Dear ValueQuest Investors, IPL mania is again upon us, like every summer. The last few years, however, have seen a new feature added to these matches: the “Strategic Time Out”. For those who are uninitiated, time outs in sports, often plays a strategic role that can end up altering the course of the game. Drawing up key plays, making substitutions, maintaining possessions and building strategies for the match ahead are the key features of a time out. These matches and almost all sports, if you observe minutely, have many similarities to the markets. Markets are often run by emotions, full ..read more

Every family has that one uncle, who is a lot like Charlie Munger. The uncle who gives dead pan blunt replies, which one knows are right, but at times does not want to hear. The one uncle who everyone turns to for the best advice and finally the one uncle whose witty one liners crack the whole room up. Much like Charlie. My first initiation with Charlie was when a few decades ago, my brother imported a box full of “ Poor Charlie Almanac’s“ to give to his friends and while at that time I questioned the logic of that, the more I read, the bigger I became a fan. A slight backstory to it, upon k ..read more

Ravi Dharamshi Arvind Ananthanarayanan Aniket Dharamshi Megatrends are powerful, transformative forces that change the global economy, business, and society. Megatrends are structural shifts that are longer term in nature and have irreversible consequences for the world around us. Although they evolve independently of the economic cycle, often along seemingly different paths, and timescales, they possess the capacity to redraw the investment and industrial landscape. The awareness of megatrends in investment processes offer real insights that influence our investment decisions – from how we i ..read more

The Union Budget for FY23-24 was presented against a backdrop of challenging global macros – slowing growth, high interest rates and inflation. The knock on effect on India is already visible in the form of weakening exports and higher import bill due to commodity inflation. Given this challenging situation, the Honorable Finance Minister did a commendable job of balancing fiscal discipline and growth requirements, while simultaneously taking further steps to promote domestic manufacturing which should help in correcting India’s trade deficit in the long term. Post COVID, the Government has ma ..read more

This interview appeared in the ET Prime on 5th January, 2023 (link) India is the global back-office and world’s pharmacy, says Ravi Dharamshi, founder and CIO, ValueQuest, speaking about IT and pharma sectors – the two top themes of the last two decades. In conversation with Ami Shah, he talks about the SCALE framework of investing, stock-market lessons learnt from Warren Buffett and late Rakesh Jhunjhunwala, and things that motivate him. Are you a value or a growth investor? Why do you say that? We honestly do not wish to get stuck or typecast in the nomenclatures of growth or value. Val ..read more

I must confess, 2022 ended up being far tougher than I thought it would be. Coming post a tumultuous couple of years with wild swings amidst once in a lifetime pandemic, a collapse of the world economy, the opening up of the world, we saw it all. From negative crude prices to peak crude.  From stimulus driven liquidity to tightening rates and purses. From closed shipping routes & freights to the sky and now submerged. From various coins to the moon and back. From commodities which glistened in the sun to back to earth. These were days where years happened. But amidst all this turmoil ..read more

Sometime between the 6th and 8th century, all the Gods and Devas came to Lord Shiva with a strange predicament. Having seen into the future, they realised that Planet Earth is going to be quickly depleted of all its resources and man being man, will soon run amok and destroy the planet.  Energy which is known as the fuel of life, will soon be at a severe shortage and the future of wars will be fought over them. The God’s predicament was that they needed to communicate a message to mankind thousands of years into the future, a message which will not only be communicated, interpreted but al ..read more

Presentation made by Our CIO, Ravi Dharamshi @ India Investor Conclave (IIC season 8) at Goa in Dec 2021. Summary of Presentation: 1. There has been tremendous wealth creation in Specialty Chemicals sector – 60x in 7 years. 2. Currently market has priced the sector to perfection and is ignoring all the inherent risks. 3. Long-term opportunity might remain but odds are tremendously out of favour for the sector from next couple of years point of view ..read more

Back in 2013, India found itself relegated to the pack of ‘fragile five’ emerging markets. It has been a long and painful journey but India today is well and truly on its way to carving its own niche and becoming Antifragile in this fragile world. Know more in the article below – Anti-fragile-India-in-a-fragile-worldDownload ..read more

Presentation made by Our CIO, Ravi Dharamshi @ India Investor Conclave (IIC season 8) at Goa in Dec 2021. Summary of Presentation: 1. There has been tremendous wealth creation in Specialty Chemicals sector – 60x in 7 years. 2. Currently market has priced the sector to perfection and is ignoring all the inherent risks. 3. Long-term opportunity might remain but odds are tremendously out of favour for the sector from next couple of years point of view ..read more