As you evolve in your journey of stock market investments, you soon realize that stock selection alone doesn’t really take you anywhere. Money management is perhaps the most important aspect of this game which cannot be ignored.

If you search the web for money management and risk management, your search most likely would throw out 2 names, Ralph Vince and Van Tharp. In today’s episode we share with you a fascinating conversation I had with Ralph Vince. 

Ralph Vince is a trading systems expert and has programmed successful trading systems for fund managers and Sovereign wealth funds.

Ralph is an authority on the subject of position sizing and his statistical techniques and Optimal F are the industry standards.  Please listen in.

His home page: http://www.ralphvince.com
Books he has written: http://www.amazon.in/RalphVince/e/B001IODO5U

Ralph Vince - Wizard of Risk Management

Learning is best accentuated when you learn from vicarious experiences and not just your own. 

This is a place where Puneet Khurana, Manish Dhawan and Nooresh Merani, interview interesting people from different walks of life. 

This is our endeavor to unearth the value system and thought process of maverick decision makers from the world of Investing, Psychology, Business, & Others.

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S02E10 | Conversations with Value Investing Maverick - Rajeev Thakkar by Stoic Investment Managers

S02E10 | Conversations with Value Investing Maverick - Rajeev Thakkar

Anish Teli, a veteran in the Indian equity markets, has carved a unique niche through his firm, QED Capital Advisors LLP. With a belief system rooted in 'Quod Erat Demonstrandum' or ‘which is what had to be proven’, Teli's firm is a testament to creating effective investment strategies driven by quant-based asset management principles​​.


QED's investment philosophy is structured around a rule-based approach, adapting to market dynamics by blending quantitative analytics with human expertise. This ensures investments are safeguarded against risks while aligning with clients' investment goals​​. Moreover, the firm adopts a satellite approach, combining the best of active and passive investment strategies, focusing on factor investing that includes Value, Momentum, Quality, etc​​.


Periodical rebalancing and overcoming behavioural gaps like herding, anchoring bias, confirmation bias, and disposition effect are crucial elements of QED's strategy. These methods help in correcting pricing inefficiencies and irrational behaviours, narrowing the gap between potential and actual investor achievements​​​​.


Delving deeper into QED's strategies, three distinct types emerge AlphaBets, Index Alpha, and Core Equity. AlphaBets consists of actively managed equities, chosen based on strict selection parameters, focusing on wealth creation while avoiding behavioural biases​​. Index Alpha, on the other hand, is a passively managed fund designed for long-term wealth generation, catering to specific investment horizons​​. Core Equity combines low volatility, momentum, and value/quality in a systematic manner, aiming to generate long-term capital growth from an actively managed portfolio of equities​​.


In essence, QED's approach, under Teli's leadership, embodies discipline and consistency, crucial for wealth generation. The firm's portfolio management services ensure a systematic allocation across different strategies, combining growth and risk mitigation, to help clients achieve their financial goals​​.


In conclusion, Anish Teli's journey in stock market and factor investing, as explored in the Stoic Talks podcast, presents a compelling narrative of strategic investment management, driven by a blend of quantitative analysis, disciplined approaches, and a deep understanding of market dynamics.

We wholeheartedly thank DSP Mutual Fund for collaborating with us for this particular episode of Stoic Talks. 

Podcast Record Date: 01.11.2023

S02E09: "Demystifying Factor Investing for Modern Markets" with Anish Teli

Ravi Dharamshi stands as a beacon in the investment landscape, with a career that speaks volumes about his expertise and acumen. With over two decades of experience in the Indian stock market, his journey is nothing short of inspiring.

Beginning his professional investment journey under the mentorship of the ace investor, Rakesh Jhunjhunwala, Ravi fondly recalls the invaluable lessons he imbibed during those formative years. The period from 2003 to 2007, which he spent with Jhunjhunwala, was marked by significant growth in the stock market, bolstering Ravi's confidence in his investment choices.

Ravi's association with the equity markets is deeply rooted in his family legacy. His father, a broker who began as a sub-broker in the late 1970s, played a pivotal role in shaping Ravi's understanding of the stock market. It was during his management degree in the US that Ravi's passion for the equity market truly ignited. Reading the Berkshire Hathaway newsletters and other investment classics, he realized that the equity market was his true calling.

In 2009, Ravi transformed the research firm, ValueQuest, into a portfolio management service (PMS), obtaining the PMS license in 2010. Today, ValueQuest Investment Advisors, a SEBI-registered portfolio management company, manages assets for HNI and Institutions. The firm's ethos revolves around fairness, transparency, trust, and proactiveness, reflecting Ravi's own values.
Ravi's investment philosophy is underpinned by a commitment to equities. He believes in having "skin in the game," ensuring that his investments align with those of his clients. His investment choices, whether in listed or unlisted equities, are driven by rigorous research and a deep understanding of market dynamics.

https://valuequest.in/

Beyond his professional achievements, Ravi is a sports enthusiast, particularly passionate about cricket. 

In conclusion, Ravi Dharamshi's journey in the investment world is a testament to his dedication, expertise, and ability to seize opportunities. His story serves as an inspiration for budding investors and underscores the importance of continuous learning, passion, and commitment in the world of investments.

We wholeheartedly thank DSP Mutual Fund for collaborating with us for this particular episode of Stoic Talks. 

Podcast Record Date: 01.07.2023

S02E08: "Inside ValueQuest: Unraveling the Investment Blueprint" with Ravi Dharamshi

This is a hidden gems series. We are unearthing someone who has been elusive. It is safe to assume that the majority of our audience has probably never heard of him.

Meet Keshav Garg, the dynamic Director of Counter-Cyclical Investments, a Portfolio Management Service (PMS) Provider. An alumnus of Fergusson College, Pune, Garg boasts an impressive 15-year stint in the equity markets, focusing primarily on small-cap companies.

Counter-Cyclical Investments, under Garg's leadership, has a straightforward philosophy: "Buy gold at the price of silver." They zero in on small-cap blue-chip companies (QID or Quality in Downturn) navigating temporary business downturns. These are firms whose stock prices have been unjustly impacted, presenting ripe investment opportunities.

Garg's approach is meticulous. He looks for small market dominators in niche sectors, firms with promising financial metrics, and those poised for imminent growth. A strong promoter track record, high dividend payouts, and resistance to technological disruptions are among other criteria. On the flip side, Garg steers clear of certain sectors, such as Real Estate and Gems and jewellery, and avoids companies heavily reliant on government clientele.

While it is easy to write such narratives, Garg has backed it with substance. He has a proven track record of 15 years navigating the small & microcap world.

Selling in Garg's playbook is just as strategic as buying. Whether it's due to changing business fundamentals, corporate governance issues, or simply finding a better investment opportunity, Garg ensures the decisions are calculated and in the best interest of their investors.

As we conclude this written glimpse into the investment world of Keshav Garg, it's worth noting that there's so much more to explore. Dive deeper into his distinct philosophy, meticulous investing style, and the art of crafting a portfolio with promising small and microcap gems in our latest episode of Stoic Talks. Tune in to get an in-depth understanding of the man behind Counter-Cyclical Investments and the strategies that set him apart.

We wholeheartedly thank DSP Mutual Fund for collaborating with us for this particular episode of Stoic Talks. 

Podcast Record Date: 19.06.2023

S02E07: "Investing against the Grain: Spotting Quality in Downturn" with Keshav Garg

S02E06: "Two Value Investors’ tryst with Derivative" with Gaurav Sud & Siddharth Aggarwal by Stoic Investment Managers

Ralph Vince - Wizard of Risk Management

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