Interviewee: Vijay Kedia
Interviewer: Sonia Shenoy
Subject: Vijay Kedia’s Investment Secrets: SMILE Framework, Market Trends
Date: 30 January 2025
- In investing, there will be times when luck will save you from a loss. The idea is to learn from this experience because luck may not save you the next time.
- Vijay Kedia (VK) prefers to invest in small and mid caps because he believes that these companies can become multibaggers more quickly than large caps.
- He follows the SMILE framework. SMILE stands for – Small in size; Medium in experience; Large in aspiration; Extra large market potential
- Management plays a very important role and should have experience of at least 15-20 years during which they would have undergone many market cycles and faced many challenges to grow the business. The management must also be ambitious and have high aspirations to grow the business.
- VK looks for companies in sectors which are very large and have huge growth potential.
- He doesn’t look at markets in terms of ‘bull’ market and ‘bear’ market; he believes he is in the ‘stock’ market.
- If the economy is growing, the stock market will automatically grow because it’s a reflection of the economy.
- When the market rises very steeply, he becomes defensive. When the market is in a crisis he goes into offensive mode.
- Those who have built wealth are the ones who have invested in a bear market.
- He has a lot of patience. He believes – chase the story behind the stock, not money on the table. Money will make you rich, but the story will make you wealthy.
- As long as the growth story of the company is intact, he holds on to the shares irrespective of where the price moves. His focus is on the activity of the company and not its stock price.
- He focuses on what is not working and not what is in fashion. Specific sectors he finds interesting are tourism, infrastructure and PSU banks.
- He gets a thrill from taking risks. When his money is lying in the bank, he doesn’t get sleep at night.
- He doesn’t talk to the management. He believes that the management themselves don’t know what is going to happen. Instead, he looks at the demand for the company’s product in the market.
- His formula for success in markets/investing – FORMAL: Focus – Stay focused on investing; Observation – Observe what is changing in the system; Risk taking – You need to have risk appetite; Marathon – Think long term; Adaptability – Adjust yourself to the market; Love – Love the market
- He believes China is the first wonder of the 21st century and has all the futuristic technology. To catch up with China, India will have to grow at 25% a year. He has invested in Chinese ETFs using the $250,000 liberalized remittance scheme for investment per year which is allowed for Indians.
- He believes that crypto currencies will survive and if they were listed on the Indian market he would have bought them. He has been tracking cryptocurrencies.
To access the interview, click here.
Disclaimer: The key points of the interview presented here are not a substitute to listening to the full interview. To get the interviewee’s holistic message requires listening to the entire interview.
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