About

About me

I began my career as a Financial Analyst at a boutique business consulting firm, where I honed my skills in market entry strategy, distribution/channel strategy, and competitive intelligence. Working closely with mid-senior level executives at mid-large enterprises, I helped them achieve their strategic objectives. As an active member of the firm’s value investing club, I conducted equity research for the firm’s online portal.

Later, I founded AlphaValley, helping early-stage startups with compelling business plans, investor presentations, and providing investment research services for PE/VC and investment management firms.

Over a decade, my investment journey evolved to focus on resilient businesses with strong competitive advantages and long growth runways in less-disruptive industries. With Bodh Capital, I aim to help my clients build wealth through sensible investing.

Education: PGCPIB IIM Indore, MBA Finance Mumbai University

1. Focus on risk

Ruins = Permanent Loss of Capital.
Avoid ruins/bad businesses at any price.
Risk first – do not pursue returns that come with added risk.
Avoid hot investment opportunities.
Obsession with competitive advantage, not growth.
The only risk we can control is paying too much. So, don’t overpay!

2. Seeking Quality

Low debt businesses in favourable industries.
Growing/stable competitive advantage.
Proven track record of earning high returns on invested capital.
Scores good on forensic checks.

3. Be less irrational

Being aware that I’m stupid, and must try to be less irrational than others.
Build temperament through rigorous learning of history, psychology, and businesses.
Avoid distractions and macro predictions, focus on the knowable.
Bet aggressively when the odds are in favour (rare, but probable).
Focus on the knowable – Thoroughly research the business and industry.

4. Being aware of market cycles

Awareness of the pendulum

Don’t predict macros, but be aware of the cycles and extremes.
Exercise more prudence when the market lacks prudence.
Refrain from participating when opportunities aren’t present.
Exploit opportunities in inefficient markets.

5. Believe in the process

My objective is to earn adequate returns (mid-teens) compounded over the long run, we’re not chasing high growth.
I will miss out several winners, and we must be okay with that.
Stock returns follow earnings in the long run. Ignore short-term anomalies.
Some of my bets will go wrong, in aggregate, though, this process has delivered handsome results for several great investors

Blog

Musing on sensible investing and risk

Focus on risk

Risk ≠ Volatility In the world of investing, risk is often misunderstood. It’s not merely the volatility in stock prices that investors should be wary of, but the potential for permanent loss of capital. Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against […]

Building character

In the realm of investing, mastering temperament is paramount. Adopting a less irrational approach involves recognizing my limitations and adhering to a disciplined process/strategy. Here’s how I try to cultivate a less irrational mindset. I don’t know Knowledge grows through subtraction, and character is honed through discipline. Staying focused on the process is key. It […]

Via Negativa: The Power of “Don’t” in Investing and Beyond

Have you heard of the concept of “via negativa”? Via negativa is a potent concept, especially in the world of investing. This powerful philosophy emphasizes what NOT to do to improve your odds of success. In other words, instead of focusing on what to add, via negativa works by eliminating what shouldn’t be there This […]