Bank Nifty has strong support near the 29300 level and resistance exists at the 30000 level. The break of 29300 levels may lead to the index falling to 29000-28850,28500 level. 

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What is F&O ban?

The idea of the stocks ban in F&O is to prevent excessive speculative activity. The stock exchange imposes an F&O ban when the aggregate open interest of a stock crosses 95 percent of the market-wide position limit (MWPL). Open interest refers to all outstanding buy and sells positions in the security or futures, and options contracts.

MWPL is the lower of these two figures:

– 30 times the average number of shares that are traded daily during the preceding month in the cash segment of the stock exchanges.

– 20 percent of the number of shares held by non-promoters, or free float holding.

If a trader has violated the F&O ban and increased or created a new position in the stock, that trader will have to pay a penalty of 1 percent of the value of the increased position. This is subject to a maximum limit of Rs 5,000, and a maximum of Rs 1 lakh.

However, the stocks ban in F&O does not apply to intra-day trades as the open interest remains unaltered.

The F&O ban remains in force till the aggregate open interest reaches 80 percent or below of MWPL across exchanges. Normal trading is resumed on the scrip after that.

Stocks in F&O ban can cause huge losses to traders if they are caught unawares since they will have to square off their transactions at a price that could be unfavorable to them. However, if they are alert, they could avoid such a situation. The NSE provides a facility on its trading system that displays an alert once the open interest of futures and contracts in security exceeds 60 percent of the market-wide position limit specified for the security. These alerts are displayed in intervals of 10 minutes.

There is, however no MWPL for indexes, so traders in index and futures options do not have to fear an F&O ban.

So when you are trading , you need to be aware of stocks in F&O ban to avoid taking losses. You need to be particularly careful when the free float of the stocks you are interested in is low. In this case, unscrupulous traders could exploit to use the situation to manipulate liquidity. Small traders are especially vulnerable to this.

It is worth noting that when F&O ban is imposed on a stock, , and no new positions are taken, the stock price will continue to remain depressed until the ban is removed.

It is the job the stock exchanges , and the regulatory authority to prevent speculative activity getting out of hand, since it can affect the stability of the market , and loss of confidence. However, while trading, you should keep an eye out on the MWPL limit to prevent F&O ban causing losses to you.

Stock exchange uses F&O ban, a restrictive action, to prevent excessive speculation on F&O instruments, specifically when the aggregate open interest of stocks crosses 95 percent of market-wide position limit (MWPL). It is then placed under the ban list. During this phase, you can’t open a new position but can square off your existing stash.

What is the ban period on NSE?

Stocks come under the ban list when the market-side position limit crosses 95 percent. You should be aware of the ban list to avoid taking a loss on your stocks.

How do you trade stocks on F&O ban?

Ban prevents you from opening a new position with the stocks placed under the list, but you can square off or sell. A stock is placed under the list when MWPL crosses 95 percent. You can incur huge loss if you are caught unaware of the ban because the selling price will be significantly low. Alternatively, you can trade in the cash segment, which doesn’t have any such limit

What happens when a stock is in F&O ban?

The exchange freezes trading in stocks in the ban list. This is done to prevent excessive speculation. During the ban period, traders are allowed to offset or sell the stocks from their holding. No fresh purchase is permitted.

A stock comes under the ban list when speculation crosses the 95 percent MWPL mark. However, you can continue trading the F&O ban stocks in the cash segment and through intraday trading, as these don’t impact the open interest any further.

Why are stocks banned in F&O?

F&O ban is a regulatory measure to prevent excessive speculation. Exchange places a stock under the ban list when speculation in the market related to the stock crosses a particular mark. Stocks placed under the ban can’t be traded, so it is a huge risk for traders. Only offsetting is allowed at a significantly low price.

Depending on whether the market is in a bullish or bearish phase, such an F&O ban on stock can inflict heavy losses for the bulls or the bears holding open positions in the stock. This is because they may be forced to square off their existing positions in the stock futures or options.

The stock exchanges impose an F&O ban on stock to prevent runaway speculation in the stock as rampant speculation can lead to defaults, which can ruin the health of the stock markets.

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Burger King IPO date, Size, rate, date of opening & listing

Issue Open: 2-Dec-2020 to 4-Dec-2020 
Issue Size: ₹810 Cr (Fresh ₹450 Cr + OFS ₹360 Cr)
Face Value: ₹10 Per Share
Issue Price: ₹59 - ₹60* Per Share

Market Lot: 250 Shares
Min Application: ₹15,000
Retail : 10%(54,000 Forms)
QIB : 30%
NII : 15%
Listing At : BSE, NSE
Registrar: Linkintime
Allotment: 10th Dec 
Listing: 14th Dec

Highlights of Burger King India IPO

1. Burger King India Limited is the national master franchisee of the Burger King brand in India. It has entered an agreement with affiliates of Restaurant Brands International for exclusive rights to develop and operate Burger King restaurants in India till 2039.

2. Restaurant Brands International is the global owner of a portfolio of highly-reputed QSR brands such as Burger King, Tim Horton's and Popeye's. The Burger King brand is the second largest fast food burger brand globally, with over 18,600 restaurants across more than 100 countries.

3. India is an underpenetrated market for chain QSRs, with only 15 chain QSRs per million residents, as compared to 158 and 725 in China and the US respectively. The chain QSR market is expected to grow at 23% CAGR till FY2025.

4. Burger King India is one of the fastest growing QSR brands to reach 200 restaurants among international QSR brands in India during the first 5 years of its operations, and currently operates 268 restaurants in 17 states across the country.

5. The brand is specifically targeted and positioned at the large millennial population in India (~34% of the total population as of FY19), through its innovative marketing and advertising campaigns, since the trend of eating-out and ordering-in is particularly strong in this age group.

6. The Company raised ~92Cr as pre-IPO placement from Amansa Investments Limited, a reputed institutional investor, in November 2020

7. Burger King India has created a wide menu specifically tailored for Indian tastes and preferences, and which offers extensive vegetarian options. The restaurants also separate the cooking and preparation of
different types of meals in their kitchens, in order to build trust with their customers.

8. The Company benefits from its international parentage by having globally accepted and technology-driven processes for restaurant development, supply chain management, food preparation and quality control. The Company has also developed its own app for delivery, contact-less ordering and electronic billing.

9. The Company is led by highly experienced professional management. The CEO, Rajeev Varman, has worked with Burger King Corporation at various high-level positions in the US, Canada and Europe. The other senior management members have significant experience in the food & beverages industry, including with Natures Basket, Kellogg, Tata Starbucks and Yum! Restaurants.

10. The IPO is combination of fresh issue and offer for sale. The Company intends to use the fresh proceeds from the pre-IPO placement and the fresh issue to further ramp up its restaurant network, and intends to open and develop 700 restaurants by December 2026, thus increasing the restaurant footprint by more than 160% in the next 6 years.

LPG Booking Whatsapp Number Indane/HP/Bharat Gas

Amazon, Flipkart discount sale date, coupon code, fake pricing mobiles, cameras

While it cannot be deemed as a scam completely, certain things are common even for such sales for amazon, flipkart etc. They do increase the price just before this sales period only to reduce it to fool the customer making them think they have got great discount. Add to that they give additional discounts for various bank to make look it more legitimate.

We'll be discussing real discounts in the later part of this post. First, let's check how they trick you into believing in their false discounts.

Discounts on MRP

MRP typically means maximum retail price, but that doesn't mean it cannot be sold for a lesser amount. Several products especially almost all cell phones available in offline market are sold at a cost which is far less than the MRP quoted on the box. So if the online retailer has slashed the MRP price and quoted it's own price with a fancy 2 digit discount percentage, that doesn't mean those discounts are real.

Abnormal pricing

Sometimes these online retailers increase the original price of the product 2-3 folds (or even more) and then advertise the same at 65% discount. Don't fall for such gimmicks. Compare the original price of the product from other sites or the company or from offline shops. Since these companies work on marketplace model, blame of wrong pricing is usually shifted towards the seller or technical team.

Shipping charges 

Just for the sake of pulling your attention towards the product, seller would list the item at a very reduced price and then cover the discount amount and his margin in the name of shipping charges. This is mostly true for cheaper items, sub Rs 500 range (< 9 USD approx). Now, one might argue that after seeing the high shipping charges nobody would buy the product. Yes, agreed; but such sites are also in the business of selling ads and so they need your "clicks". This point doesn't generally apply to prominent sites like Flipkart and Amazon but you still need to be careful as some 3rd party seller(other than Amazon fulfilled and fadvantage sellers) might be in a mood to play a prank with you.

Cashback offers

Now, this is not exactly false discounts but somewhere the consumer is at a disadvantage. You will have to initially pay the full amount and then you will receive the cashback which can be used only on that particular site.

Fake/Duplicate Items

Now this is a very serious issue. Most of the times it doesn't apply to prominent sites since they have a very stringent policy against sellers selling such stuff but you never know. India and jugaad are almost synonymous. While buying expensive items please make sure you are buying from a reputed site and the seller is trustworthy. Read all reviews before buying. Don't fall for lucrative discounts. Apply your logic and decide if it could be real or not. IPhone 5S for Rs 5000 brand new and still in stock, this has to be fake. To be safe please choose COD, that will give you more time to research on your product and you can also check your item when received. (Note: Not everyone allows to check on delivery, but still COD is a safer option)

Coming to REAL discounts, yes they exist and they are very beneficial to the consumer. Discounts are the most important reason that is dragging people to shop online.

They exist in following forms:

Subsidised Item Cost

Amazon, Flipkart or for that matter any other e-commerce company subsidise the cost of certain trending items to increase their consumer base. Once you have got a good discount, liked their service, you are bound to come back. That is the mantra on which such discounts are offered. This kind of discounts help us save some money.

Coupons

Again, this is one kind of promotional measure to increase their consumer base or in some cases retain their customers, they would send us exclusive discount coupons which can be availed by applying on final check out. Again, it saves us some money.

Promotional festivals

During such festivals, they sell products cheaper than almost everywhere. Discounts might seam illogical but they are REAL. Such festivals are a huge PR campaign for all these sites. They attract new customers, advertisers, merchants and investors. Taking the example of Big Billion Day (BBD) by Flipkart, a lot of people have bashed Flipkart for not being able to pull it off the way it was advertised. 

Bank offers

Has to be real. Still, be careful about the product you are buying. Your bank has nothing to do with the listing of that particular item.

All most every event similar to it is a scam. Be it Flipkart BBD or Amazon Great Indian. Yes, you can get great deals on some of the items like on beauty or health products or on some mobile phones but other than these items, it’s a scam for fooling people.

On large appliances where they claim a 50% discount is a complete lie. The whole year whose MRP is Rs 50000 is changed to Rs 84000 during BBD sale and the discounted price is shown as Rs 48000. The innocent buyers think this is a great opportunity to purchase these products as they are getting huge discounts and that's where the scam begins.

Unknowingly we are not only getting fooled but we are also destroying our own economy. The small retailers are going through a really harsh phase and they are suffering the most. In the festive season where they earn the most, are actually suffering losses. Sales going down to 10–15% and then we blame the government for the downfall in the economy.

If these things continue then those days are not far when small retailers or even medium scale retailers will be forced to shut down their businesses and millions of people will be suffering due to this. It will result in more and more FDIs making their way to the Indian market and a time will come when we will become their slaves. We have to purchase whatever they sell at whatever price they wish as we will be left with no options to choose from.

So the conclusion of this article is simple, discounts exist in the real world, you have to hunt them down and be logical while accepting it. Don't fall for all the tricks mentioned by us at the start of the post.

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Is a College Degree a Must to be Successful?

It starts at a young age for most kids. “You have to go to college to be successful in life!” says your parents, teachers and, well, nearly every adult you come into contact with. But with skyrocketing costs of post-secondary education, a low employment rate for recent grads, and lots of employers focused on experience over education, college just doesn’t seem like the dream it once was.

College isn’t for everyone. Some people are better off graduating high school and going straight into the workforce. This is a hard concept for some to wrap their heads around, especially for older generations. From the moment we begin high school, we’re told to start our search for colleges to attend after graduation.

From a young age, kids are told that obtaining a college degree is the pathway to success. 

The average student will spend 4 years getting an undergraduate degree; taking a full course-load and extracurricular activities leave very little wiggle room for internships and on the job experience. Many students assume that going to college will inevitably land a high paying job in a cushy executive chair, but that is rarely the case. Internships and on the job experience are just as, if not more important than having a degree when you’re starting a career.

College is not for everybody. With the right initiative and determination ,many successful people have dropped out of college and made it big. Now, this is not an excuse to live on your parents couch for the rest of your life, but there is something to be said about being passionate about your work and following your dream to do what you love, even if that means skipping out on higher education.

A Missouri University educational study shows entrepreneurship rose from 16 to 18 percent from 2007 to 2010.

Instead of going to school, what kind of business could you launch with 4 years of your life and tens of thousands of dollars to invest?

Nowadays It’s highly encouraged. And even expected In some cases. For all high school student to go to college and be “productive citizens” in today’s bustling society. Some ideas that are lost on all but a few people are that not all people are cut out for college, and my peers and I need blue collar workers to survive. If everybody goes to college and gets all these fancy degrees such as a doctorate In Psychology or a masters in Pediatrics, then who is left to be the plumber that you call when anything In the bathroom goes wrong?

If everyone is expected to go to college and everyone goes, then where will we get our factory workers, our fast food restaurant workers, and our everyday grocers? I don’t see how It could be practical for everyone to go to college.

Up until about fifteen years ago if you had a college degree you were set for life.

If you had a college degree it meant that you were extraordinary and that you pushed yourself harder to succeed in life. If you had a college degree you were guaranteed a lob in the real world when you stepped out after graduation.

A college diploma meant something more than it does now. Now, having a diploma in your hand when o walk to that first interview after you graduate means close to nothing. Because right behind you there are twenty five other people that have the same diploma and the same credentials. Having a diploma doesn’t command the respect It used to command but now it’s looked at in the same way as someone does when they look at your high school diploma, as if it isn’t a big deal.

It makes no sense for someone who went to college for their four years or more and graduated with a bachelor’s degree or higher to go to a plumber to get a Job when that isn’t their trade. They won’t want to be paid as a plumber when they went to school to be a psychiatrist. For those who desire to be a plumber or a diesel mechanic, they typically attend a trade school or a technical allege for two or four years to hone that skill so that they can get a good paying Job in the field that most suits them and that they are interested in.

Trade school is a great alternative to a traditional college if someone is looking to get a degree in something other than what Is offered at a traditional college or someone who doesn’t already have the skills they need to plunge Into the workforce straight out of high school. Plumbing was Just one Job out of the mix that I chose to make my point. There are dozens of deferent kinds of Jobs out there that need people to work them, and no, hey don’t pay much compared to a lawyer or a doctor, but we need those Jobs to be worked or we will crash as a country and as a society.

For quite a few people in our generation, college is the practical next step to take enjoy that will support them and their families for the rest of their lives. Whether it be a traditional college, technical college or trade school, an associates, bachelors, masters, or doctorate degree, there is something for Just about everyone at colleges around the country. If you don’t have a trade or skill straight out of high school, you can go to college and develop one. On the other hand, some people aren’t cut out for college. Some don’t want to do the work and put in the effort, and some already have a trade or skill.

The people who have already acquired a skill during high school may want to go straight into the workforce and can get a decent Job that way. Even then, some still want to attend a college to further develop and refine the skill. Some people unlike those who have the drive to go to a college or go straight into the workforce simply lack the ambition and the drive to do something with their lives. I have met a couple people during high school that had no ambitions or life goals of any kind. I have talked to people who told me that they want to be a manager at a liquor store or a Wendy.

Our society and country needs those people who don’t want to go to college to work the minimum wage Jobs. What would Indians do without managers at McDonald’s or waitresses or bartenders? Although most people desire to go to college to get a degree to work for a paycheck above minimum wage, we still need the people who go to trade school to be mechanics and professions like that, and we still need the people who don’t go to allege at all to work in fast food and retail.

Our society needs these three types of people to survive and to grow. We need all of these people for our economy to continue to grow and for everything to be strong. These people create the classes that make our country work the way it does. This is why college isn’t for everyone and why not everyone should go to college. Some people need to pursue a different career path for their own personal interests and for our country to continue to roll the way it does.

Statistics prove that some college graduates will earn more money throughout their career than their peers without a degree. But getting a college degree isn’t worth it for everyone; the field of study you choose, along with the school, and most important, the kind of work you want to do, can impact your financial future in a big way. It is more important to follow your dreams and do what’s right for you.

With the recession and the skyrocketing cost of college don’t be ashamed if you decide to hit the field instead of the books. Regardless of your decision, make sure to do your research before jumping into school or a career.

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Being Nice is a virtue which does not pay at work, meme & quotes

You’re probably familiar with the phrase “Nice guys finish last.” I’m not sure if that’s true, but what I do know is that being too nice will absolutely hold you back at work.

Because, while “the super nice one” isn’t topping anyone’s list of least favorite colleagues, it can negatively affect your interactions with your co-workers.

From a young age, we're taught to play nice with others and treat people as we'd like to be treated.

As we get older, this mindset translates into how we behave at work. But is it possible to be too nice in the workplace?

For example, here’s an email you might send with feedback for a colleague if you’re typically trying to be really nice:

I just wanted to say, the report draft you turned in was amazing on every level: I seriously saw nothing wrong with it! The only (tiny) thing I thought you might want to consider is changing the introduction to focus more on our engineering partners, and maybe to add a section to address the public sector, but no worries if not, and otherwise it was incredible, like everything you do. And I’m even happy to add those things in for you, if you want!

While this is certainly pleasant to read, it’s not actually all that helpful for anyone involved.

Here’s why:

You Come Across as Inauthentic

You might simply want to avoid offending anyone, but if you’re constantly equivocating, people may question if you ever say what you mean. If you’re praising their work to their face only to throw your support behind another approach, people will get suspicious of your gushing words.

To keep friendliness a priority, you can practice being direct without being brusque or blunt. Think about being specific in your praise rather than just being generally effusive all the time.

You Never Contribute Constructive Criticism

Giving specific praise isn’t enough—you’ll also want to get comfortable discussing areas where people can improve.

Most people want to do a good job and advance, and if your focus is solely on being well-liked, it can come at the cost of saying things that need to be said. In other words, if your colleague asks for feedback and you tell him his work on the project is incredible—and it’s not—you’re actually sabotaging him.

Yes, giving critical feedback can be scary, especially if it’s to your peers. But if you never make any suggestions, others might take it as a sign that you don’t care enough to help. Or—even worse—they’ll think you don’t know enough to add any commentary other than encouragement.

When you give suggestions, resist the temptation to pad them in a lot of qualifiers (“What you did was great, but maybe, you might perhaps, if you want, consider…”). Remind yourself that straightforward, honest communication will be seen as helpful.

You Become a Doormat

Being too nice also invites people to disregard your boundaries—without even feeling like they’re taking advantage of you.

Imagine your teammate wants to take off a bit early, but there’s a final piece of a project that needs to get done. So, she asks if it’d be all right if you stay late and complete everything, and without hesitation, you say, “Absolutely! No problem!”

Well, then she’s going to assume it was “No problem.” But if you do this all the time, you’ll end being the office doormat, and your teammates won’t even feel bad about walking on you because you make them feel good about doing it with your super-nice responses.

You are a genuinely nice person, so don’t feel like you have to put yourself last for your colleagues to know it. In fact, turning down these requests will help everyone. Your teammate will learn to manage time better and not rely on you, and you’ll learn to say “no,” nicely.

Leaders are placed under a tremendous amount of pressure to be relatable, human and … nice. Many yield to this instinct, because it feels much easier to be liked. Few people want to be the bad guy. But leaders are also expected to make the tough decisions that serve the company or the team’s best interests. Being too nice can be lazy, inefficient, irresponsible, and harmful to individuals and the organization.

Quora users discussed this question in the recent thread: "What are the disadvantages of being too nice to people?" As it turns out, there are quite a few ways that being overly friendly might be holding you back at work.

You'll seem boring

Being too nice can come across as passive and bland. "People will soon start finding you boring," says Manish Barnwal. It's great to be polite, but let your personality show.

No one will listen to you

"If you find it hard to say no, people will eventually assume you mean yes even when you say no, and repeatedly pester or coax you to do something you actually don't want to do," warns Adrija Subramanian. Coworkers will start to see you as someone who can't say no, and try and talk you into helping with everything - even when you have your hands full.

Quora user agrees, noting that you'll start to attract the type of people who will guilt trip you when you say no to something.

People will take advantage of you

Some people might perceive your niceness as a sign of weakness, says Christopher Kosel. This leads them to believe that you won't stand up for yourself, so you'll be easy to manipulate. And once you start doing everything people ask of you, they'll come to expect it. "They'll just walk all over you!" says Quora user Niharika Kishore. "If once you give them the message 'it's okay,' they'll think it's their right to do that every time."

People will have higher expectations for you

Once you earn a reputation for saying yes to everything, people might take it the wrong way when you stand up for yourself. "If you decide to change, to stop the abuse, people will be disappointed if you refuse something, you will receive cries of 'You were a good person, but you changed,'" says Glauco Becaro. Though your refusal might be reasonable, it will appear selfish in contrast with your usual demeanor.

You'll look suspicious

Despite your positive outlook on the world, not everyone is nice all the time, and many may question whether your niceness comes with ulterior motives. "Just as there is no such thing as a free lunch, there can not, surely, be such a thing as 'too nice' for no reason," Anila Syed says. People might begin to question what you really want, even if you're just trying to be a good person.

Being too nice might also keep you from forming true friendships with your boss and co-workers. "You could come off as fake, which could limit your ability to form meaningful connections with those around you," says Brian Lewis.

You won't be respected

If you're overly nice all the time, it becomes the only thing people see in you. You'll be overlooked by others because if you're nice even when other people aren't, you may not demand the respect you deserve, says Fulin Wang.

You give up your time.

You compromise and try to do things which are in others' interest. If you're spending all your time focused on helping others, you'll run out of time to concentrate on yourself and your own projects.

Here are a few other recognizable scenarios where being nice isn’t doing you – or anyone – any favours:

Turning to polite deception

You’ve been in these brainstorming meetings – everyone is trying to hack a particular problem, and someone with power raises a ridiculous idea. Instead of people addressing it honestly, brows furrow, heads nod like puppets on strings, and noncommittal murmurs go around. No one feels empowered to gently suggest why that particular idea won’t work. At my company, rejecting polite deception is a big part of how we do business. When something isn’t right, we call each other out on it respectfully, then and there, without delay. Why? It’s not helpful to foster an everyone-gets-a-trophy mentality; you have to earn the honours to get the honours.

The long linger

Sometimes a hire just won’t cut it in a certain role. It might seem easier to keep an employee in place rather than to resolve the mismatch – but it actually is not. Resist the temptation to prolong confrontation, to see if things will get better. It is more of a disservice to let someone flounder, especially when it’s clear that he or she just isn’t hitting the mark. Be kind and communicate clearly, but don’t be nice. Be surgical about it. Make the clean cut. Help the person transition somewhere he or she can succeed. Handling employee issues immediately helps your culture and productivity – over time, you’ll attract employees with similar values and convictions.

Don’t be a doormat 

When you’re too nice – to suppliers who can’t deliver on time, to colleagues who don’t do their work, to customers who refuse to pay – you’re actually letting others take advantage of you and your business. When you’re overly generous with your allowances for others, you create a fertile atmosphere for contempt to spread. Imagine the reactions of your most talented, focused, and motivated employees as they watch lacklustre co-workers get pass after pass. Anger and resentment take root, morale plummets, and turnover starts to go up, up, up. Think of how loyal customers will react if they see how easy it is for others to take advantage of your services. Your reputation will surely suffer. These problems become more difficult to solve as they pile up. You don’t need to be severe to be respected, but you do need to hold your organization to certain standards — and you must be firm about people meeting them. Setting rules will help you when decisive action is needed. No more delays, no demurring, no debating.

Failing the introspection test

Are you too nice to yourself? Introspection is a powerful leadership tool, but we often forget to use it. When you ask yourself what behaviours hold you and your team back, you can recalibrate your leadership style for the better. When you give employees the space to give you the hard truths, without fear of repercussion, you’ll get valuable perspective and make a giant leap forward in maturing as a leader.

Of course, this doesn’t mean managers get a free pass to be disrespectful, cruel, or a bully in the workplace. There’s a world of difference between being an effective leader with high expectations and dealing with problem after problem caused by milquetoast management. Beware of confusing being nice – or being liked – with being a good leader.

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Home as an Investment: Right or Wrong

That is, an investment is anything you put money into with the expectation that you will earn money as a result.

Stocks and bonds are investments because the expectation is that owning them will earn you money. College tuition is an investment when the expected result is a greater lifetime salary than the cost of the education.

This is different from other financial decisions that may be smart, but are not investments.

For example, you might choose to buy higher-quality furniture that costs more now but saves you money over the long term because it lasts forever. Most people would agree that that’s a good financial decision — but it’s not an investment, because there is no “income or profit.” The furniture costs you money, even if it costs you less than the alternative.

It’s common for people to think of their house as an investment, but this misses the mark on a few fronts.

Based on a number of factors, a single-family home that you live in is not an investment. That’s not necessarily saying you should avoid homeownership, but if you’re leaning towards buying because you think you’re making a smart investing, think twice.

A lot of people will tell you that buying a home is a good investment, but “that couldn’t be further from the truth,” says Peter Mallouk, a certified financial planner and president of wealth management firm Creative Planning.

“In reality, it’s usually a terrible investment,” he says. That’s because, at the end of the day, owning a home takes money out of your pocket: “You’re paying property taxes, you’re paying maintenance, you’re paying insurance. There are all of these other things that happen with your home that you’ve got to pay for.”

Young homeowners in particular have figured that out the hard way: Underestimating the hidden costs is the No. 1 reason millennials who do own homes have regrets.

Over time, your home might increase in value, Mallouk says, but it probably won’t appreciate enough to offset all of the costs. Instead, if you took what you’d save from not buying a house and invested it in something that’s likely to grow in value, such as stocks and bonds, chances are you’d end up with more money in the long term.

Probably the single biggest reason why a house is not an investment is that its primary purpose is providing shelter. This is more significant than it sounds at first.

One of the most basic factors that makes an investment an investment is your ability to control the timing of your ownership. That means that you can buy it and sell it at times and under circumstances that are likely to maximize your investment return. We can think of traditional investments, such as stocks, bonds, mutual funds—even rental real estate—as providing this ability.

Since your house is your personal residence, you will have little control over the purchase and sale from an investment perspective. You’ll purchase the house when it is needed for shelter purposes, and sell it only when it no longer serves that purpose, and it’s time to move on.

The lack of control over the timing of buying and selling a house had a major negative effect on houses as investments during the financial meltdown. Many people bought houses at the top of the market because that was the time that they needed a home for their families. But still others were stuck having to sell after the market collapse, due to a negative change in their own personal financial situations.

That forced them to buy high, and sell low. That’s not unusual when it comes to residences, and largely disqualifies a house as an investment.

While it is true that houses generally increase in value, there’s only limited ability to tap into that increase. The most effective and efficient way is to sell the house after it has experienced a significant amount of price appreciation. However, selling a house is highly disruptive because it means you have to move.

More significantly, when you do sell, you will most likely have to use the equity from the sale to purchase the next house. After all, you will be moving from one residence to another. This means that in a real way, home equity is trapped equity.

The only time that house does not fall into this category is when you plan to sell the house, either to trade down to a less expensive house, or to move to a rental situation. In that way, you will sell the property and cash-out on the equity.

There is another way that you can pull equity out of your house, but it is hardly a method that’s risk free. You can borrow the money out of your house, based on the amount of equity you have. This can be done either through a home equity line of credit (HELOC) or through a straight up cash-out refinance of your first mortgage.

But when you do either, you are borrowing money against the house. That may put more cash in your pocket for purposes unrelated to the house, but it also creates a corresponding liability. That liability not only creates a reduction of future cash flow via the monthly payments, but it also puts your house at risk.

A lot of people found that out the hard way during the financial meltdown. As house values either went flat or declined, homeowners realized that they had no equity in their homes. That left them unable to refinance to lower the monthly payments, and unable to sell to move to a less expensive housing arrangement.

The widespread use of HELOCs and cash-out refinances made a lot of people feel richer in the short-term, but it jeopardized their long-term financial security in the process. Thinking of their homes as perpetual investments, many engaged in serial refinances and left themselves “underwater” on their homes—owing more on the house than the house was worth.

That’s where thinking of your house as an investment becomes a dangerous assumption.

Typically when you purchase an investment, it doesn’t require an ongoing investment of cash. But a house certainly does.

Not only do you have to make monthly mortgage payments, but you also have to pay real estate taxes, homeowners insurance, sometimes private mortgage insurance, and utilities. You also have to maintain the property, which means providing a regular series of repairs and maintenance as necessary. These expenses are called carrying costs—the costs of carrying the investment.

Even more costly are the major repairs associated with homeownership. This can include replacing the roof, siding, windows and doors, carpets and flooring, and driveways. You may also engage in major remodeling, that will require replacement of kitchens and bathrooms.

Each of those expenses individually can cost thousands of dollars. Over the course of several years or decades, they can cost tens of thousands dollars.

True investments don’t require that kind of ongoing outlay of cash. You can rationalize those expenses based on the fact that the house is providing you shelter. But that gets back to the original premise—a house is shelter, and not really an investment.

Most millennials are choosing not to buy homes

Millennials don’t like buying real estate. It has been established by surveys and reports that many young millennials are reluctant to take on a huge EMI burden early on in their careers just to buy a home. “As the demands of modern-day careers keep people on the move, many have decided against being tied down to a particular city by buying property, and rental homes have become the norm across the metros," said Lovaii Navlakhi, managing director and CEO, International Money Matters Pvt. Ltd, a financial planning firm. Affordability and a change in the general attitude towards saving and investing have also played a part.

But if so many millennials are shying away from buying homes, which demographic is moving the real estate market in India? According to data from ANAROCK Property Consultants’s consumer sentiment survey, there has been a tectonic shift in the age demographic of Indians looking to buy homes over the past two decades. Conducted in the first quarter of 2019, the online survey saw nearly 2,797 participants (including NRIs) responding to it. It revealed that the age of the bulk of homebuyers was 45-55 years in the 1990s, but by 2000s it had dropped to include the age group of 35-45. In 2009-10, easy home loans boosted the share of homebuyers in the 25-35 age bracket.

In the late ’90s, the age demographic of homebuyers in India was 45-55 years because they preferred to pay for a home, at least partially, with their savings rather than taking on a loan. It was only close to retirement that people would accumulate enough to purchase a home, exacerbated by the fact that major banks were reluctant to lend large amounts at the time, a trend which has changed since.

In the 2000s, home loans started becoming readily available with banks targeting the younger demographic as the primary customer base, which meant that those aged between 35 and 45 years could also start buying homes even with sparser savings. “Home loans were readily available, and homebuyers warmed up significantly to the notion of using borrowed funds rather than depleting all their savings. The fact that home loans also carried attractive tax benefits certainly helped," said Prashant Thakur, director and head, research, ANAROCK.

In 2019, 36% of those looking to buy homes are still in the 35-45 age group because younger millennials are choosing not to buy homes.

Thakur said the ranks of the vital age demographic swelled steadily till about 2015-16. “However, since then, many millennials are rethinking the notion of buying homes at this relatively early age. The tendency now is to avoid large investments and instead invest in other asset classes. However, this is by no means the larger norm," he said.

According to Dilshad Billimoria, director, Dilzer Consultants, and a Sebi-registered adviser, millennials are still entering the real estate market, but they are doing it later in life and are ready to take on more “calculated" risks after an educated and informed analysis of the property.

Also, there has been a shift in the way Indians, especially the younger generations, perceive assets and investments. For instance, mutual funds, which were considered a risky asset class by the earlier generation have been embraced by the younger ones. This is validated by a substantial and stable growth in assets under management by the mutual fund industry. Mutual funds’ asset base increased to ₹25.47 trillion in August 2019, with fund houses witnessing an overall inflow of ₹1.02 trillion, according to data from the Association of Mutual Funds in India (Amfi). “Campaigns like Mutual Funds Sahi Hai have brought in greater awareness about such financial assets and the advantages they offer. The shift from real estate to equity is slowly happening," said Navlakhi.

The ANAROCK survey shows that the trends vary from city to city. In the Mumbai Metropolitan Region, 37% home seekers are aged 35-45 years, 28% aged 45-55 years, whereas Delhi NCR shows a reverse trend with 37% home seekers aged 45-55 years and 26% in the 35-45 years bracket. In Bengaluru, 52% prospective homebuyers are aged between 35 and 45 years, while 18% are in the 45-55 years bracket, and a significant 21% are below 35. In Hyderabad, 39% of property seekers are aged between 25 and 35. Pune has the maximum number of prospective buyers in the in 35-45 years bracket at 46%, followed by 28% aged between 25 and 35.

Overall, the survey revealed that in 2019, 36% property seekers are in the 35-45 age bracket, followed by 25% in the 45-55 age bracket. A significant 20% of prospective homebuyers are in the 25-35 age bracket, which means that older millennials are still looking to buy homes, even though a significant number of prospective buyers are still from the previous generation.

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A lot has changed in the past 125 years. Since 1890, the year in which Shredded Wheat, the popular breakfast cereal, was created and the fire alarm was invented, modern society has been transformed completely, from the discovery of antibiotics to the development of airplanes, television, and the internet.

But one thing has remained stubbornly constant: the accounting firm used by Procter & Gamble, the consumer goods company behind products such as Pantene, the shampoo, and Gillette, the shaving brand. P&G’s relationship with Deloitte is coming under increasing pressure to end. A number of the world’s largest investors are becoming concerned about the remarkable length of some of these relationships and the ability of audit firms to deliver independent advice when they have worked for the same company for decades, if not centuries.

The ‘Big 4’ audit firms service a third of India’s listed companies audit business by value. Between them PwC, Deloitte, KPMG and EY and their many affiliate firms in India audit close to 60 percent of the Nifty 500 companies, as per 2017-18 data published by Prime Database. Over the last two decades, the expansion of these large audit firms in India, known as the Big 4 globally, subsumed several local Indian firms such as BSR & Associates, AF Ferguson & Co., SR Batliboi & Associates. While many retain their Indian identity due to Indian laws, the loose networks they form have grabbed audit assignments of India’s biggest companies. Foreign investors, too, have found comfort in knowing that the Indian company they are investing in is audited by a brand they recognise.

In the past few years the Big 4, which audit over 90 percent of FTSE 350 companies in the U.K. and S&P 500 companies in the U.S., have made the headlines due to several audit failures across the world. Now India is witnessing the same. Each one of the four are facing sanctions or investigations over fraud.

This year, eight companies in the S&P 500 will have their annual reports signed by the same auditors that have verified their financial statements for at least 100 years. Johnson & Johnson is the latest to join the club with PwC, carrying on a relationship that started in 1920. Meanwhile, General Electric Co. will get one last signature out of an 111-year streak with KPMG. The manufacturer is dropping KPMG after a series of financial missteps and will switch to Deloitte in 2021. Coca-Cola Co. could take the empty spot on the list next year if it remains linked to Ernst & Young, which started working with the beverage company in 1921.

“Auditor tenure at P&G is completely ridiculous. I am shocked,” says a corporate governance expert at one of the UK’s biggest fund houses, speaking on condition of anonymity. He adds: “From an investor perspective, I think we have been spending far too much time speaking to remuneration committee chairmen and not nearly enough time talking to audit committee chairmen. I do not think you would find anyone who would think having the same auditor for 100 years is a good thing.” Investors have intensified their focus on auditor independence in the aftermath of the financial crisis. Questions were raised about why the big four accounting firms (PwC, Deloitte, Ernst & Young and KPMG) either failed to spot or failed to highlight mounting problems in the banking sector.

Worryingly for some investors, P&G is by no means alone in its decision to stick with the same auditor for a substantial length of time. General Electric, one of America’s best-known conglomerates, has used KPMG for 106 years, according to figures compiled for FTfm by MSCI, the data provider. Caterpillar, the heavy equipment company, has used PwC for 90 years, while Goldman Sachs, the investment bank, has employed PwC for the past 89 years. Bram Hendriks, senior corporate governance officer at NN Investment Partners, the $227bn Dutch fund house, is concerned. “An excessively long association between the auditor and its client may constitute a threat to independence. Auditor tenures of 50 years plus are considered excessive,” he says.

Peter Lundkvist, head of corporate governance at AP3, the Swedish national pension fund, adds: “The independence of auditors from the company and its management is critical for maintaining investor confidence. In some cases companies have had the same audit firm for more than 100 years. It is very difficult for auditors to claim that they are independent in these cases.” There could be many more companies with extended auditor relationships, but it is difficult to tell. MSCI estimates that only 56 per cent of all S&P 500 companies disclose how long they have used the same auditor, although this is an improvement on 2012, when just a quarter of companies volunteered this information.

In the Russell 3000 index, meanwhile, there are 114 companies that have used the same auditor for between 50 and 99 years, according to Calstrs, the $193bn Californian pension fund. Another five companies in the Russell 3000 index have had the same auditor for more than 100 years. 

 Calstrs says it expects companies to change auditor every seven years. “Regular rotation is seen as necessary to maintain external auditor independence and to avoid the types of cosy relationships that could lead to conflicts of interest,” a spokesperson for the pension fund says. Although the issue of lengthy auditor tenure appears to be of growing concern to a number of investors, there are no examples of shareholders rejecting the reappointment of an auditor among the 3,000 largest US companies in the 2014 voting season.

Institutional Shareholder Services, the proxy adviser that helps investors decide how to vote at company meetings, says that of the 17,810 votes held on auditor nominations at large companies globally last year, only 16 failed. This means that investors approved auditor nominations on 99.9 per cent of occasions. Asset managers are not only reluctant to reject auditor reappointments, many of them, particularly those based in the US, are also unwilling to discuss their views on appropriate auditor tenure.  

 BlackRock, JPMorgan and Franklin Resources are also among the companies that do not disclose their auditors’ tenure, according to MSCI. One of the asset managers, who did not want to comment on the record, says she believes the problem may lie in the fact that investors simply are not aware of how long some auditors have been in place. “There is a complete and utter lack of awareness around this issue,” she says. This lack of awareness could be resolved soon.

The US Securities and Exchange Commission is planning to consult investors this summer on whether large companies should be forced to disclose how long their auditors have been in place, according to Joseph Carcello, a member of the regulator’s investor advisory committee. Mr Carcello, who is also executive director of the University of Tennessee’s corporate governance centre, adds that the regulator is keen to see companies publish better-quality audit reports.

Pirc, the shareholder advisory group, has adopted a policy of recommending its clients oppose the reappointment of auditors when they have been in place for more than a decade. Pirc believes the impact of this policy could be substantial, given that its clients account for £1.5tn of assets and are estimated to hold approximately 1 per cent of the shares of S&P 500 companies collectively.

Paul Lee, head of corporate governance at Aberdeen, believes more US investors will begin to question auditing arrangements at the companies they invest in. He says: “If additional transparency alerts people to the fact that many companies have had the same audit firm in place for upwards of 50 years, then that can only be a good thing. Auditors are the independent eyes and ears of shareholders within the corporate reporting process and we need them to be free to do that to their best ability.”

Many of the companies that have had the same auditor in place for close to a century did not want to comment for this article. General Electric, the conglomerate that has used KPMG as its auditor for 106 years, was the exception. It said: “The board of directors annually reviews KPMG’s independence and performance in deciding whether to retain the accounting firm. “The board considers KMPG’s audit performance, their ability to handle the breadth of our worldwide operations, an analysis of their known legal risks, the audit quality and efficiency benefits of having a longer-tenured auditor, and controls in place at GE and KPMG to mitigate against any potential independence concerns.

“In our engagement with investors, they generally have not had an issue with KPMG’s tenure — they are more focused on disclosure. As a result, over the past few years, we have significantly enhanced our proxy disclosures around the auditor engagement process.” Procter & Gamble, Caterpillar, and Kimberly Clark all pointed FTfm in the direction of their proxy statements — documents they must send to their shareholders containing relevant information ahead of an annual meeting. P&G said that “the retention of Deloitte to serve as the company’s independent external auditor is in the best interest of the company and its shareholders”.

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