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

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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

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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.

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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.

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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!

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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