Capitalmind Podcast

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 India’s manufacturing ambitions have long been stifled by outdated labour laws and missed opportunities, but we may now be staring at a rare, once-in-a-generation window of opportunity.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

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

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: https://cm.social/pms [https://cm.social/pms] Connect with us : https://cm.social/pms-connect [https://cm.social/pms-connect] Deepak's Twitter: @deepakshenoy Shray’s Twitter: @shraychandra Capitalmind Twitter: @capitalmind_in

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

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?