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the Nifty just a couple of hundred points shy of its lifetime High india-to-day groups the global business editor there and Mukherjee spoke to Market Guru Vijay kedia of Cadia Securities about the way ahead listening to what the ace investor has to say about his preference for small and mid-cap companies how has it been for small caps you know because a lot of small cap portfolios over the last one year have not done very well things have started improving now but what's been your experience over the last year or two with small caps oh Odin thank you very much for having me first of all I am very happy with this small and mid caps where I am investing and what my experience is that index is still yet to touch a new high or may have touched briefly I don't know but I'm not tracking it but the small and mid caps have risen four times in five times in last last two years so my experience has been very good so I'm happy but tell me you know small cap investing is never easy I mean some of these names that you mentioned like Repro and Weber they don't give you rewards in the time frame often that you have in mind you have to be very patient how do you approach some of these names which do not actually start giving you returns in a two three year time frame do you stay the course and wait for the story to play out or do you cut some of them out of your portfolio I mean what is The Balancing Act between for some of these names which are not quite multi-baggers soon after you buy them reward me uh maybe you know one year after I bought and Repro had also rewarded me but finally done but due to kovid and all they got their deception girl disrupted so the stock price fell down so that is okay because as long as I said that stay in the sunset industry Sunrise industry at any cost cost could be high and cost could be low Stock May perform stock may not perform but as long as the story intact as long as you you believe that the sun is still Rising so it's okay sometimes sun is in the cloud sometime it is in the open so this is stock market you know you are you are never 100 right even if 50 60 is your if you are right in this market then this is enough for you what in your book is a sunset industry Vijay let me ask you that I mean what kind of sectors or stocks do you stay out of because these days you know all kinds of stocks have done well coal India for example which in many many investors eyes would qualify as a sunset industry gold or NP PC or even tobacco like ITC they've done well what are the sectors that you stay away from you see I have never bought all these companies like coal India and like RAC and ITC of course that was that that was a bad choice but does it it's okay doesn't matter so uh so far Sunset industry is concerned I will give you one example that I am I had bought uh one uh like this it industry in 2019 uh sorry after after kovid in 2020 and 21 two companies I had bought so one was intellect design another was an IIT and I held on to them they became multibagger also in two years time but after that one year back oh maybe we're not happy I exited because because I realized maybe now the flavor in this this uh this theme is over so that could be a sunset industry to me only for these two shares but there is exception to the rules also like persistent is at all time high and you know profores on some other some notes for some science and all these there are two three shares in the same sector which are at all time high so it depends that so what I I will say that if I find that story in my company is over or plateaued or stagnant maybe for a long time maybe for two three years then I would like to exit this is what I mean by Sunset yeah sure you mentioned it but what about pharmaceuticals have you ever been a keen investor in that sector I think I saw Newland labs in your portfolio as well how's that worked out one got very well I bought the traps around some three four hundred rupees I don't know after that it went up uh 3000 rupees and three thousand rupees from 3000 rupees it fell down to 1000 rupees now 1000 rupees it is back to 2 700 rupees and all these things happen in span of three years so this is what your patience is tested in this market so that has worked out well uh for me Newland and I think the I think maybe the new path for for this company has begun it's interesting to see a portfolio which does not have too much of financial stocks you know but I mean I saw your portfolio you don't have too many banks too many nbfcs I mean is there an aversion to that sector for you not ever then I had bought some Canberra bank and one of the POV and all uh one year back uh but my problem with me is this all these banks are a large cap and all so that is I have a weakness that I cannot hold on to the shares which are lipid in the market whatever little bit money I have made in this market because of the liquidity in my stock because that stops me from selling when whenever Market is falling you know and suppose if I feel that index is going to go down say 10 from here then it's a Temptation that you you can sell your shares in the market in spite of having a bear bearish view you don't sell so that Temptation you know I cannot I cannot resist to that Temptation so I have to sell so that is why liquid shares I don't buy and that was the reason that I and second thing this dfsi or mainly these Banks and all that they are very slow shares you know there is no thrill you know so that is I want some I I buy I buy some shares which are really uh they should have growth and should have fluctuation you know otherwise I don't get sleep no that's a strange one but you're not a Trader Vijay are you I mean do you do Futures and options because you said thrill and stock should go up and down I mean do you trade actively no no no I don't trade I am just sitting like a like an elephant or whatever you call it like in camel as they say I don't trade but it gives me thrill KO today it has gone up 100 rupees then next day is falling 50 rupees so you know if it makes me feel that I am alive like suppose you know something is happening although I don't take advantage of that I don't sell them at a you know at any level until unless my I have turned bearish in the company which very seldom it happens I don't tell them now since you mentioned that when you have a view that the market might fall ten percent you're tempted to sell large cap companies what's your view now in the market which I mean if you had liquid large cap shares would you hold them today or would you be tempted to sell them after the recent rally no I do not have any large cap share so far I remember now so all our mid caps only if you were of course I would have sold and bought mid caps of course because uh because I find mid caps still have you know great opportunity you know Odin I don't I don't work or don't invest on the base of technicals and all
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