Ramesh Damani on Focus, Backing Up Your Truck, and Lessons from the Wizards of Dalal Street

I talk to Mr. Ramesh Damani, member of the Bombay Stock Exchange and one of the most successful, well-read and erudite investors in India. In this episode, we talk about the importance of focus in investing, backing up your truck, his key lessons from the wizards of Dalal Street, and much more.

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0:00 Introduction
2:12 Story of Mr. Damani’s life
3:40 Losing 100% starting capital in a bull market
5:18 Connecting the most important dots
8:19 Story of investing in Infosys’s IPO
10:11 Mr. Damani’s investment principles
15:36 Power of backing up your truck in investing
19:54 Insights from India’s wealth creating businesses
22:13 Importance of pricing power in a disruptive world
25:05 Observations on the 2020-21 market cycle
30:03 Lessons from the Wizards of Dalal Street
33:24 Lessons from Mr. Chandrakant Sampat, doyen of value investing in India
36:55 Separating signal from noise and developing independent thinking
40:47 View on cryptocurrency
42:54 Advice to young people on financial freedom
46:09 Best books and lessons from them
50:49 Real meaning of ‘success’
53:25 Life lessons from the Covid pandemic
55:29 Lessons passed on to kids on how to live a good life
57:55 Best piece of advice received
59:29 Worst piece of advice received

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