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 India’s manufacturing ambitions have long been stifled by outdated labour laws and missed opportunities, but we may now be staring at a rare, once-in-a-generation window of opportunity.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.

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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!
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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

Mutual Funds are often seen as the McDonalds of the investment world. They are ubiquitous and convenient, and yet, they are seen to lack the prestige of a fine dining experience aka Private Equity et al.

In this episode, we take on the big question: Are mutual funds only for the salaried middle class, or is there a bigger story here? Deepak and Shray dive deep into the history and perception of mutual funds, from their once-exclusive status to becoming the go-to vehicle for SIPs and forced savings.

But why don’t you hear family offices or the ultra-wealthy proudly boasting about their mutual fund holdings? We explore this through the lens of economic class distinctions (India A, B, and C) and unpack how perceptions of exclusivity and quality affect investment choices.

Whether you're planning for retirement, your child’s education, or just wondering if your portfolio is too “plain vanilla,” this is a conversation that will make you rethink how you view mutual funds.

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0:00 – Intro: Are Mutual Funds Just for the Middle Class?
0:50 – The McDonald’s Analogy: Accessibility vs. Perceived Quality
2:00 – Why Don’t the Rich Flaunt Mutual Fund Investments?
5:00 – India A, B, C: Economic Classes and Investment Perception
8:45 – Mutual Funds vs. Exclusive Investment Products
13:00 – Are Mutual Funds the Mobile Phones of Investing?
16:50 – Liquidity, Risk, and the Problem with Illiquid Investments
21:30 – Volatility Laundering: Are Returns Always Real?
25:40 – The Harvard Endowment Example: When Big Private Investments Don’t Pay Off
30:30 – Liquidity Illusion: Can You Really Exit When You Need To?
36:15 – Should You Take Loans Against Illiquid Assets?
40:00 – Tax Efficiency: The Hidden Advantage of Mutual Funds
44:30 – Should You Diversify into Startups and Exotic Investments?
50:00 – VC Returns vs. Mutual Fund Returns: The Real Math
55:45 – How the Rich Approach Diversification and Private Investments
1:02:15 – Mutual Funds vs. AIFs, PMS, and Direct Equity
1:08:30 – What Should You Do with ₹100 Crores? Build a Family Office or Invest in Funds?
1:14:20 – Debt Mutual Funds and Corporate Treasury Management
1:19:00 – How Startups and Corporates Should Use Mutual Funds
1:23:30 – Using Mutual Funds for Retirement Planning
1:27:00 – Using Mutual Funds for Your Child’s Education
1:31:00 – Who Should Not Invest in Mutual Funds?
1:35:00 – Final Question: If You Had ₹500 Crores, Would You Still Pick Mutual Funds?

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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

In this episode, Deepak and Shray unpack the ins and outs of international investing—why it matters, when it makes sense, and who it’s really for. From rupee depreciation to political and geographical risks, they explore the key reasons to diversify your portfolio beyond India’s borders.

They also discuss a crucial question: At what level of capital does it become meaningful to place your money outside? The conversation weaves in perspectives from investing greats—Peter Lynch, who believed in the power of consumer insight, and Devina Mehra, whose latest book "Money Myths and Mantras" emphasizes global allocation as a must-have strategy.

With fresh data on market returns (both in INR and local currency terms), the duo breaks down how different regions have performed—why Europe and China have struggled, and how the US tech boom, largely driven by the Nasdaq, has outshone the rest. But can the US continue to dominate, especially in light of Fed Chairman Powell’s recent remarks on tariffs?

They also touch upon an important side of global investing: taxation. From the complexities of capital gains to the lesser-known estate tax, and how investment vehicles like UCITS can help navigate these issues.

Tune in for a comprehensive, no-fluff guide to international investing—what works, what to watch out for, and how to do it right.

0:00 - 2:10 Introduction
2:11 - 8:27 Why should you invest abroad?
8:28 - 10:53 Economic growth ≠ Shareholder returns
10:54 - 19:35 How to select international investments?
19:36 - 27:31 Regular international investments
27:32 - 32:17 Commodity Diversification
32:18 - 40:50 Managed International Investment Solutions
40:51 - 43:37 Good time to global?
43:38 - 47:17 Domestic vs. International Brokers
47:18 - 50:34 Tax on Foreign Equity
50:35 - 54:17 Tax Collected at Source
54:18 - 56:38 U.S. Estate Taxes
56:39 - 59:50 UCITS

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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

At this point, you’ve probably read enough about tariffs to last a lifetime. But what if we told you the real story isn’t just about import duties or Donald Trump’s next announcement; it’s about a slow unraveling of the world order we’ve all taken for granted

In this episode, Deepak and Shray dig into how the US once helped shape a global economic contract — one where it bought the goods, paid in dollars, protected the rest of the world, and in return, the world kept buying US debt. It worked until it didn’t. Countries like China started playing a smarter game. They stitched shoes, then built the factories, then made their own brands, and finally started exporting those to the US. Somewhere along the way, the US realized it wasn’t in control anymore.

Tariffs are now the blunt tool being used to push back.

We break down what’s really happening, what’s likely to happen next, and how portfolios, both in India and abroad, need to adjust. If the world is becoming more inward-looking, where should your money go?

The world is changing. Listen in to make sure your portfolio is not caught off guard.

0:00 - 1:05 Introduction
1:06 - 3:17 What went wrong with the existing world order?
3:18 - 7:41 "The Unwritten Contract"
7:42 - 10:15 What a dollar can get you
10:16 - 15:22 Origins of Chinese Manufacturing
15:23 - 19:54 How the apprentice became the master
19:55 - 25:01 What's ailing Trump despite American glory?
25:02 - 26:00 The Multiplier Effect of Manufacturing
26:01 - 28:37 Why they resorted to Tariffs
28:38 - 30:41 Repercussions of Tariffs
30:41 - 33:33 De minimis Shipping
33:34 - 40:18 Shift toward an Isolated World (non-Tariff Barriers)
40:19 - 45:51 Global trade without the US
45:52 - 51:42 Investing themes during trade wars

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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

ETFs have taken over the world, or at least that’s what you’d believe if you spent any time reading financial media in the US. Passive investing! Low costs! No fund manager egos! And of course, that looming prediction: “ETFs will destroy price discovery!”

But in India? Crickets. While ETFs have become mainstream in the US, with trillions of dollars flowing into passive investing strategies, India's ETF story is still unfolding. Why haven’t ETFs exploded in India despite our obsession with stocks? And more importantly, should you be investing in ETFs or mutual funds?

In this episode, Deepak and Shray get into the weeds on all things Exchange Traded Funds — what they are, how they work, where they don’t work, and why, despite sounding like the next great revolution in investing, they haven’t quite clicked here yet.

00:00:00 - Introduction
00:02:01 - How big are ETFs?
00:07:30 - Why are ETFs so successful in the US
00:09:42 - How do ETFs work?
00:13:52 - Isn’t it better to move into ETFs then?
00:16:01 - Who are you buying the ETF from?
00:20:08 - Are there any advantages in ETFs over MFs in India?
00:25:10 - What role do Market Makers play in ETFs?
00:30:12 - When and why do ETF prices trade above their NAV?
00:39:14 - Role of liquidity in ETF prices
00:42:06 - Why don’t people do SIPs into ETFs and Stocks?
00:48:44 - How are ETFs useful for investors?
00:53:17 - What about Commodity ETFs?
00:55:47 - What about Liquid ETFs?
00:59:52 - How do regulations like stock-lending and free-float impact ETF returns?
01:04:53 - What are Deepak’s thoughts about Active ETFs?
01:07:06 - Will ETFs gain market share from Mutual Funds?

Deepak and Shray discuss the unexpected quirks and consequences of investing in mutual funds and pooled vehicles in general. The discussion covers how your returns and experiences can be impacted by other investors' actions, including issues with inflows, outflows, cutoff timings, and NAV calculations. Specific cases like DHFL, Yes Bank, and Zee promoter bonds are examined to highlight how complexities in pooled vehicles can affect investment decisions. Additionally, the episode provides insights on how to navigate these challenges and the importance of understanding the nature of pooled investments.

00:00 Introduction

00:43 Understanding Mutual Funds and Pooled Vehicles

02:43 Complexities of Pooled Vehicles

07:43 Impact of Inflows on Fund Composition

13:18 Challenges with Outflows and Debt Funds

20:00 Timing Issues and NAV Calculations

29:04 ETFs vs Mutual Funds: Arbitrage and Market Behavior

33:01 Case Studies: Yes Bank, DHFL, and Zee Promoter Bonds

37:50 Side Pocketing and Arbitrage

49:12 Investor Strategies and Market Timing Challenges

55:43 Conclusion and Final Thoughts

In today’s episode, we break down profit shares and performance fees, one of the most debated topics in the asset management industry. Are they a fair way to align incentives, or just another way for fund managers to charge more?

We get into the nitty-gritty of who can charge performance fees in India and how it works, the meaning of terms like management fee, hurdle rate, catch-up, and high watermark, and whether performance fees actually create skin in the game for fund managers. We also discuss why losses and performance fees don’t go well together, whether investors should care about profit shares or just post-fee returns, and whether paying a performance fee is ever worth it.

We also explore some of the murky areas of the industry, including hidden fees, commission structures, and the psychology behind why investors accept certain charges without question.

At Capitalmind PMS, we don’t charge a performance fee, and we explain why we chose this model. If you’ve ever wondered how fee structures impact your long-term returns, this episode is a must-listen.

00:00 Introduction and Disclaimer
00:42 Overview of Performance Fees
02:35 Understanding Management Fees
05:32 Performance Fees and Hurdle Rates
07:34 Catch Up and High Watermark Concepts
11:04 Complexities in Fee Structures
14:31 Skin in the Game and Incentives
29:34 Management Fee Only Model
31:17 Incentives and Performance in Fund Management
32:43 Principles of Charging Profit Share
33:14 Small Funds and Profit Share Justification
34:41 Mutual Funds and Profit Share Dilemma
35:49 Historical Examples and Active Management
37:37 Challenges in Asset Management
45:20 Regulatory Perspectives on Fees
51:09 Evaluating Investment Options
56:52 Final Thoughts on Profit Shares