Investing-reflections:Wallfort Financial Services operates in the brokerage industry.It currently has about 100 institutional clients and management intends to focus on institutional business – both foreign and domestic – over retail.The company has more than half its current net worth of about 70cr in stocks.Its net worth has fluctuated over the last five years – declining in 2008 as well as 2009 as a result of losses during periods of market downturn. In similar vein, it reported net losses of 2.5cr in the nine months ended December 31st, 2011. Therefore, its performance appears to mirror the market in direction – with no special ability to withstand downturns.The business is marked by intense competition and low volumes during market downturns and stagnation. Further, its arbitrage opportunities have disappeared due to competition and uniform settlement cycles. Management haven’t declared dividends to shareholders despite large liquid assets and lack of profitable growth opportunities - indicating a lack of minority shareholder orientation.