Global Wealth Summit 2026 Live: Oil not only reason why markets are down, post-Covid bullish phase nearing its end, says Damani

The 8th wonder of the world is compounding. Find stocks t hat compound over a longer period. That is the secret, says Ramesh Damani

Madhu Kela's advice to new investors - Stay away from noise.

Madhu Kela reflected on the importance of conviction when making bold investments, noting, "If you hit a jackpot, you have to be a loner." He shared the example of buying 10% of Radico Khaitan at a Rs100 crore market cap while starting his mutual fund. At the time, the move was highly unpopular, with at least 10 people questioning his decision. Despite the skepticism, Kela held on to his conviction, and today, the company has grown to a Rs 40,000 crore market cap, underscoring the rewards of patient, confident investing.

Ramesh Damani recalled his decision to go bullish on PSU stocks during the COVID period, describing it as an unpopular move at the time. He explained that the stocks were available at about a 5% yield, offered five-year visibility, and had strong fundamentals. Choosing to hold them without intervention, Damani noted, resulted in handsome returns over the following three to five years. What was once a contrarian strategy has now become more mainstream, with mutual funds increasingly participating, especially as disinvestment opportunities emerge.

If investors must sell a stock, the decision should be taken with discipline and clarity.

Long-term investors should respect their portfolio strategy during volatile markets. -- Amit Goela, Partner, Rare Enterprises

Madhu Kela highlighted that the gas and power sectors are among the most promising areas for investors, given the ongoing and upcoming energy reforms in India. He noted that these sectors are poised for significant structural changes, presenting opportunities for bottom-up investment strategies. According to Kela, identifying strong companies within these industries at the right time could yield substantial long-term returns, as energy substitution becomes a key driver of growth in the Indian economy.

Madhusudan Kela, Founder of MK Ventures, emphasized that equity investing should not be judged solely on absolute prices or relative comparisons with other asset classes. He highlighted the importance of disproportionate risk-reward, asking whether an investment of Rs 10 can potentially deliver Rs 20. Kela noted that catching a promising industry at the right time can enable even an average company to generate strong returns. He also pointed to energy security as a key focus for India, citing that in a hypothetical short conflict, 30% of Indian households might lack gas access. Kela underscored that even a fundamentally strong company with minimal past returns could offer substantial long-term value if it meets criteria such as excellent corporate governance, robust cash generation, and a long growth runway, particularly when positioned in a high-potential industry.

Ramesh Damani, Veteran Investor and Member, BSE, highlighted that markets often make the mistake of "throwing the baby out with the bath water." He stressed that it is the investor's responsibility to differentiate between genuine value-the "baby"-and temporary market panic-the "bath water." Damani compared investing to a test match rather than a T20 game, emphasising the need for patience, long-term perspective, and measured decision-making rather than reacting to short-term volatility.

Ramesh Damani, Veteran Investor and Member, BSE, emphasised that market opportunities do not come every day, and patience is a critical trait for investors. He advised waiting for the right opportunities rather than forcing trades, highlighting that disciplined investing requires avoiding stocks that are not well understood. According to Damani, markets occasionally present clear opportunities for strong returns, and investors benefit most when they act thoughtfully and selectively.

Madhusudan Kela humorously warned about excessive pessimism, stating that if the market were to fall 1,000 points every day for 25 days, there would be no market left. This highlighted the need for perspective and rational assessment amid short-term volatility.

Kela noted that even when markets appear weak, select stocks can still deliver strong returns. Patient investors who remain invested and prepared to act during volatile phases are better positioned to capture turning points, emphasizing the importance of discipline and long-term perspective in wealth creation.

Madhusudan Kela advised that price fluctuations are an inherent part of investing, and experienced investors must learn to accept mistakes as part of the journey. During turbulent periods, he suggested sitting on the sidelines and observing how the market reacts, waiting for opportunities to emerge rather than reacting impulsively.

Kela recalled the advice of Rakesh Jhunjhunwala: "Think 20 times before buying and 50 times before selling." He highlighted that long-term investors continue to search for opportunities, showing faith in India's economic future and demonstrating patience and discipline in decision-making.

Madhusudan Kela, Founder, MK Ventures, expressed strong confidence in India's stock market, noting that at $4 trillion, the market is still in its early stages compared with aspirations of reaching $25 trillion in the coming decades. He emphasized that the best of the Indian market lies ahead, reflecting optimism about the country's long-term growth story.

Damani highlighted the emotional challenges of investing, stating that losing money is never pleasant, whether the market is down 10% or 60%. He reminded investors that markets cannot rise indefinitely, emphasising that long-term investing is about compounding wealth over several years and accepting that losses are part of the journey.

Damani stressed the importance of thorough homework before investing. He advised investors to understand not just the price but the underlying business, its future prospects, and the valuations at which they are buying. He reinforced that there is no substitute for proper research and comprehension of a company before committing capital.

Ramesh Damani addressed market cycles, noting that while oil and other factors influence short-term moves, investors should focus on the broader cycle they are in. He pointed out that the bull market seen around COVID is nearing its end and that leadership in the market will change. Understanding which cycle the market is in helps investors interpret news more meaningfully.

Ramesh Damani reflected on his early experiences in the markets, recalling the 20% single-session drop in the Dow in 1987. He noted that such events shape long-term investment philosophy and emphasized the guidance he received from Rakesh Jhunjhunwala to remain bullish on India and avoid cynicism. These lessons have informed his outlook on investing in the Indian market over decades.

Sudararaman Ramamurthy emphasized the importance of suitability in market participation, suggesting multiple ways to assess it, such as prior market experience, certain equity holdings, or passing an exam. He cautioned against investors entering markets simply because others are profiting, highlighting that direct participation in options without experience poses significant risks. Regulators aim for consistent and informed participation rather than “hero or zero” trading, and investing should be guided by understanding, not by following the successes of peers.

Exchanges have long advocated for clearer suitability norms for investors entering derivatives markets. Brokers are expected to ensure that participants are both suitable and well-informed. The focus may increasingly shift toward promoting informed participation in complex market products. One suggestion was that anyone who has filed a tax return should be allowed to trade, but should we really allow nine crore people to trade if they may not even understand concepts like delta in options? Some form of suitability is required, and exchanges and brokers themselves can develop the appropriate methods. -- Ananth Narayan, Former Wholetime Member, SEBI:

SEBI prefers consultative decision-making before implementing regulatory changes, ensuring that policy measures, particularly in derivatives markets, follow extensive discussion. The regulator is cautious about taking steps that may create more problems than they solve. We do not take drastic actions; instead, we act consultatively after significant back-and-forth with stakeholders. In reviewing market behavior, we found that the more reasonable ratio of losses among traders is around 70 percent, not 90 percent. Specifically, for intraday traders in cash markets, approximately 70 percent incur losses, contrary to common perception." -- Ananth Narayan, Former Wholetime Member, SEBI

Retail investors drawn to options trading by expectations of 2x–3x monthly returns.

Many investors see modest returns like 18% annually as insufficient.

Quick-money expectations push retail traders toward options buying.

Achieving 2x–3x returns regularly is extremely difficult in equities.

Market participants say education should focus on concepts and frameworks, not trading strategies.

High-frequency trading firms unlikely to share proprietary strategies.

Algo trading knowledge can be taught, but profitable strategies must be developed independently.

Expecting working trading strategies from HFT firms is unrealistic. -- Nitesh Khandelwal, Co-founder, iRage - CEO, QuantInsti

Options trading is a zero-sum game where institutional players often have structural advantages.

Large players with data, infrastructure and quantitative models typically outperform retail traders.

Equity investing differs from derivatives as it is a positive-sum game.

Regulators may introduce friction in zero-sum segments like options trading.

Policy focus may shift toward reducing excessive leverage in derivatives markets.

Regulatory steps aim to curb risks without eliminating derivatives markets entirely.

Policy focus should encourage innovation in products, exchanges and financial technologies.

AI could drive rapid creation of new financial products and platforms.

Regulators may introduce more friction as markets move toward zero-sum structures.

Innovation in markets could resemble a ‘Cambrian explosion’ of new financial products. -- Anirudh Chaudhary, Founder, Lama Capital

Many new participants trade with small capital of Rs 20,000–Rs 30,000 hoping for high returns.

Retail traders are increasingly drawn to leveraged products in pursuit of instant gains.

High aspirations among young investors are driving participation in derivatives trading.

Retail participants often enter markets after hearing stories of wealth creation in capital markets.

Leverage attracts small investors looking for rapid capital appreciation.

Many investors participate across multiple products including derivatives, SIPs and direct equities.

Retail investors should ideally begin their market journey through cash equities or ETFs.

Regulators must take a 360-degree view of markets and curb excesses where necessary.

Measures may be needed to shift trading interest from derivatives to the cash market.

Providing a learning platform could help traders transition into long-term investors.

Young investors typically start with small capital and use trading to understand markets.

Over time, many traders shift towards long-term investing approaches -- Dinesh Thakkar, Chairman & MD, Angel One

Weekly options alone do not create a healthy derivatives market structure.

Derivatives markets should allow investors to take views beyond just the next week.

Market participants should be encouraged to take positions for longer tenors such as next month and beyond.

A derivatives market focused only on weekly expiries may not provide a healthy mix of market views.

Regulators have a broader responsibility to ensure stability and balance in the derivatives ecosystem.

Higher trading costs could discourage participation in monthly and longer-dated options.

Simply extending weekly option pricing structures to longer tenors may make trading prohibitively expensive.

Institutional participation in longer-term options remains limited without suitable products.

Market microstructure currently favours weekly options, narrowing investor focus.

Without structural changes, derivatives activity may continue to remain concentrated in weekly expiries. - Sundararaman Ramamurthy, MD, BSE

Derivatives are necessary for speculation, hedging and market depth, but contract structure remains a concern.

Healthy derivatives markets typically have 60–70% contracts beyond one month, unlike India where most expire within a week.

Regulators unlikely to favour a structure where smaller derivatives markets determine outcomes for larger cash markets.

In some cases, 60–90% of revenue in the ecosystem comes from index options.

Any sudden regulatory action on index options could have wider consequences for the market ecosystem.

Market makers and model-based liquidity providers play a key role in maintaining market liquidity.

Colocation and algorithmic models allow liquidity providers to react to prices at extremely short intervals -- former SEBI whole-time member Ananth Narayan G

"Long-term residential price growth in India is still seen in the 7-8 percent range. Regarding office space, most of the transactions in Q1 of 2026 actually began at least three to four quarters back. So the effects observed in the first quarter will only fully materialize by Q3 or Q4, while the second quarter will still reflect momentum from last year, which was strong-85 million sqft leased, nearly 20 percent growth. Given this large base, we need to be extremely cautious. Slowdowns are already apparent, with many stakeholders taking more time than usual. Additionally, real estate investors are increasingly discussing alternatives to the Middle East for investment opportunities." -- Gulam Zia, Knight Frank:

"Over the last decade, Indian investors have purchased close to $80 billion worth of real estate in the GCC region, with nearly ₹1 lakh crore invested just last year, making Indians one of the largest investor groups in those markets. Much of this overseas investment has been driven by safety, capital appreciation, and the perception of real estate as a secure store of value. However, this trend could shift, with some surplus capital potentially redirected back into Indian real estate over the medium term. Even if equity markets experience corrections, I don't foresee a broad negative impact on domestic property, except perhaps in the ultra-luxury segment in cities like Mumbai, where buyers are closely linked to financial markets. In cities such as Surat or Ahmedabad, investment decisions are largely influenced by the strength of underlying businesses and local economic activity, rather than daily market movements. As long as India's consumption story remains strong and macroeconomic conditions are stable, the broader real estate market is expected to continue its growth trajectory, with only the very top end of the luxury segment seeing potential slowdown." -- Abhinandan Lodha, Founder & Chairman, The House of Abhinandan Lodha:

"Indians have always had a strong cultural affinity for land and property, making real estate deeply embedded in the national mindset. What is changing today is the financial architecture around real estate. With instruments like REITs, InvITs, and rapid digitisation, participation in real estate is shifting from purely consumption-driven to an investment-focused approach. Concepts such as tokenisation of land or property are not a question of if, but when they will happen. We are also seeing rising interest in Tier-2 and Tier-3 cities, with places like Ayodhya, Vrindavan, Amritsar, and Nashik experiencing significant price appreciation-sometimes up to 40 percent over recent years. This reflects infrastructure development, increasing local economic activity, and lifestyle shifts outside major metros. Investors, both retail and institutional, are beginning to recognise these emerging markets as attractive opportunities, forming a key part of India's future real estate trends." -- Abhinandan Lodha, Founder & Chairman, The House of Abhinandan Lodha:

"Q1 of 2026 will be better for office leasing year-on-year."

"We cannot ignore the impact of job losses due to AI and have to remain cautious."

"Some delays are being observed in office real estate transactions."

"The full impact of the current crisis is likely to be visible in the later quarters." -- Gulam Zia, Executive Director, Knight Frank

“A significant shift is happening in how occupiers view India. Earlier, India was primarily a cost-saving strategy; now it has become mission-critical for global operations.”

“More than 50 percent of the capital in real estate has come from domestic investors, reflecting the growing maturity of the Indian market.”

“AI has effectively taken the world by storm since 2023. In 2025, we recorded 85 million square feet of leasing — a new benchmark. If AI were creating headwinds, we would have seen them by now.”

“Looking ahead, annual leasing is expected to rise from 85 million square feet to 100 million square feet because of AI, not in spite of it.” --Ashank Kothari, MD - Real Estate, Brookfield

"I feel interest will remain quite high. You can never time an IPO. People will give you a price and you might feel it's low, but the market will rerate you once you start performing for three to four quarters."

"Beyond a point, this is a milestone you have to achieve. After that, smart investors will see the value and the stock will rerate either way. It's just one fundraising event, and then you move on." -- Manish Taneja, Founder & CEO, Purplle

"I have been meeting public market investors for the past two years. I genuinely feel that if you are raising around Rs 400-500 crore, it is important to keep investors educated. There are so many companies for public market investors to track, why should they look at you?"

"Many new-age companies are trading above their IPO prices - Ixigo, Zomato, PB Fintech, Groww, CarTrade, Meesho, and Lenskart, among others."

"I think there are great companies and there are okay companies that will become great at some point. These are the kinds of companies that can deliver faster growth for investors." -- Manish Taneja, Founder & CEO, Purplle

"In offline retail, power lies with the brand because there are tens of thousands of retailers selling the product. In online channels, the power shifts to the platform - whether it's Amazon, Flipkart or quick commerce players - because there are only a few large intermediaries."

"As distribution becomes more organised through modern trade and e-commerce, margin power gradually shifts from the brand to the channel."

"Businesses that still derive a large share of sales from offline channels tend to be more profitable than online-only brands."

"If you are purely reliant on performance marketing to acquire customers online, you eventually hit diminishing returns. But if you build brand and distribution, your baseline sales grow and profitability improves over time." -- Arindam Paul, Founding Member, Atomberg

“Once you’ve taken venture capital, that money has to be returned. The options are either to go public or raise very patient, long-term private capital.”

“Our promise as a brand is that we have nothing to hide. You can see our factory, our people, our P&L, even our recipes. Public or private, we operate with that same level of transparency.”

“We don’t have a fixed IPO timeline. It could be in two, four or even five years — it depends on reaching the kind of P&L shape we want before going public.” --Shashank Mehta, Co-founder & CEO, The Whole Truth

"Massive benefits of being a public company is access to capital."

"When you have private investors in your cap table, you end up sharing a lot of information with them, and that often becomes public. We are targeting 24-36 months; if it's earlier, great. It's not a big milestone I'm personally looking forward to, but it's an important milestone that all of us have to go through at some point."

"Historically, all large companies built in India have grown while being public. There is no reason for us to delay it beyond a point." -- Manish Taneja, Founder & CEO, Purplle

"Fundamentally, the FMCG business hasn't changed. You grow a brand by increasing mental reach and physical reach at the same time. The conduits to reach consumers may change, but the core principles remain the same."

"Many legacy brands were built in an era of information asymmetry, where companies knew things that consumers didn't and couldn't verify. That era has changed."

"We are building for a very specific consumer - the top 3-4 percent of the country - whose influences are global and whose expectations from brands are very different."

"Our approach is simple: talk to consumers as intelligent, well-informed people and tell them the whole truth instead of skirting around issues." -- Shashank Mehta, Co-founder & CEO, The Whole Truth

"We may be selling protein bars, protein powder, or peanut butter today, but the larger idea is rebuilding trust in food. Wherever we feel that trust has been broken, we try to come in and fix it by offering 100 percent honest food."

"Protein is a wave - it will come and go. But the deeper consumer need is honesty and truth from food brands, and that is a far more enduring insight."

"The food we make is just the medium through which that promise manifests. Fundamentally, what we're trying to fix is the lack of trust consumers have had with food brands for decades." --Shashank Mehta, Co-founder & CEO, The Whole Truth

"It takes a lot of money to change a consumer's channel preference. In fans, when we started about 10 years ago, 99 percent of the category was offline. Even today, around 85 percent is still offline."

"If we were only online, we would have had to convince customers not just to try our brand but also to change their buying channel. That would have been a much harder and more expensive problem to solve."

"In India, most consumers still want to buy offline. If you're not present in the channels where consumers prefer to buy, it essentially becomes a much higher acquisition cost. Changing a consumer's channel preference takes a lot of time and money."

"If you see our business today, about 70 percent of it comes from offline channels. It's a digital-first omnichannel brand, but most of the demand generation still happens digitally." -- Arindam Paul, Founding Member, Atomberg

"We started 14 years ago as an online platform, and moved offline with our data two years ago. That business is growing 400-500% year-on-year, and we have a long way to go."

"We are three men who started a beauty business; today we operate around 180 stores."

"Lot of premium products deserve experience, and it is hard to get it online. The offline market is very hard, especially for the beauty business - touch and feel is very important."

"We are opening 25 stores in India, going deeper into Kerala and West Bengal."

"We are not a single-brand company; we are an online retailer. We are today 70% online and 30% offline, whereas earlier we were 100% online." -- Manish Taneja, Founder & CEO, Purplle

The lineup

Souvik Sengupta, Co-founder & CEO, Infra

Manish Taneja, Founder & CEO, Purplle

Shashank Mehta, Co-founder & CEO, The Whole Truth

Arindam Paul, Co-founder, Atomberg

"If I speak personally, or if I wear the hat of an adviser for friends and family, my approach to asset allocation for the next two to three years would be fairly balanced."

"Broadly, I would suggest something like a 50-50 split within equities - about 50 percent in large caps and 50 percent in mid- and small-cap stocks."

"However, my own allocation at this moment would be closer to 70-30 because my debt portfolio has already done well."

"At this stage, I would keep around 10 percent in fixed income, since there has already been enough accumulation there and I can gradually reduce exposure."

"About 20 percent of the portfolio would be allocated to commodities." - Swarup Mohanty, Vice Chairman & CEO, Mirae Asset Investment Managers

"The role that people like us aspire to play is to educate investors about how they should approach investing."

"One important principle in investing is that good news and good prices rarely come together."

"In the case of gold, prices often rise sharply when there is bad news in the world. That is when demand increases."

"Similarly, in equities, when the news flow is negative, prices often become attractive, and that is usually the time to buy." --  Vaibhav Porwal, Co-founder, Dezerv

"A large portion of AUM in the industry has gone into dynamic asset allocation funds, and these funds typically have a significant allocation to gold and other hedging instruments."

"But look at what is happening right now. The market has corrected by about 10 to 15 percent, and many stocks are down 30 to 50 percent."

"At the same time, a large number of dynamic asset allocation funds currently hold nearly 70 percent in cash and arbitrage, with only about 30 percent invested in equities."

"Yet no one is really talking about this. You rarely see interviews with managers of dynamic asset allocation funds."

"That is mainly because these funds run on a formula, and the fund manager may not always have something dramatic or exciting to say."

"So even while markets are down 10 to 15 percent, the positioning of these funds often tells a very different story." -- Kalpen Parekh, MD & CEO, DSP Mutual Fund

"In real life, people often buy assets based on past performance."

"The difference between broking advice and mutual fund advice is quite simple. Broking advice usually says: this stock will do well tomorrow."

"Mutual fund advice, on the other hand, often says: this fund has done well until yesterday." -- Swarup Mohanty, Vice Chairman & CEO, Mirae Asset Investment Managers

"I am not saying investors should completely avoid gold. All I am saying is that there are reasonable chances of disappointment if you go overweight at this stage."

"If you are underweight, by all means add a small allocation and do it gradually through SIPs every month."

"In the last 45 days alone, we have seen precious metals move up by 10 to 15 percent. So it is better to start slowly rather than rush in."

"There is no need to chase something that is already running very fast."

"You can board a train or a plane only when it is at the station or on the ground, not when it is already on the runway or in the sky."

"In investing, despite all the education and awareness efforts, if someone still chooses to chase an asset class after it has already run up sharply, then we cannot really blame anyone else for the outcome." -- Kalpen Parekh, MD & CEO, DSP Mutual Fund

"If someone wants to be greedy and comes in late, then there is really no easy solution."

"Investing cannot be easy where we expect to earn 15 or 20 percent simply by entering late and then blaming the market for having already moved up."

"For example, we launched our Gold and Precious Metals Fund in 2022, but we barely received any money in 2023." - Kalpen Parekh, MD & CEO, DSP Mutual Fund

"Education and awareness are crucial because most people investing across different asset classes tend to react to price movements rather than to fundamentals."

"One interesting study we carried out looked at the correlation between holding periods across asset classes. In India, the average holding period for real estate is about nine and a half years, while for equities it is roughly two and a half years."

"That difference explains why real estate, despite offering a lower CAGR, often ends up delivering better multiples compared to equities." - Vaibhav Porwal, Co-founder, Dezerv

“You really need to question this entire justification that gold is always a hedge. That assumption itself needs scrutiny. When you look at prices, remember that even Charlie Munger once called Bitcoin ‘rat poison’ when it was around 430 dollars. So we should be careful about making definitive judgments about any asset purely from today’s perspective. What is true, however, is that gold is no longer the kind of asset it used to be. I firmly believe that.

People in India will always buy gold. That is a cultural reality and it is unlikely to change. What we are encouraging them to do is avoid using bank lockers and instead hold gold through instruments like ETFs. That is really the only request we are making. Asset allocation ultimately remains the investor’s decision. Whether you or I say something about gold will not stop people from buying it.” -- Swarup Mohanty, Vice Chairman & CEO, Mirae Asset Investment Managers

Kalpen Parekh, MD & CEO, DSP Mutual Fund says, "There are many such easy statements about gold which are actually mathematically provable to be wrong. Take the common claim that gold is a hedge against inflation. If you simply look at the correlation between inflation and gold prices, the data tells a different story. In inflationary periods, gold performs well only about 40 percent of the time, while around 60 percent of the time it does not. So you cannot conclusively say that gold is always an inflation hedge. There are many other dimensions that influence gold prices, and the relationship is far more complex. Gold has risen sharply again, which shows its low correlation with equities. But there will come a time when that correlation may reappear. So I believe gold will remain volatile, although it still deserves a place in a portfolio. The best time to consider gold is when stocks have risen sharply and gold has gone nowhere for five or ten years. This may not necessarily be the best time for large allocations. If anything, allocating about five to ten percent to gold can work as a hedge against geopolitical or political uncertainty. One last data point: over the past 10 to 15 years, except for the last two or three years, it has mainly been emerging market central banks that have been buying more gold, not those in the developed world."

Kalpen Parekh, MD and CEO of DSP Mutual Fund, observed, "This could also be seen as a sign of froth. Gold as an asset class has existed for centuries - perhaps 2,000 years before us, and it may well continue for another 2,000 years after us."

Parekh highlighted, "We tend to cherry-pick data depending on where prices are. Right now, everyone says central banks are buying gold. But if you look at the last five years, central banks have been buying consistently, and in the past year their purchases have actually fallen by about 21 percent."

He explained further, "From 2022 to 2024 and even into the first half of 2025, gold ETFs saw negative flows. It was only in the second half of 2025 that ETFs recorded about 500 tonnes of incremental inflows. ETFs are late buyers. They sold when gold prices were cheaper and started buying when prices moved higher. ETFs are not a single entity; they are simply a collection of all of us as investors. Like any other asset class, it is largely price movements that are driving buying behaviour."

Parekh concluded, "When we analyse long-term data over the past 20, 30 or even 50 years, it may appear that gold has performed better than many of the top equity markets. But when you look at rolling returns on a five-year basis, the data shows that in India, gold has outperformed equities only about 25 percent of the time. Globally, gold has done better than equities roughly 35 percent of the time."

Swarup Mohanty, Vice Chairman and CEO of Mirae Asset Investment Managers, explained, "If you look at the present situation, it is largely equity investors who are now buying gold. Traditionally, people have bought gold for very different reasons. Over generations, no one really bought gold while thinking about the price."

He warned, "This behaviour could change the whole nature of gold investing. Families have accumulated gold without worrying about whether the price was high or low on that day. Over the years, families have continued to accumulate gold and rarely sold it. That is why gold has become such a trusted safe-haven asset."

Mohanty added, "Now giants like us have entered this space, and as a result prices have become much more relevant. This incredible buying behaviour around gold, which has existed for generations, risks being disrupted. My humble request is this: please buy equities the way people traditionally bought gold, and do not buy gold the way people now buy equities. Otherwise, we may end up spoiling the whole system and turning both assets into something completely interchangeable."

Vaibhav Porwal, Co-founder of Dezerv, said, "In terms of buy and sell trends, we do not run a trading platform where investors come and trade directly. We operate a wealth-tech platform where we offer discretionary investment solutions to our clients."

Porwal added, "One of those discretionary solutions is investing in precious metals. We began to see a surge in inquiries around September and October 2025. That momentum continued into December 2025 and early 2026, when many investors wanted to switch out of equities and move into gold."

He observed, "We saw that many people wanted to switch out of equities and move into gold and silver. For us, that was a bit of a red flag because it looked like investors were chasing momentum and reacting to price movements rather than focusing on the fundamentals. That is something we observed very closely."

Porwal further noted, "When I looked at the data for last year, not just in India but globally, the demand for investment in gold and silver has nearly doubled. Out of the total demand of about 5,000 tonnes, nearly 1,000 tonnes of incremental demand came from investment, which obviously says a lot about the trend."

Vikram Subburaj, CEO of Giottus, highlights that a "crypto exchange is a compressed package of anything you want to do in the crypto space; you enter from an exchange," underscoring the exchange's role as a primary gateway for investors.

Sidharth Sogani, Founder of Blue Aster Capital, observes that "the apprehension around crypto from three years ago has totally gone away." He adds that "Trump talking about crypto is bringing a lot of eyes to crypto," and that institutions such as JP Morgan and Morgan Stanley "have started dealing in crypto." He clarifies that in India, "FIU is just collecting data; it is not regulating crypto."

Vimal Sagar Tiwari, Co-founder of CoinSwitch, emphasizes that "apart from consumer protection, we need clarity depending on the type of crypto assets." He also notes that "nearly 50 exchanges have registered with FIU," adding that "local consumers will always believe and start investing more with local exchanges, just like we have seen in banks."

Sidharth Sogani, Founder of Blue Aster Capital, observes that "the apprehension around crypto from three years ago has totally gone away." He adds that "Trump talking about crypto is bringing a lot of eyes to crypto," while institutions like JP Morgan and Morgan Stanley "have started dealing in crypto," reflecting mainstream adoption.

Vimal Sagar Tiwari, Co-founder of CoinSwitch, notes that "apart from consumer protection, we need clarity depending on the type of crypto assets," highlighting the importance of differentiated regulation based on asset categories.

Vikram Subburaj, CEO of Giottus, states that "crypto is becoming the new gold," emphasizing its growing role as an alternative store of value in portfolios.

Edul Patel, Founder and CEO of Mudrex, observes that institutions have "doubled down on crypto including HNIs and family offices," signaling growing confidence and allocation from high-net-worth and professional investors despite market volatility.

Vimal Sagar Tiwari, Co-founder of CoinSwitch, emphasizes that "all asset classes are currently fluctuating including gold." He adds that crypto is not just a financial asset but also embodies underlying technology, the Blockchain, which drives its long-term potential.

Sidharth Sogani, Founder of Blue Aster Capital, notes that "until we have regulations, licensed regulated institutions will not come to crypto," highlighting the importance of a formal framework for institutional participation in the market.

Is Crypto Coming of Age - and Should You Take it Seriously?

Saurabh Mukherjea, Founder & CIO of Marcellus Investment Managers, highlights the benefits of GIFT City, stating that it "gives Indian investors access to global investments at lower cost and with a more favourable tax regime." He notes that through GIFT City, investors can reach global companies with stronger earnings growth and often cheaper valuations.

Mukherjea emphasizes that GIFT City also provides diversification while operating fully within Indian law and regulation. He adds, "If investors can get lower costs, better tax efficiency, stronger growth opportunities and diversification, it's hard to see what's not to like." He also points out that the retail framework allows investors to start their global investing journey with as little as $5,000.

Sakhpara notes that India remains a strong market with predictable growth, around 7-7.5% in real terms and roughly 10-12% nominal. He sees some of the fastest-growing global opportunities emerging from mobility, health tech, and AI, particularly the productisation of AI. Investors, he emphasizes, should hunt for bottom-up thematic opportunities wherever they exist, rather than thinking solely in terms of geography.

Ketul Sakhpara, CFA and Founder of BayFort Capital, highlights that "the biggest mistake investors tend to make isn't predicting growth, it's getting valuations wrong." He advises investors to focus on themes that aren't available in their home market rather than concentrating purely on geography.

Mukherjea points out that many domestic exporters are available at reasonable valuations today, as the market isn't fully focused on them yet. He sees the global trend of diversifying supply chains away from China as a significant opportunity for India's manufacturing exports.

Mukherjea emphasizes that manufacturing exports could become India's next major growth engine. Factors supporting this shift include a weaker currency, free trade agreements, and shifting global supply chains reducing dependence on China.

Saurabh Mukherjea, Founder & CIO, Marcellus Investment Managers, observes that India is likely to pivot from a consumption-centric economy to one driven by manufacturing exports. He notes that FMCG volume growth has been running at around 3% for several years, signaling a slowdown in consumption-led growth.

Mukherjea notes that economic consolidation benefits investors by focusing capital on high-performing firms, but it also raises broader concerns around job creation and equitable growth across smaller businesses.

Saurabh Mukherjea, Founder & CIO, Marcellus Investment Managers, highlights that out of roughly 5 lakh profit-making firms in India, only about 70,000 report profits above Rs 1 crore. These larger firms are experiencing stronger growth, while many smaller firms see only around 4% PAT growth over a decade.

Shlok Srivastav emphasizes that when investing globally, the focus should be on sectors that aren’t available in India. Investors need not target areas like banking, where Indian companies are already strong, but should explore global opportunities in emerging, wealth-creating industries.

Shlok Srivastav, Co-founder & COO, Appreciate, advises that investors need global diversification while remaining 50–60% home-biased toward India. Allocating 30–35% internationally allows investors to capture high-growth sectors such as internet, biotech, SaaS, and AI, which are largely listed overseas and not available in Indian markets.

Shlok Srivastav, Co-founder & COO, Appreciate, advises that investors need global diversification while remaining 50-60% home-biased toward India. Allocating 30-35% internationally allows investors to capture high-growth sectors such as internet, biotech, SaaS, and AI, which are largely listed overseas and not available in Indian markets.

Abhishek Tiwari, CEO, PGIM India Mutual Fund, observes that India's GDP growth has been relatively linear because innovation levels are lower. This results in lower volatility and more predictable returns, making the Indian market more stable but less dynamic compared with highly innovative economies.

Abhishek Tiwari, CEO, PGIM India Mutual Fund, emphasizes that the best equity returns are generated when companies respond to challenges with innovation, highlighting the importance of adaptability and strategic problem-solving in long-term value creation.

Saurabh Mukherjea, Founder & CIO, Marcellus Investment Managers, notes that only two large markets consistently deliver double-digit dollar returns - the United States and India. He adds that while the US is slightly ahead currently, these are the only two big economies that have consistently achieved such performance.

Sanjoy Bhattacharyya, Partner, Fortuna Capital, highlights that the promise of future profits can sometimes create overly optimistic expectations among investors. The strong aspiration to generate quick wealth often drives high participation in such sectors despite the associated risks.

Sanjoy Bhattacharyya, Partner, Fortuna Capital, stresses that if investors do not understand a business model or its value drivers, it is better to stay away. Many new-age companies trade at very high valuations despite limited profitability. In such cases, downside risks can be severe, with potential losses of up to 90 percent if the investment thesis fails. Capital protection remains a key priority, making careful stock selection critical in high-valuation sectors.

Raamdeo Agrawal, Chairman & Co-Founder, Motilal Oswal Financial Services, observes that changing consumer behaviour is accelerating the shift toward digital and platform-based services, even when convenience fees are involved. This trend could create a massive industry opportunity potentially worth Rs 50-100 lakh crore over time. While the sector is in a high-growth phase, with companies potentially delivering 70-100% growth rates, profitability remains limited for now. Valuing such businesses is challenging as earnings are still evolving, and only a few companies may emerge as dominant players, potentially reaching valuations of Rs 25-40 lakh crore. Early investors often spread bets across multiple companies, given the difficulty in predicting eventual winners.

Raamdeo Agrawal, Chairman & Co-Founder, Motilal Oswal Financial Services, notes that no investor can accurately predict the market bottom, making timing the market extremely difficult. However, as markets continue to correct, valuations are becoming more attractive. Deeper corrections often create stronger long-term compounding opportunities for investors. While the exact extent of the correction remains uncertain, improving valuations across large-cap and mid-cap stocks are beginning to emerge.

Raamdeo Agrawal, Chairman & Co-Founder, Motilal Oswal Financial Services, explains that if markets decline another 10 percent from current levels, potential returns over the next five years could rise to around 17-18 percent annually. Historically, sharp corrections have often been followed by strong long-term compounding. After the COVID crash, the index delivered around 21-22 percent compounded returns over the following years. Well-selected portfolios during such phases can potentially generate even higher returns of around 30-35 percent.

Sanjoy Bhattacharyya, Partner, Fortuna Capital, explains that it is difficult to generalise whether buy-and-hold investing works for everyone. The strategy tends to work best when investors identify exceptionally high-quality businesses. Long-term success often depends on an investor's ability to consistently recognise strong companies early. However, very few investors possess the skill to repeatedly identify such high-quality businesses, making buy-and-hold challenging for many.

Ramdeo Agrawal, Chairman & Co-Founder, Motilal Oswal Financial Services, clarifies that buy and hold does not necessarily mean holding a stock forever, as businesses evolve over time. Companies, like individuals, go through life cycles including growth, maturity, and eventual decline. Investors should hold stocks through their productive and high-growth phases to benefit from compounding. Long-term wealth creation depends on identifying strong businesses early and staying invested during their growth period. Exiting too early can limit the benefits of compounding in successful investments.

Ramdeo Agrawal, Chairman & Co-Founder, Motilal Oswal Financial Services, emphasizes that different stocks can follow very different investment journeys - some rise immediately, while others take years to deliver returns. Strong conviction in the underlying business value is critical for sustaining long-term investments. Even when companies continue to grow at strong rates, markets may take time to reward the stock price.

Sanjoy Bhattacharyya points out that large international investors are increasingly willing to acquire significant stakes in Indian companies, reflecting continued global interest. He advises that investors evaluate businesses objectively rather than assuming promoters will always protect shareholder value.

Sanjoy Bhattacharyya says promoters often remain invested in their businesses during disruption due to limited exit options. In contrast, stock market investors have the flexibility to exit companies if fundamentals weaken. This ability to reallocate capital allows investors to respond quickly to structural changes in industries.

Sanjoy Bhattacharyya highlights that in some companies, there is growing misalignment between management actions and shareholder interests. This shift toward short-term decision-making creates challenges for long-term investors who rely on sustained business growth.

Sanjoy Bhattacharyya says because disruption can permanently damage certain businesses, investors must reassess companies periodically rather than relying purely on passive holding. This ensures that investment decisions remain aligned with evolving business fundamentals and market realities.

Sanjoy Bhattacharyya notes that global competition and disruptive technologies gradually erode the strength of established businesses. Shifts in consumer preferences, health awareness, and digital disruption have already reshaped many industries worldwide. The internet has permanently transformed traditional sectors such as print media, illustrating how structural changes can impact business models over the long term.

Sanjoy Bhattacharyya, Partner, Fortuna Capital, emphasizes that in India, frequent trading can significantly reduce returns due to taxation. Holding stocks for 10-15 years instead of trading frequently can meaningfully improve post-tax returns, making long-term investing a more effective strategy.

Raamdeo Agrawal explains that frequent trading in India can significantly reduce returns due to taxation, making long-term investing far more effective. He notes that holding stocks for 10-15 years instead of trading frequently can meaningfully improve post-tax returns, underscoring the power of patience and the buy-and-hold strategy.

Raamdeo Agrawal highlights that a key challenge for many investors is their limited understanding of the underlying value of the companies they invest in. He points out that knowing the stock price alone is insufficient, as it weakens the ability to remain invested during periods of market volatility.

Raamdeo Agrawal, Chairman & Co-Founder of Motilal Oswal Financial Services, emphasizes that the only way to make serious money in the stock market is to buy and hold. He says that investors who focus on understanding the long-term intrinsic value of a company, rather than just its price, are the ones likely to generate substantial returns-especially in a country like India.

Ajit Dayal recalls writing an article in 1990 predicting that India could become the best country in the world, demonstrating his long-term optimism about the nation's growth trajectory.

Ajit Dayal reflects that India has struggled to meet its employment targets, noting that the country was supposed to create about 10 million jobs annually but has not achieved that goal.

Ajit Dayal adds that despite concerns about AI and global risks, India's long-term economic story remains strong. However, taxation policies continue to be a debated point among investors.

Ajit Dayal, Founder of Quantum Advisors, explains that if AI accelerates automation, significant social and employment disruptions could occur, making job creation a critical policy focus. He emphasizes that people cannot yet predict AI's impact on employment, profitability, or society, noting that India is still very early in this cycle.

Shankar Sharma notes that oil may enter a structural bull market rather than a short-term cyclical rally after remaining inexpensive for a long period. In this context, oil could become the "new gold," with prices potentially rising sharply if geopolitical tensions persist.

Shankar Sharma says that over the long term, equity returns in India are expected to align closer to nominal GDP growth of around 10 percent. He highlights that higher oil prices are emerging as a new risk factor, adding to global challenges seen over the past two years.