# FamilyOffice10x - Managing ₹1.9 Lakh Crore (~ $21 Billion): The 2026 Market Playbook🇮🇳

An episode of [VC10X - Investing, Venture Capital, Asset Management, Family Office, Wealth Management](https://invisiblenetwork.ai/podcast/1632806986), 20 Jan 2026, 54 min.

Audio: https://anchor.fm/s/a453ddd4/podcast/play/114271188/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-0-20%2F416467124-44100-2-7b3d70d955f77.mp3

In this episode, we sit down with Ashish Shanker, MD & CEO of Motilal Oswal Private Wealth, which now oversees over ₹1.9 Lakh Crore in assets under advisory. Ashish breaks down his strategy for 2026, revealing the one "non-obvious" sector poised to surprise the market, why silver might outperform gold, and how high-net-worth investors are hedging against global volatility. \[Important note - This episode was recorded on December 5, 2025. Many market factors have changed since then. The content in this video is for educational and informational purposes only and does not constitute professional financial or investment advice. The views expressed by the guest are their own. Please consult with a certified financial advisor before making any investment decisions.\] We dive deep into: * Why 2026 might see a fresh uptrend after 2025's consolidation. * The "capacity paradox" of managing wealth for ultra-high-net-worth families. * Actionable advice on US market diversification and pre-IPO investing rules. Timestamps: (00:00) - Episode Teaser & Introduction (02:24) - The Non-Obvious Sector to Watch in 2026 (03:56) - Hedging Portfolios Against US Tariffs (07:20) - Is the Market Pricing in Too Much Perfection for 2026? (10:34) - NIFTY 50 vs. Mid & Small Caps for Long-Term Growth (11:46) - Silver: A Strategic Allocation or a Tactical Trade? (14:30) - The Gold-to-Silver Price Ratio: Is Gold Overvalued? (15:13) - Is It Time to Go 100% Aggressive on Mid-Caps? (18:21) - Impact of Rising Japanese Interest Rates on Indian Markets (22:22) - The Role of Domestic Investments in Market Resilience (24:14) - Protecting Portfolios from Rupee Depreciation (25:49) - Most Attractive Global Markets for Indian HNIs (27:35) - Investing Beyond the $250,000 LRS Limit (28:34) - Navigating the Pre-IPO and IPO Market (34:35) - The Relationship Manager (RM) Capacity Paradox (38:15) - Risk Appetite of Young Tech Founders vs. Traditional Promoters (39:47) - Is GIFT City Gaining Traction for Global Diversification? (41:09) - Physical Real Estate vs. REITs for Investment (41:57) - Essential Estate Planning Moves Before March 2026 (43:21) - Ashish Shankar's Personal Investment Philosophy (44:42) - The Secret to Motilal Oswal's Success (48:05) - The Motilal Oswal Private Wealth Client Journey (51:35) - One Asset Class to Buy and Hold Until 2030 (52:42) - Where to Learn More About Motilal Oswal Private Wealth Links: Motilal Oswal Private Wealth - https://www.motilaloswalpwm.com/ Ashish Shanker on Linkedin - https://www.linkedin.com/in/ashishshanker23/ Prashant Choubey - https://www.linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.com For sponsorship queries, reach out to prashantchoubey3@gmail.com

## Transcript

[0:00] Motilal Oswal Private Wealth recently crossed 1.9 lakh crores
[0:05] in assets and advisory. What do you think has made
[0:08] Motilal Oswal so successful as an asset manager firm?
[0:13] We manage things with a very longer term vision.
[0:17] Both our promoters are big believers in process LED
[0:21] businesses. Right.
[0:21] Is silver now a strategic allocation for every ultra high
[0:25] network portfolio or is it purely A tactical trade just for
[0:30] the brave? We have a very strong
[0:31] commodities team as well at Motilal Roswal.
[0:34] They are very confident that silver should outperform gold.
[0:38] Is it time to take the training wheels off and go 100%
[0:41] aggressive on midcaps again? At this point in time, it
[0:44] doesn't look that things are very stable.
[0:47] With the periodic sharp decline in the rupee valuation, how are
[0:51] you protecting predominantly your INR based clients
[0:55] portfolios from a currency risk and a potential rapid slide
[0:59] going into the 2026 as well? See, I would argue to an extent
[1:02] a lot of Indian households are already protected against the
[1:05] INR because the amount of gold holdings we have, right?
[1:08] Gold is the perfect hedge against INR.
[1:12] Hey everyone, this is Prashanth and I'll be host for the VC10X
[1:14] podcast. And today we have Ashish Shankar
[1:16] with us. Ashish is the Managing Director
[1:19] and CEO at Modilaloswal Private Wealth, which overseas 1.9 lakh
[1:23] crore rupees in assets and advisory, which translates into
[1:27] roughly $21 billion. We discussed the market outlook
[1:31] for 2026 while their team is betting big on silver and how
[1:35] they hedge against US tariffs and global volatility.
[1:38] So without wasting any time, let's dive straight in.
[1:41] This episode is brought to you by Podcast Enix, my podcasting
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[2:16] Now enjoy the episode. Hey Ashish, so good to have you
[2:19] on the VC10X podcast. How are you doing?
[2:22] I'm doing fine Prashanth, happy to be here.
[2:24] Yeah, it's a pleasure having you on, and I wanted to have you on
[2:27] the podcast so long. I'm glad it's happening now.
[2:30] So to start things off, Motilal Oswal's strategy team has called
[2:35] for a fresh uptrend in 2026 given by an AI boom and broad
[2:39] based sectors leadership. What is the one non obvious
[2:42] sector that you believe will surprise everyone in 2026 just
[2:45] like the PSU defence did in 2024?
[2:49] Right. So I think you know Prashant,
[2:52] this year there is 2025 has been a consolidation year for Indian
[2:55] equity markets. You know, whilst all the other
[2:58] global markets have done extremely well, we have
[3:01] struggled. I mean in dollar terms we are
[3:03] down and the million small caps are you know probably in a
[3:10] correction more even as we speak.
[3:13] I feel one sector which is probably struggled, but you've
[3:18] seen some resilience over the last few months and I think that
[3:22] will be the sector to watch out, which is financials.
[3:25] I mean, there is a lot of work that RBI has done around it.
[3:29] I mean, they've got interest rates today as well.
[3:31] I mean, today was the monetary policy.
[3:33] They put in a lot of liquidity in the system and they've come
[3:36] out with some revised lending norms, reducing risk weightages.
[3:40] So I think this is a sector to watch out for in 2026 in India.
[3:44] Yeah, absolutely. And just to let our listeners
[3:46] know, since this episode will be going out on a later date,
[3:49] today's 5th of December and RBIs cut rates by 2025 BPS today,
[3:55] right? So, yeah, great.
[3:57] So with the US imposing new tariffs on Indian exports and
[4:01] that keeps changing every now and then, how should high net
[4:05] worth investors hedge their portfolios?
[4:06] Should we be rotating out of export oriented IT pharma or
[4:10] doubling down on domestic consumption stories?
[4:13] What do you suggest? See, look, you know when we look
[4:16] at teams especially in the private wealth space, there are
[4:22] teams which are playing out in the near term, there are teams
[4:25] which are playing out in the medium term and there are longer
[4:27] term teams as well, right. See the longer term teams which
[4:32] are more structural in nature, we continue to be positive on
[4:36] because events like tariffs etcetera may dampen the spirits
[4:40] in the near term. But eventually these teams will
[4:42] play out the because they are more structural in nature.
[4:45] Just to give you an example, you know over the next 10 years,
[4:48] it's most likely than India goes from a $4.5 trillion economy to
[4:52] $10 trillion at current, current growth rates, right?
[4:56] And if that happens, your per capita inches up closer to
[5:00] $5000. So with this change, you will
[5:05] see a lot of sectors which are in the consumer discretionary
[5:08] space doing extremely well, right.
[5:11] And one thing we are very positive on structurally is the
[5:15] entire digital platform team related to consumption and
[5:19] fintech. I think that's a more structural
[5:22] team and that's probably not as impacted by the tariffs that US
[5:27] is imposed. Now as far as tariffs are
[5:30] concerned, you know, the actual impact of tariffs from an
[5:35] economy size point of view is not much.
[5:38] I mean everybody's done the maths and it comes to around
[5:42] sixty $70 billion of tariffable goods.
[5:46] But obviously it has other repercussions, right.
[5:48] Why is this entire tariff thing doesn't get resolved?
[5:52] You know, global investors have anyway been light on India and
[5:55] you know, they would want to wait for some more time before
[5:59] allocating serious, serious capital, especially in the
[6:01] public market space. And similarly, you know,
[6:04] companies which have been exporting to the US will not do
[6:08] any serious CapEx. I mean they'll wait and watch
[6:11] how things turn out. Whilst there is a lot of chatter
[6:14] that you know, this entire tariff negotiation is almost
[6:18] true and a deal is around the corner, 1 cannot bet, bet, bet
[6:22] on it. So in that context, I think, you
[6:25] know, domestic teams are probably better to bet on, but
[6:29] it's not that simple. You know see the export teams
[6:32] have corrected, see that see there is a growth of a
[6:36] trajectory and there is a price right.
[6:38] So the price gets so attractive that you know even growth if
[6:42] let's say the growth doesn't happen in the near term, then
[6:45] you might still end up making money.
[6:47] Like for example, we are reasonably constructive on ID
[6:50] services names because what has happened, why is there is mean
[6:54] that if you also seen rupee depreciating right to some
[7:00] extent, the rupee depreciation takes care of tariffs to to to a
[7:05] small extent. But IT services are really not,
[7:08] you know a part of the tariff. And with the rupee depreciation,
[7:12] you know, and this entire AI boom happening, you know, there
[7:15] is there is a feeling that they will participate in some way.
[7:20] Absolutely. Yeah.
[7:20] That's quite interesting how the rupee depreciation kind of sort
[7:25] of negates the tariffs, right. Also we, we are seeing the GDP
[7:30] growth forecast for FI 26 ranging from 6.5% to 10.4% and
[7:35] even the numbers that have been recently outlook very good.
[7:38] Yet corporate earnings have seen some drag, right.
[7:42] For an equity investor in 2026, is the market pricing in too
[7:46] much perfection here? So the answer is a little more
[7:51] nuanced, Prashant see 21 to 24, you saw very strong earnings
[7:57] growth across the board, right? You were coming off a low base
[8:01] COVID and lot of sectors did extremely well.
[8:05] But within that, you know there were two tracks playing out.
[8:08] And I'll just explain this. If you look at the large cap
[8:11] earnings, the top 100 companies or Nifty 50, right, they've
[8:14] grown somewhere in the region of 15 to 18%.
[8:18] But if you take mid in small caps, right, stocks which are
[8:21] under the top 100, on an average, they've grown at 25 to
[8:25] 30%, right? So essentially what's happening,
[8:29] Prashanth, is there are two tracks playing out in India.
[8:31] And this is a slightly more nuanced longer term answer.
[8:35] The stocks that you've seen, the Nifty 50 today or the large
[8:38] caps, right? Whether it's banks have a very
[8:41] large weightage, IT services have a large weightage, and then
[8:46] you have some oil and gas stocks.
[8:47] And of course, you have Reliance right now.
[8:50] Lot of these sectors have seen the best days behind, right?
[8:55] To give you 1 context, you know, HDFC Bank, when it was a young
[8:59] company, it used to grow at 40%. And the next decade, it came
[9:02] down to 30%. And today, it's struggling, you
[9:04] know, to grow at 12:12 to 15%. So I believe that if you look at
[9:09] the headline number, yes, this year you've seen a slowdown in
[9:11] earnings. But if you still go under the
[9:14] hood, there are a lot of companies in the mid and small
[9:15] cap space which are still growing earnings at about 18 to
[9:19] 20% or some are even growing at 20% plus.
[9:23] Because a lot of the newer things where you're seeing
[9:25] growth are not captured in the large cap index, right?
[9:28] And that's really the story of India.
[9:29] Eventually, a lot of these talks will make it to the index.
[9:33] But right now, the index is representing some of the old
[9:35] teams and that's why you're seeing us earning slow down.
[9:38] And that is, that is really the challenge and the headwind for
[9:43] the market today. Plus, you're right that some of
[9:46] the stocks in the mid and small cap segment also got priced out
[9:49] to perfection, right? So for companies going at 2530%,
[9:53] you know you're paying 50-60 times earnings, you're really
[9:56] capturing a lot of the near term earnings growth.
[9:59] So that's the reason, you know this consolidation is healthy.
[10:01] I mean, last one year, most stocks have not done much.
[10:04] In fact, to the contrary, a lot of the mid and small cap stocks
[10:07] have corrected almost 20 to 30%. And if this continues let's say
[10:12] for another three to six months then in effect you know you
[10:15] corrected valuations by about 30 to 40% and then you know it
[10:19] becomes attractive again. So I think we're going through
[10:22] that period of consolidation. It may seem a little painful
[10:27] after three phenomenal years, but that's the nature of
[10:30] markets, right? You don't.
[10:31] You cannot have a a linear run. Yeah, absolutely.
[10:35] I think that's a very important point you're making there, that
[10:38] in the Nifty 50 and a lot of people who want to play safe in
[10:42] in the equity markets just go and bet on the Nifty 50.
[10:45] And for so long, it has also played out fairly well for them.
[10:48] And everyone when they're giving out some equity advice or
[10:51] someone starting out, they said, OK, just get some Nifty 50 and
[10:55] just forget it for maybe 10-15 years.
[10:57] But the point you're making is that maybe the Nifty 50, since
[11:01] it is all the large caps in there and all the established
[11:04] companies and the growth rates have sort of consolidated there,
[11:08] that might not be the best bet right now.
[11:11] And you might want to look elsewhere in the stock market
[11:14] and remit caps or small caps with higher growth in earnings
[11:18] per year where your capital can go faster.
[11:21] So is that the correct way to put it?
[11:24] Yeah, especially true if you're a medium to longer term
[11:26] investor, right In the near term, you know, of course when
[11:29] markets correct, you know, the large caps become more stable
[11:33] because you know there is a flight to quality and that's
[11:36] what is playing out at this point in time.
[11:39] But if you're really a longer term investor in India, let's
[11:41] say you're looking out three years, five years, then the
[11:43] midden small caps are the way to go.
[11:47] Yeah, absolutely. Yeah.
[11:48] Thanks for sharing that. And now let's go deeper into
[11:51] some specific things, right. So your team has a bold target
[11:56] for silver, right, the commodity.
[11:57] So is silver now a strategic allocation for every ultra high
[12:02] network portfolio or is is it purely A tactical trade just for
[12:06] the brave? Yeah, so good, good point
[12:09] Prashanth. See, typically, you know, when
[12:11] we advise you know, H and is or large family offices, we do
[12:17] recommend them to have some allocation to gold because gold
[12:20] is a perfect proxy to any crisis globally and it acts as an
[12:27] insurance and last one year it's also done extremely well and
[12:30] outperformed all other asset classes.
[12:32] So we had a pretty big call on gold last year and you know,
[12:35] hence we are recommended multi asset, you know, funds.
[12:40] Silver is more of a tactical call because if I look, you know
[12:45] silver in correlation because see silver is a little more
[12:48] complicated because silver is part industrial, part precious
[12:53] metal, right. Whilst it does benefit from
[12:58] currency depreciation being a precious matter.
[13:01] But globally if you know these industries which are linked to
[13:06] AI and electronics etcetera do well and even defence
[13:09] manufacturing is picked up in many parts of the world, you
[13:12] know, silver tends to be an industrial metal and you know
[13:15] does does well. So silver is more of a tactical
[13:17] call. I think gold is a more, you
[13:20] know, allocation position that we recommend in client
[13:23] portfolios. Absolutely.
[13:25] And in the recent times we have seen that silver has sort of
[13:28] gained more prominence at least after it has had had some shown
[13:33] some, you know, rapid growth in it's value in, in the past few
[13:37] months, right and has got a lot of interest.
[13:39] So if you were to compare it with the, the projections for
[13:42] gold to the projections for silver, what do you think has a
[13:47] higher growth rate percentage? Because silver, of course, right
[13:49] now seems to be very greatly positioned to gain from the
[13:53] market trends like AI, you know? Yeah.
[13:56] So tactically silver should do well, but you know, so, but
[14:01] clearly gold is a more longer term kind of a position.
[14:03] I mean gold is done very well last year.
[14:05] So I think in the in the immediate term gold returns will
[14:08] moderate. And I would say that in the near
[14:11] term silver probably does better.
[14:13] But again, I'm just reiterating the fact that silver is more a
[14:16] tactical position and not every every investor takes tactical
[14:22] calls. But since we have a very strong
[14:24] commodities team as well, like Motira Oswal, you know they are
[14:26] very confident that silver should outperform gold.
[14:30] Yeah, absolutely. And what I've also heard or read
[14:33] is that gold seems to be overpriced right now.
[14:35] Or if we historically look at the ratio of the prices between
[14:39] silver and gold, that ratio is actually very wide right now
[14:43] than what it has been in the past.
[14:45] So that either means that silver is undervalued or that means
[14:49] that gold is overvalued and the prices are due for correction.
[14:53] Which of the two do you think is correct?
[14:56] No. So my sense is silver should do
[14:58] well because I don't see gold correcting.
[15:00] Given whatever is happening around us, gold prices could
[15:03] possibly hold out. It may not go up as sharply as
[15:06] it did last year, but it's most likely to hold out.
[15:10] So if it holds out then silver should probably do better.
[15:13] Absolutely makes sense. And you advise the hybrid
[15:16] approach during the volatility of 2025 as we enter a
[15:20] potentially more stable 2026, maybe is it time to take the
[15:26] training wheels off and go 100% aggressive on mid caps again?
[15:30] So you know, at this point in time it doesn't look the head.
[15:35] Things are very stable. There are still some headwinds,
[15:39] you know, in the horizon. However, I feel as we go into
[15:43] 2026, I think early 2026, things should clear up and in the worst
[15:50] of the volatility should be behind us is what we feel.
[15:52] Because just to, you know, recapture the events that played
[15:56] out in 2025. I mean, you started with the
[15:58] geopolitical situation and then you had the tariffs and you
[16:05] know, India got left out in this entire AI boom because you don't
[16:09] have any companies which are directly involved in AI as
[16:12] opposed to companies in US or a Taiwan or a China, right?
[16:16] So it was in, in a sense the perfect storm for India, right?
[16:21] And as we've seen in markets over the years, storms don't
[16:26] last for too long. So as things settle down and
[16:30] it's not that India is India is not benefiting from AII mean, I
[16:34] think a lot of companies which are in the digital space, even
[16:37] companies which are let's say, even in the services IT services
[16:41] space, which are small and medium sized, which are
[16:44] incrementally doing a lot of work on AI implementation,
[16:48] right? They should, they should
[16:49] benefit. Secondly, you know, this entire
[16:52] tariff thing, hopefully you know, it's tiring out now
[16:56] because there has been a lot of to and fro, a lot of bilateral
[17:01] negotiations. And you know, there is visibly a
[17:04] softening of stance in, in the recent times from the US.
[17:09] Because it's not that US can ignore India because India is
[17:12] going to be one of the largest trading partners and largest
[17:15] consumption markets for most, you know, American companies.
[17:19] So I think there will be some truth this year.
[17:24] And plus, you know, our central bank had kept a very tight
[17:27] monetary policy starting in 2024 that also, you know, tied up the
[17:33] banks and you saw credit growth very anemic and slowing down and
[17:38] that hit consumption as well. So, you know, everything that
[17:41] could possibly, you know, slow down, slowed down in India and
[17:46] generally these situations don't last.
[17:47] So I definitely see a much brighter 2026 for equities.
[17:52] But I think, you know, to go 100% all into made in small caps
[17:55] will not be the right thing to do.
[17:57] I think 1 should have a more diversified flexi cap kind of
[18:00] approach. There will be a lot of companies
[18:03] in the large caps also, which should do well in, in 2026.
[18:06] But definitely I would say I, I'm more, I'm more constructive
[18:09] on equities in 2026 than 2025 because of the base at which we
[18:13] are entering. So I would say the strategy
[18:15] should be to, you know, make the allocations into equities, you
[18:20] know, over the next 3-4 months. Yeah, absolutely.
[18:23] And I, I know that 2025 was actually a pretty crazy year.
[18:28] A lot of events happening back, you know, affected the markets.
[18:32] But even now we are also seeing or expecting some more of these
[18:36] headwinds. Even when we talk like just
[18:39] yesterday, I was reading that in Japan, the interest rates have
[18:43] increased now. And that can actually be a
[18:45] pretty significant move because if the Japanese investors start
[18:49] pulling out of the US market, U.S. market could struggle And
[18:53] then as an effect of that, Indian market might, might also
[18:56] struggle. How do you look at that?
[18:59] See, I think these correlations are very complex and you know,
[19:03] if I were to just look at it from a very simple lens, see
[19:08] last one year foreign investors have anywhere been net sellers
[19:11] of the Indian stock markets, right?
[19:13] And that's why you see India has been a big underperformer.
[19:17] Our currencies depreciated. US, which is the worst
[19:20] performing market is up 18%. China is up some 40%.
[19:24] And you have some crazy markets like Taiwan and Korea, which are
[19:28] up, you know, more than 70%, right?
[19:31] So India has been a big underperformer, right?
[19:34] So my belief is that, you know, if, if, let's say the Japanese
[19:38] yen carry trade, as you're alluding to, you know, means
[19:42] some selling in the US. See, when US falls, everybody
[19:47] kind of falls in sympathy, right?
[19:49] It's like US catches a cold, you sneeze.
[19:52] I I suspect India will fall less and will be more resilient and,
[19:57] and you know, when, when things settle down, India will tend to
[20:00] outperform. Because we didn't go up with
[20:03] rest of the globe this year, right.
[20:05] So I suspect any of that, any big money has come to India this
[20:09] year because of the N carry trade.
[20:11] Yeah. But do you think that is, do you
[20:14] think that is going to change in in the near future?
[20:17] Because what we are also seeing is that India might not be able
[20:23] or really attractive destination for you know, foreign capital
[20:26] coming in. Correct me if I'm wrong on that
[20:29] because with the currency depreciation also happening, it
[20:32] is actually pretty rapid in the recent past than it has been.
[20:36] So that also might be a cause of concern for foreign investors.
[20:40] What do you think about that? I think look last year foreign
[20:42] investors were very worried about valuations.
[20:45] Cut to this year, our valuations are have moderated right to the
[20:49] tune of maybe 10 to 30% because of currency depreciation and
[20:53] stocks selling off and some bit of earnings catch up happening.
[20:57] So we are in a much better, better place as far as
[20:59] valuations are concerned. So generally, you know Prashant,
[21:03] I think a little contrary and you know last year I could make
[21:05] a very, very nice case for India, right.
[21:09] This year we are struggling to make a case for India and I
[21:11] think that's precisely the reason why II becomes
[21:14] attractive. And I think once these markets
[21:18] cool off a bit, the USAI market or for that matter some of these
[21:22] other markets, you know, which are AI linked, my sense is that
[21:27] money will come back to India because you know, the longer
[21:31] term story in India hasn't changed.
[21:33] Where are very few countries which offer the breadth of
[21:35] opportunities that our country offers, very few countries which
[21:39] offer the kind of demographic demographics that we have, very
[21:43] few countries offer the potential for growth that we
[21:46] offer, right. You know, don't forget even
[21:49] today in despite all the, you know, despair, we are still the
[21:54] one of the fastest growing economies in the world, right?
[21:57] At 7%, you're not bad. You're pretty decent.
[22:00] And you know, little bit of inflation comes back.
[22:02] Your nominal GDP growth bumps up to 910%, which is a pretty
[22:07] solid, you know, growth rate. So I sense right now there is a
[22:11] lot of excitement globally. I think whenever that excitement
[22:15] glows off, wears off, I think money will will definitely come
[22:20] back earlier. Yeah, absolutely.
[22:23] And do you think the resilience of the Indian stock market is
[22:28] actually because of the strong domestic base that we have
[22:33] established in the past few years and you know, mutual fund,
[22:37] you know SI PS that just keep going in regardless of how the
[22:41] market is performing? I think that has played a big
[22:44] role in resilience. I made all these tensions that
[22:47] we have seen in 2025. What do you think about that?
[22:51] No, no, you're absolutely right. See, there are two ways to see
[22:54] it. One way to see it is because
[22:55] domestic money is coming in. The markets have been resilient.
[22:58] I would also say that there's a bit of maturing also.
[23:01] I mean, there are many, many investors who are putting in
[23:03] money every month through the SIP route for the longer term,
[23:06] right? And we've not seen them getting
[23:10] shaken off even let's say, in the peak of the geopolitical
[23:13] crisis earlier this year or when the Trump tariffs played out.
[23:18] I wouldn't be too sure of it. Maybe see everything has a cycle
[23:22] Prashanth. I mean, so for example, you
[23:26] know, I think the one year SIP returns are not that great right
[23:28] now in equity funds and the three-year still looks OK.
[23:32] And I would watch that. If the three-year returns get,
[23:36] you know, flattish or not that great, maybe you'll you will see
[23:39] some cancellation of SI PS But I think there is a certain base
[23:43] which has got build up, which makes our markets more
[23:47] resilient. And that's a good thing.
[23:49] That's a good thing. And I think when the global
[23:52] investors also get bullish on India, you could get the
[23:54] perfect, you know, tailwind. I mean, we saw the perfect storm
[24:00] last year. Probably you'll see a perfect
[24:02] tailwind this year later, later later in 2026, maybe 3-4 months
[24:08] into the year. And if that happens, then you
[24:09] know you will see markets coming back in a big way.
[24:14] Yeah, absolutely. Let's hope so with the with the
[24:18] periodic sharp decline in the rupee valuation, how are you
[24:22] protecting predominantly your INR based clients portfolios
[24:27] from a currency risk and a potential rapid slide going into
[24:31] 2026 as well? See, I would argue to an extent
[24:35] a lot of Indian households are already protected against the
[24:37] INR because the amount of gold holdings we have, right?
[24:41] Gold is the perfect hedge against INR.
[24:43] If you look at the longer term returns of gold, 30 years return
[24:46] chart is done about 10 1/2% compounded right and out of 10
[24:50] 1/2, almost 4% comes from currency, right.
[24:54] So I feel that as a household, most households have gold and to
[25:01] an extent we are protected and I think that's the best hedge
[25:05] against currency depreciation and inflation.
[25:09] Yes, the top of the pyramid when I look at H and is or ultra H
[25:12] and is they are diversifying globally.
[25:15] I mean they are taking money out to the LRS route and you know
[25:19] buying into options either in give city or you know, there are
[25:22] a lot of international funds that they have access to or
[25:25] provided access to through wealth managers because the
[25:30] Indian feeder funds currently most funds have exhausted their
[25:33] limits. But yes, this trend will
[25:39] continue of people gradually, you know, diversifying into
[25:42] dollar assets. But otherwise, for the normal
[25:45] Indian household, I think world is the best hedge.
[25:49] Absolutely, completely agree. And on the you know global
[25:52] markets, you know Indian high net worth individuals, what do
[25:56] you think are the most attractive markets for them?
[25:58] Is US the number one and if he has then what are the number two
[26:02] or three and that they are also looking at in terms of global
[26:06] markets that can be good for capital growth or preservation?
[26:10] See, I think the number one market for diversification for
[26:13] Indians is US, right? For two reasons. 1, the
[26:18] correlation with Nifty is low. I mean in the near term
[26:21] correlation may be high. Like we spoke of U.S. sales of
[26:24] India will definitely not be unimpacted.
[26:28] But if you take a longer term, five year, 10 year kind of
[26:31] horizon, you will see correlation of US with Indian
[26:35] markets is low when India does extremely well.
[26:38] The decade in which India does well, US generally tends to
[26:41] underperform and vice versa, right?
[26:43] Even now, if you see US bulk of the gains is being driven by EI
[26:48] stocks and the MAG 7 as you call it, right?
[26:52] Rest of the stocks in U.S. markets have actually struggled.
[26:55] If you look at the small and mid caps in the US, they're actually
[26:58] struggled and you have a lot of value there.
[27:02] So I would say that the first diversification that you should
[27:05] do globally in equities should be the US.
[27:09] And then there are funds, there are global flexi cap funds which
[27:11] do let's say 5060% US and they do 3040% global allocation like
[27:17] Europe or you know rest of emerging markets.
[27:20] But US would be the number one market for me because you also
[27:25] get diversification from a sector point of view.
[27:28] There are a lot of sectors, new age sectors, which are present
[27:30] in the US public markets which are not there in India.
[27:36] Yeah, absolutely. And you mentioned about the 250
[27:40] K dollars LRS limit, right, which hasn't changed, right for
[27:44] for a client wanting global tech exposure in 2026, especially
[27:48] ultra high net worth individual, what is the single most
[27:51] efficient structure for them to, you know, go past that limit and
[27:55] invest more? See Single.
[27:58] Best way to do this is to open an account with any global
[28:03] brokerage. In fact, there are a lot of
[28:04] local brokerage houses which offer this option.
[28:06] Like we also do up for an option where you can open an account
[28:10] and invest in U.S. stocks or ETFs.
[28:14] I would say the easiest would be to get a diversification or
[28:17] exposure is to open an account and buy the SNP 500 ETF, right?
[28:21] You have Vanguard has all kinds of ETFs, so you split it between
[28:25] the SNP 500 and NASDAQ. I think that's the way to go.
[28:29] Get your basic exposure there and then once you get some
[28:32] experience after that you can figure out what to do.
[28:34] Yeah, absolutely. And 2025 was also a frenzied or
[28:40] almost crazy IPO calendar for India.
[28:43] And you know, some companies even listing with successful
[28:48] listings despite losses, right? That was something that is
[28:52] unheard of in foreign markets, but it happens time and again in
[28:56] India and also with their client base.
[28:58] I I'm sure there must be a growing pre IPO deal flow for H
[29:03] and IS as well. So what clear rules do you
[29:06] follow to decide whether to allocate in some pre IPO options
[29:12] or you know go in the IPO as well and buy those equities as
[29:15] well which are often overpriced at least in the startup IP OS
[29:18] that we have seen recently. So I would love your take on
[29:21] that. Yeah, So good question.
[29:24] I think there has been a lot of interest in the pre IPO
[29:26] issuances from merchandise. See, you have to be very, very
[29:31] careful because see, just because it's a pre IPO doesn't
[29:34] mean you don't have to do your due diligence.
[29:35] Ultimately, you know, it's a company, it's a stock.
[29:38] You have to 1st understand the business, you have to understand
[29:41] the valuation and you have to think longer term because you
[29:45] know, once you come in, there's a six month lock in as a PIPO
[29:48] investor. And even after six months you
[29:50] are subject to short term capital gains tax.
[29:52] So effectively you would think at least 12 to 36 months,
[29:56] although you know, I would still believe that you should think
[29:59] longer term for any stock. But let's assume that these are
[30:02] lock UPS and you know, minimum 12 to 24 months is what you
[30:06] should be, you know modelling. And now what we do Prashant is
[30:13] that, you know, we don't let's say look at every pre IPO
[30:17] opportunity. You know, as a house we have the
[30:20] unique advantage of having different capabilities in
[30:22] Motilal Russoil, we have a private equity team, we have an
[30:27] asset management team which invest into pre IPO.
[30:29] So only pre IP OS where we are probably investing from one of
[30:34] our funds or let's say we are investing from our proprietary
[30:39] capital, only those opportunities we take to
[30:41] clients. So the advantage to clients is
[30:44] that this is due diligence done, right.
[30:47] It's not something that you're blindly investing because you're
[30:50] going to get an IPO pop, right? So that's point #1 so that's
[30:53] where we manage the risk. So we've let go of many pre IPO
[30:57] issuances. We've let go of such
[30:59] opportunities because we felt that we were not confident on
[31:02] the company or the pricing. Yeah.
[31:04] Can you name a few if you don't mind?
[31:07] So I think NS CS been the biggest, one of the biggest, you
[31:12] know, under state place and you know, we have done NSC.
[31:17] Similarly there have been other you know, companies in like
[31:23] industries like pharma and healthcare where we've done some
[31:27] pre IPO placements. Then there have been companies
[31:31] which are in the tech space, right, retail tech, which we've
[31:35] which we've looked at. So these are some, some few
[31:38] teams that, you know, we have looked at and we've invested our
[31:42] own money and we have, you know, placed.
[31:46] Other than that, I think IP OS one has to be careful again
[31:50] because you know, like you rightly said, some IP OS come at
[31:54] crazy valuations and sometimes, you know, optically the
[31:58] valuations may be crazy, but the business may be really good and
[32:01] it may make sense to subscribe to them.
[32:04] However, you know, as a retail investor, you don't have tools
[32:08] to evaluate that. And just to, you know, on one
[32:10] point which you made on loss making companies listing, right,
[32:15] Actually the US, it happens quite often Prashant, because
[32:17] there are a lot of companies which have used, which have
[32:20] burned capital to build solid businesses and then generated
[32:24] strong cash flows, right? And I'll give you one name there
[32:27] example, Uber, right? Uber burnt about $15 billion to
[32:31] build their business, right? They were burning cash, they
[32:34] were making losses for a long time.
[32:36] But today they make $6 billion of profitable cash flows every
[32:39] year, right? So if the if you're building a
[32:42] very strong business and you're burning capital for that right
[32:46] and you're very confident of the unit economics, lot of these
[32:48] loss making businesses can become very large profitable
[32:51] franchises in the future. But you know, it's something
[32:54] that institutional investors, people who understand the
[32:57] business can evaluate that. But generally, as a thumb rule,
[33:01] you're right that retail investors should, you know, stay
[33:04] away from such issuances where there is frenzy.
[33:08] Yeah, absolutely. I completely agree with you on
[33:10] that, that and that has been the standard model for startups for
[33:15] time that you have to burn cash and then you grow to a certain
[33:19] position and scale and then you don't profitable when the time
[33:22] is right. So that's the playbook, but
[33:24] that's not the point I'm making here.
[33:25] The point is that does that company also have that kind of
[33:30] market positioning and that hold on the market that there are no
[33:34] other similar competitors that are competing for their share of
[33:37] the money? Because if there is, then what
[33:39] that means is that that company will need to further burn money
[33:42] for, you know, how many years to, you know, get that
[33:45] positioning in the market to be able to justify that price point
[33:48] on a high valuation. So that is when it's stops
[33:51] making sense at that point even for institutional or retail
[33:54] investors. No, you're absolutely right,
[33:56] Prashant. I think that like I said that
[33:58] you know, for these companies the amount of due diligence
[34:02] required is far more rigorous. Then you know, you get a normal
[34:08] old, you know, not old economy, but a traditional business which
[34:11] is joining our profits. It's easier to evaluate those
[34:15] businesses. So these businesses are far more
[34:17] complicated to evaluate. So that's why I feel it's not
[34:20] for maybe individual investor or a retail investor, maybe
[34:25] institutions have far more rigorous or capabilities where
[34:30] they can do more tedious due diligence and then decide
[34:34] whether it makes sense. Yeah, absolutely, completely
[34:37] agree on that. Motilal Oswal Private Wealth
[34:39] recently crossed 1.9 lakh crores in assets and advisory.
[34:45] As you target the next milestone, how do you manage the
[34:49] RM capacity paradox? You know, can one relationship
[34:52] manager realistically service 100 plus ultra high net worth
[34:55] families effectively? Or does technology fundamentally
[34:59] change that ratio in 2026? Very, very interesting question,
[35:04] Prashanth, because you're right that for us to grow RM capacity
[35:09] is you know very, very important because they are the people who
[35:13] talk to clients. See typically, you know as the
[35:17] size of clients increase, your ability to manage number of
[35:21] families reduce because you know the larger families come with
[35:24] their own complexity. So what you call the ultra high
[35:28] network business, a single RM can possibly manage maybe 25 to
[35:33] 30 families, right. But let's say portfolios which
[35:37] are let's say more smaller, you know, you can easily end up
[35:43] managing maybe 50-60 families. Not to say that we don't put in
[35:48] the same amount of rigor in the smaller clients, but it's just
[35:51] that the number of products and the complexity is lower.
[35:55] So hence you're able to effectively manage those
[35:57] portfolios and do reviews from time to time.
[36:03] It'll happen gradually. But yes, you know, as we
[36:08] intensify the use of technology in our in our business, I mean
[36:12] today you know, you're able to get portfolio analytics for a
[36:16] client at the click of a button, you're able to get portfolio
[36:21] reviews done in a few minutes. The portfolio reporting etcetera
[36:27] is available online. Execution is becoming more
[36:32] frictionless and this will definitely improve capacity at
[36:38] RM level. And tomorrow, you know, the
[36:45] application of AI tools in some of these areas will also crunch
[36:50] the time that you take to deliver some of these services.
[36:54] So I have no doubt that you can increase capacity of RMS, you
[36:59] know, to manage more clients. At the same time, in terms of
[37:04] talent, I think there are a lot of organizations who are
[37:08] spending money on training, grooming fresh talent.
[37:13] I mean, we also recruit a lot of fresh talent every year into our
[37:16] organization and they go through, you know, internship
[37:19] management training program and then they're deployed in various
[37:22] businesses. So I think it's a combination of
[37:24] both. And 1 is on the, on the, you
[37:27] know, we, we keep investing in technology to make life easier
[37:31] for the relationship manager. We give them tools so that
[37:35] execution is simpler. Similarly, we can also deploy
[37:38] tools for clients. You know, if clients want to
[37:41] directly, you know, let's say do it themselves, they can do that.
[37:46] So technology and then then of course the application of AI
[37:49] tools which will make complex operations much faster.
[37:54] So that will definitely happen and that'll increase capacity.
[37:57] But at the same time, you know, it's a touch and feel business.
[38:02] You know, if you're managing larger assets under management,
[38:06] then you know you you need to meet and manage emotions.
[38:11] So. So I would say that it's a
[38:13] combination of both. Yeah, absolutely.
[38:16] And as we move deeper into this decade, you're seeing 30 year
[38:20] old tech founders with 100 crore plus corpus, right?
[38:24] How is their risk appetite in 2026 different from the
[38:27] traditional 60 year old promoter clients that you build this
[38:31] business around? So I think the first generation
[38:34] younger entrepreneurs as you're referring to definitely have
[38:37] higher risk appetite for two reasons.
[38:39] One, they have seen, you know, the build out of their own
[38:42] businesses. They have taken risks that
[38:46] stable founder wouldn't have taken and hence, you know,
[38:49] they're also willing to take more risk with their portfolios.
[38:53] I mean, they typically also tend to allocate back into the
[38:56] unlisted space and back founders like themselves.
[39:01] But a certain part of the portfolio, they also want to
[39:03] make it more stable because they've seen a very, very
[39:06] volatile journey and they want some part of the portfolio to be
[39:09] stable and possibly the first monetization which happens.
[39:12] They also tend to buy assets like they would buy a house for
[39:15] themselves and, you know, spend on lifestyle, right, to, to get
[39:21] in that stability. So I think it's a bit of both.
[39:23] But yes, the, the, the younger founders tend to take more risk
[39:27] because of the journey that they have travelled as well as the
[39:32] time they have left in their career, right?
[39:36] If you're in your 30s and you're already, you know, let's say
[39:39] $100 million net worth or $50 million net worth, you know, you
[39:42] can take more risks because even if you make mistakes, you have
[39:45] enough time ahead of you. Yeah, that completely makes
[39:48] sense. And now to the Gift City, right
[39:53] that we were talking about. Gift City has had the time to
[39:57] mature, let's say. Are you seeing genuine traction
[40:00] from Indian families using it for global diversification or is
[40:05] the compliance friction still too high?
[40:07] No, I think it's becoming better.
[40:10] I mean, there are a lot of funds which are setting up in Gift
[40:12] City and these are basically global feeders.
[40:16] And you know, I see, you know, clients being more comfortable,
[40:21] you know, remitting their LRS money into Gift City, into one
[40:24] of these fund options. And it's picked up both ways,
[40:28] Prashanth. So there are feeders into India
[40:30] from Gift City. So for foreign investors coming
[40:32] to India, if they do not want to, let's say, enter India, but
[40:36] they want to be in a neutral geography and Gift City provides
[40:40] that option to them. So I see it picking up, but for
[40:44] it to become a really mainstay option, I think you'll need to,
[40:51] you know, some more time needs to pass because typically what
[40:54] happens is there will be disputes and how those disputes
[40:57] play out, there'll be precedences.
[40:59] So it it, it takes it's own time before it scales up.
[41:03] But definitely Indians are very comfortable now sending a lot of
[41:06] money to give city and then rendering it out of the country.
[41:09] Yeah, absolutely. Thanks for sharing that.
[41:11] And with private consumption driving GDP, are you advising
[41:15] clients to buy physical real estate again?
[41:17] What should they stick to? Reads and factual ownership
[41:20] platforms look. You know, if you're buying your
[41:23] house, then definitely you should go ahead and do it.
[41:28] I, I feel this is as good as a time as any.
[41:32] But let's say if you're looking at real estate as an investment,
[41:35] then I definitely believe that reads and in with I mean in with
[41:40] some more infrastructure assets, but reads are a great option to
[41:43] own our participate in the real estate story of India.
[41:48] Of course, in the near term, Prashan, what has happened is
[41:50] reads have related this year and have done very well.
[41:53] So maybe you want to do an SIP kind of an approach into reads.
[41:57] Yeah, absolutely. And with potential changes in
[42:00] capital gains or inheritance tax laws always looming, what is the
[42:05] one estate planning move every family office must complete
[42:09] before March 2026? See, I mean, tax changes, I'm
[42:16] not too sure. I mean, you know, whenever
[42:19] there's a budget draft, the corner expectations tend to go
[42:22] up. But I think the tax rates
[42:25] hopefully are settled now around capital gains.
[42:29] However, I think for most family offices, they do make trusts
[42:33] because you know, they want to, you know, clearly demarcate the
[42:37] beneficiaries in the family and trust is a much better way to
[42:42] transfer your assets during a lifetime.
[42:45] Some families who are probably have they, they have a very
[42:50] simple structure, right? Then they prefer the bill route
[42:54] and it's a little more nuanced. So it's a very bespoke kind of a
[42:57] thing because you know, something like real estate
[43:00] people do it through wills, financial assets, you can
[43:02] transfer it to trust during your lifetime because in real estate
[43:05] there is a Sam duty implication if you do that.
[43:08] So it's a bit of both Trust and will, but it's a little more
[43:12] bespoke and for larger complex families than you know, then you
[43:15] need to actually sit and, you know, figure out with them what
[43:20] works best. Yeah, absolutely.
[43:22] And I was watching the video for researching for this episode and
[43:25] I heard you saying that most of your personal allocation and
[43:29] even your parents allocation into investments is actually in
[43:33] public equities, right, entering 2026.
[43:37] Have you tweaked that ratio at all or are you still all in on
[43:42] the India growth story? Look, I've been all in for the
[43:46] longest I remember and I continue to be all in because I
[43:50] think I've said this earlier also publicly that I've seen at
[43:55] least four times I've seen My Portfolio falling anywhere
[43:57] between 30 to 50%. And you know, as long as you
[44:01] have stable cash flows because I'm still working, right, it
[44:04] doesn't bother me. And you know, my parents are a
[44:09] different generation. They're way frugal.
[44:11] So I mean mostly dividends suffice for their expenses and
[44:18] you know, whenever they have any other expenses, they do tend to
[44:21] rid them out. That is still worked out better
[44:23] than having any fixed income. So I continue to be a big
[44:27] believer on the India story. I think we're still not even
[44:30] halfway there. So you know, near term
[44:34] volatility doesn't bother me. So I'm still 100% equities.
[44:37] Don't I don't recommend it for everybody.
[44:39] I mean, it's it's personal choice.
[44:42] Surely, Surely. Absolutely.
[44:43] Yeah. It was a personal question and
[44:45] the answer again is personal. So Modlal Oswal is, as everyone
[44:50] knows, one of the biggest names in the Indian asset management
[44:54] story, right. And even the private wealth
[44:57] vertical has been around for about I think 18 years now,
[45:00] right. So what do you think has made
[45:03] Modlal Oswal so successful as as an asset manager firm?
[45:08] What are the systems or processes on the internal ethics
[45:11] or values that you think have made it stay the test of time
[45:16] and made it one of the most successful asset managers or
[45:20] private field providers in in the country?
[45:23] I think 3-4 things, Prashanth. First one is focus.
[45:28] I mean, for 38 years, the firm has been singularly focused on
[45:33] capital markets, investments and wealth management, right?
[45:37] We've not be word. So there is a huge focus in
[45:41] building these businesses. That is point number one.
[45:44] Point #2 we are great believers in, you know, creating knowledge
[45:49] content around all the businesses that we do.
[45:52] And you know, our tag for the longest has been knowledge 1st
[45:56] and that has enabled us to build solid frameworks around
[46:02] investing SOLID frameworks around how to run businesses.
[46:07] And we've been, we've been very conservative.
[46:10] I mean, there are a lot of, you know, axioms that we practice
[46:14] within Motorola as well. That is to finish first, you
[46:18] need to 1st finish, right? So, so we, we manage things, you
[46:24] know, with a very longer term vision.
[46:26] And lastly, but not the least, you know, we are, you know, both
[46:31] are promoters are big believers in, you know, processes, process
[46:36] LED businesses, right? Because if you put frameworks
[46:39] and processes in place, then businesses become very, very
[46:42] sustainable. And lastly, I think, you know,
[46:47] it's a business built around people.
[46:50] So we invest a lot in leadership and people.
[46:53] So, you know, there are leaders who attended courses over the
[46:57] years in premier institutions. We run a very large training
[47:02] team. There's a very large training
[47:04] team which runs programs, you know, almost every day for
[47:08] different businesses. So investing in people has, you
[47:12] know, given us the best returns. So if you see even some of the
[47:16] leaders within Motilal Oswal, most of them are homegrown.
[47:20] It's not that we don't hire talent from outside.
[47:23] We have hired wherever, you know, we see lack of
[47:25] capabilities, but in most cases you've seen people who've spent
[47:30] many years in the farm, have learnt, have grown, become, you
[47:34] know, leaders of, of respective businesses.
[47:39] So I think these are few principles that have, you know,
[47:46] helped us come this far and hopefully these help us grow
[47:50] and, you know, sustain this growth in the future as well.
[47:55] Both founders own 6870% of the firm.
[48:00] That also gives the firm very, very a lot of stability at the
[48:04] top. Yeah, absolutely.
[48:06] I completely agree. A very holistic approach there.
[48:08] And you mentioned processes, if you could quickly give us the
[48:12] process inside of the private wealth department, how do you
[48:15] work with clients, you know, starting from when they start
[48:18] working with you, You know, what does the process look like?
[48:21] How do you onboard them, understand their requirements?
[48:23] How do you plan a strategy for them that's specific to them and
[48:26] their needs? And then how does that pan out
[48:28] into you playing it out for them?
[48:30] So give me a view into that process.
[48:32] Yeah, excellent question. I mean, so there is a clear
[48:36] journey journey road map for our relationship managers first,
[48:40] because ultimately the other people who deliver service or
[48:43] solutions to clients, right? So there is a zero to 6 month
[48:46] road map where, you know, our wealth managers are inducted
[48:50] into the culture value system of the firm.
[48:53] Secondly, there is a clear journey map as to what they
[48:57] should be doing in the first month, first three months, for
[49:00] six months. And there is a clear, you know,
[49:04] road map as to how the client interaction should happen.
[49:07] So typically what happens is, you know, when they meet a
[49:10] family, they would try to 1st understand what are the needs,
[49:14] requirements, outcomes that they expect from their wealth, right?
[49:20] Once that is done, then they would create a proposal around
[49:24] those requirements and discuss it with the families.
[49:27] So after doing that, we create something called an investment
[49:32] charter. That investment charter is a
[49:35] more nuanced or advanced version of a risk profile, right?
[49:39] Risk profile is very basic, but you're just trying to
[49:41] understand, you know, how the client temperament is.
[49:44] But the charter actually chalks out, you know, what kind of
[49:49] investments we will be doing for the family, what kind of
[49:52] allocations we'll be doing and what kind of outcomes they can
[49:56] they can expect, right? And there is a lot of, there are
[50:00] a lot of client engagement programs we conduct right in our
[50:05] office in outdoor, in outside locations where some of us
[50:09] senior leaders, fund managers address clients.
[50:12] Because in tough times like you know, these, the worst thing you
[50:17] can go, you can do is not speak to clients, right?
[50:21] Obviously clients may not be too happy with their portfolios, but
[50:24] this is the time you're very actively engaged.
[50:26] Like I remember during COVID when we couldn't meet clients, I
[50:29] think we did a flurry of webinars and podcasts like
[50:34] you're doing today to educate, to give perspectives to clients.
[50:38] And because of Zoom, we could do like 810 meetings a day and
[50:42] constantly engage with clients to give them perspective.
[50:47] Once they're on boarded and there is a charter in place,
[50:51] there is a certain review frequency which was put in place
[50:54] and all of this is monitored at the back end.
[50:57] I mean, we have a very strong technology backbone CRM where,
[51:01] you know, meetings are, you know, items come and put their
[51:04] meetings into the CRM and, and there is a proper, you know,
[51:08] check which which happens, whether there is a regular reach
[51:11] out to clients. Portfolio reviews have been
[51:13] done. And similarly, there is, you
[51:16] know, advisory team within the product team, which looks at
[51:19] portfolios to see whether they're in line with, you know,
[51:21] the charters, you know, are they investing into products which
[51:26] are recommended? Are there any calls that need to
[51:29] be taken? So a lot of these processes have
[51:31] been put in place and, you know, we constantly keep trying to
[51:35] improve them. Absolutely.
[51:37] Quite interesting. And to our last main question
[51:40] before we try to wrap this up, if you could pick one, just one
[51:44] stock or asset class that you would buy today and not look at
[51:48] it until 2030, what would that be?
[51:51] So look, I think I gave over the answer for me, it's equities,
[51:54] right, personally, but I think within that, you know, I did
[51:58] allude to a team that we are positive on, I think digital,
[52:01] digital platforms, digital consumer stories, you know, any,
[52:06] any business which is using tech at the front end and, and, and
[52:11] scaling their businesses, I think those businesses will,
[52:14] will do extremely well because they're the outcomes can be
[52:20] pretty non linear, right? And, and it's not just consumer
[52:23] tech companies, but also, let's say fintech companies, right?
[52:27] Because the outcomes can be quite non linear.
[52:29] So, so those, those things we are, we are extremely positive
[52:32] on. I would definitely bet on them
[52:34] with the 2030 lens. But overall, I think Indian
[52:37] equities is something that I wouldn't, you know, I will
[52:41] continue to bet on. Absolutely, Yeah.
[52:43] Thanks for sharing that. Can you let our listeners know
[52:46] where they can learn more about Motilalos file and even private
[52:48] wealth and where they can also follow you if possible?
[52:53] Yeah, so we have our own website, motilalosfilepwm.com.
[52:57] And you know, I'm, I have done multiple podcasts on YouTube.
[53:01] So if you just search by Ashish Shankar on YouTube, you'll get
[53:05] enough content. Even Motilal Oswal puts out a
[53:09] lot of content on YouTube. We have a monthly research
[53:12] publication called the Alpha Strategist, which we publish.
[53:17] You know, we've been publishing from 2012, right?
[53:20] So the rundown of that publication, you can find it on
[53:24] YouTube. We are there on X as well.
[53:27] So you will see a lot of our views being add that so we are
[53:33] pretty easy to access. Absolutely.
[53:35] I'll. I'll make sure to put all those
[53:37] links in the show notes below so our listeners can get there
[53:39] easily. Thank you so much, Ashley, for
[53:41] making time for this. It's been an absolute pleasure
[53:43] having this conversation with you.
[53:46] Thanks Prashant, it's been a pleasure talking to you and hope
[53:48] your audiences enjoy this conversation and they have some
[53:52] serious takeaways. Absolutely.
[53:56] Thank you so much.

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