S01E12: “Winning a Loser’s Game” with Anoop Bhaskar
There are two kinds of people in our Investing industry:
- Who have little experience of out-performance – that too primarily during a Bull market.
- Who consistently outperforms, across the market cycles, and also underplays the role of Skill in the debate of Luck vs Skill.
Among these rare second breeds, there is an even rarer subsection, who are brutally honest in their approach to investing & life. Our guest today, belongs to this rarest of the rare breed – Anoop Bhaskar.
An award winning Mutual Fund manager, who is extremely candid & equally talented. We have Nooresh Merani as the co-host & we together had great learning profiling Mr Anoop Bhaskar.
Without much delay, let’s listen to wisdom:
Also streaming on:
Anoop Bhaskar is the Head-equities of IDFC Mutual Fund. Prior to joining IDFC Mutual Fund, Mr.Bhaskar had managed investors’ wealth in Sundaram Mutual Fund and UTI mutual Fund.
[2:30] The journey of a ‘Child of the Bear Market’.
[6:19] Things can remain too expensive for Too Long & prove you wrong.
[11:15] Skin in the Game vs Head on the Shoulder? What is holistic way to measure Fund manager’s success?
[16:00] Fund managing companies having an Investment philosophy is an Oxymoron. This is a business of gathering assets.
[20:36]: Economy class pays for the Fuel & Business class pays for the Profits – This analogy remains same for Mutual fund industry.
[25:49] His Investment philosophy & framework.
[28:54]: Two moving parts in a Portfolio construction: Sector allocation & Stock selection. Get your alpha generation out of your Stocks than sectors.
[36:23]: Example: The Option value called “Unitech”.
[41:22]: Salary & Money will always find Talent.
[44:11]: The argument of Quant based system vs Intuitive based system.
[50:12]: A lot can be done, if we don’t have the pressure of daily performance.
[54:00]: Meeting the Management – Makes you a prisoner from taking a right sell decision not from the right buy decision.
[56:54]: Perspective of Risk. Volatility vs Liquidity.
[58:46]: The importance of Number of Liquidity days in Mutual fund industry. Why investors overlook ‘number of liquidity days’ ?
[1:03:12]: Errors of Omission & Commissions in his Investment Journey.
[1:10:10]: Summary of his wisdom in his own words.
[1:14:43]: His interests besides Investing (Family, Football, Cricket, Blogging, Reading)
[1:15:56]: His most influential Investment book.