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The way stock prices are determined at the end of the trading day has changed. The new Closing Auction Session (CAS) is designed to improve price discovery, but its early days have raised questions around liquidity, execution, transparency and what it means for investors.  In this episode of the Capitalmind Podcast, Shray Chandra, Co-Founder & Director, Capitalmind Financial Services, speaks with Deepak Shenoy, Founder & Chairperson, Capitalmind Financial Services, about how the Closing Auction Session works and why closing prices matter so much to Indian markets.  They discuss:  Why the NSE introduced the Closing Auction Session and how it differs from the earlier closing-price mechanism   Why closing prices matter for mutual fund NAVs, index funds and market indices   How CAS affects liquidity, price discovery and order execution   Why certain stocks have seen significant differences between their intraday prices and closing auction prices   What happens when investors place limit or market orders during the closing auction   The implications for mutual funds, PMS portfolios and index funds   Whether the new system can reduce opportunities for price manipulation and arbitrage   Why greater participation and transparency could be important for the system to mature   What investors and market participants should watch as the Closing Auction Session evolves   The discussion also looks at some of the unintended consequences of a new market mechanism, including the information gap faced by investors when the indicative price and order-book information do not provide a complete picture of what is happening during the auction.  This is a technical discussion, but the underlying question is straightforward: when closing prices determine so much across India's investment ecosystem, how should those prices be discovered?    Speakers:  Shray Chandra, Co-Founder & Director, Capitalmind Financial Services  Deepak Shenoy, Founder & Chairperson, Capitalmind Financial Services    If you enjoy thoughtful conversations on investing, mutual funds, markets and personal finance, subscribe to the Capitalmind Podcast for new episodes every week.  📌 Subscribe for more data-driven investing content every week.   🔗 Follow us:   🌐 Website: https://www.capitalmind.in   🐦 X (Twitter): https://x.com/Capitalmind_in  📸 Instagram:   / capitalmindHQ    💼 LinkedIn:   / capitalmindwealth-pms      Disclaimer: This podcast is for informational and educational purposes only and should not be relied upon as the basis for investment decisions. Clients of Capitalmind may maintain positions in securities discussed in this podcast.

Is India really becoming uninvestable, or are investors missing the bigger picture? In this episode of the Capitalmind Podcast, Shray Chandra, Co-founder at Capitalmind Financial Services, speaks with Deepak Shenoy, Founder and CEO, Capitalmind Mutual Fund, about the current pessimism around Indian markets and whether we may be approaching a point of peak pessimism. The discussion covers: • Why investors are bearish on India right now • The bear case around the rupee, crude oil, gold imports, FPI outflows and AI disruption • Lessons from previous market crises in 2002, 2009, 2013, 2020 and 2022 • Whether today's negative narrative is worse than the underlying data • India's earnings recovery, industrial growth and the return of the CapEx cycle • How AI could impact Indian IT companies and the broader economy • Why foreign investing matters, but why going completely global may not be the answer • How investors should think about equity allocation, flexi cap funds, multi-asset funds and phased investing Deepak shares his perspective on why market narratives often become most negative near turning points, and why long-term investors should focus on data, earnings and portfolio construction rather than short-term sentiment. If you are tracking the Indian stock market outlook, mutual funds, equity investing, portfolio allocation, global investing, or wealth creation, this episode offers a detailed perspective on where markets could head next. Speakers • Deepak Shenoy - Founder & CEO, Capitalmind Mutual Fund • Shray Chandra - Co-founder, Capitalmind Financial Services Subscribe to the Capitalmind Podcast for conversations on investing, markets, personal finance and wealth management. Chapters: 00:00:00 - Introduction & Episode Overview 00:02:02 - Steel-manning the Bear Case for India 00:05:42 - Why the Bear Case Isn't the Whole Story 00:06:47 - Historical Parallels: 2002, 2009, 2013, 2020 00:17:40 - Are We at Peak Pessimism Right Now? (May 2026 Data Check) 00:21:51 - What Do We Do About Crude 00:24:52 - Gold Imports & Potential Fixes 00:26:51 - Indian Corporate Earnings & Profit Growth 00:30:10 - CapEx Revival & Credit Growth 00:35:44 - AI: Threat or Opportunity for India? 00:38:35 - FPI & FDI Outflows — Will They Reverse? 00:43:29 - Should You Invest Abroad? The Case for Diversification 00:48:43 - Practical Advice: How to Deploy Cash Now 00:53:10 - Large Cap vs. Small Cap & Which Funds to Consider 00:54:55 - Closing Remarks & Capital Mind Offerings 📌 Subscribe for more data-driven investing content every week. 🔗 Follow us: 🌐 Website: https://www.capitalmindmf.com 🐦 X (Twitter): https://x.com/CapitalmindMF 📸 Instagram: https://www.instagram.com/capitalmindmf 💼 LinkedIn: https://www.linkedin.com/company/capitalmindmf Disclaimer: This podcast is for educational and informational purposes only and should not be construed as investment advice, recommendation, or a solicitation to buy or sell any securities. Investors should evaluate their own financial goals, risk profile and consult a qualified financial advisor before making investment decisions.

What's the deal with AI? Can it manage your money? Can it make you rich? Artificial Intelligence is changing much more than how we invest. It could fundamentally reshape careers, incomes, financial advice and the way we build wealth. In this episode of the Capitalmind Podcast, Shray Chandra, Co-founder at Capitalmind Financial Services, speaks with Deepak Shenoy, Founder & CEO of Capitalmind Mutual Fund, and Vashistha Iyer, Executive Director, Capitalmind Mutual Fund, about one of the biggest questions facing investors today: Can AI optimize your investments - and what happens if it also changes your ability to earn? The conversation explores: • Can AI replace financial advisors and portfolio managers? • Where AI is genuinely useful for investors today • Why judgment and accountability still matter in investing • How to use AI to research mutual funds, portfolios and financial decisions • Why AI may impact your income more than your investments • How much emergency fund you may need in an AI-driven world • Should you rethink savings, investing and career planning? • Why human capital could become your most important asset • How AI changes portfolio construction and financial decision-making • The opportunities-and risks-of using AI for investing Rather than asking whether AI can beat the market, this episode asks a more important question: How should investors prepare for a future where AI changes both wealth creation and income generation? Whether you're an investor, professional, entrepreneur or simply curious about AI's impact on personal finance, this conversation offers practical frameworks instead of predictions. Speakers • Deepak Shenoy - Founder & CEO, Capitalmind Mutual Fund • Vashistha Iyer - Executive Director, Capitalmind Mutual Fund • Shray Chandra - Co-founder, Capitalmind Financial Services Chapters 00:00 Everyone Is Asking the Wrong AI Question 01:52 Can AI Really Optimize Your Investments? 05:11 Context Beats Algorithms in Investing 09:22 Where AI Can Actually Help Investors 15:22 Why Human Judgment Still Matters in Investing 19:43 Could AI Replace Financial Advisors? 22:48 Why Accountability Still Matters 26:00 How We Use AI at Capitalmind 29:44 Will AI Give Big Investors an Edge? 41:24 The Bigger AI Risk: Your Income 43:25 Should You Increase Your Emergency Fund? 49:44 Invest in Yourself Before Anything Else 1:00:39 The Next Battle: AI Optimization 1:05:25 Could the AI Bubble Burst? 1:06:50 Final Advice for Investors 1:08:42 Closing Thoughts  If you enjoy thoughtful conversations on investing, mutual funds, markets and personal finance, subscribe to the Capitalmind Podcast for new episodes every week. 📌 Subscribe for more data-driven investing content every week. 🔗 Follow us: 🌐 Website: https://www.capitalmindmf.com 🐦 X (Twitter): https://x.com/CapitalmindMF 📸 Instagram: https://www.instagram.com/capitalmindmf 💼 LinkedIn: https://www.linkedin.com/company/capitalmindmf Disclaimer: This podcast is intended solely for educational and informational purposes. Nothing discussed should be construed as investment advice, a recommendation, or a solicitation to buy or sell any security or financial product. Please consult a qualified financial advisor before making investment decisions.

Most investors obsess over finding the best mutual fund to invest in. But what if avoiding the worst fund matters far more than picking the absolute best? In this episode, host Shrey Chandra sits down with Deepak Shenoy (Founder & CEO, Capitalmind Mutual Fund) and Anoop Vijaykumar (Head of Equity & Fund Manager, Capitalmind Mutual Fund) to tackle one of the most searched questions in personal finance: how to pick mutual funds that actually deliver long-term returns — without constantly second-guessing your choices. Using 10 years of FlexiCap fund data across 18 funds, they reveal why even top-performing funds underperform 30–50% of the time — and why that's completely normal. They also run a "reactive investor" experiment that shows exactly how timing the market destroys returns, and what a disciplined mutual fund portfolio strategy looks like instead. What you'll learn: • The core vs. satellite portfolio framework and how to allocate across funds smartly • Why mutual fund underperformance doesn't always mean you should exit — and when it does • How fund size and AUM can quietly cap your returns — and the red flags to watch • Corporate governance issues and fund manager changes as early warning signs • The hidden tax impact of switching mutual funds that most investors never calculate • When multi-asset mutual funds make sense as a simplified core holding • How many mutual funds you should hold — and why more isn't always better • 3 questions to ask before picking any fund — covering philosophy, size, and hygiene checks Chapters: 0:00 – Intro 1:50 – Introduction to the topic: What's the best mutual fund? 2:22 – Anoop begins: How to think about picking a mutual fund 3:26 – Analysis of FlexiCap funds over 10 years (18 funds compared) 5:15 – Avoiding the worst funds vs. picking the best 5:35 – Rolling underperformance data - what it reveals 7:07 – Even good funds underperform 1/3 to 1/2 of the time 8:09 – Should you sell an underperforming fund? 8:28 – The "reactive investor" experiment - timing the market backfires 9:51 – What to do before and after investing in a fund 12:07 – Argument for style diversification across funds 13:50 – Two types of successful investors 15:39 – Do multi-asset funds simplify everything? 17:45 – Deepak joins: How many mutual funds should you hold? 20:00 – Core vs. satellite portfolio framework 24:44 – Multi-asset funds as a core holding 28:45 – Can you predict the worst funds? (Size, AUM issues) 31:35 – Corporate governance & fund manager changes as red flags 33:59 – Tax impact of switching funds - often overlooked 39:41 – Three questions to pick the right fund for you 49:46 – Expense ratios: are they really that important? 55:13 – Final framework: philosophy, size, hygiene checks 59:48 – Closing thoughts If you've ever wondered why your mutual fund is underperforming or made the common mutual fund mistakes of chasing last year's top fund or switching too frequently — this conversation will reframe how you think about investing entirely. Whether you're a first-time investor or managing a mature portfolio, this is the clearest framework we've put out on mutual fund selection in India. 📌 Subscribe for more data-driven investing content every week. 🔗 Follow us: 🌐 Website: https://www.capitalmindmf.com 🐦 X (Twitter): https://x.com/CapitalmindMF 📸 Instagram: https://www.instagram.com/capitalmindmf 💼 LinkedIn: https://www.linkedin.com/company/capitalmindmf

Shray sits down with Deepak Shenoy from Capitalmind to unpack the real playbook for NRIs thinking about investing in India — the taxes, the paperwork, the returns, and the traps nobody warns you about. What we uncover: The 3 types of NRIs who should invest in India — and the ones who absolutely shouldn't. Why patriotism and FOMO are the worst investment strategies. The real return math: 12% in rupees, ~8% in dollars after currency depreciation — and why falling inflation could change this equation entirely. Stocks vs. mutual funds vs. real estate: Why your passport decides your investment vehicle. UAE and Singapore NRIs get tax-free mutual fund gains; US and UK residents face PFIC nightmares. The paperwork horror: Why 5% of your portfolio in India creates more admin than the other 95% abroad — and why Deepak respects any NRI who's actually opened a Demat account. The "famous stocks" trap: Why buying Indigo, Swiggy, or Jubilant from abroad without local context is a recipe for pain. Great brands ≠ great investments. Moving back math: ₹2L/month puts you in India's top 1%. $500K in fixed income could fund your entire re-entry. And why you still shouldn't bring everything back. Deepak breaks down the Doordash minimum wage vs. Indian purchasing power, why small caps hold India's real growth story, and why NRI investing success is measured in rupees — not dollars. Chapters: 0:00 - Not every NRI should invest in India 1:36 - Who is this conversation really for? 3:54 - The 3 types of people who SHOULD invest in India 6:34 - You have family & money sitting idle in India 7:19 - You know you're coming back someday 11:44 - The worst reason to invest in India 18:16 - Stocks, mutual funds, real estate — where to put your money? 22:07 - Your 12% return is actually 8% (here's why) 29:43 - Is Indian real estate worth it for NRIs? 36:57 - The paperwork nightmare no one warns you about 37:26 - Where you live changes everything 38:09 - UAE & Singapore NRIs — this is your tax cheat code 40:07 - Why US & UK NRIs should avoid Indian mutual funds 45:25 - Why buying Indian stocks from abroad is risky 51:44 - Great company. Terrible investment. Here's the difference 1:03:15 - Should you move more money to India as you plan to return? 1:09:26 - What does winning actually look like? 1:16:29 - Invest with your head, not your passport

India is reporting 8%+ GDP growth and cooling inflation, yet stock market returns are muted, the rupee continues to weaken, and everyday expenses feel anything but stable. So which reality should we trust? In this episode, Deepak and Shray unpack the contradictions shaping India's economy today. From headline vs core inflation to GDP data quality, rupee depreciation, and why markets aren't rewarding growth, they connect macro numbers to lived experience. A nuanced, data-driven conversation on what truly lies beneath the headlines and what it means for investors, policy watchers, and India's economic trajectory heading into 2026 and beyond. Chapters: 00:00 - Introduction 01:15 - GDP growth 8.2% but contradictions everywhere 02:32 - Are we booming or fizzling out? 02:55 - Let's start with inflation 08:09 - Headline inflation 0.71% vs core inflation 4.1% 10:07 - Why people don't believe 0.7% inflation 12:08 - Bangalore rent example - 28k to 60k 15:10 - Supply will moderate rent prices 17:37 - Inflation expectations matter 21:05 - Uncertainty makes planning difficult 22:07 - What's happening with the rupee? 22:36 - Economics standing on its head 24:08 - Gold making current account look worse 28:31 - RBI needs to decide - control or not? 31:37 - GDP - 8.2% real growth 35:29 - Base year problem - still using 2011-12 40:37 - Discrepancies in GDP calculation 43:11 - What's driving growth? 43:16 - Manufacturing doing well at 9% 47:43 - Financial services growth worrying 48:05 - Is 8% growth here to stay? 51:42 - China grew 10% for 15 years 56:22 - Stock market - just a bad year? 59:16 - Small players will benefit more 1:05:38 - SEBI new rules on TER and BER 1:06:04 - What are the changes? 1:17:47 - TER vs BER explained 1:23:23 - Who benefits from new rules? 1:30:18 - Brokerage reduction impact 1:34:16 - Impact on sell-side research 1:36:17 - BER is more comparable going forward

Shray sits down with Deepak Shenoy from Capitalmind to expose how proxy advisors, index manufacturers, credit rating agencies, and one costly habit are secretly making decisions about your investments. What we uncover: Proxy Advisors: How Glass Lewis and ISS voted against Elon Musk's $1 trillion Tesla package—and why their word has become gospel for fund managers managing your money Index Manufacturers: Why NSE and BSE make subjective calls in supposedly "objective" indices. The HDFC-HDFC Bank merger and Reliance-Jio demerger reveal they're acting more like fund managers than neutral rule-followers Current Account Waste: ₹21 lakh crores sitting idle in corporate accounts earning zero interest—₹40,000 crores in lost profits annually Deepak breaks down why passive investing isn't truly passive, how the NBFC rule hurts startups, and why transparency matters as index funds take over the market. Timestamps: 0:00 - Three institutions controlling your money 1:44 - Proxy Advisors - Fighting Elon Musk 6:28 - Proxy advisors have their own agendas 13:30 - Proxy advisors becoming gospel 17:16 - Index Manufacturers - Second institution 18:24 - 35 lakh crores active vs 12 lakh crores passive 20:22 - Index no longer objective function 26:45 - Index manufacturers becoming fund managers 32:01 - Credit Rating Agencies - Third institution 35:21 - Big names get triple A ratings easily 37:52 - Market knew ILFS wasn't triple A 41:37 - Don't link things strictly to ratings 46:25 - Why so much money in current accounts? 49:00 - Could add 40,000 crores to profits 49:36 - Startup NBFC rule problem 56:37 - Reduce need for inefficient buffers

For 17 years, Deepak Shenoy has made annual Diwali predictions about markets, crashes, interest rates, and more. But how many were actually right? Shray sits down with Deepak Shenoy from Capitalmind to examine his prediction history from 2007 to 2024. He correctly called the 2008 crash and Trump's 2024 victory. But real estate and gold? Wrong almost every year. We break down why most predictions fail and what makes the rare successful ones different. Deepak explains the three elements of valid predictions (direction, magnitude, timeframe), why cash on sidelines signals crashes, how AI bubbles mirror 2000, and why interest rates are easy to predict but impossible to profit from. This episode breaks down crashes, bubbles, and market timing, offering honest takes that you can actually use. Don't forget to like, share, and subscribe for more real insights on building wealth in Indian markets!  Follow Capitalmind on Social Media: 📝 Linkedin: https://www.linkedin.com/company/capitalmindwealth-pms/ Instagram: https://www.instagram.com/capitalmindhq?igsh=ZG9zYmVtbnBwemZr Twitter: https://x.com/capitalmind_in?s=21  Chapters:  00:00 Introduction & 2024 Predictions Recap  01:00 Will There Be a Market Crash in 2025? 03:40 How AI Could Trigger the Next Crash 06:15 Why This Time Is Different from 2008 09:40 US Recession + Inflation = Stagflation? 12:10 Why Indian Markets May Keep Rising 15:00 The Real Estate Prediction Trap 20:20 Gold, Inflation & Interest Rate Outlook 28:20 Japan's 30-Year Debt Problem Explained 33:40 Can the Rupee Go Global? 40:20 Why Predictions Usually Fail 46:00 Don't Predict, Respond Instead 50:10 Deepak's 2025 Predictions Recap 58:00 Closing Thoughts

When Indian Equity Markets Go Sideways: Are Alternative Assets Worth It? Indian equities have been flat for over a year. So where should you actually put your money? Shray sits down with Deepak Shenoy from Capital Mind to break it all down. Silver just hit $50 for the first time in 45 years. Deepak explains the Hunt Brothers saga, the Thailand import drama, and why silver might only deserve 2% of your portfolio. Gold – it's outperformed. But should you buy now? Only 30% of the time has gold beaten Nifty over 10 years. We also discuss foreign stocks, why debt funds aren't just parking lots, and whether India at 21-22x earnings is still expensive. If you're confused about where to deploy capital right now, this episode is for you. Don't forget to like, share, and subscribe for more insights on building real wealth in Indian markets! #investing #stockmarket #alternativeassets #gold #bitcoin #portfoliomanagement Follow Capitalmind on Social Media: Linkedin: https://www.linkedin.com/company/capitalmindwealth-pms/posts/?feedView=all Instagram: https://www.instagram.com/capitalmindhq?igsh=ZG9zYmVtbnBwemZr Twitter: https://x.com/capitalmind_in?s=21 Chapters: 0:00 - Intro 2:11 - Silver: What's Happening Right Now? 7:19 - Hunt Brothers: The Biggest Silver Bet Ever 11:58 - Should You Own Silver? 15:49 - Why Diamonds Are a Terrible Investment 17:38 - Gold: Why Deepak Was Wrong 21:14 - Gold as an Inflation Hedge 23:03 - When Gold Could Crash 40% 27:05 - Why We Treat Gold Differently Than Stocks 30:00 - Land Deals: How to Make 400% Returns 32:20 - Why Luxury Watches Beat Stocks 34:45 - Bitcoin: The Leverage Problem 41:32 - Bitcoin's Altcoin Curse 44:08 - Quantum Computing Could Kill Bitcoin 47:32 - How Much Bitcoin Should You Own? 50:22 - When Big Winners Become Too Big 52:01 - Foreign Stocks: The Smart Diversification 56:46 - Debt Funds: Beyond Just Parking Money 1:01:47 - Debt Market: Hidden Inefficiencies 1:04:06 - Why Debt Funds Deserve Your Money 1:06:07 - Why Bank FDs Are Ripping You Off 1:08:27 - Is India Still Too Expensive to Invest? 1:11:06 - Why 20x PE Actually Makes Sense 1:13:54 - Final Thoughts

What do DreamFolks, Dream11, JSW Steel, and Donald Trump's H-1B visa policy all have in common? Each shows how unexpected risks can reshape markets and investments overnight. Deepak Shenoy and Shray Chandra break down 5 types of risk you never saw coming from business model collapse and legal shocks to regulation, policy changes, and passive investing illusions. Chapters: 00:00 - Intro 01:53 - DreamFolks 16:19 - JSW Steel and Bhushan Steel & Power 30:41 - Dream11 & Crypto currency 41:56 - H1B Visa situation 52:10 - When money moves markets

ESOPs (Employee Stock Options) are one of the least understood parts of compensation in India. Are they wealth creators or just glorified lottery tickets? We break down everything you need to know, the trade-off between salary and ESOPs, the risks of taxation and dilution, and how exits, IPOs, and secondary markets really work. From early employee bets to Flipkart's game-changing Walmart deal, we explore stories that show both the pitfalls and life-changing rewards. If you've ever been offered ESOPs or are considering them. This podcast will help you make informed decisions about your financial future. Chapters: 00:00 - Intro 02:57 - Salary vs ESOP: the real trade-off 15:02 - ESOPs ≠ Shares? 28:35 - Should companies help you exit? 37:41 - Black-Scholes for expense 40:39 - Why not just give shares? 45:59 - Promoters/Directors rules in India 50:11 - What every employee must check in their ESOP package! 57:20 - After the payout: diversify & spend

What if money wasn't the goal… but the tool? Deepak Shenoy and Shray Chandra dive deep into how money can enable experiences, freedom, and meaning, instead of becoming an end in itself.   00:00   Intro  02:33   GDP, Good Life, and Getting Real About Returns 15:14   The Real Cost of Wealth (and the Price of a Good Life) 31:20   Planning for Joy, Not Just Returns 43:34   Compartmentalize to Live Fully 01:04:04  I have enough money, what do I do now? 01:13:23  Is winning in life all about money?

In this episode, Deepak and Shray unpack the SEBI allegations against global trading giant Jane Street and explore whether this is a case of shrewd arbitrage or market manipulation in India's underregulated options landscape. In doing so, they reveal deeper structural issues. An outsized derivatives market, regulatory blind spots, tax inequities, and unchecked index power that favour global giants over domestic traders all act as leading factors to the outsized profits made by the firm. The episode ends with a call for reform: position limits, STT rationalisation, index oversight, and a level playing field to restore market integrity.

Indian retirement planning for long has been centered on your children being successful and them supporting you in your golden years. But, times are changing, with the rise of nuclear single child households, new pension options and easier access to capital markets, retirement planning also has to change.  In this conversation, Deepak and Shray discuss the various options you have to set up a retirement corpus. Be it investing in a pension scheme or managing your own investments, they provide the pros and cons as well as the steps you need to take to do so. They also suggest policies that if implemented, could make retirement planning simpler.  The earlier the better is the mantra for retirement planning and this conversation will help you get started. 00:00 - Intro 01:18 - Choosing Your Retirement: NPS or UPS? 15:36 - The real math behind the Unified Pension Scheme 22:33 - Can private sector employees build their own pension? 28:54 - Forced Savings: A behavioral take on long-term wealth 35:43 - Guarantees, gradually: structuring safer payouts as you age 39:33 - Tax efficiency and corpus optimization 44:17 - Managing Volatility: Behavior & long-term thinking 51:27 - The structural risk behind public pension guarantees 57:55 - Belief in the System: Will pensions and markets survive? 01:03:13 - Where do I even start? 01:14:52 - Why India needs its own 401(k) 01:19:36 - The roadblocks to retirement reform 01:23:44 - Will Equity Returns Moderate?

In this wide-ranging chat, Shray plays devil's advocate while Deepak unpacks why conflict often jump-starts economies, how India's defence binge could spill over into everything from lithium mining to 10-minute groceries, and why a 70-hour work-week isn't the villain Twitter thinks it is. Returns—not patriotism—ultimately determine whether CapEx endures, a reality visible in the economics of fracking, rare-earth extraction, and the three types of "crazy" investors who fund long-shot bets: governments, bondholders, and VCs. India's manufacturing ambitions have long been stifled by outdated labour laws and missed opportunities, but we may now be staring at a rare, once-in-a-generation window of opportunity. While defence and industrial stocks might seem richly valued, there's still plenty of runway—especially if order books start to triple. That said, the journey is fraught with risks: a sluggish judicial system, bureaucratic inertia, and our national knack for fumbling promising leads. For investors, the challenge is knowing when to play defence and when to swing for the fences in a market that increasingly rewards conviction. -- 00:00 - Intro 01:09  - Wars & the Economy 12:56 - Return on Investment - Driver of returns 25:28 - Does CapEx without justification work? 35:30 - Why don't we manufacture in India anyway? 47:33 - Labor laws - Why do they exist?  55:20 - Is the rally already priced in? 01:11:18 - What's the downside risk? 01:15:49 - Where do you invest now? 01:19:03 - Trump, 70 Hours & Self-Reliance! -- More about us: https://cm.social/pms Connect with us : https://cm.social/pms-connect Deepak's Twitter: @deepakshenoy Shray's Twitter: @shraychandra Capitalmind Twitter: @capitalmind_in