Capitalmind with Deepak & Shray
Capitalmind looks at stocks, bonds, funds and the macro to bring you their view on the Indian financial markets. We discuss all things related to investing at our focussed podcast that keeps it simple. For more, go to capitalmind.in and to invest with us, visit capitalmindwealth.com
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Peak Pessimism in India: What Does The Data Say?
08/05/2026
Peak Pessimism in India: What Does The Data Say?
Is India really becoming uninvestable, or are investors missing the bigger picture? In this episode of the Capitalmind Podcast, Shray Chandra, Co-founder at Capitalmind Financial Services, speaks with Deepak Shenoy, Founder and CEO, Capitalmind Mutual Fund, about the current pessimism around Indian markets and whether we may be approaching a point of peak pessimism. The discussion covers: • Why investors are bearish on India right now • The bear case around the rupee, crude oil, gold imports, FPI outflows and AI disruption • Lessons from previous market crises in 2002, 2009, 2013, 2020 and 2022 • Whether today’s negative narrative is worse than the underlying data • India’s earnings recovery, industrial growth and the return of the CapEx cycle • How AI could impact Indian IT companies and the broader economy • Why foreign investing matters, but why going completely global may not be the answer • How investors should think about equity allocation, flexi cap funds, multi-asset funds and phased investing Deepak shares his perspective on why market narratives often become most negative near turning points, and why long-term investors should focus on data, earnings and portfolio construction rather than short-term sentiment. If you are tracking the Indian stock market outlook, mutual funds, equity investing, portfolio allocation, global investing, or wealth creation, this episode offers a detailed perspective on where markets could head next. Speakers • Deepak Shenoy - Founder & CEO, Capitalmind Mutual Fund • Shray Chandra - Co-founder, Capitalmind Financial Services Subscribe to the Capitalmind Podcast for conversations on investing, markets, personal finance and wealth management. Chapters: 00:00:00 - Introduction & Episode Overview 00:02:02 - Steel-manning the Bear Case for India 00:05:42 - Why the Bear Case Isn't the Whole Story 00:06:47 - Historical Parallels: 2002, 2009, 2013, 2020 00:17:40 - Are We at Peak Pessimism Right Now? (May 2026 Data Check) 00:21:51 - What Do We Do About Crude 00:24:52 - Gold Imports & Potential Fixes 00:26:51 - Indian Corporate Earnings & Profit Growth 00:30:10 - CapEx Revival & Credit Growth 00:35:44 - AI: Threat or Opportunity for India? 00:38:35 - FPI & FDI Outflows — Will They Reverse? 00:43:29 - Should You Invest Abroad? The Case for Diversification 00:48:43 - Practical Advice: How to Deploy Cash Now 00:53:10 - Large Cap vs. Small Cap & Which Funds to Consider 00:54:55 - Closing Remarks & Capital Mind Offerings 📌 Subscribe for more data-driven investing content every week. 🔗 Follow us: 🌐 Website: 🐦 X (Twitter): 📸 Instagram: 💼 LinkedIn: Disclaimer: This podcast is for educational and informational purposes only and should not be construed as investment advice, recommendation, or a solicitation to buy or sell any securities. Investors should evaluate their own financial goals, risk profile and consult a qualified financial advisor before making investment decisions.
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AI Can Optimize Your Investments. But Is That Your Biggest Financial Risk?
08/05/2026
AI Can Optimize Your Investments. But Is That Your Biggest Financial Risk?
What's the deal with AI? Can it manage your money? Can it make you rich? Artificial Intelligence is changing much more than how we invest. It could fundamentally reshape careers, incomes, financial advice and the way we build wealth. In this episode of the Capitalmind Podcast, Shray Chandra, Co-founder at Capitalmind Financial Services, speaks with Deepak Shenoy, Founder & CEO of Capitalmind Mutual Fund, and Vashistha Iyer, Executive Director, Capitalmind Mutual Fund, about one of the biggest questions facing investors today: Can AI optimize your investments - and what happens if it also changes your ability to earn? The conversation explores: • Can AI replace financial advisors and portfolio managers? • Where AI is genuinely useful for investors today • Why judgment and accountability still matter in investing • How to use AI to research mutual funds, portfolios and financial decisions • Why AI may impact your income more than your investments • How much emergency fund you may need in an AI-driven world • Should you rethink savings, investing and career planning? • Why human capital could become your most important asset • How AI changes portfolio construction and financial decision-making • The opportunities-and risks-of using AI for investing Rather than asking whether AI can beat the market, this episode asks a more important question: How should investors prepare for a future where AI changes both wealth creation and income generation? Whether you're an investor, professional, entrepreneur or simply curious about AI's impact on personal finance, this conversation offers practical frameworks instead of predictions. Speakers • Deepak Shenoy - Founder & CEO, Capitalmind Mutual Fund • Vashistha Iyer - Executive Director, Capitalmind Mutual Fund • Shray Chandra - Co-founder, Capitalmind Financial Services Chapters 00:00 Everyone Is Asking the Wrong AI Question 01:52 Can AI Really Optimize Your Investments? 05:11 Context Beats Algorithms in Investing 09:22 Where AI Can Actually Help Investors 15:22 Why Human Judgment Still Matters in Investing 19:43 Could AI Replace Financial Advisors? 22:48 Why Accountability Still Matters 26:00 How We Use AI at Capitalmind 29:44 Will AI Give Big Investors an Edge? 41:24 The Bigger AI Risk: Your Income 43:25 Should You Increase Your Emergency Fund? 49:44 Invest in Yourself Before Anything Else 1:00:39 The Next Battle: AI Optimization 1:05:25 Could the AI Bubble Burst? 1:06:50 Final Advice for Investors 1:08:42 Closing Thoughts If you enjoy thoughtful conversations on investing, mutual funds, markets and personal finance, subscribe to the Capitalmind Podcast for new episodes every week. 📌 Subscribe for more data-driven investing content every week. 🔗 Follow us: 🌐 Website: 🐦 X (Twitter): 📸 Instagram: 💼 LinkedIn: Disclaimer: This podcast is intended solely for educational and informational purposes. Nothing discussed should be construed as investment advice, a recommendation, or a solicitation to buy or sell any security or financial product. Please consult a qualified financial advisor before making investment decisions.
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Why Picking the "Best" Mutual Fund Is the Wrong Goal
05/22/2026
Why Picking the "Best" Mutual Fund Is the Wrong Goal
Most investors obsess over finding the best mutual fund to invest in. But what if avoiding the worst fund matters far more than picking the absolute best? In this episode, host Shrey Chandra sits down with Deepak Shenoy (Founder & CEO, Capitalmind Mutual Fund) and Anoop Vijaykumar (Head of Equity & Fund Manager, Capitalmind Mutual Fund) to tackle one of the most searched questions in personal finance: how to pick mutual funds that actually deliver long-term returns — without constantly second-guessing your choices. Using 10 years of FlexiCap fund data across 18 funds, they reveal why even top-performing funds underperform 30–50% of the time — and why that's completely normal. They also run a "reactive investor" experiment that shows exactly how timing the market destroys returns, and what a disciplined mutual fund portfolio strategy looks like instead. What you'll learn: • The core vs. satellite portfolio framework and how to allocate across funds smartly • Why mutual fund underperformance doesn't always mean you should exit — and when it does • How fund size and AUM can quietly cap your returns — and the red flags to watch • Corporate governance issues and fund manager changes as early warning signs • The hidden tax impact of switching mutual funds that most investors never calculate • When multi-asset mutual funds make sense as a simplified core holding • How many mutual funds you should hold — and why more isn't always better • 3 questions to ask before picking any fund — covering philosophy, size, and hygiene checks Chapters: 0:00 – Intro 1:50 – Introduction to the topic: What’s the best mutual fund? 2:22 – Anoop begins: How to think about picking a mutual fund 3:26 – Analysis of FlexiCap funds over 10 years (18 funds compared) 5:15 – Avoiding the worst funds vs. picking the best 5:35 – Rolling underperformance data - what it reveals 7:07 – Even good funds underperform 1/3 to 1/2 of the time 8:09 – Should you sell an underperforming fund? 8:28 – The “reactive investor” experiment - timing the market backfires 9:51 – What to do before and after investing in a fund 12:07 – Argument for style diversification across funds 13:50 – Two types of successful investors 15:39 – Do multi-asset funds simplify everything? 17:45 – Deepak joins: How many mutual funds should you hold? 20:00 – Core vs. satellite portfolio framework 24:44 – Multi-asset funds as a core holding 28:45 – Can you predict the worst funds? (Size, AUM issues) 31:35 – Corporate governance & fund manager changes as red flags 33:59 – Tax impact of switching funds - often overlooked 39:41 – Three questions to pick the right fund for you 49:46 – Expense ratios: are they really that important? 55:13 – Final framework: philosophy, size, hygiene checks 59:48 – Closing thoughts If you've ever wondered why your mutual fund is underperforming or made the common mutual fund mistakes of chasing last year's top fund or switching too frequently — this conversation will reframe how you think about investing entirely. Whether you're a first-time investor or managing a mature portfolio, this is the clearest framework we've put out on mutual fund selection in India. 📌 Subscribe for more data-driven investing content every week. 🔗 Follow us: 🌐 Website: 🐦 X (Twitter): 📸 Instagram: 💼 LinkedIn:
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NRI Investing in India: What Nobody Tells You
04/06/2026
NRI Investing in India: What Nobody Tells You
Shray sits down with Deepak Shenoy from Capitalmind to unpack the real playbook for NRIs thinking about investing in India — the taxes, the paperwork, the returns, and the traps nobody warns you about. What we uncover: The 3 types of NRIs who should invest in India — and the ones who absolutely shouldn't. Why patriotism and FOMO are the worst investment strategies. The real return math: 12% in rupees, ~8% in dollars after currency depreciation — and why falling inflation could change this equation entirely. Stocks vs. mutual funds vs. real estate: Why your passport decides your investment vehicle. UAE and Singapore NRIs get tax-free mutual fund gains; US and UK residents face PFIC nightmares. The paperwork horror: Why 5% of your portfolio in India creates more admin than the other 95% abroad — and why Deepak respects any NRI who's actually opened a Demat account. The "famous stocks" trap: Why buying Indigo, Swiggy, or Jubilant from abroad without local context is a recipe for pain. Great brands ≠ great investments. Moving back math: ₹2L/month puts you in India's top 1%. $500K in fixed income could fund your entire re-entry. And why you still shouldn't bring everything back. Deepak breaks down the Doordash minimum wage vs. Indian purchasing power, why small caps hold India's real growth story, and why NRI investing success is measured in rupees — not dollars. Chapters: 0:00 - Not every NRI should invest in India 1:36 - Who is this conversation really for? 3:54 - The 3 types of people who SHOULD invest in India 6:34 - You have family & money sitting idle in India 7:19 - You know you're coming back someday 11:44 - The worst reason to invest in India 18:16 - Stocks, mutual funds, real estate — where to put your money? 22:07 - Your 12% return is actually 8% (here's why) 29:43 - Is Indian real estate worth it for NRIs? 36:57 - The paperwork nightmare no one warns you about 37:26 - Where you live changes everything 38:09 - UAE & Singapore NRIs — this is your tax cheat code 40:07 - Why US & UK NRIs should avoid Indian mutual funds 45:25 - Why buying Indian stocks from abroad is risky 51:44 - Great company. Terrible investment. Here's the difference 1:03:15 - Should you move more money to India as you plan to return? 1:09:26 - What does winning actually look like? 1:16:29 - Invest with your head, not your passport
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Low Inflation. Weak Rupee. Falling Stocks. What’s REALLY Going On?
01/28/2026
Low Inflation. Weak Rupee. Falling Stocks. What’s REALLY Going On?
India is reporting 8%+ GDP growth and cooling inflation, yet stock market returns are muted, the rupee continues to weaken, and everyday expenses feel anything but stable. So which reality should we trust? In this episode, Deepak and Shray unpack the contradictions shaping India’s economy today. From headline vs core inflation to GDP data quality, rupee depreciation, and why markets aren’t rewarding growth, they connect macro numbers to lived experience. A nuanced, data-driven conversation on what truly lies beneath the headlines and what it means for investors, policy watchers, and India’s economic trajectory heading into 2026 and beyond. Chapters: 00:00 - Introduction 01:15 - GDP growth 8.2% but contradictions everywhere 02:32 - Are we booming or fizzling out? 02:55 - Let's start with inflation 08:09 - Headline inflation 0.71% vs core inflation 4.1% 10:07 - Why people don't believe 0.7% inflation 12:08 - Bangalore rent example - 28k to 60k 15:10 - Supply will moderate rent prices 17:37 - Inflation expectations matter 21:05 - Uncertainty makes planning difficult 22:07 - What's happening with the rupee? 22:36 - Economics standing on its head 24:08 - Gold making current account look worse 28:31 - RBI needs to decide - control or not? 31:37 - GDP - 8.2% real growth 35:29 - Base year problem - still using 2011-12 40:37 - Discrepancies in GDP calculation 43:11 - What's driving growth? 43:16 - Manufacturing doing well at 9% 47:43 - Financial services growth worrying 48:05 - Is 8% growth here to stay? 51:42 - China grew 10% for 15 years 56:22 - Stock market - just a bad year? 59:16 - Small players will benefit more 1:05:38 - SEBI new rules on TER and BER 1:06:04 - What are the changes? 1:17:47 - TER vs BER explained 1:23:23 - Who benefits from new rules? 1:30:18 - Brokerage reduction impact 1:34:16 - Impact on sell-side research 1:36:17 - BER is more comparable going forward
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Who Is Really Controlling Your Money? (Not Who You Think)
12/18/2025
Who Is Really Controlling Your Money? (Not Who You Think)
Shray sits down with Deepak Shenoy from Capitalmind to expose how proxy advisors, index manufacturers, credit rating agencies, and one costly habit are secretly making decisions about your investments. What we uncover: Proxy Advisors: How Glass Lewis and ISS voted against Elon Musk's $1 trillion Tesla package—and why their word has become gospel for fund managers managing your money Index Manufacturers: Why NSE and BSE make subjective calls in supposedly "objective" indices. The HDFC-HDFC Bank merger and Reliance-Jio demerger reveal they're acting more like fund managers than neutral rule-followers Current Account Waste: ₹21 lakh crores sitting idle in corporate accounts earning zero interest—₹40,000 crores in lost profits annually Deepak breaks down why passive investing isn't truly passive, how the NBFC rule hurts startups, and why transparency matters as index funds take over the market. Timestamps: 0:00 - Three institutions controlling your money 1:44 - Proxy Advisors - Fighting Elon Musk 6:28 - Proxy advisors have their own agendas 13:30 - Proxy advisors becoming gospel 17:16 - Index Manufacturers - Second institution 18:24 - 35 lakh crores active vs 12 lakh crores passive 20:22 - Index no longer objective function 26:45 - Index manufacturers becoming fund managers 32:01 - Credit Rating Agencies - Third institution 35:21 - Big names get triple A ratings easily 37:52 - Market knew ILFS wasn't triple A 41:37 - Don't link things strictly to ratings 46:25 - Why so much money in current accounts? 49:00 - Could add 40,000 crores to profits 49:36 - Startup NBFC rule problem 56:37 - Reduce need for inefficient buffers
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Will the U.S. Market Crash in 2026?
11/11/2025
Will the U.S. Market Crash in 2026?
For 17 years, Deepak Shenoy has made annual Diwali predictions about markets, crashes, interest rates, and more. But how many were actually right? Shray sits down with Deepak Shenoy from Capitalmind to examine his prediction history from 2007 to 2024. He correctly called the 2008 crash and Trump's 2024 victory. But real estate and gold? Wrong almost every year. We break down why most predictions fail and what makes the rare successful ones different. Deepak explains the three elements of valid predictions (direction, magnitude, timeframe), why cash on sidelines signals crashes, how AI bubbles mirror 2000, and why interest rates are easy to predict but impossible to profit from. This episode breaks down crashes, bubbles, and market timing, offering honest takes that you can actually use. Don't forget to like, share, and subscribe for more real insights on building wealth in Indian markets! Follow Capitalmind on Social Media: 📝 Linkedin: Instagram: Twitter: Chapters: 00:00 Introduction & 2024 Predictions Recap 01:00 Will There Be a Market Crash in 2025? 03:40 How AI Could Trigger the Next Crash 06:15 Why This Time Is Different from 2008 09:40 US Recession + Inflation = Stagflation? 12:10 Why Indian Markets May Keep Rising 15:00 The Real Estate Prediction Trap 20:20 Gold, Inflation & Interest Rate Outlook 28:20 Japan’s 30-Year Debt Problem Explained 33:40 Can the Rupee Go Global? 40:20 Why Predictions Usually Fail 46:00 Don’t Predict, Respond Instead 50:10 Deepak’s 2025 Predictions Recap 58:00 Closing Thoughts
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Gold, Silver, Equities: Which One Deserves a Place in Your Portfolio?
10/24/2025
Gold, Silver, Equities: Which One Deserves a Place in Your Portfolio?
When Indian Equity Markets Go Sideways: Are Alternative Assets Worth It? Indian equities have been flat for over a year. So where should you actually put your money? Shray sits down with Deepak Shenoy from Capital Mind to break it all down. Silver just hit $50 for the first time in 45 years. Deepak explains the Hunt Brothers saga, the Thailand import drama, and why silver might only deserve 2% of your portfolio. Gold – it's outperformed. But should you buy now? Only 30% of the time has gold beaten Nifty over 10 years. We also discuss foreign stocks, why debt funds aren't just parking lots, and whether India at 21-22x earnings is still expensive. If you're confused about where to deploy capital right now, this episode is for you. Don't forget to like, share, and subscribe for more insights on building real wealth in Indian markets! #investing #stockmarket #alternativeassets #gold #bitcoin #portfoliomanagement Follow Capitalmind on Social Media: Linkedin: Instagram: Twitter: Chapters: 0:00 - Intro 2:11 - Silver: What's Happening Right Now? 7:19 - Hunt Brothers: The Biggest Silver Bet Ever 11:58 - Should You Own Silver? 15:49 - Why Diamonds Are a Terrible Investment 17:38 - Gold: Why Deepak Was Wrong 21:14 - Gold as an Inflation Hedge 23:03 - When Gold Could Crash 40% 27:05 - Why We Treat Gold Differently Than Stocks 30:00 - Land Deals: How to Make 400% Returns 32:20 - Why Luxury Watches Beat Stocks 34:45 - Bitcoin: The Leverage Problem 41:32 - Bitcoin's Altcoin Curse 44:08 - Quantum Computing Could Kill Bitcoin 47:32 - How Much Bitcoin Should You Own? 50:22 - When Big Winners Become Too Big 52:01 - Foreign Stocks: The Smart Diversification 56:46 - Debt Funds: Beyond Just Parking Money 1:01:47 - Debt Market: Hidden Inefficiencies 1:04:06 - Why Debt Funds Deserve Your Money 1:06:07 - Why Bank FDs Are Ripping You Off 1:08:27 - Is India Still Too Expensive to Invest? 1:11:06 - Why 20x PE Actually Makes Sense 1:13:54 - Final Thoughts
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Gold, Silver, Equities: Which One Deserves a Place in Your Portfolio?
10/24/2025
Gold, Silver, Equities: Which One Deserves a Place in Your Portfolio?
When Indian Equity Markets Go Sideways: Are Alternative Assets Worth It? Indian equities have been flat for over a year. So where should you actually put your money? Shray sits down with Deepak Shenoy from Capital Mind to break it all down. Silver just hit $50 for the first time in 45 years. Deepak explains the Hunt Brothers saga, the Thailand import drama, and why silver might only deserve 2% of your portfolio. Gold – it's outperformed. But should you buy now? Only 30% of the time has gold beaten Nifty over 10 years. We also discuss foreign stocks, why debt funds aren't just parking lots, and whether India at 21-22x earnings is still expensive. If you're confused about where to deploy capital right now, this episode is for you. Don't forget to like, share, and subscribe for more insights on building real wealth in Indian markets! #investing #stockmarket #alternativeassets #gold #bitcoin #portfoliomanagement Follow Capitalmind on Social Media: Linkedin: Instagram: Twitter: Chapters: 0:00 - Intro 2:11 - Silver: What's Happening Right Now? 7:19 - Hunt Brothers: The Biggest Silver Bet Ever 11:58 - Should You Own Silver? 15:49 - Why Diamonds Are a Terrible Investment 17:38 - Gold: Why Deepak Was Wrong 21:14 - Gold as an Inflation Hedge 23:03 - When Gold Could Crash 40% 27:05 - Why We Treat Gold Differently Than Stocks 30:00 - Land Deals: How to Make 400% Returns 32:20 - Why Luxury Watches Beat Stocks 34:45 - Bitcoin: The Leverage Problem 41:32 - Bitcoin's Altcoin Curse 44:08 - Quantum Computing Could Kill Bitcoin 47:32 - How Much Bitcoin Should You Own? 50:22 - When Big Winners Become Too Big 52:01 - Foreign Stocks: The Smart Diversification 56:46 - Debt Funds: Beyond Just Parking Money 1:01:47 - Debt Market: Hidden Inefficiencies 1:04:06 - Why Debt Funds Deserve Your Money 1:06:07 - Why Bank FDs Are Ripping You Off 1:08:27 - Is India Still Too Expensive to Invest? 1:11:06 - Why 20x PE Actually Makes Sense 1:13:54 - Final Thoughts
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From H1B to Dream11 - When risks hit you hard
10/16/2025
From H1B to Dream11 - When risks hit you hard
What do DreamFolks, Dream11, JSW Steel, and Donald Trump’s H-1B visa policy all have in common? Each shows how unexpected risks can reshape markets and investments overnight. Deepak Shenoy and Shray Chandra break down 5 types of risk you never saw coming from business model collapse and legal shocks to regulation, policy changes, and passive investing illusions. Chapters: 00:00 - Intro 01:53 - DreamFolks 16:19 - JSW Steel and Bhushan Steel & Power 30:41 - Dream11 & Crypto currency 41:56 - H1B Visa situation 52:10 - When money moves markets
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ESOPs Demystified: Taxes, Dilution & the Path to Wealth in India!
09/23/2025
ESOPs Demystified: Taxes, Dilution & the Path to Wealth in India!
ESOPs (Employee Stock Options) are one of the least understood parts of compensation in India. Are they wealth creators or just glorified lottery tickets? We break down everything you need to know, the trade-off between salary and ESOPs, the risks of taxation and dilution, and how exits, IPOs, and secondary markets really work. From early employee bets to Flipkart’s game-changing Walmart deal, we explore stories that show both the pitfalls and life-changing rewards. If you’ve ever been offered ESOPs or are considering them. This podcast will help you make informed decisions about your financial future. Chapters: 00:00 - Intro 02:57 - Salary vs ESOP: the real trade-off 15:02 - ESOPs ≠ Shares? 28:35 - Should companies help you exit? 37:41 - Black-Scholes for expense 40:39 - Why not just give shares? 45:59 - Promoters/Directors rules in India 50:11 - What every employee must check in their ESOP package! 57:20 - After the payout: diversify & spend
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Wealth as a Tool, Joy as the Goal
08/16/2025
Wealth as a Tool, Joy as the Goal
What if money wasn’t the goal… but the tool? Deepak Shenoy and Shray Chandra dive deep into how money can enable experiences, freedom, and meaning, instead of becoming an end in itself. 00:00 Intro 02:33 GDP, Good Life, and Getting Real About Returns 15:14 The Real Cost of Wealth (and the Price of a Good Life) 31:20 Planning for Joy, Not Just Returns 43:34 Compartmentalize to Live Fully 01:04:04 I have enough money, what do I do now? 01:13:23 Is winning in life all about money?
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The Saga of the Jane Street Trading Scandal
07/28/2025
The Saga of the Jane Street Trading Scandal
In this episode, Deepak and Shray unpack the SEBI allegations against global trading giant Jane Street and explore whether this is a case of shrewd arbitrage or market manipulation in India's underregulated options landscape. In doing so, they reveal deeper structural issues. An outsized derivatives market, regulatory blind spots, tax inequities, and unchecked index power that favour global giants over domestic traders all act as leading factors to the outsized profits made by the firm. The episode ends with a call for reform: position limits, STT rationalisation, index oversight, and a level playing field to restore market integrity.
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Make your own pension
06/30/2025
Make your own pension
Indian retirement planning for long has been centered on your children being successful and them supporting you in your golden years. But, times are changing, with the rise of nuclear single child households, new pension options and easier access to capital markets, retirement planning also has to change. In this conversation, Deepak and Shray discuss the various options you have to set up a retirement corpus. Be it investing in a pension scheme or managing your own investments, they provide the pros and cons as well as the steps you need to take to do so. They also suggest policies that if implemented, could make retirement planning simpler. The earlier the better is the mantra for retirement planning and this conversation will help you get started. 00:00 - Intro 01:18 - Choosing Your Retirement: NPS or UPS? 15:36 - The real math behind the Unified Pension Scheme 22:33 - Can private sector employees build their own pension? 28:54 - Forced Savings: A behavioral take on long-term wealth 35:43 - Guarantees, gradually: structuring safer payouts as you age 39:33 - Tax efficiency and corpus optimization 44:17 - Managing Volatility: Behavior & long-term thinking 51:27 - The structural risk behind public pension guarantees 57:55 - Belief in the System: Will pensions and markets survive? 01:03:13 - Where do I even start? 01:14:52 - Why India needs its own 401(k) 01:19:36 - The roadblocks to retirement reform 01:23:44 - Will Equity Returns Moderate?
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Is War Good for the Economy?
06/03/2025
Is War Good for the Economy?
In this wide-ranging chat, Shray plays devil’s advocate while Deepak unpacks why conflict often jump-starts economies, how India’s defence binge could spill over into everything from lithium mining to 10-minute groceries, and why a 70-hour work-week isn’t the villain Twitter thinks it is. Returns—not patriotism—ultimately determine whether CapEx endures, a reality visible in the economics of fracking, rare-earth extraction, and the three types of “crazy” investors who fund long-shot bets: governments, bondholders, and VCs. India’s manufacturing ambitions have long been stifled by outdated labour laws and missed opportunities, but we may now be staring at a rare, once-in-a-generation window of opportunity. While defence and industrial stocks might seem richly valued, there's still plenty of runway—especially if order books start to triple. That said, the journey is fraught with risks: a sluggish judicial system, bureaucratic inertia, and our national knack for fumbling promising leads. For investors, the challenge is knowing when to play defence and when to swing for the fences in a market that increasingly rewards conviction. -- 00:00 - Intro 01:09 - Wars & the Economy 12:56 - Return on Investment - Driver of returns 25:28 - Does CapEx without justification work? 35:30 - Why don't we manufacture in India anyway? 47:33 - Labor laws - Why do they exist? 55:20 - Is the rally already priced in? 01:11:18 - What’s the downside risk? 01:15:49 - Where do you invest now? 01:19:03 - Trump, 70 Hours & Self-Reliance! -- More about us: https://cm.social/pms Connect with us : https://cm.social/pms-connect Deepak's Twitter: @deepakshenoy Shray’s Twitter: @shraychandra Capitalmind Twitter: @capitalmind_in
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Are Mutual Funds only Sahi for the Middle Class?
05/16/2025
Are Mutual Funds only Sahi for the Middle Class?
Mutual Funds are often seen as the McDonalds of the investment world. They are ubiquitous and convenient, and yet, they are seen to lack the prestige of a fine dining experience aka Private Equity et al. In this episode, we take on the big question: Are mutual funds only for the salaried middle class, or is there a bigger story here? Deepak and Shray dive deep into the history and perception of mutual funds, from their once-exclusive status to becoming the go-to vehicle for SIPs and forced savings. But why don’t you hear family offices or the ultra-wealthy proudly boasting about their mutual fund holdings? We explore this through the lens of economic class distinctions (India A, B, and C) and unpack how perceptions of exclusivity and quality affect investment choices. Whether you're planning for retirement, your child’s education, or just wondering if your portfolio is too “plain vanilla,” this is a conversation that will make you rethink how you view mutual funds. -- 0:00 – Intro 3:29 – Choosing Exclusivity Over Simplicity 7:34 – Volatility Laundering 20:32 – Liquidity in University Endowment Funds 31:49 – Alternative Investments 38:58 – Mutual Funds vs Other Investments 44:12 – Why not hire a personal fund manager? 48:04 – Advantages and Disadvantages of Mutual Funds 1:12:26 – Use cases for Mutual Funds 1:22:41 – Who are Mutual Funds not for? -- More about us: https://cm.social/pms Connect with us : https://cm.social/pms-connect Deepak's Twitter: @deepakshenoy Shray’s Twitter: @shraychandra Capitalmind Twitter: @capitalmind_in
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No Passport Needed: Your Guide to Global Investing
04/19/2025
No Passport Needed: Your Guide to Global Investing
In this episode, Deepak and Shray unpack the ins and outs of international investing—why it matters, when it makes sense, and who it’s really for. From rupee depreciation to political and geographical risks, they explore the key reasons to diversify your portfolio beyond India’s borders. They also discuss a crucial question: At what level of capital does it become meaningful to place your money outside? The conversation weaves in perspectives from investing greats—Peter Lynch, who believed in the power of consumer insight, and Devina Mehra, whose latest book "Money Myths and Mantras" emphasizes global allocation as a must-have strategy. With fresh data on market returns (both in INR and local currency terms), the duo breaks down how different regions have performed—why Europe and China have struggled, and how the US tech boom, largely driven by the Nasdaq, has outshone the rest. But can the US continue to dominate, especially in light of Fed Chairman Powell’s recent remarks on tariffs? They also touch upon an important side of global investing: taxation. From the complexities of capital gains to the lesser-known estate tax, and how investment vehicles like UCITS can help navigate these issues. Tune in for a comprehensive, no-fluff guide to international investing—what works, what to watch out for, and how to do it right. 0:00 - 2:10 Introduction 2:11 - 8:27 Why should you invest abroad? 8:28 - 10:53 Economic growth ≠ Shareholder returns 10:54 - 19:35 How to select international investments? 19:36 - 27:31 Regular international investments 27:32 - 32:17 Commodity Diversification 32:18 - 40:50 Managed International Investment Solutions 40:51 - 43:37 Good time to global? 43:38 - 47:17 Domestic vs. International Brokers 47:18 - 50:34 Tax on Foreign Equity 50:35 - 54:17 Tax Collected at Source 54:18 - 56:38 U.S. Estate Taxes 56:39 - 59:50 UCITS -- More about us: Connect with us : Deepak's Twitter: @deepakshenoy Shray’s Twitter: @shraychandra Capitalmind Twitter: @capitalmind_in
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Changing the World Order: Tariff Edition
04/12/2025
Changing the World Order: Tariff Edition
At this point, you’ve probably read enough about tariffs to last a lifetime. But what if we told you the real story isn’t just about import duties or Donald Trump’s next announcement; it’s about a slow unraveling of the world order we’ve all taken for granted In this episode, Deepak and Shray dig into how the US once helped shape a global economic contract — one where it bought the goods, paid in dollars, protected the rest of the world, and in return, the world kept buying US debt. It worked until it didn’t. Countries like China started playing a smarter game. They stitched shoes, then built the factories, then made their own brands, and finally started exporting those to the US. Somewhere along the way, the US realized it wasn’t in control anymore. Tariffs are now the blunt tool being used to push back. We break down what’s really happening, what’s likely to happen next, and how portfolios, both in India and abroad, need to adjust. If the world is becoming more inward-looking, where should your money go? The world is changing. Listen in to make sure your portfolio is not caught off guard. 0:00 - 1:05 Introduction 1:06 - 3:17 What went wrong with the existing world order? 3:18 - 7:41 "The Unwritten Contract" 7:42 - 10:15 What a dollar can get you 10:16 - 15:22 Origins of Chinese Manufacturing 15:23 - 19:54 How the apprentice became the master 19:55 - 25:01 What's ailing Trump despite American glory? 25:02 - 26:00 The Multiplier Effect of Manufacturing 26:01 - 28:37 Why they resorted to Tariffs 28:38 - 30:41 Repercussions of Tariffs 30:41 - 33:33 De minimis Shipping 33:34 - 40:18 Shift toward an Isolated World (non-Tariff Barriers) 40:19 - 45:51 Global trade without the US 45:52 - 51:42 Investing themes during trade wars -- More about us: https://cm.social/pms Connect with us : https://cm.social/pms-connect Deepak's Twitter: @deepakshenoy Shray’s Twitter: @shraychandra Capitalmind Twitter: @capitalmind_in
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Exchange Traded Funda: How ETFs Work
04/10/2025
Exchange Traded Funda: How ETFs Work
ETFs have taken over the world, or at least that’s what you’d believe if you spent any time reading financial media in the US. Passive investing! Low costs! No fund manager egos! And of course, that looming prediction: “ETFs will destroy price discovery!” But in India? Crickets. While ETFs have become mainstream in the US, with trillions of dollars flowing into passive investing strategies, India's ETF story is still unfolding. Why haven’t ETFs exploded in India despite our obsession with stocks? And more importantly, should you be investing in ETFs or mutual funds? In this episode, Deepak and Shray get into the weeds on all things Exchange Traded Funds — what they are, how they work, where they don’t work, and why, despite sounding like the next great revolution in investing, they haven’t quite clicked here yet. 00:00:00 - Introduction 00:02:01 - How big are ETFs? 00:07:30 - Why are ETFs so successful in the US 00:09:42 - How do ETFs work? 00:13:52 - Isn’t it better to move into ETFs then? 00:16:01 - Who are you buying the ETF from? 00:20:08 - Are there any advantages in ETFs over MFs in India? 00:25:10 - What role do Market Makers play in ETFs? 00:30:12 - When and why do ETF prices trade above their NAV? 00:39:14 - Role of liquidity in ETF prices 00:42:06 - Why don’t people do SIPs into ETFs and Stocks? 00:48:44 - How are ETFs useful for investors? 00:53:17 - What about Commodity ETFs? 00:55:47 - What about Liquid ETFs? 00:59:52 - How do regulations like stock-lending and free-float impact ETF returns? 01:04:53 - What are Deepak’s thoughts about Active ETFs? 01:07:06 - Will ETFs gain market share from Mutual Funds?
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The Unexpected Impact of investing in Mutual Funds and Pooled Vehicles
03/06/2025
The Unexpected Impact of investing in Mutual Funds and Pooled Vehicles
Deepak and Shray discuss the unexpected quirks and consequences of investing in mutual funds and pooled vehicles in general. The discussion covers how your returns and experiences can be impacted by other investors' actions, including issues with inflows, outflows, cutoff timings, and NAV calculations. Specific cases like DHFL, Yes Bank, and Zee promoter bonds are examined to highlight how complexities in pooled vehicles can affect investment decisions. Additionally, the episode provides insights on how to navigate these challenges and the importance of understanding the nature of pooled investments. 00:00 Introduction 00:43 Understanding Mutual Funds and Pooled Vehicles 02:43 Complexities of Pooled Vehicles 07:43 Impact of Inflows on Fund Composition 13:18 Challenges with Outflows and Debt Funds 20:00 Timing Issues and NAV Calculations 29:04 ETFs vs Mutual Funds: Arbitrage and Market Behavior 33:01 Case Studies: Yes Bank, DHFL, and Zee Promoter Bonds 37:50 Side Pocketing and Arbitrage 49:12 Investor Strategies and Market Timing Challenges 55:43 Conclusion and Final Thoughts
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Profit Shares & Performance Fees: Are They Really Worth It?
02/06/2025
Profit Shares & Performance Fees: Are They Really Worth It?
In today’s episode, we break down profit shares and performance fees, one of the most debated topics in the asset management industry. Are they a fair way to align incentives, or just another way for fund managers to charge more? We get into the nitty-gritty of who can charge performance fees in India and how it works, the meaning of terms like management fee, hurdle rate, catch-up, and high watermark, and whether performance fees actually create skin in the game for fund managers. We also discuss why losses and performance fees don’t go well together, whether investors should care about profit shares or just post-fee returns, and whether paying a performance fee is ever worth it. We also explore some of the murky areas of the industry, including hidden fees, commission structures, and the psychology behind why investors accept certain charges without question. At Capitalmind PMS, we don’t charge a performance fee, and we explain why we chose this model. If you’ve ever wondered how fee structures impact your long-term returns, this episode is a must-listen. 00:00 Introduction and Disclaimer 00:42 Overview of Performance Fees 02:35 Understanding Management Fees 05:32 Performance Fees and Hurdle Rates 07:34 Catch Up and High Watermark Concepts 11:04 Complexities in Fee Structures 14:31 Skin in the Game and Incentives 29:34 Management Fee Only Model 31:17 Incentives and Performance in Fund Management 32:43 Principles of Charging Profit Share 33:14 Small Funds and Profit Share Justification 34:41 Mutual Funds and Profit Share Dilemma 35:49 Historical Examples and Active Management 37:37 Challenges in Asset Management 45:20 Regulatory Perspectives on Fees 51:09 Evaluating Investment Options 56:52 Final Thoughts on Profit Shares
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Budget 2025: More Money in Your Hands
02/03/2025
Budget 2025: More Money in Your Hands
Deepak and Shray analyze the implications of this budget on consumption, manufacturing, investments, and its impact on your wallet. ---- More about us: Connect with us : Deepak's Twitter: @deepakshenoy Shray’s Twitter: @shraychandra Capitalmind Twitter: @capitalmind_in
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The fight between the Dollar and the Rupee
12/23/2024
The fight between the Dollar and the Rupee
In this episode, Deepak and Shray dive deep into the dynamics of the Dollar-Rupee equation. With the rupee at 85 to the dollar, what does this mean for us as investors and consumers? Are we losing 3-4% in dollar terms every year without realizing it? And if so, does investing in global assets provide a better hedge? Join us as we break down historical trends in the exchange rate, the RBI's role as the on the same and why inflation differentials drive the long-term trajectory of currencies (or why they may not in this case). Along the way, we explore everything from dosa economics to the peculiarities of India's remittance-driven current account. Packed with insights and a dash of irreverence, this episode is a must-listen for anyone trying to make sense of exchange rates and their impact on real wealth. Timestamps 00:00 Introduction 00:31 Historical Context to the Rupee Dollar Equation 03:12 The Role of RBI in Currency Valuation 03:55 Dosa Economics 05:06 Inflation and Exchange Rates 09:29 Impact of RBI's Market Participation and Forex Reserves 17:49 Current Account and Financial Account Dynamics 23:14 Foreign Investments and Market Freedom 30:02 Tariffs, Exports, and Currency Manipulation 36:13 The Impact of Dollar Inflows on the Indian Economy 37:00 RBI's Role in Managing Rupee and Inflation 39:19 Government Bonds and Interest Payments 40:43 RBI's Forex Market Participation 43:04 Rupee Appreciation and FEMA 58:16 Investment Strategies and Global Opportunities 01:03:29 Speculation and the Non-Deliverable Forward Market 01:11:46 Concluding Thoughts and Future Outlook
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Are Foreign Investors (FIIs) Less Important Now?
12/03/2024
Are Foreign Investors (FIIs) Less Important Now?
Ever wondered if the Indian stock market still needs Foreign Institutional Investors (FIIs) now that domestic investors are stepping up? Shray and Deepak chew over this hot topic in our latest episode. They examine questions like whether foreign investors are responsible for recent market declines, who the primary owners of Indian companies are, and why foreign ownership is decreasing. They discuss the impact of regulatory changes, such as increased KYC requirements and the end of tax benefits for investments through Mauritius, Singapore, and Cyprus. The episode also delves into the differences between Foreign Portfolio Investors (FPIs) and Foreign Direct Investors (FDIs), as well as the significance of retail and domestic investors in the market. The hosts conclude by discussing the future of foreign ownership and whether retail investors should continue their systematic investment plans (SIPs). With retail investment soaring, the influence of foreign money seems to be waning—or is it? They also discuss the consequences of significant foreign withdrawals during global crises and compare the patterns of FII with Foreign Direct Investment (FDI), highlighting the intricate details of market shifts. They also take a look at global capital flows through the case studies of Hyundai’s, Holcim and British American Tobacco among others. Tune in to understand why studying both FII and FDI activity is crucial for grasping the bigger picture of market behavior. More about us: Schedule a call with us: Deepak’s Twitter: @deepakshenoy Shray’s Twitter: @shraychandra Capitalmind Twitter: @capitalmind_in Deepak's first book:
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The F&O Game is fair even if 93% of people lose money
11/18/2024
The F&O Game is fair even if 93% of people lose money
In this episode of the Capitalmind podcast, Deepak and Shray dive into SEBI's recent report analyzing the profits and losses of F&O traders. The report reveals a staggering statistic, showing that over 90% of individual traders have lost money in F&O trading in the past few years. They explore the reasons behind these losses, the demographic impacts, and whether F&O trading is more akin to gambling than investment. They also discuss SEBI's new rules aimed at curbing losses and what these changes mean for both novice and seasoned traders. Tune in to understand the full implications of SEBI's analysis and what it means for the future of F&O trading in India. 00:00 Introduction 00:42 SEBI's Report on F&O Traders 01:41 Deep Dive into SEBI's Findings 02:32 Analyzing the Losses 06:00 Demographics of Losing Traders 07:57 Potential Misinterpretations of Data 18:06 The Appeal of F&O Trading 29:30 Speculation vs. Investment 30:39 The Role of Speculators in the Market 40:44 Comparing Trading to Performance Sports 43:11 The Discipline of Trading 43:42 Challenges of Undercapitalization 44:28 Intrinsic Value of Activities 45:10 Learning from Trading 49:08 Capital Requirements and Market Dynamics 52:18 Sophistication and Risk Management 57:20 Regulatory Impact and Market Participation 01:15:25 The Role of Speculation and Regulation 01:20:38 SEBI's New Rules and Their Impact 01:25:35 Conclusion and Final Thoughts
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A Structured Approach to Cash Calls: Deepak Shenoy's Framework
10/25/2024
A Structured Approach to Cash Calls: Deepak Shenoy's Framework
In this episode, recorded in early October 2024, we’re diving into a topic that’s on everyone’s mind: Is holding cash a smart move in these unpredictable markets? We’re in what some are calling one of the most “unloved” bull markets—stocks keep rising, but investors (ourselves included) are uneasy, waiting for the other shoe to drop. To help us unpack whether cash can actually give your portfolio an edge during uncertain times, we brought in none other than Deepak Shenoy. Together, we explore whether holding cash can protect you from potential downturns or even help you outperform the benchmarks. We also dig into the challenges fund managers face with cash calls, why getting back into the market can be harder than it seems, and how strategies like STPs (Systematic Transfer Plans) play out in real life. Deepak shares some great insights, comparing today’s market to historical events like the 2020 Crash, Russia-Ukraine war, Brexit, and the 2008 financial crisis. Plus, we look at what Warren Buffett has done with cash during past downturns—and why even he hasn’t always gotten it right. This episode is packed with practical takeaways including: 1) When holding cash makes sense—and when it doesn’t 2) Why fund managers sometimes get cash calls wrong 3) The emotional side of staying invested vs. going to cash 4) How IPOs and market liquidity can impact your cash strategy If you’ve ever felt that itch to “do something” with your portfolio when markets are shaky, this conversation is for you. We break down the mental tug-of-war between holding cash and riding out the market, with Deepak sharing actionable advice that will help you stay prepared, no matter what happens next.
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Mutual Funds, PMS, or AIF: Choosing the Right Investment Vehicle for Your Needs
09/21/2024
Mutual Funds, PMS, or AIF: Choosing the Right Investment Vehicle for Your Needs
In this episode, Deepak and Shray dive into the intricacies of mutual funds, Portfolio Management Services (PMS), and Alternative Investment Funds (AIF). We analyze the tax benefits of mutual funds, highlight the liquidity advantages, and compare them with PMS and AIF in terms of fees, transparency, and investment flexibility. We also discusses why different products cater to different investors based on their income levels, asset sizes, and risk appetites. The conversation covers the psychological and practical reasons investors might choose one investment vehicle over another, the role of fund managers, and the impact of regulations on investment returns. 00:00 Introduction and Overview 00:13 Comparing Mutual Funds, PMS, and AIFs 00:55 Tax Efficiency of Mutual Funds 01:28 Challenges with Mutual Funds 01:41 The All Weather Equity Portfolio 02:23 Why Mutual Funds Aren't the Default Choice 02:46 Understanding Different Investment Products 04:13 Tax Implications for Different Investors 18:33 The Complexity of Mutual Fund Selection 24:06 Liquidity and Size Issues in Mutual Funds 27:18 PMS vs Mutual Funds: Key Differences 27:29 Large Investors' Preferences 28:46 Challenges for US Investors 31:09 Systematic Transfer Plans in PMS 33:22 The Importance of Fund Managers 35:31 Process vs Personality in Investing 46:42 Choosing Between PMS and AIF 52:21 Conclusion: Tailoring Investments to Individual Needs
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Investing in Unlisted Companies: What's the deal?
09/11/2024
Investing in Unlisted Companies: What's the deal?
In this episode of the Capitalmind Podcast, we take a deep dive into the world of unlisted and private securities. We’ll cover key topics such as: What exactly are unlisted and private securities? How do you value them, and what complexities should you watch for, like liquidation preferences and ratchets? Who can you sell these securities to, and what about corporate governance risks? Are these investments or just consumption in disguise? We also explore opportunities in the SME segment and how much of your net worth you should allocate to private investments. Whether you're considering investing in a friend's business or a pre-IPO startup like Swiggy, this episode will help you navigate the complex world of private markets. Don’t miss out! Send your ideas for future episodes to podcast@capitalmind.in, and if you're ready to invest with us, visit capitalmind.in to learn more about our PMS service. 00:00 Welcome to the Capital Mind Podcast 00:37 Introduction to Unlisted and Private Securities 04:27 Private vs Public Limited Companies 07:32 Valuing Unlisted Companies 09:26 Complexities of Cap Tables 21:31 Exit Strategies for Unlisted Securities 41:19 The Impact of Swiggy and Zomato on Restaurants 42:57 Investment Opportunities in Unlisted Companies 44:01 Shenanigans in Private and Public Markets 44:49 Case Studies: Byju's and FarmEasy 49:22 The Role of Venture Capitalists 01:05:00 Strategic Investments and Their Impact 01:07:30 Challenges of Investing in Unlisted Companies 01:24:03 The Future of Private Investments 01:24:49 Conclusion and Final Thoughts
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Why so many new Mutual Fund NFOs?
08/23/2024
Why so many new Mutual Fund NFOs?
In this episode of the Capitalmind Podcast, Deepak and Shray dissect the surge in New Fund Offerings (NFOs) by mutual funds, dissecting why fund houses are launching new schemes and who truly benefits from them—whether it’s the AMC, the customer, or intermediaries like distributors. We also discuss the economics of fund distribution, the role of intermediaries, and how to identify the best options for your investments. The episode also ventures into the often not talked about side of financial advisory, the unrealistic expectations of managing wealth independently, and the vital role of professional advisors. Additionally, they explore the cyclic nature of NFOs, investor hype in bull markets, and the risks of market oversaturation, concluding with advice on navigating financial products during booming market conditions. Whether you’re a seasoned investor or just getting started, this episode is packed with insights that can help you make informed decisions. Timestamps 00:00 Introduction to the Capitalmind Podcast and disclaimer 00:43 Overview of New Fund Offerings (NFOs) 02:29 Historical Context and SEBI Regulations 03:24 Fund Categories and Flexibility 05:00 The Role of Fund Managers and Themes 08:50 Marketing and Distribution Economics 12:04 Impact on Customers and Fund Houses 29:47 Advertising and Expense Management 33:33 The Role of SEBI in Fund Innovation 34:29 The Impact of Fund Variety on Investors 35:30 The Importance of Innovation in the Mutual Fund Industry 36:59 Challenges of Fund Categorization 42:43 The Role of Financial Advisors and RIAs 49:55 Mutual Fund Distributors vs. Bank RMs 55:27 When to Go Direct with Your Investments 01:05:50 The Cycle of NFOs in Bull Markets 01:09:01 Conclusion and Final Thoughts
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What is front running, really?
06/28/2024
What is front running, really?
Picture this: You’re at your favourite bakery, and you overhear that a celebrity is about to place a massive order for your favourite pastries. You rush to buy them all up before the celeb can, hoping to sell them back at a premium. That, in essence, is front running in the financial world. We discuss how people pull off this trick and, more importantly, how they get caught. (Spoiler alert: it’s not as glamorous as a Hollywood heist) Axis Mutual Fund had their share of front running drama not too long ago. Traders making big bucks, splurging on luxury pads and flashy cars—sounds like a plot from "The Wolf of Wall Street”. We’ll break down the fallout and the lessons learned. Currently, Quant Mutual Fund is going through allegations about front running. How do you, as an investor, make sense of these allegations and decide on your next move? Should you hold onto your Quant Mutual Fund investments or start thinking about an exit strategy? We talk about all this and more in our latest episode of Capitalmind Podcast.
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