In October 2023, Value Research CEO Dhirendra Kumar spoke with Kenneth Andrade, Founder & CIO of Old Bridge Capital Management. This was months ahead of Andrade's return to the mutual fund industry and the launch of his company's maiden equity scheme, Old Bridge Focused Equity Fund.
At that time, the interview was accessible exclusively to VR Premium members, but the series Money Masters is now open to viewing by all!

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Chapters:
00:12 Introduction
00:59 Tell us about your beginnings in the world of investments.
01:41 What got you interested in this in the 90s, when things were pretty crude?
03:06 Was there anybody who influenced you?
07:22 How do you judge value in a business, and how difficult has it been to find value and quality together all these years?
13:04 In this whole investment decision, is it all a logical number, or is there even some gut feeling or instinct that plays a role here?
14:21 You're known to invest in cyclical, down and attractive sectors. So, which sector is the most attractive today? We are trying to get some tips for the audience.
21:48 How do you assess whether a company's decision to either invest in capacity or payout dividends to shareholders is the right decision? And which sectors do you see these scenarios playing out today?
24:00 How can an investor use cycles to improve their investment return? You know, you will be doing this in the portfolio. Can you explain some examples and a couple of parameters to watch out for here?
26:27 In past interviews, you have talked about investing as buying at low margins and selling at high margins or buying low ROEs and selling high ROEs. Exactly what you said at the outset. Can you elaborate on a recent example which we can relate to?
29:13 The most important thing in your experience - which are better long-term investments, structural or cyclical?
31:22 When you have to buy such companies, have you ever gone wrong? You know, you've heard of a company which has existed for 50 years. Tata Steel, at one point, looked like it was going towards bankruptcy. And it got very close to bankruptcy, a 100-year-old business! So, how often have you gone wrong there? The cycle, if it just did not turn around?
34:30 How do you create an alpha if the market is always right?
35:13 When do you sell?
36:49 Now I'm seeking some tips from you. Which sectors are at their cyclical lows?
39:49 You had said earlier that, this decade belongs to government capex and which non-PSU industries tend to gain from this opportunity?
40:31 If consumer-facing businesses are likely to face inflationary pressure this decade, are there small niches or segments you think will continue to do well in this space?
42:15 With the increasing competition and pricing pressure in the US, what are the prospects for the Indian pharma industry for the next couple of years? What will set the winners apart?
44:36 What are the big lessons, a big mistake and what lesson that you got?
46:33 Is it more difficult to keep holding on to your big winner or to your big loser?
48:44 How difficult has it been managing a PMS as compared to an open-end fund?
50:26 You're about to get your asset management licence. How is your mutual fund business going to be? Have you transitioned from PMS to, you know, a mutual fund?
51:46 How do you look at the startups, which are continually or perennially losing money and they lose even more to grow, without any sight of, you know, a road map to make money?
53:32 What is your view on gold? Should savers put any money in gold, in any form?
54:26 This whole talk about active versus passive funds - the index funds actually becoming mainstream. Do you think, your days are over? In the sense of, you know, you owe it to active management, being selective.
58:08 Beyond investing, what else do you do? Do you plan your retirement sometime?
58:51 If somebody is holding a gun to your head and asked to list good things about crypto, what would you say?
1:00:16 What's wrong with the broker or the mutual fund using an influencer?
1:01:34 Closing

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