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

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 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

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

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

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

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

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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

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