Paisa Vaisa with Anupam Gupta

The Long-Term Thinking Behind One of India’s Greatest Investors | Paisa Vaisa | Anupam Gupta

This episode dives deep into the mindset, journey, and investing philosophy of Rakesh Jhunjhunwala one of India’s most iconic investors and a defining voice of Dalal Street. Hosted by Anupam Gupta on the Paisa Vaisa podcast, this conversation with author and guest Nandini brings out lesser-known insights from RJ’s life, decisions, and investment approach. From starting with ₹5,000 and valuing even ₹50 in his early days, to building a massive portfolio through equities, stocks, and long-term conviction, this episode explores what truly drives wealth creation. It highlights the importance of network, knowledge, and decision-making in a world where investing is now just a tap away through apps, SIPs, mutual funds, ETFs, and direct equity. The discussion goes beyond surface-level success and focuses on how he thought why he didn’t believe in chasing every opportunity in the stock market, how he approached realistic returns, and how patience played a key role in compounding wealth over time. His famous philosophy around returns and discipline shows that consistent performance matters more than chasing extremes. A key insight from the episode is his understanding of risk especially the difference between capital risk and franchise risk. This is a critical concept for anyone investing in stocks, banking products, or financial markets, where not all risks are equal. The episode also reflects on his strong belief in India’s growth story. He saw India as a country destined for greatness and aligned his investments with sectors like financial services, consumption, and homegrown businesses that could benefit from long-term economic growth. Even in today’s world of AI, machine learning, and algorithmic trading, one message stands out clearly:👉 Tools can support investing, but decision-making, discipline, and mindset are what truly build wealth. Key TakeawaysRight Mindset - Wealth starts with how you think, not how much you have Stay Selective - You don’t need to chase every opportunity Be Realistic - Consistent returns matter more than big bets Understand Risk - Know the difference between capital and franchise risk Think Long-Term - Wealth is built over time, not overnight Value Support - Family and network play a big role in successFrom decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more Watch full episodes right here on YouTubeExplore more at ivmpodcasts.comConnect with Anupam Gupta: Twitter: @b50Instagram: @b_50 LinkedIn: Anupam Gupta Follow IVM PodcastsWe’re @ivmpodcasts on Facebook, Twitter & InstagramSee omnystudio.com/listener for privacy information.

Investing Mistakes Senior Vice President - Equity With 20 Years Experience Still Sees Every Single Day | Paisa Vaisa | Anupam Gupta

In this episode of Paisa Vaisa, host Anupam Gupta sits down with Karthikraj Lakshmanan, Senior Vice President and Fund Manager Equity at UTI Asset Management Company, one of India's most experienced equity fund managers with over two decades in the markets. Karthik manages the UTI Large Cap Fund (formerly UTI Master Share, one of India's oldest mutual funds with a 40-year history), the UTI MNC Fund, and the recently launched UTI Multicap Fund. This is a masterclass in how professional fund managers think about Indian equities, sectors, valuations, and long-term wealth creation. We cover India's macroeconomic outlook for FY26, why large cap stocks are better positioned than small and mid caps right now, the state of the Indian banking sector (private vs PSU banks), the future of Indian IT in an AI-disrupted world, and how UTI uses its proprietary 'Score Alpha' framework a 3x3 ROC and operating cash flow matrix to evaluate and rank stocks across the entire investable universe. Karthik also breaks down the difference between flexi cap and multicap funds, explains how MNC funds are evolving with Indian exporters now included, and shares his honest views on gold and silver inflows chasing momentum. Whether you are a first-time investor or a seasoned market participant, this episode is packed with actionable insights on asset allocation, position sizing, behavioral investing mistakes, and what it really takes to outperform over the long term. If you have ever wondered why your mutual fund returns are consistently lower than the fund's actual returns, or why patience and behavioral discipline matter far more than stock-picking skill in today's information-equal world, this conversation will change how you think about your portfolio.Subscribe to Paisa Vaisa for India's best personal finance and investing conversations with top fund managers, economists, and market experts.Hit the bell icon so you never miss an episode. 6 Key TakeawaysPatience Beats Analysis: Behavioral discipline and staying invested through market cycles will consistently deliver better investor returns than even the best stock analysis, because markets reward patience over perfection. Large Cap Advantage: Revenue growth between large, mid, and small cap companies has been broadly similar over the last five years, but large caps remain less expensive on valuations today, making them structurally preferable in the current market environment. The Moat Framework: UTI's equity strategy centers on identifying companies with durable competitive advantages brands in FMCG, distribution networks in retail, and technology advantages in MNC industrials to build a portfolio with long-term earnings visibility. Private Banks Still Win: The top four to five private sector banks continue to gain market share every year, carry healthy balance sheets and return ratios, and are likely to grow faster than both the banking industry and the overall economy over the long run. IT Sector Is Adaptive: Indian IT companies have successfully navigated every major technology disruption from Y2K to ERP to cloud and are now positioned to lead AI implementation for global clients, making the current pessimism potentially an opportunity for long-term investors. Score Alpha Is The Edge: UTI's proprietary 3x3 scoring framework evaluates every stock in their universe on ROC and operating cash flow over five years companies that upgrade from lower to higher scores on both metrics are the ones that consistently outperform in the long run.From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more Watch full episodes right here on YouTubeExplore more at ivmpodcasts.comConnect with Anupam Gupta: Twitter: @b50Instagram: @b_50 LinkedIn: Anupam Gupta Follow IVM PodcastsWe’re @ivmpodcasts on Facebook, Twitter & Instagram#PaisaVaisa #UTIMutualFund #MutualFunds #IndianStockMarket #EquityInvesting #LargeCapFund #KarthikRajLakshmanSee omnystudio.com/listener for privacy information.

STOP Investing Only in India: Why US Stocks Belong in Every Indian Portfolio | Vasanth Kamath | Paisa Vaisa | Anupam Gupta

In 10 years, Smallcase went from a simple idea in a Bengaluru garage to a platform managing ₹1.8 Lakh Crore across 20 million+ investors. And its founder, Vasanth Kamath, has never spoken this openly about where it's all heading next. In this episode, we sit down with Vasanth to unpack the full Smallcase story the origin, the failures, the breakthroughs, and the bold bets being placed on India's financial future. From investing in US stocks starting at just $1, to a game-changing joint venture with Zerodha, to an AI-powered Wealth Office that tracks your entire financial life this is the most comprehensive deep-dive on Smallcase ever recorded. If you're an investor, a founder, or someone trying to build real wealth in India this episode is for you. key takeaways10-Year Journey- Smallcase spent 10 years building a platform that now serves 20 million customers and processes ₹1.8 lakh crore annually. The Bridge- Smallcase bridges the gap between mutual fund investors and stock market investors through curated, research-backed model portfolios. Beyond An App- With 250+ brands, 140 research analysts, and 20 top brokers Smallcase is an ecosystem, not just an investing app. Passive Costs Less- Zerodha Fund House offers index funds and ETFs at just 15–20 basis points among the cheapest investment products in India. Invest Globally- Indians can now access 7,000+ US stocks and ETFs through Smallcase's fractional investing feature starting from just $1. AI Is Next- Smallcase's upcoming Wealth Office feature will use AI to aggregate your entire financial life stocks, funds, assets in one dashboard.From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more Watch full episodes right here on YouTubeExplore more at ivmpodcasts.comConnect with Anupam Gupta: Twitter: @b50Instagram: @b_50 LinkedIn: Anupam Gupta Follow IVM PodcastsWe’re @ivmpodcasts on Facebook, Twitter & InstagramSee omnystudio.com/listener for privacy information.

Don't Touch Property Until You Watch This: REITs, Hidden Costs & 14% Returns | Paisa Vaisa | Anupam Gupta

In this episode of Paisa Vaisa, host Anupam Gupta sits down with Preeti Chheda CFO of Mindspace Business Park, Executive Committee Member of the Indian REITS Association, and a finance professional with 25 years of experience for the most comprehensive conversation on Real Estate Investment Trusts (REITs) in India. Preeti brings an extraordinary academic and professional pedigree CA, CS, CFA, CPA and has spent the last 19 years with the K. Raheja Corp group heading finance for Mindspace, one of India's largest commercial real estate platforms. She is uniquely positioned to explain exactly how REITs work, why SEBI built one of the world's most robust regulatory frameworks around them, and why ₹2.5 lakh crore in assets are now held within REITs and InvITs combined all within just eight years of the first REIT launch in India. The episode begins with the formation of the Indian REITs Association (IRA), launched in September 2023 at SEBI's nudging, with three clear goals: creating product awareness, driving policy changes to grow the instrument, and improving governance standards. Preeti then explains the fundamental structure of REITs pooled investment vehicles, structured as trusts (mirroring Singapore's regulation), that hold bundles of commercial real estate assets and provide investors with a combination of recurring income (yield) and capital growth. She breaks down the three income streams unit holders receive: tax-free dividends, taxable interest, and return of capital (which reduces cost of acquisition and is taxed only on exit as capital gains). REITs are mandated to distribute at least 90% of their net distributable cash flows (NDCF), and every unit holder receives a Form 64B detailing their income breakdown. The performance discussion is eye-opening. Indicative yields range from 6-8%, but total returns combining yield and growth have historically averaged 14-16%. Mindspace REIT itself has gone from a listing price of ₹275 in August 2020 to over ₹490 in February 2026, delivering over 50% price appreciation in six years on top of continuous distributions. Growth comes from three engines: inbuilt contract escalations of around 5% annually, rent reversions of 7-8% when leases renew at market rates, and acquisitions plus development (up to 20% of portfolio value can be under development within existing parks). A standout section of the episode compares REITs to physical real estate investment. REITs offer a starting ticket size as low as ₹500, instant liquidity via exchange trading, professional management, and diversification across cities and properties. Physical real estate, by contrast, requires massive capital, is illiquid (2-3 months minimum to sell), demands active management, and carries transaction costs of 10-11% of the purchase price in brokerage, stamp duty, registration, and maintenance. As Anupam points out, your property needs to appreciate by 10% just to break even a bar that most residential real estate in India fails to clear. The regulatory deep-dive reveals why institutional investors starting with FPIs trusted Indian REITs from day one. SEBI mandates that 80% of REIT assets must be completed and rent-generating, leverage is capped at 49% (with credit rating and unit holder approval required beyond 25%), all related-party transactions pass through multiple governance layers, reporting is half-yearly (double the typical listed company frequency), and NAV per unit is disclosed regularly so investors can compare market price against intrinsic asset value at any time. During COVID, Indian REITs collected 99% of contracted rental income possible because tenants are overwhelmingly MNCs and large corporates on 9-10 year leases with 3-5 year lock-ins. The conversation also covers major recent developments. From July 1, 2026, REITs will be classified as equity for mutual fund purposes a landmark reform that opens the door to index inclusion, passive fund flows, and dramatically improved liquidity. Office absorption has surpassed pre-COVID levels at 55 million square feet of net absorption, with Global Capability Centers (GCCs) accounting for over 50% of each REIT's leasing. RBI now allows borrowing at the REIT level, enabling fixed-cost debt that reduces cash flow volatility. And the potential for government asset monetization through REITs including CPSU land banks could unlock massive new supply. For first-time REIT investors, Preeti outlines the key evaluation parameters: NOI growth, NDCF and distribution track record, portfolio quality and tenant profile, city-wise diversification, occupancy rates, and WALE (Weighted Average Lease Expiry). She also points investors to the IRA website, individual REIT websites, and SEBI-authorized benchmarking platforms like Kay Fintech and NRTA for side-by-side REIT comparison. Whether you're a first-time investor exploring alternatives to fixed deposits and physical property, an experienced investor building a diversified portfolio, or simply curious about where ₹2.5 lakh crore of institutional and retail money is flowing this episode gives you the complete picture with data, regulatory context, and a practical buying checklist. 🔔 Subscribe for more deep dives into investing, wealth building, and financial planning in India.Key Takeaways -- Money Moved Quietly ₹2.5 lakh crore has flowed into REITs and InvITs in just 8 years most retail investors still don't know.- Returns Beat Property REITs delivered 14-16% total returns combining yield, escalations, and growth Mindspace went ₹275 to ₹490+.- Property Costs 10% Brokerage, stamp duty, registration, and maintenance eat 10-11% before your flat appreciates a single rupee.- SEBI Built Fortress 80% rent-generating assets, 49% leverage cap, half-yearly valuations, 99% rent collection even during COVID.- Start At ₹500 Own Grade A offices leased by global brands and Accenture full liquidity, zero maintenance headaches.- July 2026 Changes REITs reclassified as equity for mutual funds index inclusion, passive flows, and a liquidity explosion incoming.From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more Watch full episodes right here on YouTubeExplore more at ivmpodcasts.comConnect with Anupam Gupta: Twitter: @b50Instagram: @b_50 LinkedIn: Anupam Gupta Follow IVM PodcastsWe’re @ivmpodcasts on Facebook, Twitter & Instagram#REITs #RealEstate #PersonalFinance #PaisaVaisa #REITIndia #PropertyInvestment #PassiveIncome #WealthBuilding #Investing #SEBI #CommercialRealEstate #AnupamGupta #PreetiChheda #MindspaceREIT #IndianREITsAssociationSee omnystudio.com/listener for privacy information.

Why Culture Is the Most Underrated Factor in Quality Investing | Paisa Vaisa | Anupam Gupta

In this episode of Paisa Vaisa, Anupam Gupta sits down with Nitin Bhasin, Head of Institutional Equities at Ambit Capital, for one of the most grounded and honest market conversations of the year. Nitin brings over 25 years of experience to the table and covers everything from India's position in the global economy, why FIIs have been selling Indian equities, what the Nifty is likely to do over the next 15 to 18 months, and why the Indian IT sector faces its biggest challenge yet in the age of agentic AI. Whether you are a retail SIP investor trying to make sense of a confusing market or a finance professional building a career in equity research, this conversation has something genuinely valuable for you. The discussion goes deep on India versus China, and Nitin's take is refreshingly blunt. He does not believe India and China are even competing in the same league anymore. China is competing with the United States, and India is still figuring out its manufacturing pivot while sitting on a 30 year asset light services mindset that will take a generation to change. He also shares his public market view of a sideways Nifty for another 15 to 18 months, explains why this is a concentration cycle favouring only the top 10 to 15 large cap stocks, and breaks down exactly what SIP investors should do in this environment. The second half of the episode is a masterclass for young analysts and investors, covering what separates good companies from great ones, why culture is the most underrated competitive moat in investing, how to read annual reports the right way, and why communication and imagination are the two skills that will define careers in the AI era. Nitin also shares three book recommendations including Apple in China, Breakneck, and Investing as the Last Liberal Art by Robert Hagstrom. This is essential viewing for anyone serious about Indian markets, long term investing and building a career in finance. Key Takeaways •⁠ ⁠Alpha Shift — Imagination now drives returns, not information or analysis.•⁠ Macro Divergence — China competes with USA, India is in a different league.•⁠ ⁠Watch Cycle — Nifty sideways, concentration favours only top large caps.•⁠ ⁠Intangible Moat — Culture is the one competitive advantage nobody can replicate.•⁠ ⁠Forensic Lens — Tiny expense lines reveal the real character of management.•⁠ ⁠Human Edge — AI kills analysis, communication becomes your only differentiator.From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more Watch full episodes right here on YouTubeExplore more at ivmpodcasts.comConnect with Anupam Gupta: Twitter: @b50Instagram: @b_50 LinkedIn: Anupam Gupta Follow IVM PodcastsWe’re @ivmpodcasts on Facebook, Twitter & InstagramSee omnystudio.com/listener for privacy information.