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Television interview is something that you should see. Here's Value Quest's Ravi Dharimshi in a conversation with none other than Kalpraj Darimi as he reminisces lessons from his close aid and big bull Rakkesh Junjunala. His investment journey so far as well as the themes that he finds interesting. All this and lots more.
Take a look. He is actually an original investor and an original thinker. like he figured out all the concepts of investing which we read about from Warren and Charlie and all these Peter Lynches of the world and in a very dy way like for example he would say invest so basically can you throw money at a business and build it or disrupt a business.
So which he's basically talking about modes but he figured out modes in his own way. Okay. One thing which I have heard only him say and nobody else is what is PE? PE is actually giving someone more than what he's earning. And the third thing which uh he always keeps in his mind never articulates but will you lend money to this promoter.
So basically that test which he which he internally came up with was very clear. his investing style like I very very uh innovative or very original again he will not he had two portfolios he had one portfolio in his mind he had two portfolios one was made of businesses which had nothing to do with the government which had very simple businesses which were which were uh low debt or no debt which were cash upfront and if possible negative working capital so banking uh insurance uh Nestle's of the world so consumer brands and uh uh uh demart or jubilant so these were the businesses which were his core portfolio there were others which he called bersati maid so those were to be sold at the first hint of trouble in the market he was a very judge fantastic judge of the market or is a fantastic judge of the market.
So whenever he saw overvaluation, euphoria, blah blah blah, that part of the portfolio went out. This part of the portfolio come what may he will not sell. So all these things are original to him. How did he manage to do that without reading a book? Because all investors swear by reading. So yeah, that is he's got a genius level intellect.
He may not speak, he may not uh articulate it much but he in any room he's the sharp sharpest individual. Okay. Then he is the best listener I have met in my life and uh uh he'll judge a person in the snap of a finger. He will know in his mind say for example if he is to invest in automoils or cement or software or ABC he will know which person to call to get a update to the minute.
There are people in markets who who are very very very updated on so many things and he would have them on speed dial. You know in one phone call he'll update himself on a industry thoroughly or if he wanted knowledge about a promoter or a person he would know whom to call to figure out things about that person.
For a value investor there will be sectors which are ignored. There will be sectors which are uh undervalued for whatever reason like over the last five years this uh China plus one gave us chemicals. Reality was ignored because it was a bad sector. Entire reality sector was 1% of the entire market cap of uh India.
Then uh you had PSU banks. they were uh you know paras dogs you don't ever invest in uh PSU banks but they give fabulous returns so there will be stocks and uh sectors like that and uh there will be sectors where uh you know which are hot and those you avoid. you used to be a you know you would catch a theme and then you would pretty much buy the entire uh sector or many small companies and everything.
Today I think you have a slightly different approach to that. Even if you catch a theme, you probably won't buy across the board. What has changed and how have you evolved over there? I wouldn't say it has changed that much. Say for example reality, we caught that just 2 3 years back and I did a basket but the basket was basically see Mumbai, Delhi, Bangalore are 50 60% of the reality market.
Delhi there was only one man standing DF. Bombay you had two three players who whose balance sheets were good who had land banks and who could execute and uh Bangalore similarly three players. So it became easy but it was still a basket approach. Now the genesis of that earlier basket approach was uh a lack of in-depth research stocks being available dirt cheap and when you are so when cramps for example contract research and manufacturing so this Arvin Jooshi my friend who started value research he came up with this acronym even the management of the companies did not know that this is what could happen.
So at that point in time there was no way for me to know that okay this is the company which is going to succeed. Well, key investment strategy is coming in from uh market veterans.
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