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"

"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"

"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."

"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."

"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."