Interview with Safal Niveshak

I did another interview with Vishal Khandelwal of Safal Niveshak. You can get it from here.


7 thoughts on “Interview with Safal Niveshak”

  1. Wonderful, brilliant and sagely advice. I don’t know what adjective to use. My investment style is under going a radical change in the last one year. Though I’ve started reading you 3 years ago, it took time to start understanding what you say. Even now, I repeatedly read your old pieces. Your current interview with Vishal would be added to the list. On both the occasions, Vishal has brought out the best in you. Great job by him. Hats off to him as well.

    I’ve started reading Pat Dorsey’s little book again. Thanks a lot Professor.

  2. Hi sir

    Brilliant article. Would like your advice on ways to identify emerging moats. What would be the critical factors to be looked upon to identify emerging moats?

  3. Sir,

    Thanks for sharing your knowledge. I have a question on capital expenditure. How do you differentiate maintenance capex from growth capex for calculating owner’s earnings?


  4. Thanks to both Professor Bakshi and Vishal for this wonderful interview. I got particularly interested in this “Or that something significantly better
    could be cash or bonds which in a bubble market may offer better returns.”

    “In recent years, holding cash is so completely out of favor that it has become the ultimate
    contrarian investment.” —Seth Klarman

    Please entertain the following thought: Envision cash as an option that can be valued. Think of it as a call option on any asset, with no expiration date, and with no strike price. As long as you’re holding cash – liquidity – the world of future investment opportunities, wherever and whenever they might appear, is your oyster. Once one thinks of cash as an option to seize bargains in any asset class when it becomes available for the taking, the fact that it returns nothing in the present is less bothersome.- Frank Martin

    Is this what you meant professor with your comment above? I am particularly interested since many Indian investors have missed the point that US markets have had a decent run since 2009 whereas Indian investors have bubble as the last thing on their minds most probably because Indian markets have had a fairly ordinary time due to our own macro economic factors. US markets have reached a point wherein they have started evincing concerns from Seth Klarman, Prem Watsa, Frank Martin and to a lesser extent Howard Marks. I believe everyone would agree that any concerns in US markets would bring Indian equity markets to their knees, as we all know too well from our 2008 experience.

    Do we have any valid grounds to assume that businesses with durable moats have antifragile features as well as described by Nassim Taleb? If so, would you please give one example how a business like Relaxo would benefit from chaos and shock.

  5. Dear Professor, you can ignore my question about antifragility as I see you have explained it beautifully in part 2 of the interview. That question was framed and posed prior to the publication of part 2. I would be most glad if you wish to further elaborate on this topic though 🙂

  6. Dear Sir

    Thanks a lot. Was looking for certain books on moat investing and thanks for providing lot of references in your interview.

    Just one question. If some how you are able to go back 15-20 years back in time, is it fair to say that you would have done more investment in companies with sustainable moats and less debt capacity bargains and other Graham stocks.

    Actually after reading Tweedy & Browne letters of over last 10-15 years [and couple of other investor letters] I noticed that their preference towards moats stock increased with their experience. Same thing happened to Buffet and with you too. So was just wondering, is it because everyone learns from their own mistake or is that investment in moat business requires lot more experience [or perhaps patience and ability to sit idle]

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