Gautam Baid: The Making of a Value Investor: What a Bear Market Taught Me About Investing

Talking Billions with Bogumil Baranowski

Best-Selling Author | 2nd Time on TB | Top Ten TB Episode for 12 months | 50,000 Download Milestone Gautam Baid, CFA is the Managing Partner of Stellar Wealth Partners India Fund. He invests in listed Indian equities with a long-term, fundamental, and value-oriented approach. Gautam is the author of the international best-seller on value investing, The Joys of Compounding. In 2018 and 2019, he was profiled in Morningstar’s Learn from the Masters series. This is Gautam’s second appearance on Talking Billions. I have to congratulate him on the new book — The Making of a Value Investor, that we are discussing today, but also on having held the top ten position among the most downloaded Talking Billions episodes in the last 12 months, a remarkable feat. Talking Billions is a hundred downloads away from a major milestone - 50,000 downloads, if you are listening this week, you are among the loyal listeners that help us get there. Thank you all for listening to all 77 episodes. I really appreciate it. Today, we talk about authenticity and vulnerability and how they can help us grow as investors. Gautam reminds me how it’s important to focus on processes and principles rather than outcomes, as the market is probabilistic and unpredictable. My guest discusses the mental and emotional resilience needed when investing through the market’s ups and downs. We take on the definition of a quality business. Stay tuned until the end, when Gautam shares how being wrong is a natural part of investing, and offers some advice on embracing uncertainty. Takeaways: Authenticity and vulnerability Focus on process and principles. Mental and emotional resilience. Understanding the characteristics of quality businesses, such as high return on capital and competitive advantage, is essential for long-term success. A 2-3 year investment view is more feasible in today's fast-changing environment, allowing for a focus on businesses with good growth visibility. Active patience is key in investing, with a focus on verifying investment theses and making adjustments as needed. The bond between customers and brands, as well as factors like switching costs, network effects, and company culture, can contribute to a business's competitive advantage. Choosing the best clients, rather than the biggest ones, is important for investment firms, as it ensures alignment with long-term goals and reduces potential headaches. Avoiding distractions and staying true to one's personal approach is crucial in navigating the investment landscape. Being wrong is a natural part of investing, and embracing uncertainty is necessary for long-term success. https://stellarwealthindia.com/ Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.