저자: RaamdeoAgrawal · 외국인
요약 보기
결론: 장기 복리 투자와 인내, 가치투자(QGLP) 원칙을 강조하며 단기 가격 방향에 대한 구체적 예측은 없음. [투자 철학] 좋은 사업·좋은 경영진·합리적 가격의 QGLP 프레임워크를 제시하며, 가격(price)보다 가치(value)를 봐야 한다고 주장. 가치 판단은 기업 사업가치와 미래 이익 규모로 해야 하며, 예시로 500억 원 기업이 8~10년 내 5조 원 이익을 낸다면 저평가라고 설명. [시장 전망] 1980년 SENSEX 100 → 현재 약 8만(연 16% 수준), 향후 50년도 비슷하거나 더 나은 수익을 기대한다고 낙관. 현재 인도 시장은 2.2만~2.6만 박스권에 2년째 머물고 있으나, 장기적으로 낙관하며 '아주 좋은 시기가 준비되고 있다'고 발언(구체 기간 미언급). [단기 변동성] 하르샤드 메타 붐 당시 30억→10억(67% 하락) 사례를 들며 변동성은 게임의 일부라고 설명. [개인 조언] 25세 이하 젊은 층에게 소액 SIP·복리 장기투자를 권하며, 소득의 10~20%를 저축해 장기 운용할 것을 조언. [기타] AI 활용 독서, 자선(5% 지분 기부), 워런 버핏 주주총회 참석 경험 등을 소개. [출연자 전망 요약] 국내외 특정 종목·자산에 대한 1~3개월 가격 방향 예측은 없음.
다듬은 글
I want to die in the stock market. Your father was a farmer and he built his wealth with land. You build your wealth with equity. Which is you can't really see it, touch it. I failed in CA four times. Then I changed my handwriting there program. What three kg people do zero sland, Ash everything I did.
But I failed again. For the next six months I did handwriting with the speed writing. I cleared it. We Started This With Zero Capital Two Bosses, One Pure. We made money out of no money. From zero money we made 30 crores. So even God's will is not so good. So. It crashed by 67%, so the 30 crore became 10 crore.
So people say, how did you feel if it came down from 30 to 10 ? Hey brother, my zero has become 10. Everybody knows the price, nobody knows the value. This is the biggest thing Bucket has said. Value Is What You Get Price Is What You Pay. This is part of the game. You have to understand that this will keep going up and down.
In 1980 Sussex was operational at 100. Today it has reached 80,000. Hello everyone, I am Farzin and welcome back to Paytm Money Master Class. And today I am happy with a stallworth whose journey from ₹3000 monthly salary to building an empire worth billions is truly inspiring. I am so honored to be sitting here with you Mr.
Ramdev Agarwal. Thank you for having us. Welcome for Gene. Sir, so because I started with a journey, I want to ask you something personal. Your father was a farmer and he built his wealth with land. Which is tangible? How can you build your wealth with equity which is you can't really see it, touch it.
So did such a moment ever come when he asked you, son, what are you doing? Hey, like he didn't know anything. I am telling you. There they had no idea what is stock market. I mean and unfortunately he could never come to Mumbai. But Ah He Used To Listen To Me Ah About What I Do. But it was almost impossible to make them understand what market cap means.
You know I mean how exactly this thing happens. I am very happy that brother I have become a CA. Now he will handle it as per his wish. Right? I mean the values they had given them new that I am not going to drift anymore. You know and the second thing is that I am hard working sincere and I will do something.
And this was my intention in joining Motilalwal that ah [sound of clearing throat] instead of job, I had enough jobs at that time, about one lakh, one lakh rupees annual salary, not monthly, okay annual salary, so the jobs were there, but I never wanted to do a job, see farming is not very rich in Chhattisgarh, but you are your own boss, correct you know, so that freedom of not being your own entrepreneur, house over small, you are, that was one thing that was ingrained in my mind, so for me, I never wanted to work for anybody, I wanted to work for myself, and the second thing was that I was telling you about the reading habits, that habit was there right from school, there was Vivekanand Ashram library, we used to bring a lot of books from there, everything was in Hindi, beautiful stories, all that was fictional, so after reading all that, one, I developed the habit of reading in my mind and secondly, I had my own ambition.
To make it happen big. He kept walking. Here too, we used to read a lot of Friction by taking books from the circulation library. And infact one book is I mean if there is one friend 24/7 it is a book. Wow. Ok. So that is very important. Still I mean I will always have a book with me wherever I go. So that thing that has really shaped my mind in the beginning and I could not have explained to my parents what is really I am thinking my ambitions were beyond what a farming in ah Raipur can do no we were not poor but ah it you know I mean 30-40 thousand bucks out of an acre of land at that time it must be only ₹50 thousand so it was it was good to live and in a large family but we were not rich and further we were poor correct so that gave us so opportunity to get educated well and came to Mumbai to do chartered accountancy you know and when I came here to do chartered accountancy there was a lot of struggle so that struggle itself taught me a lot you know so sir one of the biggest thing was that my handwriting was very bad so I failed four times in CA really yes so I failed four times so then after failing four times what is the way now Either close it down and take the entire office to Raipur and stay there, then I did not want to go back to the village.
I used to head to the village. So I want to stay here and stay into the profession. So then I changed my handwriting at the age of 24 to the full extent of what pre- K people do, zeros and hash everything I did. I changed my handwriting. Handwriting was beautiful in six months time. But I failed again.
This time I could complete the paper with good handwriting. For the next six months I did handwriting with the speed writing. I cleared it after that in life I have never had any problem. That was my Himalayan what you call difficulty obstacle and so the whole circumstances are being independent being having ambition your own what you call game plan on the side and but then game plan was possible only if I became CA.
Right? So as soon as I became a CA in 83-84 and then I did two years of equity research because I had by that time I was very clear that I want to die in stock market. Now you should understand that this is the biggest problem, that is, it is very important for you to understand your own passion and what you want to do.
Okay because you are brilliant you pass out you pass out with rank and all whole lot of jobs will come now there is a lot of variety. At that time there were two or four. Right now 50 come. So you can have global job, local job, this was very clear. I want to do only stock market that in India. I got the opportunity to go abroad also.
But I said no, I'm gonna be here and I want to. So those are the few things which held me then finally take the plunge. Just before the marriage. I said, let me just take the plunge and start Motilal Saheb. And I met Motilal ji and we both ah ah we started this with zero capital, two bosses, one pay.
And actually there was no capital required ever. So we made money out of no money. That's how in 87 February 10th we started Motiraswal formally and so then you know then it actually it's a straight journey I would say. Meaning with ups and downs. Off course. But means 1000 miles straight. That's how Motilal Sorry filled.
I think that's why it's so inspiring because one thing that comes out very clearly in your journey is that you just kept at it. Whatever you said about handwriting, it is a true testimony to the fact that if you put your mind to something, you can do it and actually today, like there is AI, now you will have to read books on AI, I mean, we are digital, we are commerce graduates, at this age, so much drama of AI is going on, so what will you do now, so listen to blogs, everyone scares you a lot, the company people scare you that this will happen, that will happen, so what is it, read books, right, which book should you read, for that you get friends who explain to you to read this book.
By reading that book, it will be known whether he read the right book or not. Correct. But the objective is clear. I Have to Understand the Power of AI and How Do I Harness It? Correct. Claverize it? Leverage it. Leverage it to my advantage rather than get to that advantage. Correct correct. I think that's a brilliant tip.
So which book are you reading these days? So I am reading this book. This is a book by Nitin Seth. Human Age Human Age and AI Age. Oh so then what does a day in the life of Ramdev Agarwal look like right now? Now now I am 68 69 so much more relaxed I am chairman of the company so [sound of clearing throat] but I my passion remains the same correct to understand c markets are continuously evolving so it's not an animal which is very large very global and evolving everyday so I have to be reading continuously so those are the things ah which I so my reading habits are still on ah I now I have picked up golf so I play golf in the morning today morning I play for 3 hours.
So first I start with a golf in the morning and a walk and then come at about 11 and finally I have three or four meetings one of the meeting is today right now we are doing this. So there will be three to four meetings and by evening and then again there is a reading block of two to three hours if time permits.
Right. So then by the time if I if I don't get a meetings in that case I I cover economist I read FT I read my book which is continuing so that's how you know that day it goes days are pretty easy yah. Correct. I saw somewhere I read somewhere that you were reading about Warren Buffett even before he was popular in India.
And I think that gives you a headstart. The fact that you are reading about AI already. It gives you that leverage that you know let's see, I mean I don't find any problem to be a problem if once I set my mind to that, you know, so I demystification kind of thing, you know, like you think China is a very big country, so much is happening there, go and visit China for 15 days, you will come after seeing all the Chinese, then you will come to know that brother, how good they are, how bad they are, how magical they are and I mean you met this thing.
So, if there are any big actors or big players, you can meet them. So, consider him as your elder brother and he is also a man. You know but demystification if you are not made then you have that you know that image of some God and something. But everything is all right. I mean you go to Singapore, you go to America.
If you are not going to America. It seems like what is there in America. But once you have gone there 10-15 days, it demastified. So then that is [sound of clearing throat] how I approach a subject. Whatever you do n't know, ask your friends, ask in blogs. Right now your AI will tell you what you should read.
Correct, first of all, many students ask me, Sir, which book should I read? Hey brother, go and ask the AI, what are your problems, what did you understand, which book is the best according to that. Then I will immediately prescribe you, read this book, because you will get all the sessions in it. That's true, you know.
And then upload the book into AI, and then give me the summary. I read 250 pages. Give me in 10 pages, you know something like that. So there is a lot of possibility if you are driven what exactly you want. Absolutely, I think it is also sir, because I think it is a base, it is a base of research, it is a habit of reading.
Because AI can also give you biased information. I also Has loop holes and confuses AI. But I think it's also important that if I'm giving you a summary, so like what is your prompt next, I think that understanding standing is also really. So because we mentioned Warren Buffett. I want to ask you that you have been going to om for the last three, 30 years, three decades, you have been showing up and I think I see that in your personality as well, that you are someone who sticks to what they want to do.
So what is it that you get out of those meetings. Or so initially when we started it from 95, at that time it was like you met the guru type of people, you know, you are going to see the guru. Secondly, whatever he used to say, there was no streaming, there, there, there, there, there, there was no internet, there was no cable TV, so at that time, he himself used to restrict, they were not allowing, they used to shoot by taking out the film and sending it outside, but I don't know where it was going, so it was not available, the transcript of that used to come after eight months and that too in a printed form, so we said let us go there, you know the hunger for knowledge and what he was saying, he was, so meaning he was the only guru at that point of time.
So, Ah and his Ah thought processes and all impacted so deeply. We started going there. So, it used to take 32 hours from here to fly to New York, Chicago and then Omaha. You know, so, ah he would go there and there will be a friend, my Sunil Mehta. He would come with me, right. Will go there, stay there but two days before he will go and then ah listen to him.
So that was a cut of bit Kamarasam in terms of physicality. But it was always a lot of fun and a lot of people you used to meet correct. Ah so there was networking was there and the whole world was coming when I started 4000 people used to go and by the time it was last two three years it was become 40 45 50 thousand people.
From all over the world a chartered flights use to come from New Zealand, Australia ah Germany I mean we have seen people and so ah it's a make of capitalism they call it. So, so [sound of clearing throat] it was a lot of fun but later on as the streaming started coming out then it became a guru effect rather than actually content.
I mean we vent for the need but later on it became more kind of a habit. Correct correct. Sir what Warren Buffett was to you you are to a lot of people today. You are the finance guru. Or or framework also. Different to this is Do You Think There Is a Company That Fits the Framework Closely and Why Do You Think So?
Yeah. So first you have to understand what is QGLP? You know from where it comes. It comes from Buffedology only. So you have to read a paper, ah two three pages on the 2007 annual report where Buffett turned a great good gurusam. As for me, I think those are the best three pages written by him ever in the last 30, 40, 50 years.
So, the great good Gurusam. So there he says the kind of companies they like. And there he has written four lines. So, the first line is that ah we by the companies we understand. First point. If I don't understand how good it is , I will not buy. Ok? Second is companies with great economics. Third, it is run by people with a lot of integrity.
Integrity passion [sound of clearing throat] integrity passion and growth mindset and fourth is it is available at a reasonable price. So that is what QGLP actually is. But Slightly Given Twist and Fancy Name of QGLP But It Is Quality Stands for Top Quality Business, Top Quality Management. So once this comes and then reasonable price.
Growth is an element. So good business, good management, reasonable price, this is and you don't need lot of degrees to understand this where I am saying good business means good business, good business, good management and reasonable price, so when these three things come together, you will make money, you will make less or more depending on how cheap you bought it and how much is in your luck.
That's also true. So [sound of clearing throat] so this is a very simple framework. And even today I am going to see that framework, it works, it is a brilliant framework and what is the problem in the market, not just in India but in the whole world, it is the biggest game in town, $10 trillion market, 150 trillion market, it trades around the clock in one market the other and yet everybody knows the price, nobody knows the value, so your audience, who is 25-26 years old, has the most advantage.
Correct. How do I make them understand what the underlying value is? We value this is the biggest thing Buffett has said. Value is what you get? Price is what you pay? Make sense. Ok? So you paid $100 for something. What I gave you was a bottle of milk and whatever? So is it worth that much? So in the market you are getting my company for Rs 500 crores.
So, for Rs 500 crore, this company is going to make more than Rs 50,000 crore in the next 8-10 years. You have to understand that that is the value. If I am going to earn Rs 1 lakh crore in the next 5 years, then Rs 500 crore is cheap, correct? But if I earn Rs 1 lakh crore in the next 25 years, then Rs 500 crore is very expensive right now.
So, you have to understand this. And then there are different ways to look at a cement company, how to look at a steel company. So, that is less, but underline the value. The day you get the price, everyone gets it free of cost. You have to understand the value. And that has been my passion since the beginning, that was my research, correct?
And that is what Mr. Buffett explained to me. So, for that reason, everything comes together because what you are looking for, you are looking for how to understand how to build this thing. There is this flat in this building. So, this flat is saying that it will be available for Rs 10 crore, but should I bid Rs 10 crore?
Is it worth it? 10 and is it worth 15 and is it worth five? If it comes to a company flat, then you get to know what the price was in the adjacent building or what deal was done in this building, then you get to know that the price will be the same, but that is not known in companies. But sir, there are many such moments when the market fluctuates.
Your portfolio fluctuates. You have been through the Harshad Mehta bull run. You have seen the Y2K rally. You also deal with Covid. So in such a situation, people get worried psychologically. Hum but how does one deal with that then like see this is part of the game. You have to understand that this will keep going up and down.
Isn't it ? So how do I tell you? Like if you go to Dubai, the temperature of Dubai is not the same. In winter it reaches 10-12 degrees and in high it goes up to 40, 45, 50. So the market is like this sometimes. The market is sometimes in a bullish mood. Sometimes it is very depressing. You know so right now because of all the global events happening we are stuck between 22 and 25 26, two years have passed like this, the market is not going anywhere, the market remains at 22000 at the bottom and at 26000 at the top, so we are stuck there, okay, all kinds of faces will come in life, but what happens is the market, you should look at it on a day's basis, on a month's basis, and on a year's basis, and on a 5-year basis, and on a 10-year basis, and on a 50-year basis.
The journey of the market is continuous. You're getting older [sound of clearing throat] or you're getting older. The market has no edge. Bazaar is Bazaar. Hum to bazaar is made up of all the businesses in the country. Ok? So the market is always young. You are growing old. So you have to figure out what has happened to the market in the last 50 years?
So 50 years ago in 1980 Sussex turned 100. Today it has become 80000, correct, so the market has increased 800 times, correct, it has increased by 16 percent, okay, next 50 years also I don't have any reason to believe that next 50 will be any different, correct, it can be better also, it can be better also, okay, 16 is saying 12-13 will come, so I am fine, second thing is that you have to be optimistic, you will meet a lot of people who have negative mindset, drive them away [laughs], everything sinks for them, understand, so don't go near them, otherwise the market has reached this level in 40 years, next 40 years will also be good.
Thinking this and then doing our work, this is our mindset that whether it is bad or good, what is there in it, there will be pot holes, sometimes it will go very fast, then it will also become very bad, moreover it will become very good, this is for sure that very bad has come and very bad means very good is ahead, like right now we are facing so much trouble, according to me now we are getting ready for a good time now whether it is going to 2 years, 3 years, I don't know but we are getting set for very good times because right now things are going very bad, correct and this country is not a bad country.
It's the Most Wonderful Country. Absolutely. Brother, if in 50 years 100 has become 800, it is 800 times bigger, 100 has become 80,000, then the index is very good, isn't it? So if you continue at this speed, then in the next 5-7 years, your Rs 8,000 will become Rs 1,6,000 in 5-6 years and after that 5,000 means in 10 years you will see an index of Rs 2.5 to 3 lakh.
This is our belief. Correct. I proceed with this assumption. I live by optimism. Now what is there in it that this may happen in 26 and it may remain here for another year. There will be a fight. By chance something correct in Iran. It will be very bad. So if the price of oil is $1000 then some more problems will arise.
Remember that every good thing will bring all kinds of troubles and every kind of good will also happen. Have to keep working. Keep going. Carry on. So what happens in it is that your optimistic mindset creates that environment again. So ah, like see what happened to Harsh Mehta in 92, first of all what was the index of Harsha Mehta, the first index was 700, 600, 700, it became 4200, now that is wrong, isn't it?
In 19 months, from zero money, we made 30 crores, this is an atrocity, we did not get an answer of ₹1 lakh, we earned 30 crores, so it is so good, even God does not have any will, so it crashed 67%, when it crashed, 30 became 10 crores, correct, brother, but it is 10 crores, isn't it? [sound of clearing throat] people say, it came from 30 to 10, so how did you feel?
Hey brother, my zero has become 10. I think it's the mindset. That's a mindset. Yes. So we never focused on 30 to 10, it is not that, I mean, it took a little bit of trouble in those 5-10 days, but I see that brother, I have got ₹1 crore. Now no one can drive us away from here. Now our shop is open.
Everything at home was perfectly set. And that same 10 crore has brought us here. Then after 7-8 years he came back white. New stories come up, what happened was World Wanted to Get Software from India, so because of that, then the one with Rs 10 became Rs 100 crore, made so much money, at that time Infosys 30 Infosys Satyam, I had not even heard the name of these companies, so I earned money in all those companies, then the one with Rs 100 crore crashed, then it became very good, Rs 10 became 100, that means it became very good, then after crash it became Rs 30, right ok, then we said friend, what is this, you keep roaming around the same place again and again you reach the same place, then after that from 2003 onwards, every year was very bad.
Actually that was a really bad time Indian Indian for the world as everything went wrong after 9 11. At that time, for the first time, we got a little shake that we are in the right profession. I said, but friend, nothing else comes after 15 years. Where will we go? Meaning, no one will get any work done from us.
Actually if you are in the market for 510 years then you are good for nothing. Ok. So, so it happened. Then we said no, right here we mean we never even thought of such a thing. Again then suddenly then the rise of China so from 2003 to 2008 in the GFC so from that 30 crores we went to 550 crores then we got listed we became billionaire first time right in 2008 and then we knew that this is not going to last again it crashed and we also came to the floor then after that slowly slowly slowly what we have built and now we are here so how is this journey going to go?
It will come up and then it will come down. Pretty much fact, life is the same, you have to understand that brother, look, the opportunity is very big. Meaning is. There is so much money here that there is more money here than the water of Ganga and Yamuna combined. How much courage do you have to withdraw money?
And now it is global. Earlier we used to say that let's go to India to earn money. You mean like now if I want if I'm young enough and I have the energy to make it happen I can go to Wall Street and also make money. Why Wall Street All the Streets. So now, make your 25+ audience understand that they should not think about becoming a billionaire.
They Should Actually Think About Becoming a Trainer. They Should Think Not About Buffett. They should think about the ambition of Musk. Correct. So the bigger your ambition, the bigger the program will be. I think the takeaway from what you just said is that patience and thinking long term, if you have that and the courage, it can happen.
And I think younger generations need to hear that because they have an example sitting right here that this can happen. This is possible. So when you are focused more on the big picture I think the small things don't come on the way. Hmm. That makes sense. Now I want to ask you something personal, but also what is out there is that you have basically practically lived through all the layers of Maslow's hierarchy from building for security and safety and now working towards building a legacy, you have committed 5% of a company's shares to charity.
How did this thought come about? Also understand that Buffett is a bit of a logist. See Hee Hee Has a Giving Pledge. Buffett Has a Giving Pledge. So where Bill Gates and these guys came together and they said, we'd like to go around the world and ask all the billionaires to give back to society. And that's the play they want to write I think Mr.
Asim Prem ji in India. He assign that plays. So then I mean what you do with these billions and trillions you are not going to I mean you came with nothing and you have to go with nothing. So while you are here give it back to society. Which is not a phenomenon world wide it is not only in India nobody wants to give back what Amit generally they don't want to part with the empire they give credit with so much hard work and all but here thought is something different and then I was figuring out who is his guru I mean what inspired him to do it first so he wanted to be he is ultimate capitalist he doesn't want to give any dividend means fly suck is number one so then why the hell he wants to give so much billions and billions to the people at large so then I figured out there is a guy called Chuck Finney.
Ah who was the inspiration for them to follow in life? Earning and Giving. Giving While Living. That Was The Inspiration From Chuck Finney. So I read his book again. Reading book. He has a biography called The Billionaire Who Wasn't. Right. Chuck Finney. Ok. So, that book and you can find YouTube also some of the interviews.
So, he is the guy who started DFC that Judifery shops and he earns about 8 billion dollars. He was I think in World War II veteran and kind of thing and then after that he started ah this DFC and he earned 8 billion dollars and he decided one fine morning the life I mean he had the fanciest of the life.
Then he said I don't like it. I want to give it away. Hmm. And that's where he ah ah he set up he started giving and ah world wide he was one of the biggest givers. And that example became an example for Buffett and Bill Gates. And both of them didn't want to die as a billionaire. They want to give away everything.
And he said, Buffeda said, I will give away 99% of my fortune for the public good. So, that was an inspiration and I found it to be kind of quite inspiring. Yawar Our Persuasion Was Earning And Now The New Passion Is Of Giving. So giving is also very tough. It's not that I have to give. We Have To Become Very Passionate About Giving.
And that requires time and effort. So that's what machine. We're building up. Yeah. So now I have a philosophical question for you. If you were 25 today and no background nothing. And you had ₹10,000 what would your journey look like today? No I did have even ₹10,000 when I started so no see ₹10,000 you are earning every month as a savings you have that to invest.
No no that of course you can go and buy any other mutual fund. You can put in SIP. You can contribute ₹1000, ₹2,000 whatever savings you have. That you can start as early as possible even as you are a handyman if you have been saving some money. You know start with ₹5000 I go to salon and all we do is I encourage them to put small amount of their tips and all you know ₹500 thousand I mean in C in compounding C another thing is that nobody understands compounding what is important in compounding is of course that 12th 14% is important but the longevity of the 12th 14% Buffett has made a trillion by growing at 20% but for 65 years.
Right. So, you can do mini accumulation if you started at 25 for 50 years in 75 by paying there as much as ₹2000 every month which is nothing for it is a side pocket thing. I mean you could have crores. Multiple crores. So, what is important is to form the habit, understand the power of what it can do in the next 20 years.
So, but then it is a long term journey and you have to be committed to that. It is it is. I think for the younger people I don't know if you come across this term you only live once. Younger people think like this. So they are like they are living off of credit cards, if you are going somewhere or attending a concert, the bill is on the credit card.
Do you have any advice from your space that you should not do this? No it's not like that See I mean everybody knows what they are doing ? But have a savings habit, I mean if you ever need credit then you should also use a credit card, but if your salary is one lakh then first understand that I have to save 10,000 or 20,000.
Rest of the 80,000 I want to blow you must also enjoy your moment also has to be there but after that 10 of 15,000 is saved and that 10-15,000 you must interest to good fund manager. So so you have yellow moment 80% and 10% 20% you have the savings that will make your yellow moment after 10 20 years much bigger but much bigger correct correct thank you so much sir it was absolutely amazing to talk to you all your pointers all your advice I am hoping everyone has noted down I have done it and I think one take away from this conversation has been that start as soon as is possible and be patient and thank you for making us realise that everything is possible.
That I don't have any doubts and particularly the biggest advantages are the people who are young. Because now you have become child account at the age of 22 23 you became good MBA from Ahmedabad and wherever again 23 24 so at the age of 25 actually the guys who are successful they have a nice job and earning 10 20 30 less hmm so I mean for those guys who are higher and then you are the lower end guys who in fact they need to save a lot more because they have less money but time available is same.
Correct. So if I am a very big guy, I am earning ₹50 or ₹25 so I save a lot but if I can, I may not be able to compete with a guy who saves less but he has a long horizon. Hmm in long horizon small guy can also do a big impact to his own savings and fortune. Correct. Correct. Thank you so much. Thank you for being on Paytm Money.
Thanks for this. It was absolutely an honour to talk to you. Thank you. Mutual fund investments are subject to market risk. Please read all scheme related documents carefully before investing.
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