Dear iThought Team,

Having exited my PMS after 30 months, I want to place on record my deep disappointment with my overall experience with iThought.

1. Investment performance and lack of corrective action

Over the 30-month period, my portfolio underperformed the relevant index by approximately 4–5 percentage points. I have ultimately received ₹2.5 lakh less than my original investment, in addition to the 1% exit load deducted at closure.

What disappoints me most is not merely the negative return but the apparent lack of timely reassessment of your investment decisions.

Around 30% of my portfolio was exposed to four or five stocks that suffered losses of approximately 60%. These positions remained a major concern, yet I did not see meaningful corrective action through replacement or reduction of these holdings.

I understand that every investment carries risk and that no fund manager can get every stock right. However, a fund manager’s responsibility is not simply to select stocks and remain committed to them regardless of the outcome. It is to reassess the investment thesis objectively and act when the evidence warrants it.

Conviction without a willingness to reconsider one’s decisions can easily become overconfidence.

2. Refusal to waive the exit load

I was particularly disappointed that my request for a waiver of the exit load was not accepted.

A three-year exit-load period is unusually long from an investor’s perspective, particularly when compared with the exit policies I have encountered elsewhere in the PMS industry. I recognise that the applicable terms may have been disclosed in the agreement. Nevertheless, I expected a more considerate approach when an investor was exiting after 30 months with disappointing performance.

My request for a waiver was not an attempt to deny a contractual term. It was an appeal for fairness and consideration in the context of my overall experience.

The refusal has only added to my dissatisfaction.

3. Lack of a basic investor dashboard

Another disappointing aspect was the absence of even a dashboard through which I could conveniently view the daily value of my portfolio.

Other PMS providers offer this basic facility. I find it difficult to understand why an investor should have to manage without such a fundamental transparency tool when entrusting a substantial sum of money to a professional investment manager.

For a business entrusted with investors’ capital, basic portfolio visibility should not be considered an optional convenience.

4. The contrast between your public messaging and your own performance

I have also observed iThought’s YouTube content, in which index-investing advocates and other fund managers are frequently criticised for their perceived shortcomings.

The overall impression conveyed is that ordinary investors and most fund managers repeatedly make mistakes, while iThought possesses a superior understanding of the stock market.

Such confidence would be more convincing if accompanied by consistently demonstrable investment results, robust risk management and a willingness to acknowledge and correct mistakes in one’s own portfolio.

It is easy to explain why other investors are wrong. The more meaningful test is whether one’s own investment decisions withstand the same scrutiny.

When a portfolio significantly underperforms its benchmark, several concentrated positions suffer severe losses, and the investor receives neither the expected performance nor satisfactory transparency, such public expressions of superiority invite legitimate questions.

My concluding observations

I did not entrust my money to iThought merely to obtain stock-market exposure. I entrusted it to a professional investment team because I expected sound judgment, disciplined portfolio management, transparency and accountability.

My experience over these 30 months has fallen materially short of those expectations.

The combination of disappointing performance, the handling of severely declining stock positions, the absence of a basic investor dashboard and the refusal to consider my exit-load waiver has left me deeply dissatisfied.

I am not suggesting that every investment must generate a profit or that every fund manager must outperform the index in every period. I am questioning the quality of decision-making, the approach to investor service and the apparent gap between the confidence expressed in public and the results delivered to investors.

I hope iThought will reflect seriously on this feedback. Investors deserve not only confident investment philosophies but also sound execution, transparency, accountability and a reasonable degree of consideration when they seek to exit.

Regards,
R. Unnamalai

*How Should We need to Judge People?:*

*Not as Good Vs Bad, Trustworthy Vs Not….but….*
– Ramu, 10/10/2026

I wonder whether we need to categorise human beings into so many identities, such as Good Vs Bad, Honest Vs Dishonest, Successful Vs Failures, Higher Class Vs Lower Class, White Collars Vs Blue Collars, etc.

My thought is simple. Instead of categorising people, we should judge whether their interactions with us are driven by long-term benefits or merely by their immediate needs.

I believe every human being is driven by self-interest. Even when I help someone, I may believe that his success could eventually benefit me. If I am honest and trustworthy, it may be because I believe these qualities are essential to survive and succeed in the business world over the long term.

So, I may not be good simply because I love being good; I may be good because I believe it pays in the long run!

What matters to me is not whether a person is inherently good or bad, but whether his interaction with me is based on long-term interests or immediate benefits. This helps me decide whether I can trust him in that particular interaction.

Let me offer two simple life incidents.

Example for Long-term Focus:

My personal room measures 12 × 10 feet and has a 1-ton AC, whereas our bedroom has a 1.5-ton AC.

This morning, my wife criticised me for lacking long-term vision by installing a 1-ton AC in my room, particularly because our entire flat is on the second floor, with an exposed terrace above it.

I told her that if I lacked long-term vision, I would have installed a 1-ton AC in our bedroom as well!

When we moved into this house in 2012, your dad visited us a month after our housewarming ceremony. He suggested that I install an AC in my reading room to improve my productivity and offered me money as a gift.

Since it was your dad’s money, I wanted to be frugal, knowing that the AC would be used sparingly.

My thought process was simple: If it is my money, I can spend it as I wish. If it is someone else’s money, I should exercise restraint.

I also wanted to build my brand value in your dad’s eyes, believing that it might benefit me in other ways in the future. Eventually, it did!

Example for Short-term Focus:

A close school friend of mine joined my company just a year ago, after his retirement. We initially entrusted him with the responsibility of stores in-charge.

During every Puja celebration, I encourage my team to procure plenty of storage items such as racks and trays to organise our inventory.

I enthusiastically told my friend that a Nilkamal showroom had recently opened nearby, so there was no need to search for trays online. They could simply visit the showroom and find suitable ones.

Two days later, my friend asked me where the showroom was. I enthusiastically guided him, assuming he had identified some requirements to organise our stores better or make our company more elegant.

He told me that he wanted to purchase a shelf for his kitchen!

While I was thinking about our company’s needs, he was thinking about his immediate personal needs.

Of course, this incident alone does not establish that he is a short-term thinker in every aspect of his life. My point is that we should judge each person’s interaction with us in its own context.

After all, a person may be trustworthy in one interaction and not in another. Labelling him as good or bad, honest or dishonest, may not help us make the right judgement in a specific situation.

Perhaps, the only distinction that matters to us is whether a person’s interaction with us is driven by long-term interests or immediate needs. That is what should guide our trust in that particular interaction.

Thank you, guys.

Long-term focused,
Ramu

Dear Annan, (Prof. Thenappan)

My habit is this: whenever I realise that someone is genuinely good at heart, somehow I feel like putting in an effort to build a relationship with him. I feel genuinely good people are very difficult to find.

During our earlier interactions in our gatherings, our conversations were always brief and mostly professional. So, I actually knew very little about you.

It was only during my brother’s issue that I had an opportunity to interact with you more closely.

Though you joined the wagon only in the last lap of my brother’s entanglement, I learnt a few important life lessons from you, which I sincerely wish to adopt for the rest of my life.

To be specific, I observed two qualities in you that I would like to imbibe:

1. You have never taken sides. At the same time, you offered suggestions — not as advice or instructions — to both parties on what they could do from that point onwards.

2. More importantly, you did not really care whether they followed your suggestions or not. You neither got disappointed nor developed any aversion towards them when they chose not to follow what you had suggested.

I found these two qualities quite remarkable.

It was only after Achi’s departure that I came to know more about your family — about Achi’s generous hospitality, your sons’ education and achievements, and many other things. And I wondered how humbly you have carried these rare possessions without making them visible to others.

That made me feel that I should make a conscious effort to associate with you and interact with you more often.

Have a happy and peaceful time in the US, Annan. Once you return to Kottaiyur, I shall certainly come and meet you.

Until then, have a great time and take care of yourself, Annan.

Thank you.

Ramu
6 October 2026

DOROTHY – TAMIL MOVIE

CONCLUSION:

MUST WATCH;

BUT CAN’T WATCH (if you are not – broadminded, more tolerant)

Feel proud of Tamil cinema, Director Karthik Subburaj and two male heroes.

Ramu

*”பத்தா – Bhaththa” திரைப்படம்”*
– ராமு, 5/10/2026

பரிந்துரை: என் வாழ்க்கையில் பார்த்த சில ஆயிரம் திரைப்படங்களுக்கள் டாப் 10 தில் ஒன்று.

வயது வரம்பு : 5 – 90

ரகம் (genere) : One of the most Entertaining films,  I have ever watched at the same time implanted with a deep life philosophy.

Don’t watch any reviews. Simply go to theatre with your spouse, parents, children, grand children and all together.

Entertainment is guaranteed. Lessons can vary according to your life maturity.

Salute to the டைரக்டர் Balaji தரணிதரன், விஜய் சேதுபதி and the most cute XXX.

LOVINGLY YOURS,
RAMU

Just in four decades… the pace of change the world has witnessed is phenomenal.

A few practices and behaviours that were considered crimes, taboo or simply unacceptable during the mid-’80s are today accepted, legalised and, in some cases, even openly celebrated.

What fascinates me is not merely that technology has changed; our definition of what is acceptable has changed along with it.

A friend’s son graduated a few years ago in ECE and got a core job in an MNC, drawing ₹1 lakh per month. Though he was posted in Coimbatore, he hardly visited his office for 10 days during his two-year stint. The rest of the time, he worked from home and prepared for CAT.

During the ’90s, I was caught red-handed while preparing for GATE during office hours. I received a severe warning, along with a threat of dismissal.

In 1985, one of our classmates was asked to write an apology letter for having indulged in a private sexual act in a hostel bathroom.

Today, society’s attitude towards sexuality, personal freedom and LGBT identities has changed dramatically. What was once largely treated as taboo or unacceptable is now openly discussed, recognised and, in many societies, legally protected.

During 2000, when I was working for Tatas, one of the most respectable employers themselves had banned visiting job sites. Emails were tracked to check whether they contained any RESUME-related material, etc. A few of my friends were even expelled from the organisation.

Today, employees are being encouraged, and in many workplaces even expected, to use AI to improve productivity.

During Jayalalithaa’s tenure as Chief Minister, around 2015, I was fined ₹1,000 for using a mobile phone while riding a two-wheeler.

Even the vocabulary we use in our daily lives has undergone a sea change during our lifetime.

From mentally retarded → intellectually disabled
handicapped → differently abled
blind → visually challenged
deaf and dumb → hearing and speech impaired
toilet → washroom
and the emergence of expressions such as third gender.

Some of these are not merely changes in vocabulary. They reflect changes in the way society thinks about dignity, privacy, disability, gender and individual freedom.

What was once regarded as unacceptable can become acceptable. What was once considered perfectly normal can become insensitive. Even the words we use to describe people can change because our understanding of them changes.

I sometimes wonder how lucky we are — those of us born in the ’60s and ’70s — to have witnessed such phenomenal changes within a single lifetime.

We have not merely read about history changing.

We have lived through it.

Progressively yours,
Ramu

If you want to be lifted in every walk of life, then keep yourself LIGHTER than others.
— Ramu, 26/9/2026

Hopefully, the above title is an immensely power-packed one.

What is meant by being LIGHTER? How does one define it, and how does one keep oneself LIGHTER? That, perhaps, is the entire crux of life.

Some of us may have faith in the famous saying: “Your Network is Your Net Worth.”

Just as an example, I often used to contemplate about myself: if I were to go to the job market with my present skills, I doubt whether I would be paid even ₹25K per month.

However, I have been earning a few multiples of that for over a decade.

The difference between what I could have earned based purely on my individual skills and what I have actually earned makes me think about the value of “Being LIGHTER.”

Being LIGHTER does not mean being less capable than others. It means being the kind of person whom others find easy to trust, support and lift.

After some introspection, I have arrived at a few qualities that have kept me LIGHTER and, therefore, made it easier for a few people to lift me:

Being straightforward in my dealings with direct stakeholders; giving freedom to my employees without cheap suspicion; developing faith in them that if I win, they will win automatically; being easily approachable; not being haughty; etc.

I also realise that I have not always been LIGHT enough. There have been qualities in me—such as impatience and being short-tempered—which may have made me heavier for others to lift. Perhaps these are some of the reasons why my potential rewards have not always reached their fullest possible level.

To conclude, if you want to be lifted, first define for yourself what “Being LIGHTER” means. Then introspect on what has kept you heavier for others to lift, and work towards becoming LIGHTER.

Lightly yours,
Ramu

“Father Time Always Wins” – Warren Buffett
– Ramu, 19/9/2026

If you don’t possess English language skills beyond Shashi Tharoor, if not Shakespeare, one can’t make out the above title, since it is a PHRASE.

Initially, I didn’t understand that it was a phrase. After having gone through his letter a few times, I have finally understood that it is a phrase, similar to “MOTHER NATURE” / “FATHER TIME”.

Since it is a profound statement, and that too, spelt out by the most immaculate man of our era, I want to share his pearls with our esteemed readers, so that you can appreciate the meaning and life lessons behind the single power-packed sentence.

What he has meant by “Father Time Always Wins” is roughly as follows:

(1) Age ultimately defeats everyone.

(2) Therefore, succession must happen before it is forced upon you.

(3) Money can compound. Businesses can compound. Knowledge can compound. But your remaining time cannot be compounded. Once a year is gone, it is gone.

(4) Use time as your greatest ally in investing, while remembering that time itself is your ultimate opponent in life.

“Father Time Always Wins.”

Thank you, my dear friends.

Timingly yours,
Ramu

நான் கடந்த மூன்று நாட்களாக மைசூரில் சுற்றுப்பயணம் செய்கிறேன். அதில் அடுத்தடுத்து எனக்கு ஏற்பட்ட உன்னதமான மூன்று அனுபவங்கள் என் இனி வரும் காலங்களில் மனிதர்களைப் பற்றிய நன் மதிப்பபை இன்னும் அதிகரிக்கும் என்று எண்ணுகிறேன்.

அனுபவம் #1:

ஒரு நல்ல தரமான கடையில் “6 மைசூர் சில்க் சாரீ Rs 18000” எடுத்தேன். என் கையில் இருந்தது Rs 2000.  Gpay பண்ண முடியாத நிலை. Rs 2000 ஐ அட்வான்சாக வைத்துக்கொண்டு என் தங்கும் இடம்  – மஹிந்திரா கிளப் விலாசம் கொடுத்து இரவு 9 மணிக்கு சரரீஸ் கொடுத்துவிட்டு பணம் வாங்கிக்கொள்ள முடியுமா என்றேன்.

உடனே கடையின் உரிமையாளர் வந்தார். என் போன் நம்பரையும், நான் வந்திருக்கும் கார் டிரைவரிடம் போன் நம்பரையும் வாங்கிக்கொண்டு நீங்கள் சரரீஸ் ஐ கொண்டு செல்லுங்கள். டிரைவரிடம் பணம் கொடுத்துவிடுங்கள் என்று கூறியது எனக்கு ஆச்சரியமாக இருந்தது.

ஆயிரம் செக்யூரிட்டி சிஸ்டம் இருந்தாலும் நேற்று வரையில் நான் முன்பின் தெரியாத சக மனிதர்கள் மீது இவ்வுளவு நம்பிக்கை வைத்திருப்பேனா என்பது கேள்விக்குறியே!!

அனுபவம் #2:

ஒரு கோவிலில் உள்ளே சென்று அனுமரை தரிசிக்க Rs 10/- டிக்கெட். பணமாகத்தான் தரவேண்டும். Gpay அனுமதி இல்லை. என்னிடம் பணம் இல்லை.

ஒரு 30 வயது மதிக்கத்தக்க ஒரு பெண், தன் 5 வயது சிறுவனுடன் வந்தவர் சர்வ சாதாரணமாக Rs  40 ஐக் கொடுத்துவிட்டு, என்னிடம் Rs 20ஐ gpay மூலம் வாங்க மறுத்துவிட்டார்.

அனுபவம் #3:

இது மிகவும் இன்றியமையாத அனுபவமாக எனக்குப்படுகிறது.

பொதுவாக மனித மனதின் உளவியல் செயல்பாடு பற்றி நாம் தெரிந்து கொண்டு அதில் நம்மை விடுவித்துக்கொள்ள வேண்டும்.

ஒரு ஊரிலோ அல்லது நாட்டிலோ ஒரு சிறுபான்மை ஜாதி, மதம் அல்லது தொழில் செய்பவர்களில் யாராவது ஒருவர் தவறு செய்தால் நாம் அந்த ஒருவரை தனியாக பார்க்காமல் அந்த ஒட்டுமொத்த சிறுபான்மை இனமே அப்படித்தான் என்று முத்திரை குத்துவோம்.

ஆனால் அந்த சிறுபான்மை சமூகத்தில் ஒருவர் நமக்கு நல்லது செய்தால் நாம் அவரைத் தனி ஆளாக பார்ப்போம். அந்த ஓட்டு மொத்த சிறுபான்மை சமூகமும் நல்லது செய்வார்கள் என்று முத்திரை குத்தமாட்டோம்.

இது மனித இயல்பு. அதை நாம் மாற்றிக்கொள்ள வேண்டும் என்பது இன்று எனக்கு கிடைத்த பாடம்.

ஒரு இடத்தில் சிறு நீர் கழிப்பதற்கு Rs 5. என்னிடம் சில்லறை இல்லை. Gpay கிடையாது.

கொஞ்சமும் யோசிக்காமல் 30 வயதிற்குள் இருக்கும் 3 இஸ்லாமியப் பெண்களில் ஒருவர் Rs 20 ஐக் கொடுத்துவிட்டு, நாங்கள் கொடுத்துவிட்டோம் சார் என்று கூறியது எனக்கு மிகவும் ஆச்சரியமாக இருந்தது.

மேல் கூறிய என் அனைத்து ஆசிரியர்களுக்கும் என் மனமார்ந்த பாராட்டுக்கள் மற்றும் நன்றிகள்.

ராமு

Freebies to Corruption to State Economy Collapse

Ramu – 14/9/2026

I have been travelling in Mysore. Before reaching Mysore Palace, my cab driver asked me for two ₹50 notes.

On the way to Mysore Palace and Brindavan Gardens, there are two tolls, each charging ₹200 per entry.

The Karnataka government perhaps thought it was smart since these are tourist spots and people would not mind paying.

It appears that Karnataka’s economic advisers are too naive to understand a few basic economic concepts: how higher taxes can lead to poorer tax compliance and how the unintended consequences can take the form of bribes and corruption.

These cab drivers and toll officers seem to have developed a tacit understanding. When cab drivers approach, the officers pretend to scan the FASTag stickers but collect ₹50 under the scanner machine.

To win elections, these politicians have thrown a plethora of freebies at the people, such as a few thousand rupees every month for each woman, free bus rides for women, etc.

To fund these schemes, they raise taxes. The higher the taxes, the poorer the tax compliance, which leads to bribes and corruption. Consequently, the expected tax collections may not reach the state exchequer.

Then the state has to compromise on infrastructure spending, quality education, healthcare, etc. This would lead to slower GDP growth, an increasing debt burden and, eventually, economic collapse.

It is not just Stalin, Vijay, DK Shivakumar, etc., among state-level politicians who have got into this vicious circle, but Trump too has announced cash handouts ($5000?) to win his upcoming mid-term elections.

The same American politicians shout from the rooftops that communism has failed, but capitalism has thrived.

They don’t even understand one of the basic tenets of capitalism: the laissez-faire model of a free-market economy.

All these politicians, put together, gradually turn democracy and its stakeholders, including the Election Commission and the people, into a mockery.

Oh, God! Save us from these politicians.

Ramu