Westpac Bank (ASX:WBC) Stock Analysis - April 2015

Overview
Westpac (ASX:WBC) was established in Sydney in 1817. It is Australia's oldest bank and financial services provider headquartered in Sydney, NSW. It also has offices in Singapore and Hong Kong. It is one of Big 4 banks in Australia and is also second-largest bank in New Zealand. It serves more than 8 million customers with almost 1200 branches and a network of more than 2900 ATMs. 
Its core business units are:
  • Retail (Consumer) and Business division
  • Corporate and Institutional division
  • Wealth Management division
Australian banks, which includes Westpac (AA credit rating), were among the few banks in the world that came unscathed from the global financial crisis (GFC).

Competition
Banking industry in Australia is a classic case of oligopoly. An oligopoly is a market structure in which a few firms dominate. Australian banking industry is dominated by the Big 4 banks - CBA, NAB, ANZ and Westpac. Together, the Big 4 banks control more than 90% of the regulated market. As a result, Big4 banks together make it difficult for new players to gain any market share. Big 4 banks also hold cost advantages over their small competitors due to massive economies of scales.

Westpac's vast network of branches (over 1200) poses significant challenge (high barrier for entry) for new entrants to threaten its market leader position. Westpac's focus on regional multi-brand strategy, marked by the launch of 'Bank of Melbourne' in the year 2011, is helping the bank set itself apart from competitors. 

Although fierce competition exists between the Big 4 banks, neither local regional banks (which tend to follow Big 4 trends) and nor foreign banks are in a position to pose any meaningful threat to the Westpac's dominant position in the foreseeable future.

Warren Buffett, arguably the world's greatest investor, often emphasis buying businesses with pricing power, i.e. businesses that can increase prices without losing customers or market share to competitors. Banking is a highly regulated commodity business and as such banks do not hold any pricing power (it is more or less dictated by the RBA cash rate). Big 4 banks are no exception in this regard, they do however, set and define the baseline prices in the mortgage market, which other smaller banks tend to follow.

Revenue
The following graph outlines the revenue growth of Westpac in the last 10 years.
As can be seen from the graph above, revenue has grown by more than 2 folds in the last ten years from AUD 8.7 billion to AUD 19.9 billion in 2014. Westpac recorded growth in revenue with 3 year, 5 year and 9 year growth rate (CAGR) at 6%, 4% and 10% respectively. Even during the GFC in 2009, Westpac managed to increase revenue by 10%. During the last ten years, Westpac increased its shares by whooping 70%. The effect of share dilution is visible in the revenue per share growth rate, with 3 year, 5 year and 9 year revenue per share growth rate coming in at 3%, 0% and 3% respectively.

Earnings
In order to arrive at the owner's earnings, the cash based 'R&D' expenses and non-cash 'Depreciation, Depletion and Amortisation' expenses have been added to the reported Net Income.

The graph below shows the reported earnings, owners earnings and cashflow in the last 10 years.
In the last ten years, the owner's earnings have tripled (approx) from AUD 2.9 billion to AUD 8.6 billion in the year 2014. Westpac recorded moderate growth in earnings with 3 year, 5 year and 9 year growth rate (CAGR) at 4%, 16% and 13% respectively. During the GFC (2008-2009) Westpac owner's earnings increased by 6% but EPS fell by 25% as a result of share dilution. The effect of share dilution is also visible in the earnings per share growth rate, with 3 year, 5 year and 9 year eps growth rate coming in at 1%, 12% and 6% respectively.


Below is the earnings growth breakdown for the year 2014:
  • Westpact retail and business banking reported 10% increase in earnings.
  • St George reported 14% increase in earnings.
  • BT Financial reported 16% increase in earnings
  • New Zealand reported 25% increase in earnings.
At the time of this writing, Australia is going through soft credit growth, which may have an impact on the short term earnings growth.

Australia's superannuation industry is one of the fastest growing industry in wealth management, with compulsory super contribution to rise to 12% by the year 2022. This should provide some consistent earnings growth and a cushion to soft credit conditions.

Expense vs Income
In the last 10 years, Westpac has spent an average of 12.5% of its owners earnings on 'R&D', 'Property, Plant and Equipment' and 'Purchase of business'.

The graph below outlines the 'Earnings vs Expense' ratio in the last 10 years.

During the last 10 years, Westpac spent a sum total of AUD 7.7 billion on acquisitions, which comes to mere 11% of total owners earnings during the same period.

Westpac gained entry into the lucrative wealth management sector through the acquisition of Rothschild, BT Financial Services and Hastings in the 2000s.

Westpac acquired St George bank in the year 2008 in the midst of the GFC.

Westpac acquired RAMS home loans in January 2008 and operates the RAMS distribution business and brands as part of the St. George group.

Westpac sold it's banking operations in Samoa, Cook Islands, Soloman Island, Vanuatu and Tonga for $125 million to Bank of South Pacific.

Bad Debt
The graph below outlines the 'Credit loss provisions' in the last 10 years.
Global financial crisis exposed the bad debts made during the boom year. The credit loss provision nearly soubled fold from AUD 482 million to AUD 932 million in 2009.

PE ratio
The graph below shows the PE ratio trend in the last 10 years.


Return on Equity 
The graph below outlines the ROE trend in the last 10 years.

As can be seen, the ROE has been quite stable except the GFC and has been consistently more than 15%.

Dividend
The graph below outlines the dividend per share trend in the last 10 years.

Westpac has steadily increased dividends, paid two special dividends in fiscal 2013. In the last 10 years, the dividends have increase of 8.1%. A CAGR of 8.1 implies, dividends doubling every 9 years.

The current dividend payout ratio sits at an uncomfortable 115%.

Yield
The graph below outlines the buyback, shareholder and dividend yield trend in the last 10 years.

In the last 10 years, the dividends have increase at a fantastic CAGR of 8.1%. Westpac has returned a total of AUD 30.8 billion to its shareholder through dividends. Currently, Westpac has a dividend yield of 7%. I expect that in future, the dividends are more likely to grow at a CAGR of 4-6% due to very high dividend payout ratio of 115%.

In total, Westpac has been able to return 58% of its total owner's earnings to shareholders through dividends and share buybacks.

Risk
It is estimated that together, Westpac and CBA, control more than 50% of the home loan market. At the time of this writing, approximately 67% of all Westpac loans are mortgage loans and remain profitable. This is a positive sign because when compared to other asset classes, mortgage lending is considered low-risk venture. The downside is that it exposes Westpac to downturn in property market.

Several economists believe that house prices in Australia (especially in Melbourne and Sydney) are over-valued by upto 30 percent. Concerns about a market bubble and subsequent crash have often been made. Only recently, Glenn Stevens, governor of RBA, made a remark that Sydney house prices "look rather exuberant". Some of the commonly cited reasons behind heated property markets are:
  • Foreign buyers (China)
  • Negative gearing
  • Rise of SMSFs borrowing to invest in Super
  • Low interest rates
Some fear that in case of a housing market correction, Australian banks may suffer the similar (horrible) consequences as the banks in America did during sub-prime mortgage crisis. While it is true that Australian housing market is expensive and affordability is an issue, Australian banks are in a much better position to handle a correction due to:
  • Strict underwriting standards
  • Lender's mortgage insurance for loans for 80% LVR
  • Full recourse lending
  • High proportion of variable rate home loans
  • Possibility of rate cuts by RBA
Low doc loans were cited as major culprit in subprime mortgage crisis in the US. Within Australia, regulations stipulate that low doc loans with an LVR of over 60% be covered by lenders mortgage insurance which insurance the bank against the risk of default on loans. Interestingly enough,  LMI is paid by the borrower but insurances the bank. 

Future
Banking industry is correlated with the macro-economic factors like, interest rate, inflation, unemployment rate and consumer confidence among other factors. Slowdown of the mining and commodity sector combined with weakened employment market may impact the revenue.

In addition, since banking is highly regulated industry, adverse regulatory changes, however unlikely, is always a threat.

Valuation
The current market cap for Westpac (ASX:WBC) stands at AUD 120 billion at a trailing PE (reported earning) of 16.30 and at a fwd PE of 14.27. At current share price ($38.39), it offers a trailing dividend yield of 6.77%.

Full Disclaimer: I am not a financial planner. The views expressed in this post are all mine and they may or may not suit your needs. Please do you own due diligence. I do not make money on any of the products suggested in this post.

Commonwealth Bank (ASX:CBA) Stock Analysis - April 2015

Commonwealth Bank of Australia (ASX:CBA) is one of the largest Big 4 banks in Australia. It is one of the most recognised brands in Australia. It is highly profitable, with operation in Australia and New Zealand and Asia. Commonwealth bank's services include:
  • Full suite of banking services
  • Insurance (General and life)
  • Wealth management
Australian banks, which includes CBA, were among the few banks in the world that came unscathed from the global financial crisis (GFC).

Competition
Banking industry in Australia is a classic case of oligopoly. An oligopoly is a market structure in which a few firms dominate. Australian banking industry is dominated by the Big 4 banks - CBA, NAB, ANZ and Westpac. Together, the Big 4 banks control more than 90% of the regulated market. As a result, Big4 banks together make it difficult for new players to gain any market share. Big 4 banks also hold cost advantages over their small competitors due to massive economy of scales.

Neither local regional banks (which tend to follow Big4 trends) and nor foreign banks are in a position to pose any meaningful threat to the CBA's dominant position in the foreseeable future.

CBA is leading the modernisation of the banking system in Australia with its CBM program. This is evident from the sleek, modern and exceptional retail banking website and phone apps. This investment in technology should help CBA gain competitive advantage among the Big 4 banks.

Revenue
The following graph outlines the revenue growth of CBA in the last 10 years.
As can be seen from the graph above, revenue has grown by 43% in the last ten years from AUD 17.9 billion to AUD 26.3 billion in 2014. CBA recorded slow growth in revenue with 3 year, 5 year and 9 year growth rate (CAGR) at 6%, 8% and 4% respectively. Even during the GFC in 2009, the worst thing that happened was that the revenue fell by mere 10%, although revenue per share fell by 15% as a result of share dilution. The effect of share dilution is also visible in the revenue per share growth rate, with 3 year, 5 year and 9 year revenue per share growth rate coming in at 4%, 6% and 1% respectively.

Earnings
In order to arrive at the owner's earnings, the cash based 'R&D' expenses and non-cash 'Depreciation, Depletion and Amortisation' expenses have been added to the reported Net Income.

The graph below shows the reported earnings, owners earnings and cashflow in the last 10 years.
In the last ten years, the owner's earnings have doubled from AUD 4.46 billion to AUD 9.3 billion in the year 2014. CBA recorded moderate growth in earnings with 3 year, 5 year and 9 year growth rate (CAGR) at 10%, 12% and 8% respectively. Remarkably, during the GFC (2008-2009) CBA's owner's earnings increased from AUD 4.7 billion to AUD 5.1 billion as is evident in the graph. While the overall earnings during GFC increased substantially, EPS (earnings per share) only increased marginally due to share dilution. The effect of share dilution is also visible in the earnings per share growth rate, with 3 year, 5 year and 9 year eps growth rate coming in at 7%, 10% and 5% respectively.

At the time of this writing, Australia is going through soft credit growth, which may have an impact on the short term earnings growth.

Australia's superannuation industry is one of the fastest growing industry in wealth management, with compulsory super contribution to rise to 12% by the year 2022. This should provide some consistent earnings growth and a cushion to soft credit conditions.

Expense vs Income
In the last 10 years, CBA has spent an average of 12.5% of its owners earnings on 'R&D', 'Property, Plant and Equipment' and 'Purchase of business'.

The graph below outlines the 'Earnings vs Expense' ratio in the last 10 years.
During the last 10 years, CBA spent a sum total of AUD 2.9 billion on acquisitions, which comes to mere 4.5% of total owners earnings during the same period.

This demonstrates that the management team has been quite prudent at making acquisitions, instead of going on a buying frenzy to raise revenue they have been quite focused on making good deals. One such example is CBA's acquisition of BankWest in 2008. CBA acquired BankWest in 2008 from Bank of Scotland in the midst of GFC at rock bottom prices.

Bad Debt
The graph below outlines the 'Credit loss provisions' in the last 10 years.
Global financial crisis exposed the bad debts made during the boom year. The credit loss provision increase nearly three fold from AUD 930 million to AUD 3 billion in 2009. It has since been declining at a steady state, which is a positive development.

PE ratio
The graph below shows the PE ratio trend in the last 10 years.
Since the GFC, CBA ratio (based on owner's earning) has ranged from a low of 12 to a high of 14.6. CBA PE ratio (based on reported earnings) has ranged from a low of 11.33 to a high of 15.97.

Return on Equity 
The graph below outlines the ROE trend in the last 10 years.
As can be seen, the ROE has been quite stable except the GFC and has ranged between 18% to 20%.

Dividend
The graph below outlines the dividend per share trend in the last 10 years.
In the last 10 years, the dividends have increase at an average of 7.57% and at a CAGR of 8.16%.
A CAGR of 8.16 implies, dividends doubling every 9 years.

The current dividend payout ratio sits at an uncomfortable 106%.

Yield
The graph below outlines the buyback, shareholder and dividend yield trend in the last 10 years.
In the last 10 years, the dividends have increase at a fantastic CAGR of 8.16%. CBA has returned a total of AUD 32 billion to its shareholder through dividends. Currently, CBA has a dividend yield of 6.29%. I expect that in future, the dividends are more likely to grow at a CAGR of 4-6% due to very high dividend payout ratio of 106%.

On the other hand though, CBA has added a total of 392 million additional shares. This in turn, has resulted share dilution of massive 31% over last ten years. Taking the effect of share dilution into consideration, CBA has returned a total of AUD 26.15 billion to its shareholders.

In total, CBA has been able to return 41% of its total owner's earnings to shareholders through dividends and share dilution.

Risks
Several economists believe that house prices in Australia (especially in Melbourne and Sydney) are over-valued by upto 30 percent. Concerns about a market bubble and subsequent crash have often been made. Only recently, Glenn Stevens, governor of RBA, made a remark that Sydney house prices "look rather exuberant". Some of the commonly cited reasons behind heated property markets are:
  • Foreign buyers (China)
  • Negative gearing
  • Rise of SMSFs borrowing to invest in Super
  • Low interest rates
Some fear that in case of a housing market correction, Australian banks may suffer the similar (horrible) consequences as the banks in America did during sub-prime mortgage crisis. While it is true that Australian housing market is expensive and affordability is an issue, Australian banks are in a much better position to handle a correction due to:
  • Strict underwriting standards
  • Lender's mortgage insurance for loans for 80% LVR
  • Full recourse lending
  • High proportion of variable rate home loans
  • Possibility of rate cuts by RBA
Future
Slowdown of the mining and commodity sector combined with weakened employment market may impact the revenue.

In addition, since banking is highly regulated industry, adverse regulatory changes, however unlikely, is always a threat.

Valuation
The current market cap for CBA (ASX:CBA) stands at AUD 149.9 billion at a trailing PE (reported earning) of 17.50 and at a fwd PE of 15.63. At current share price ($92.1), it offers a trailing dividend yield of 6.45%.

Full Disclaimer: I am not a financial planner. The views expressed in this post are all mine and they may or may not suit your needs. Please do you own due diligence. I do not make money on any of the products suggested in this post.

Seek (ASX: SEK) Stock Analysis - April 2015

Overview
Seek (ASX:SEK) was founded in 1997 and is a dominant player (virtual monopoly) in the Australian job seeking market. It is estimated that approximately 90% of total time spent online searching for jobs in Australia is spent on seek.com.au. Online data estimations suggest that Seek (ASX:SEK) attracts more than 30 million site visits per month, which is eight times its nearest competitor.

The business can be broadly divided into three segments:
  • Domestic job sites: Despite management's efforts to diversify the business, seek.com.au remains the core earnings driver for the organisation, generating 50% of the total reported earnings and 35% of total revenue in 2014
  • Education: This segment generated 15% of total reported earnings in 2014
  • Overseas job sites: This segment generated remainder of the reported earnings in 2014
Competitive advantages
Within Australia, Seek enjoys the benefits of what is known as 'network effect'. Network effect is a phenomenon whereby a good or service becomes more valuable when more people use it. This certainly seems to be the case with Seek.

Revenue
The following graph outlines the revenue growth of Seek in the last 10 years.
As can be seen from the graph above, revenue has grown more than 10 fold in the last ten years from AUD 70 million to AUD 713 million in 2014. Seek (ASX:SEK) recorded a phenomenal growth in revenue with 3 year, 5 year and 9 year growth rate (CAGR) at 28%, 28% and 30% respectively. Even during the GFC in 2009, the worst thing that happened was that the revenue remained flat.

Australia is a small market, with the total population of 22-24 million. The days of organic growth for Seek are behind it. Instead, Seek is growing its business through acquisitions in overseas market.

Seek has interest in online job sites in Brazil, Mexico, Indonesia, Thailand, Malaysia, Philippines and China (Zhaopin). Last year, Zhaopin listed on the NYSE and is valued at over USD 750 million.

Seek is also trying to grow its business through investments in the education division. The idea is to provide educational services to job seekers looking to advance their skills through vocational training. The results have been mixed so far.

Earnings
In order to arrive at the owner's earnings, the cash based 'R&D' expenses and non-cash 'Depreciation, Depletion and Amortisation' expenses have been added to the reported Net Income.

The graph below shows the reported earnings, owners earnings and cashflow in the last 10 years. 
In the last ten years, the owner's earnings have grown more than 12 fold from AUD 22 million to AUD 287 million in the year 2014. Seek recorded phenomenal growth in earnings with 3 year, 5 year and 9 year growth rate (CAGR) at 26%, 26% and 29% respectively. During the GFC (2009) Seek's owner's earnings fell by 30% from AUD 112 million to AUD 78 million as is evident in the graph.

Note that Seek reported an earnings of AUD 300 million for the fiscal 2013, of which AUD 160 million was non-cash earnings as result of acquistion. In my calculations, I have not taken the non-cash based earnings into account.

Despite management's efforts to diversify its business, seek.com.au remains the core earnings driver for the organisation, generating 50% of the total earnings and 35% of total revenue in 2014.

Expense vs. Income
In the last 10 years, Seek has spent an average of 83% of its owners earnings on 'R&D', 'Property, Plant and Equipment' and 'Purchase of business'.

I would like to explain my rational behind treating 'R&D' as an expenditure. As a general rule of thumb, the accounting standards dictate that companies aren't allowed to capitalise their research and development cost and is instead treated as an expense which is in contrast to how the cost on 'Property, Plant and Equipment' is treated. The main reason behind it is that there's no way to reliably measure the future economic benefits of R&D costs.

However, companies invest in R&D for the same reason as they invest in other capital expenditure - to grow/expand the business and remain profitable. Hence, in my analysis I add the 'R&D' expenses and other capital expenditure to arrive at owners earnings. Subsequently, I deduct any cost spent on 'R&D', 'Property, Plant and Equipment' and 'Purchase of business' as capital expenditure.

The graph below outlines the 'Earnings vs Expense' ratio in the last 10 years.
During the last 10 years, Seek spent a sum total of AUD 760 million on acquisitions, which comes to 60% of total owners earnings during the same period.

Debt to Equity
The graph below shows the debt-to-equity ratio trend in the last 10 years.  
As a result of spending on acquistions, Seek has gone from no-debt to AUD 788 million debt in 2014. The debt-to-equity ratio has also increased and currently sits at 70%.

PE Ratio
The graph below shows the PE ratio trend in the last 10 years.  
Since the GFC, Seek's PE ratio (based on owner's earning) has ranged from a low of 12.78 to a high of 19.89. Seek's PE ratio (based on reported earnings) has ranged from a low of 16.30 to a high of 27.59.

Return on Equity 
The graph below outlines the ROE trend in the last 10 years. 
Seek's return on equity is above industry average. As can be seen, the ROE has been quite stable since the GFC and has ranged between 27% to 44%.   

Dividend and Free cashflow
The graph below outlines the dividend and free cashflow per share trend in the last 10 years. 

Yield
The graph below outlines the buyback, shareholder and dividend yield trend in the last 10 years. 
In the last 10 years, the dividends have increase at a fantastic CAGR of 23%. Seek has returned a total of AUD 465 million to its shareholder through dividends. Currently, Seek has a dividend yield of 2.6%. I expect that in future, the dividends are more likely to grow at a CAGR of 8-12%.

On the other hand though, Seek has added a total of 63 million additional shares. This in turn, has resulted share dilution of massive 22% over last ten years. Taking the effect of share dilution into consideration, Seek has returned a total of AUD 200 million to its shareholders.

In total, Seek has been able to return 16% of its total owner's earnings to shareholders through dividends and share dilution.

Risks
Looking forward, professional (social) network site LinkedIn poses a threat to Seek's dominance in the marketplace. Employers and recruitment agencies alike are increasingly advertising the jobs on LinkedIn. LinkedIn also enables employers to seek interest from employees even if they are not actively seeking new job opportunities. 

Other risk is the growth path (acquisitions) that Seek has chosen, acquisitions often (two-thirds) fail to deliver the financial benefits that are envisaged.

Long term outlook
The online employment seeking sector is marked by a constantly changing arena, Seek will need to adapt to changes in addition to fighting competition.

In the near future, The slowdown in the resources and commodity sector is expected to weaken the employment conditions in the Australian (domestic) market.

Valuation

What I would tell my 20-year-old self

I will reach an arbitrary milestone this year i.e. I will turn 30. This is my attempt to share what I have learned in 30 years about life. I wish I had known these when I was in my early 20s. Well, better late than never. 

I have learnt to appreciate how lucky and fortunate I am. There are thousands (if not millions) of other people who are equal or better than I am in abilities but did not get the opportunities that good luck bestowed upon me.



I have come to realise that winning or losing/becoming successful or unsuccessful is not in my hands. Lingering on the last successful project or getting obsessed with the next one is fruitless. It has taken me 30 years to learn how important it is to remain poised and put things into right context. No win is eternal or no loss is permanent. Sooner or later, life will throw series of bad dices. I have learnt to treat both impostors (win and loss) in the same way. Life has taught me to work hard and always give my 100%.

It is human nature to look for 'reasons' and 'patterns'. I used to be blinded by success stories. I looked for reasons or causes behind those success stories. Self help books and numerous other business books (real life case studies) are written on things that are extra-ordinarily successful like Southwest Airlines. Interestingly not all of them say the same thing. Ironically, sometimes the advice can be quite opposite. For example, the investing strategies of two of the greatest investors of all times - Warren Buffet, who practices buy-and-hold investing strategy versus George Soros who is a trader. This is not to say that such books and research articles are useless, rather I have learnt to take their findings with a pinch of salt. I have learnt that there is no silver bullet. I have learnt that it is human nature to extract meaning from simple experiences even though sometimes none exists.

Rarely, if ever, would a successful person in their right mind admit that their success is due to luck. Don't get me wrong, I do not mean to imply that the person did not put in hard work. Without a doubt, hard work is necessary but not sufficient alone. Over the years I have come to appreciate the enormous but hidden role that luck and others (people) play in my life.

A lot of things in life are due to what economists call fruitatious circumstances. It is important to break free of the idea of good decisions/bad decisions or good strategies/bad strategies. It is more useful to categories them into what works and what doesn't. Truth is, when it comes to complex systems, beyond certain basics, nobody really knows anything. My lesson here is to remind myself to learn the basics and decide for myself. Or as Steve Jobs puts it, "You have to trust in something — your gut, destiny, life, karma, whatever." 

It is important to keep things simple by avoiding whatever can be avoided. It means reducing complex non-sense jargons to simple terms.

Life has taught me that I cannot afford to take what happens in business or in my professional life too seriously and be defined by it. Fight Club's Tyler Durden says it best, "You’re not your job. You’re not how much money you have in the bank. You’re not the car you drive. You’re not the contents of your wallet. You’re not your fucking khakis. You are more than your jobs"

I strive to remain calm at all times and not lose my cool. As Krishna says, "One who is not disturbed in mind even amidst the threefold miseries or elated when there is happiness, and who is free from attachment, fear and anger, is called a sage of steady mind." I enjoy and take pleasure from material things in life but I try to not get emotionally attached to them. 

I no longer dwell too much on the past success or failure, rather I try to live in the present. I no longer take work related stress home and have learn't to switch off. I see no point in wasting my energy thinking about situations or problems when I can't do anything about them.

This one might be controversial, but I have learnt to avoid over planning and to trust my instincts/gut feelings. In other words, I put my trust into my subconscious mind. I do, however, realise that to have that gut feel, I have to have experienced that thing before. Gut feeling comes from past experiences of all the situations I have faced. It’s not something I just feel for a moment without any logic. It is an educated chance I take based on my past knowledge, and learn to really believe in that feeling.

It is very important to stay focused, have short-term goals, not look too much in the future, and try to do justice to every opportunity that comes my way. By not looking too much in the future I can avoid fixed notions and go with the flow (subconscious mind). At the very least explore the idea - the best goal is no goal

I have learnt to stop trying to compare yourself to others. I have  given up trying to compare one project to other. Just as I am unique individual, every project and every circumstance is different and unique. I have learnt to appreciate them for their uniqueness. Nowadays, I take my lessons and move on.

Hope my readers found something useful there. Would love to hear your thoughts and experiences.
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