Where to Invest NEXT: A Clear Sector Guide for Beginners & Advanced Investors ft. Anirudh Naha FWS81

"We believe the next year should be reasonably good for them. It was actually getting good. Unfortunately, the monsoons have been very erratic and hence the demand got depressed to a certain extent. But we believe that cycle is coming back where agrochemicals and chemicals both should start doing well. ... We are going through the worst of cycle and hopefully in the next three years the cycle comes back."

"our sense is uh they will still survive. The lowc cost arbitrage thing uh will continue for because AI will take its time of evolving to that extent. Uh the pressure that is there in the US uh on H1B, visa etc. lot of companies will actually start looking at outsourcing more to India uh because India being the lowcost uh area. So to that extent our belief is uh the IT industry might not be a super growth area but it will be a far stable growth good balance sheet good cash flows you'll make dividends so this sector accepting for some outliers probably will still be able to grow at 14 16%."

"Something uh that we we probably will start or we probably evaluating as we speak is QSR. Okay, that's an interesting segment. companies have invested you know things they've stocks have got bombed out in the last two three years because of food delivery companies they've done they have taken but I think where they have come to in terms of valuations visav is where probably over the next 3 years earnings can play out and especially you know uh with the government focusing on pushing consumption to a certain extent also mind you the next year is when you have the pay commission revision also coming for the government employees and they form a reasonable portion of consumption."

"We see discretionary consumption starting to come back and probably in some of those segments probably it could turn out to be very very interesting. So for consumption to increase for that the interest rates need to drop and also the savings rate needs to you know increase and also your salary hike should also increase. ... the pay revisions should drive that ... the way gold has behaved ... Indians have been savers and a reasonable portion gets into gold there has been a 50% appreciation in their wealth portfolio. ... So suddenly these companies these people have access to one 75 rupees worth of loans available you know. So that's a cycle which is actually playing out very positively in the lower straighta of economy and where you can understand that's why the low ticket discretionary items is where the spending will happen"

"probably gold and silver would take up 20 25% of the portfolio right now. Right now. ... We believe the debasement which is happening of paper currency it is unbelievable if you think of it a movement of gold by 50% basically means your dollar has debased by 50% in one year's time"

"So countries which are more focused on um where you have commodity based companies whether it is combo or eur copper, uranium, gold, silver miners, China good with so you would have Brazil, South America probably okay Those are some countries. Uh China is something that we like for tech and the farmer side which is how it's evolving. So we like that segment and I we like India for consumption. ... Brazil is probably very cheap. ... That is something that ... because it's focus on commodities and anything else anything. And the valions are cheap. Why is the valution cheap then? because it's commoditydriven and commodities rarely get value frankly speaking. ... if there is a debasement of paper currency you will invariably see real assets do well and real assets would mean commodities doing well. ... copper has started. Some of these commodities are well represented in the South American interest. ... that would be about a 10% 15% out there. Not Brazil but commodity oriented countries economies. So that would be about 30 35% gone between gold, silver and commodities."

"China is something that we like for tech and the farmer side which is how it's evolving. So we like that segment ... China specific to that tech and healthcare sector ... So our only sense is this is what we talk about the concept of PEG. So you know the PE divided by earnings growth in China is below one and in India it's above one. Yeah it should be it should be the place where you invest. Okay. Okay. And then probably India big. So okay 35% in China so 30% is left. Yes. And that 30% of your money is in India."

"If you ask me to take a view on India in the next 10 or 15 years segments which not short-term let's forget if someone really wants to build wealth over the next 5 10 15 years I think consumption healthare okay we are still a young population just think of it 20 years down the line as we start aging how big healthcare can be. We believe defense, tech etc. will also come through in the next four five years."

"So we've stayed away over the last five seven years and we probably will stay away is financials lending side of the business. ... We've been big underweight for the last six seven years and it has helped us create alpha. ... The lending part. So financials include lending and non- lending. ... Very unlikely."

"Our our favorite segment where we would like to focus on in that full value chain which is unlist on the non-banking financial would be wealth management companies. ... I think that's a segment which we believe will do very well. ... these are segments which we believe in the next 5 10 15 years if run well and managed well they can actually generate a lot of wealth for"

"So you would not touch US right now the US market zero investments. So our sense is if I take a fiveyear view no doubt US will probably continue to do well but today valuations probably we'll have to look at where it is. ... Can the markets go down 10 15% or 20%. Can there be a correction out there? I think so yes and if the US corrects I think the world will also correct to a certain extent plus minus."

"We believe the next year should be reasonably good for them. It was actually getting good. Unfortunately, the monsoons have been very erratic and hence the demand got depressed to a certain extent. But we believe that cycle is coming back where agrochemicals and chemicals both should start doing well."

"the second thing that worries me is basically the interest rates out there and this is a worry for general equity as a class because um whatever said we our sense is the 10-year yields are a true reflection of where inflation is. So US actually cut interest rates but the yields have moved up. ... if spending continues in the US, the government spending continues, it will be inflationary and hence this is the Fed chairman also saying we'll have to be wary about whether we'll go ahead and cut in December again or not. That is basically reflecting the fact that he's concerned about inflation."

"our sense is uh they will still survive. The lowc cost arbitrage thing uh will continue for because AI will take its time of evolving to that extent. Uh the pressure that is there in the US uh on H1B, visa etc. lot of companies will actually start looking at outsourcing more to India uh because India being the lowcost uh area. So to that extent our belief is uh the IT industry might not be a super growth area but it will be a far stable growth good balance sheet good cash flows you'll make dividends so this sector accepting for some outliers probably will still be able to grow at 14 16%."

"we would want to hold on to 20 25% cash for you ... you could sit on 20% cash for you or 30% cash for you. ... you would want to hold on to at least 25 30% cash today. Wow. Yes."

"We see discretionary consumption starting to come back and probably in some of those segments probably it could turn out to be very very interesting. So for consumption to increase uh for that the interest rates need to drop and also the uh the savings rate needs to you know increase and also your you know salary hike should also increase. Don't you think all of these things are going in the opposite direction for consumption to increase? No. So we are betting on the fact that u one is you know salaries itself will increase. but but we don't see that a lot. the pay revisions should drive that for government employers I understand but for private companies"

"So if you just look at the prices today okay uh let's say you've got a it's a flat which is 5 crores. You finally end up paying a rent of let's say a lakh per month. You're e so you're paying a 12 lakh rent on a 5 cr. You know what the yield is? 2.1%. Yes. Instead of buying that flat for 5 crores, I go ahead and invest that 5 crores into a FD also the yield actually on an FD post tax will probably match the yield of the rental lead. So why I mean if I just look purely from financials perspective. Yes, it doesn't make much sense to actually own houses frankly."

"we believe uh the debasement which is happening of paper currency it is unbelievable if you think of it a movement of gold by 50% basically means your dollar has debased by 50% in one year's time. right it's it's rarely happened okay so that is something where at least I know my value of money is protected okay then I would pick up countries where probably our view and probably our view is uh commodities should start doing well."

"So countries which are more uh focused on um where you have commodity based companies whether it is combo or eur copper, uranium, gold, silver miners, China good with so you would have Brazil, South America probably okay"

"So, we like that segment and I we like India for consumption. Okay. Okay. We believe India the size of you know uh the wealth effect of gold uh the salary increases etc. Plus if you take a 5 10 year view I think the as the per capita GDP moves up you will have consumption doing very well right so that's how we would look at it. One country where we would uh be a little cautious about is the US. So wait just to take one step back. Sure. 25% went in gold or silver. Then you're like, okay, which are those countries which are good in commodity production, right? You named Brazil. Why Brazil? Brazil is probably very cheap. Okay, it's extremely cheap and it is cheap because it's part of being, you know, it's largely a commoditydriven economy. You can take South America per se, oil and gas, commodities, etc. So, so you would invest in the Brazil index or the Brazil commodities index. So we see frankly we don't I don't have that expertise. So what I would do is id pick up a South America ETF. Okay. It's an easier way to do it. The ETF There's a broad market of South. Yeah. Absolutely. Or you pick up a Brazil ETF to a certain extent. Okay. You can do an ETF. Put it put your money out there. Okay. So you say that is a good investment in today's time. Yes, That is something that because it's focus on commodities and anything else anything. And the valions are cheap. Why is the valution cheap then? because it's commoditydriven and commodities rarely get value frankly speaking. Okay. Now the thing is the last uh you know 5 10 years a literally decade uh you haven't seen a rally in commodities. If it happens if there is a debasement of paper currency you will invariably see real assets do well and real assets would mean commodities doing well. Okay we've seen the initial part come through in gold silver to a certain extent copper has started. Some of these commodities are well represented in the South American interest. Okay. So how much money would you put in Brazil? So that's very difficult. We actually not thought through in that way. But it would still be about a 10% 15% out there. Not Brazil but commodity oriented countries economies. Okay. So So you say that is a good investment in today's time. Yes, That is something that because it's focus on commodities and anything else anything. And the valions are cheap. Why is the valution cheap then? because it's commoditydriven and commodities rarely get value frankly speaking. Okay. Now the thing is the last uh you know 5 10 years a literally decade uh you haven't seen a rally in commodities. If it happens if there is a debasement of paper currency you will invariably see real assets do well and real assets would mean commodities doing well. Okay we've seen the initial part come through in gold silver to a certain extent copper has started. Some of these commodities are well represented in the South American interest. Okay. So how much money would you put in Brazil? So that's very difficult. We actually not thought through in that way. But it would still be about a 10% 15% out there. Not Brazil but commodity oriented countries economies. Okay. So Okay. So China is something that we like for tech and the farmer side which is how it's evolving. So we like that segment and I we like India for consumption. Okay. Okay. We believe India the size of you know uh the wealth effect of gold uh the salary increases etc. Plus if you take a 5 10 year view I think the as the per capita GDP moves up you will have consumption doing very well right so that's how we would look at it. One country where we would uh be a little cautious about is the US. So wait just to take one step back. Sure. 25% went in gold or silver. Then you're like, okay, which are those countries which are good in commodity production, right? You named Brazil. Why Brazil? Brazil is probably very cheap. Okay, it's extremely cheap and it is cheap because it's part of being, you know, it's largely a commoditydriven economy. You can take South America per se, oil and gas, commodities, etc. So, so you would invest in the Brazil index or the Brazil commodities index. So we see frankly we don't I don't have that expertise. So what I would do is id pick up a South America ETF. Okay. It's an easier way to do it. The ETF There's a broad market of South. Yeah. Absolutely. Or you pick up a Brazil ETF to a certain extent. Okay. You can do an ETF. Put it put your money out there. Okay. So you say that is a good investment in today's time. Yes, That is something that because it's focus on commodities and anything else anything. And the valions are cheap. Why is the valution cheap then? because it's commoditydriven and commodities rarely get value frankly speaking. Okay. Now the thing is the last uh you know 5 10 years a literally decade uh you haven't seen a rally in commodities. If it happens if there is a debasement of paper currency you will invariably see real assets do well and real assets would mean commodities doing well. Okay we've seen the initial part come through in gold silver to a certain extent copper has started. Some of these commodities are well represented in the South American interest. Okay. So how much money would you put in Brazil? So that's very difficult. We actually not thought through in that way. But it would still be about a 10% 15% out there. Not Brazil but commodity oriented countries economies. Okay. So Okay. So China is something that we like for tech and the farmer side which is how it's evolving. So we like that segment and I we like India for consumption. Okay. Okay. We believe India the size of you know uh the wealth effect of gold uh the salary increases etc. Plus if you take a 5 10 year view I think the as the per capita GDP moves up you will have consumption doing very well right so that's how we would look at it. One country where we would uh be a little cautious about is the US. So wait just to take one step back. Sure. 25% went in gold or silver. Then you're like, okay, which are those countries which are good in commodity production, right? You named Brazil. Why Brazil? Brazil is probably very cheap. Okay, it's extremely cheap and it is cheap because it's part of being, you know, it's largely a commoditydriven economy. You can take South America per se, oil and gas, commodities, etc. So, so you would invest in the Brazil index or the Brazil commodities index. So we see frankly we don't I don't have that expertise. So what I would do is id pick up a South America ETF. Okay. It's an easier way to do it. The ETF There's a broad market of South. Yeah. Absolutely. Or you pick up a Brazil ETF to a certain extent. Okay. You can do an ETF. Put it put your money out there. Okay. So you say that is a good investment in today's time. Yes, That is something that because it's focus on commodities and anything else anything. And the valions are cheap. Why is the valution cheap then? because it's commoditydriven and commodities rarely get value frankly speaking. Okay. Now the thing is the last uh you know 5 10 years a literally decade uh you haven't seen a rally in commodities. If it happens if there is a debasement of paper currency you will invariably see real assets do well and real assets would mean commodities doing well. Okay we've seen the initial part come through in gold silver to a certain extent copper has started. Some of these commodities are well represented in the South American interest. Okay. So how much money would you put in Brazil? So that's very difficult. We actually not thought through in that way. But it would still be about a 10% 15% out there. Not Brazil but commodity oriented countries economies. Okay. So Okay. So China is something that we like for tech and the farmer side which is how it's evolving. So we like that segment and I we like India for consumption. Okay. Okay. We believe India the size of you know uh the wealth effect of gold uh the salary increases etc. Plus if you take a 5 10 year view I think the as the per capita GDP moves up you will have consumption doing very well right so that's how we would look at it. One country where we would uh be a little cautious about is the US. So wait just to take one step back. Sure. 25% went in gold or silver. Then you're like, okay, which are those countries which are good in commodity production, right? You named Brazil. Why Brazil? Brazil is probably very cheap. Okay, it's extremely cheap and it is cheap because it's part of being, you know, it's largely a commoditydriven economy. You can take South America per se, oil and gas, commodities, etc. So, so you would invest in the Brazil index or the Brazil commodities index. So we see frankly we don't I don't have that expertise. So what I would do is id pick up a South America ETF. Okay. It's an easier way to do it. The ETF There's a broad market of South. Yeah. Absolutely. Or you pick up a Brazil ETF to a certain extent. Okay. You can do an ETF. Put it put your money out there. Okay. So you say that is a good investment in today's time. Yes, That is something that because it's focus on commodities and anything else anything. And the valions are cheap. Why is the valution cheap then? because it's commoditydriven and commodities rarely get value frankly speaking. Okay. Now the thing is the last uh you know 5 10 years a literally decade uh you haven't seen a rally in commodities. If it happens if there is a debasement of paper currency you will invariably see real assets do well and real assets would mean commodities doing well. Okay we've seen the initial part come through in gold silver to a certain extent copper has started. Some of these commodities are well represented in the South American interest. Okay. So how much money would you put in Brazil? So that's very difficult. We actually not thought through in that way. But it would still be about a 10% 15% out there. Not Brazil but commodity oriented countries economies. Okay. So Okay. So China is something that we like for tech and the farmer side which is how it's evolving. So we like that segment and I we like India for consumption."

"Okay. We believe India the size of you know uh the wealth effect of gold uh the salary increases etc. Plus if you take a 5 10 year view I think the as the per capita GDP moves up you will have consumption doing very well"

"So, one country where we would uh be a little cautious about is the US. So wait just to take one step back. Sure. 25% went in gold or silver. Then you're like, okay, which are those countries which are good in commodity production, right? You named Brazil. Why Brazil? Brazil is probably very cheap. Okay, it's extremely cheap and it is cheap because it's part of being, you know, it's largely a commoditydriven economy. You can take South America per se, oil and gas, commodities, etc. So, so you would invest in the Brazil index or the Brazil commodities index. So we see frankly we don't I don't have that expertise. So what I would do is id pick up a South America ETF. Okay. It's an easier way to do it. The ETF There's a broad market of South. Yeah. Absolutely. Or you pick up a Brazil ETF to a certain extent. Okay. You can do an ETF. Put it put your money out there. Okay. So you say that is a good investment in today's time. Yes, That is something that because it's focus on commodities and anything else anything. And the valions are cheap. Why is the valution cheap then? because it's commoditydriven and commodities rarely get value frankly speaking. Okay. Now the thing is the last uh you know 5 10 years a literally decade uh you haven't seen a rally in commodities. If it happens if there is a debasement of paper currency you will invariably see real assets do well and real assets would mean commodities doing well. Okay we've seen the initial part come through in gold silver to a certain extent copper has started. Some of these commodities are well represented in the South American interest. Okay. So how much money would you put in Brazil? So that's very difficult. We actually not thought through in that way. But it would still be about a 10% 15% out there. Not Brazil but commodity oriented countries economies. Okay. So Okay. So China is something that we like for tech and the farmer side which is how it's evolving. So we like that segment and I we like India for consumption. Okay. Okay. We believe India the size of you know uh the wealth effect of gold uh the salary increases etc. Plus if you take a 5 10 year view I think the as the per capita GDP moves up you will have consumption doing very well right so that's how we would look at it. One country where we would uh be a little cautious about is the US. So wait just to take one step back. Sure. 25% went in gold or silver. Then you're like, okay, which are those countries which are good in commodity production, right? You named Brazil. Why Brazil? Brazil is probably very cheap. Okay, it's extremely cheap and it is cheap because it's part of being, you know, it's largely a commoditydriven economy. You can take South America per se, oil and gas, commodities, etc. So, so you would invest in the Brazil index or the Brazil commodities index. So we see frankly we don't I don't have that expertise. So what I would do is id pick up a South America ETF. Okay. It's an easier way to do it. The ETF There's a broad market of South. Yeah. Absolutely. Or you pick up a Brazil ETF to a certain extent. Okay. You can do an ETF. Put it put your money out there. Okay. So you say that is a good investment in today's time. Yes, That is something that because it's focus on commodities and anything else anything. And the valions are cheap. Why is the valution cheap then? because it's commoditydriven and commodities rarely get value frankly speaking. Okay. Now the thing is the last uh you know 5 10 years a literally decade uh you haven't seen a rally in commodities. If it happens if there is a debasement of paper currency you will invariably see real assets do well and real assets would mean commodities doing well. Okay we've seen the initial part come through in gold silver to a certain extent copper has started. Some of these commodities are well represented in the South American interest. Okay. So how much money would you put in Brazil? So that's very difficult. We actually not thought through in that way. But it would still be about a 10% 15% out there. Not Brazil but commodity oriented countries economies. Okay. So Okay. So China is something that we like for tech and the farmer side which is how it's evolving. So we like that segment and I we like India for consumption. Okay. Okay. We believe India the size of you know uh the wealth effect of gold uh the salary increases etc. Plus if you take a 5 10 year view I think the as the per capita GDP moves up you will have consumption doing very well right so that's how we would look at it. One country where we would uh be a little cautious about is the US. So wait just to take one step back. Sure. 25% went in gold or silver. Then you're like, okay, which are those countries which are good in commodity production, right? You named Brazil. Why Brazil? Brazil is probably very cheap. Okay, it's extremely cheap and it is cheap because it's part of being, you know, it's largely a commoditydriven economy. You can take South America per se, oil and gas, commodities, etc. So, so you would invest in the Brazil index or the Brazil commodities index. So we see frankly we don't I don't have that expertise. So what I would do is id pick up a South America ETF. Okay. It's an easier way to do it. The ETF There's a broad market of South. Yeah. Absolutely. Or you pick up a Brazil ETF to a certain extent. Okay. You can do an ETF. Put it put your money out there. Okay. So you say that is a good investment in today's time. Yes, That is something that because it's focus on commodities and anything else anything. And the valions are cheap. Why is the valution cheap then? because it's commoditydriven and commodities rarely get value frankly speaking. Okay. Now the thing is the last uh you know 5 10 years a literally decade uh you haven't seen a rally in commodities. If it happens if there is a debasement of paper currency you will invariably see real assets do well and real assets would mean commodities doing well. Okay we've seen the initial part come through in gold silver to a certain extent copper has started. Some of these commodities are well represented in the South American interest. Okay. So how much money would you put in Brazil? So that's very difficult. We actually not thought through in that way. But it would still be about a 10% 15% out there. Not Brazil but commodity oriented countries economies. Okay. So Okay. So China is something that we like for tech and the farmer side which is how it's evolving. So we like that segment and I we like India for consumption. Okay. Okay. We believe India the size of you know uh the wealth effect of gold uh the salary increases etc. Plus if you take a 5 10 year view I think the as the per capita GDP moves up you will have consumption doing very well right so that's how we would look at it. One country where we would uh be a little cautious about is the US. So wait just to take one step back. Sure. 25% went in gold or silver. Then you're like, okay, which are those countries which are good in commodity production, right? You named Brazil. Why Brazil? Brazil is probably very cheap. Okay, it's extremely cheap and it is cheap because it's part of being, you know, it's largely a commoditydriven economy. You can take South America per se, oil and gas, commodities, etc. So, so you would invest in the Brazil index or the Brazil commodities index. So we see frankly we don't I don't have that expertise. So what I would do is id pick up a South America ETF. Okay. It's an easier way to do it. The ETF There's a broad market of South. Yeah. Absolutely. Or you pick up a Brazil ETF to a certain extent. Okay. You can do an ETF. Put it put your money out there. Okay. So you say that is a good investment in today's time. Yes, That is something that because it's focus on commodities and anything else anything. And the valions are cheap. Why is the valution cheap then? because it's commoditydriven and commodities rarely get value frankly speaking. Okay. Now the thing is the last uh you know 5 10 years a literally decade uh you haven't seen a rally in commodities. If it happens if there is a debasement of paper currency you will invariably see real assets do well and real assets would mean commodities doing well. Okay we've seen the initial part come through in gold silver to a certain extent copper has started. Some of these commodities are well represented in the South American interest. Okay. So how much money would you put in Brazil? So that's very difficult. We actually not thought through in that way. But it would still be about a 10% 15% out there. Not Brazil but commodity oriented countries economies. Okay. So Okay. So China is something that we like for tech and the farmer side which is how it's evolving. So we like that segment and I we like India for consumption. Okay. Okay. We believe India the size of you know uh the wealth effect of gold uh the salary increases etc. Plus if you take a 5 10 year view I think the as the per capita GDP moves up you will have consumption doing very well right so that's how we would look at it. One country where we would uh be a little cautious about is the US."

"So, that's where your alpha gets created probably the lending part. So financials include lending and non-lending. But that comes under a bank stock or you know. Yeah. bank, NBFC, whatever you know anything that is lending. We've been big underweight for the last six seven years and it has helped us create alpha. See our only sense is uh is that India is a credit hungry country. Right. Right. The need for money is always going to be there. Right. But the need to buy houses and cars will always going to be there and more and more people like you said uh they are um the GDP per capita of the country is increasing. So that hunger to do a lifestyle upgradation is there. So I need to buy houses and cars which is going to take the biggest wallet share. Sure. It's it's almost impossible that all of these Indians can buy these these things outright, right? So by that logic, don't you think that and we are a young population also, right? So by that logic, don't you think that the banking sector should flourish? So let me put it this way. We like any sector uh which is consolidating where the number of players are actually coming down. We are wary about any sector which is fragmenting where the number of players go up because once a sector starts fragmenting your pricing power goes down dramatically. But RB is not giving away more banking licenses. No but if you think of it the number of lenders have gone through the roof in the last 10, five years, 7 years. How can you give an example? Number of banks have come through small banks, MFIs. Okay. Then there were PTM wallets which came. Then the the evolution of you know buy now pay later fintex. So it is just not banks. The access to credit has gone up dramatically. You're right. Today most fintech companies have gotten into personal loan lending. Absolutely. That's the biggest part of their revenue. Absolutely. So the competitive intensity is extremely high there. Okay, that is one. Secondly, this is only the personal side. Now you think on the corporate side or the lending side to corporates etc. What is very very uh surprising is India uh the way corporate India has deleveraged or reduced their balance sheet debt in the last 5 years it's phenomenal. I'll give you an statistics. uh when I look at the small and midcap segment in India or the small and micro cap segment okay their balance sheets today are cleaner than the large and midcap put together on a debt to equity so that means corporate India is extremely deleveraged they don't have debt in fact a lot of segments have cash sitting out there now if you have got cash sitting out on a balance sheet why would a company borrow you know they've got their own cash in fact the banks are pained because they'll have pay interest on this money which is lying with them. Okay. But these bank when they need money they actually don't go ahead and borrow from the banks. They use their own balance sheet strength to do go ahead and do KPX etc. The second thing that we are observing very very clearly company corporate India is a little weary about taking debt. So they go ahead and dilute equity the listed guys at least to do whatever capex is needed and then they fund it through internal accruals. So on the corporate lending side the growth is also subdued. So competitive intensity low growth on this side is something that we believe the roc's roe will not expand. It is very difficult just because of pure competitive intensity. And the third part of it is last one or two years the banking balance sheets are pristine today in terms of how clean it is. In a cycle it can only get dirty from here. Okay. So the NPA cycle starts picking up over a period of time. So in such a case it becomes very difficult for me to justify. They would be trading buys and sells once in a while here and there. But over a period of time can financials actually lending I'm not talking the non- lending part. The lending financials can they go go ahead and create wealth for you? Very unlikely."

"Our our favorite segment where we would like to focus on in that full value chain which is unlist on the non-banking financial would be wealth management companies. If you think India has to grow and you know the wealth Indian wealth Absolutely. Absolutely. I think that's a segment which we believe will do very well. I'll give you an example in Hong Kong. I barely made it to a level where you know the bank wealth managers would even talk to me but they were so proactive they would realize that this is a guy who's probably going to touch the point at some point right and they proactively start touching you there okay I think that phase will come through within India also they start early and the growth can be immense because Hong Kong went through its own per capita GDP uh hockey stick impact we believe the next five seven years India will see that"

"the second thing that worries me is basically the interest rates out there and this is a worry for general equity as a class because um whatever said we our sense is uh the 10-year yields are a true reflection of where inflation is. Okay. So US actually cut interest rates but the yields have moved up. Okay. And our belief is uh if spending continues in the US, the government spending continues, it will be inflationary and hence uh this is the Fed chairman also saying we'll have to be wary about whether we'll go ahead and cut in December again or not. Okay, that is basically reflecting the fact that he's concerned about inflation."

"No. So, so you there are fund houses or PMSs which do that you know offthe-shelf uh products right? Uh but our belief is when an investor is giving us those kind of checks we it becomes imperative for us to go ahead and create a differentiation. If I give him that same portfolio if he comes today and 6 months down the line and one year down the line then I'm not doing justice to him for Basically you create a custom approach for everybody who comes to you. We try and do that within a period of time if the stocks have not moved it is largely uh you know the team largely goes and creates that portfolio but as prices move we try and then start looking for over a period of time the commonality starts reducing among portfolios because prices have moved by then. If the prices haven't moved the portfolio stays the same more or less."

"So basically we will not do anything very different from what let's say a mutual fund fund manager does. The the the difference is a mutual fund manager actually it gets invested at an NAV completely. Correct. For us today when you give us money we will be very selective about what we go ahead and buy. How much would be the allocation? You know you could sit on 20% cash for you or 30% cash for you. So yeah that's what I want to ask right now as we speak. How much percent cash would you let's say I give you 1 cr you will say how much cash you would want to hold on to at least 25 30% cash today."

"So if you just look at the prices today okay let's say you've got a it's a flat which is 5 crores. You finally end up paying a rent of let's say a lakh per month. You're e so you're paying a 12 lakh rent on a 5 cr. You know what the yield is? 2.1%. Yes. Instead of buying that flat for 5 crores, I go ahead and invest that 5 crores into a FD also the yield actually on an FD post tax will probably match the yield of the rental lead. So why I mean if I just look purely from financials perspective. Yes, it doesn't make much sense to actually own houses frankly."