#longterminvesting #wealthcreation #midcap
In this conversation with Vikas Khemani, Founder & CIO at Carnelian Asset Management, we discuss stock market crashes, investing during uncertainty, India’s long-term growth story, FII outflows, banking, pharma, small caps, wealth creation, emotional investing and the mindset required to stay calm during volatility.
He also shares powerful lessons from losing money early in his investing journey, why crisis often creates opportunity, how he evaluates businesses and management teams, and why he remains optimistic about India despite global uncertainty.
What you’ll learn:
• Why market crashes can become investing opportunities
• India’s outlook despite global uncertainty
• FII selling and what it means for investors
• Banking, pharma, healthcare & manufacturing sectors
• How Vikas Khemani picks stocks
• Small caps vs large caps
• Investing mistakes beginners make
• Emotional intelligence in investing
• Vipassana, resilience & handling setbacks
• Wealth, money habits & raising financially aware children
⏱️Timestamps
00:00 – Introduction to Vikas Khemani and his early career journey.
01:45 – Why the long-term structural story for India remains very strong.
04:15 – The "Triple Whammy" hitting India: Rising costs of Gold, Chips, and Oil.
05:56 – Why market crises are the best time to invest for long-term gains.
08:31 – Why Pharma and Healthcare sectors are currently safe and attractive.
08:51 – Outlook on the Banking (BFSI) sector and when it will bounce back.
10:11 – Discussion on the massive sell-off (exodus) by foreign investors (FIIs).
20:52 – How Indian IT companies adapt and thrive during tech transitions like AI.
22:27 – The "Decadal Story" and growth potential of Indian Manufacturing.
23:35 – The global power shift and tug-of-war between the US and China.
25:30 – Why global capital still prefers the US market over other countries.
26:42 – Whether Indian investors actually need to diversify into global markets.
28:58 – Overcoming "recency bias" and maintaining conviction in India’s growth.
29:36 – Analysis of Gold and Silver performance and if the rally is over.
30:18 – Personal story: Starting in the Harshad Mehta era and losing his father's money.
31:47 – Why the Emotional Quotient (EQ) is more important than science in investing.
33:23 – Using meditation (Vipassana) to stay calm and resilient during market stress.
35:04 – Vikas’s personal relationship with money and his shift from "stingy" to "frugal."
36:18 – Advice to his daughters about managing money, avoiding debt, and life values.
38:18 – Rapid-fire round: Nifty predictions, favorite books, and Charlie Munger.
40:43 – Closing remarks and a summary of the interview’s key takeaways.
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