I launched the Value Investing India Report in 2012 as an avenue to share my thoughts on various topics related to value investing. I’m a full-time investor but have found that writing helps to clarify my own thinking process. This site is the avenue through which I share my ideas on value investing concepts that have proven to be successful in my own investing experience.
My goal is to compound capital at a rate of return that is significantly better than the broader stock market averages. The strategy that I use to achieve this goal is to make focused investments in high-quality businesses, with durable competitive advantages that are conservatively capitalized and trading at reasonable valuation levels. I’m looking for businesses that are compounding machines.
The content on this site deals not only with my own personal investment process but also my views on broader macroeconomic and global trends. Although my investment strategy is focused on individual stock selection, I firmly believe that post the 2007-08 financial crisis it’s imperative that all investors pay attention to the top-down view. Most die-hard value investors will take the opposing view. I think it’s myopic to solely take a bottom-up perspective. We are living through an unprecedented era in regard to central banking and monetary policy. To ignore the broader impact of these trends will put your hard earned capital at risk.
About: Ankur Shah
My Dad, who was an MD, introduced me to stocks at an early age. I think at times he was more interested in his portfolio than his practice. His enthusiasm for the market eventually rubbed off on me. I also grew up during the 80s, the golden era of Wall Street. Long before everyone wanted to be an entrepreneur and launch the next big start-up, my generation wanted to be “Masters of the Universe”.
I began my career in finance in earnest after graduating from Harvard Business School and joined a bulge bracket investment bank covering the technology sector. Although I enjoyed the work, I quickly got tired of the fire drills, bake-offs and face time. If you don’t know what those terms mean, ask any of your friends who are in investment banking and still “living the dream”.
I wanted to be an investor. I wanted more upside and thought I had the skill and talent to be successful.
Ever since my first stock purchase back in high school, I’ve been hooked on investing. In case you’re curious the first stock I ever bought was Tsingtao Brewery. Why did I buy it and did I make money? You’ll get the answers to both questions if you sign up for my e-mail distribution list below. It’s a long story but it’s definitely entertaining and contains a powerful lesson on the power of compounding.
In 2005, I joined a start-up asset management firm with a global equity mandate in San Francisco, California. By the end of my tenure, we were managing USD 1 billion and I was a Senior Analyst actively managing a global equity sub-portfolio of Asian equities, including Indian stocks.
I left the firm in 2010 and joined an emerging markets investment bank in Dubai as a Director of Equity Research and was tasked with building out an equity research team to cover the financial sector in the MENA (Middle East / North Africa) region. Prior to launching the Value Investing India Report, I was managing a team of 6 analysts and had active coverage on a variety of financial institutions across the Middle East.
I decided to launch the Value Investing India Report after producing exceptional results in my personal portfolio. I knew it was time to become a full-time private investor after I was making more in a year from my portfolio than my full-time job.
Over time and due to my varied experience, I’ve developed a unique ability to interpret broad macroeconomic data, spot trends early and then identify actionable investment ideas that will produce long-term returns.
One of the main reasons why I publish the Value Investing India Report is I like to write. If you’ve ever seen my Linkedin or Twitter profiles, I always list my occupation as an Investor and Author. Writing helps me to clarify my ideas and investment analysis. There is no better way, in my opinion, to become a more rational and clearheaded thinker than through writing.
The Value Investing India Report was originally an investment newsletter. Following the publication of SEBI’s Research Analyst Regulations, I decided to discontinue the service. Given the current legislation, it would virtually be impossible to continue to publish research independently as a foreign entity. Thus, I explored different tie-ups with domestic brokerage firms but found that my independence would be severely limited. I was already a sell-side analyst in a past career and I had no desire to go back to being one.
I currently solely focus on managing my personal portfolio. I’m not taking any outside investors but may do so in the future. The articles that I publish on the Value Investing India Report website are in accordance with SEBI regulations and do not discuss individual stocks or provide any form of recommendations. I do, however, talk about my investment philosophy, macro views and possibly sector/industry specific analysis.
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