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THE ALPHA SERIES

EPISODE 7   Free

3 Bucket Investing Framework & My Learnings As A Value Investor

Jana Vembunarayanan,

Jana is a Software Engineer working in California. He got interested in value investing after reading One Up On Wall Street in 2006. He started his investing journey 12 years back and he has been periodically investing in index funds. Never believed in picking individual stocks until he came across Prof. Sanjay Bakshi’s post on VST Industries in 2011.

Prof. Sanjay Bakshi’s writings have influenced him profoundly and made him read voraciously from multiple disciplines. In the quest of acquiring worldly wisdom, Jana started reading one book every week. To learn things deeply, he wrote his first blog in 2013. In the last five years, he has written close to 250 posts. You can find his writings at janav.wordpress.com.

Twitter | Site
 
Agenda
  • Three bucket framework to Investing
  • Can the market be timed?
  • What matters most in compounding?
  • Things I look for in money managers
  • Things I look for in businesses
  • Learnings from Flame Investment Lab
  • Learnings from Internship with Ankur Jain
  • Books you must read
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THE ALPHA SERIES

EPISODE 6   Free

Global Economic Cycle: How Long Will The Party Last?

Naresh Katariya, Value Investor

Naresh Katariya has consulting experience in Investment Banking, Risk Management, Trading in global capital markets. He has headed Global Risk and Compliance Consulting unit in TCS till June 2014.

Naresh is an independent director of Net Avenue Technologies Ltd. He is a passionate full-time investor since 2014, applying analytical and sentiment analysis to value investing.

He holds a Bachelor of Engineering and Risk Management Certification: PRM.

Twitter | Site
 
Agenda
  • US Economy is currently rocking, but…
  • Global Trade War
  • End of QE?
  • Rising Interest Rates' impact on Equities?
  • Takeaways for Indian Economy
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THE ALPHA SERIES

EPISODE 5   Free

Fortune at the bottom of the pyramid – Small Finance Banks in India

Ravi Dharamshi, Founder & MD, ValueQuest Investment Advisors

Ravi has been associated with the Indian stock markets for over 16 years. He has worked in the past with RARE Enterprises, where he was involved with research, private equity deals and value creation activities. He is currently the Managing Director of ValueQuest Investment Advisors, a SEBI registered PMS managing more than 600 Cr. In this role, he heads Investment Strategy and Research at ValueQuest.

Ravi has an MBA in Finance from McCallum Business School in the US.

With an enviable track record in stock picking and his ability to take bold calls, he has been instrumental in generating outsized investment returns. Some of stellar picks include the likes of Cera Sanitary, Amara Raja Batteries, Natco Pharma and Eclerx.

Twitter | LinkedIn | Site
 
Agenda
  • The Opportunity Size
  • Value Migration Opportunity
  • SFB Vs Payment Banks Vs Housing Finance
  • MFI to SFB Transition
  • Key Risks
  • CASA with AU, Equitas & Ujjivan
  • MicroFinance + MSME + Affordable Housing
  • Depressed Valuations
  • Compounding Machines
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THE ALPHA SERIES

EPISODE 4   Free

Thoughts on Valuation along with Case Studies

Samit Vartak, CIO, SageOne Advisors

Samit is one of the founding partners and Chief Investment Officer responsible for ensuring SageOne’s adherence to its core investment philosophy and discipline of risk management. His focus is on building long term wealth for the clients even if it means sacrificing short term money making. He believes in risk management not by seeking extreme diversification or buying sub-par businesses at low multiples, but by building a reasonably diversified portfolio of high quality businesses having long term competitive advantages in attractive and high growth industries.

Samit returned to India in 2006 after spending a decade in the USA working initially in corporate strategy with Gap Inc. and PwC Consulting, and then with Deloitte and Ernst & Young advising companies on business valuation and M&A. This experience forms the backbone that helps him better understand businesses and their fair value. Samit is a CFA® charter holder, an MBA from Olin School of Business of the Washington University in St. Louis and holds a Bachelor of Engineering degree with Honors from Sardar Patel College of Engineering (SPCE), Mumbai University.

Twitter | LinkedIn | Site
 
Agenda
  • Is market really over-valued?
  • Is 22 P/e Expensive?
  • 2018 Vs. 2008
  • Valuation - An art or a science?
  • Is value real or in the eyes of the beholder?
  • Is there bias in Valuation?
  • Approaches to Valuation
  • Does complexity mean precision?
  • Case Studies
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THE ALPHA SERIES

EPISODE 3   Free

Thoughts on Valuation, with examples of cyclicals

Deepak Kapur, Professor & Value Investor

Deepak Kapur is an investor and educator based in Chennai, India. He has over 15 years of experience in the secondary equity markets of India. He primarily focuses on the mid and small-cap space in the secondary equity markets of India. He is value conscious and his preferred style is to hunt for opportunities in businesses that are currently out of favor in the market. He is passionate about teaching and is a visiting lecturer at the Indian Institute of Management, Indore, where he has been teaching a course on Business Valuation since the last eleven years.

He earned his Bachelors in Chemical Engineering and Master’s in Biological Sciences from the Birla Institute of Technology and Science, Pilani, and completed his MBA from Indian Institute of Management, Indore. He is an avid surfer, yoga practitioner and loves reading. His subjects of interest include; history, brain sciences, empirical psychology, financial markets, entrepreneurship, health and nutrition.

Twitter | LinkedIn |
 
Agenda
  • Does valuation really matter?
  • What is Intrinsic value?
  • An alternative to DCF
  • The right way to calculate RoE
  • Valuing businesses using multiples
  • Thoughts on P/e multiple
  • Vmart Vs Dmart
  • How to value cyclicals?
  • Graphite Electrode Sector
  • Are HEG & Graphite India fully priced?
  • Are hotel stocks cheap?
  • Common pitfalls in valuation
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THE ALPHA SERIES

EPISODE 2

Value of Discipline & Creativity in Investing

Rajeev Agrawal, Founder, Doordarshi Advisors

Rajeev is the Founder and Managing Partner at DoorDarshi Value Advisors which applies Value Investing to the Indian equity market. DoorDarshi focuses on companies that can compound wealth over the long term by partnering with like minded managers in high quality businesses having reasonable valuations.

Prior to starting DoorDarshi, Rajeev was the Managing Director at IHS Markit, Nasdaq listed company. In his previous roles, he has been a Technology executive at some of the leading financial firms like Goldman Sachs, Bank of America and JP Morgan. Rajeev did his B.Tech from IIT Bombay and MBA from IIM Calcutta.

Twitter | LinkedIn | Site
 
Agenda
  • Investment Process
  • Pattern Recognition
  • Discipline Vs Creativity in Investing
  • Growth Vs Value Investing
  • Position Sizing
  • Case Studies
  • Quantitative Vs Qualitative Investing
  • How I identified a 10-bagger
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THE ALPHA SERIES

EPISODE 1

Decoding Special Situations with GS

Gaurav Sud, Managing Partner, Kanav Capital

Gaurav is a BTech from IIT Delhi and MBA in Finance from IIM Calcutta. He has over 18 years of experience in M&A, corporate strategy, financial restructuring & capital markets and has previously worked with KPMG, Wipro, Keane & WNS.

He founded the corporate advisory firm - Kanav Capital Advisors Pvt Ltd and currently is its Managing Partner. He has a deep interest in investing and manages his personal and family's money. Over the last decade he has successfully followed strategies that have given above average risk adjusted returns. Special Situation investing is a keen area of interest for him.

Twitter | LinkedIn |
 
Agenda
  • What is a Special Situation?
  • Types of Special Situations?
  • Why invest in Special Situations?
  • Case Studies
  • Potential Option Value
  • Resources on Special Situations
  • Downside of the strategy
  • Potential Ideas
  • My Experience