‍රමාණය, ඔහුගේ ඉතිරි ශේෂය ආදි සියලු තොරතුරු අඩංගු වෙයි. කලින් සදහන් කල ගැනුම් හා විකිණූම් කුවිතාන්සි මෙන්ම CDS මාසික වාර්තාවක් ආයෝජකයෙකුට අතිශය වැදගත් බව සිහියේ තබා ගත යුතුය.

ATS පද්ධතිය 
ATS යනුවෙන් හැදින්වෙන්නේ Automated Trading System යන්නයි. මෙය කොළඹ කොටස් වෙළද පොළේ වූ ස්වයංක්‍රීය ගනුදෙනු පද්ධතියයි. කොටස් වෙළද පොළට සම්බන්ධ වී සිටින සියලුම අයෝජකයන් මෙම ස්වයංක්‍රීය ගනුදෙනු පද්ධතිය හරහා ගනුදෙනු සිදුකරයි. එහිදී, මෙම ගනුදෙනු පද්ධතිය වෙත අවතීරණය වීමේ හැකියාව ඇත්තේ කොටස් තැරැව්කාර සමාගම් වලට පමණි. ඒ අනුව, කොටස් තැරැව්කාර ආයතන මෙම ස්වයංක්‍රීය ගනුදෙනු පද්ධතිය සමග සම්බන්ධ වෙමින් ආයෝජකයන්ගේ ගනුදෙනු ක්‍රියාත්මක කරනු ලබයි. 

කොළඹ කොටස් වෙළද පොළේ පවතින ස්වයංක්‍රීය ගනුදෙනු පද්ධතියේ ආරම්භය 1997 වසරේදි  සිදුවිය. එදා සිට අද දක්වාම මෙම ස්වයංක්‍රීය ගනුදෙනු පද්ධතිය ක්‍රියාත්මක වෙයි. විශේෂ හේතුවක මත හැර, මෙම ගනුදෙනු පද්ධතියෙන් තොරව ආයෝජකයෙකුට කොටස් වෙළද පොළේ වූ ලැයිස්තුගත සමාගම් වල කොටස් ගනුදෙනු කිරීමේ හැකියාවක් නොමැත. 

ආන්තික ණය
ආන්තික ණය යන්නෙන් අදහස් කරන්නේ කොටස් වෙළද පොළේ ගනුදෙනු කිරීමට, එනම් කොටස් වෙළද පොළේ කොටස් මිළදී ගැනීම සදහා ආයෝජකයෙකු විසින් කොටස් තැරැව්කාර සමාගමක් මගින් හෝ වෙනත් ණය සපයන ආයතනයකින් ණය ලබා ගැනීමය. බොහෝ අවස්තා වල තමන් සතුව දැනට කොටස් වෙළද පොළේ ඇති කොටස් වල වටිනා කමින් 50% ක් වැනි මුදලක් ආයෝජකයෙකුට ආන්තික ණයක් ලෙස ලබා ගැනීමේ හැකියාවක් පවතී. එසේ ණයක් ලබාගෙන කොටස් වෙළද පොළේ ගනුදෙනු කිරීමට ආයෝජකයාට අවස්ථාව ඇත. 

නමුත්, මෙ‍ම ආන්තික ණය වඩා වැදගත් වන්නේ පරිණත ආයොජකයන්ට බව පෙන්වා දිය යුතුය. ඒ සමගම නවක ආයෝජකයන්ට ඇතැම් අවස්ථාවල මෙම ආන්තික ණය ලබා ගනීම ඉතාම අවධානම් ක්‍රියාවක් වීමට ද ඉඩ තිබේ. ආන්තික ණය වලින් සිදු කෙරෙන්නේ ආයෝජකයා සතු මුදල් වලට අමතරව තව මුදලක් ලබා ගෙන කොටස් වෙළද පොළේ ගනුදෙනු කිරීමකි. මෙසේ ආන්තික ණය ලබා ගැනීමෙන් ආයෝජකයාගේ ක්‍රය ශක්තිය හෙවත් මිලදී ගැනීමේ හැකියාව තවදුරටත් වැඩි වීමක් සිදුවෙයි.

එමෙන්ම, මෙය වඩාත් වැදගත් වන්නේ කොටස් වෙළද පොළ ඉතා ඉහළ යන අවස්ථාවක දීය. එවැනි අවස්ථාවකදී මෙවැනි ණයක් ලබාගැණිමේ අවධානම අඩුය. නමුත්, කොටස් වෙළද පොළක් පහළ යන අවස්ථාවක මෙසේ ආන්තික ණය ලබා ගැනීම අතිශය අවදානම් සහගති ක්‍රියාවක්වීමට පුලුවන් බව සිහිපත් කළ යුතුය.

අද පුවත් පතෙනි
 
   

Good times ahead for poultry sector

The growth potential of the local poultry sector remains encouraging due to an improving market balance, coupled with declining grain and feed costs.

Furthermore, Sri Lanka’s per-capita chicken consumption is expected to rise with higher per capita disposable incomes. Poultry prices will see further support from the government in future, given that the existing price ceiling for poultry products was replaced in the budget for 2014 by a proposed pricing formula that takes into account the overall cost of production, a Ram Ratings Sri Lanka report said.

The poultry industry in Sri Lanka primarily consists of two major segments, egg and meat production. Taking into consideration the current purchasing level of consumers, the local poultry industry is deemed capable of meeting the domestic demand for chicken meat and eggs. These products are accessible throughout the country, from supermarket chains in the main cities to small retail shops in rural areas. The current per capita consumption of chicken meat and eggs in the country are estimated to be 4.8 kg and 57 eggs, respectively,the report said.

The branded chicken meat segment is dominated by large-scale meat producers such as Bairaha, Prima, Three Acre Farms (TAFL), Crysbro, and Pussellawa. The wet market, however, encompasses a number of independent small-scale retailers who sell chicken meat to consumers in the open.

The chicken meat industry (both dry and wet segments) is dominated by broiler meat, which is produced on a large commercial scale by local manufacturers. Broiler meat production has increased rapidly in the last two decades in line with higher demand compared to other meats.The majority of chicks in Sri Lanka are found in the North Western, Western and Central provinces, with the North Western region remaining the largest contributor.

There were 16,071 broiler farms in Sri Lanka in fiscal 2012, around 88% of which were considerably small with an average of less than 1,000 chickens.

The majority of broiler farms with more than 1,000 chickens were situated in the North Western and Western provinces. The North Western region had the largest number of broiler farms, with almost half of the large-scale broiler farms in the country.

Per capita consumption of chicken and eggs in Sri Lanka is anticipated to increase in tandem with the projected growth in per capita income level, which is expected to reach US$ 4,000 by end-2016, the report said.

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