"Popularity is the biggest risk in investing."

George Joseph of ASK Investment Managers has seen the 1991 scam, the 2000 tech bubble, and the 2008 crash. In this episode, he explains why the "hype" around certain sectors today is a massive red flag.

If you think you can "time the market," George shares a sobering lesson from his own 30-year career. This episode is a reality check on Investor Temperament. We discuss why "boring" asset allocation is the only "magic wand" in wealth management and why Indians need to stop acting like traders and start acting like owners.

Don't miss: The 3 books every serious investor must read to fix their mental models.

KEY TAKEAWAYS

1. The "5 Crore" Reality: You don't need a 100x multibagger. You need 12% returns and 25 years. A ₹25k SIP isn't just a saving; it's a retirement machine.

2. "Popularity is the Enemy": If your neighbor, your barber, and your Instagram feed are all talking about a sector (AI/EV/Defense), the "easy money" has already been made. Be careful.

3. The 85% Rule: ASK filters out 85% of the market based on "Governance" alone. If the management isn't ethical, the business growth doesn't matter.

4. Boring is Beautiful: The wealthiest people in India don't trade daily. They buy high-quality "boring" businesses and let compounding do the heavy lifting.

5. The "Black Swan" Preparation: You can’t predict a crash, but you can prepare. George reveals why shifting to Large Caps now is like buying insurance for your portfolio.

6. Fix Your Brain, Not Your App: The biggest risk to your wealth isn't the market—it's your own panic. Asset allocation is the only "magic wand" that actually works.
   
   
   
   From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.
   
   Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more
   Watch full episodes right here on YouTube
   Explore more at ivmpodcasts.com
   
   Connect with Anupam Gupta:
   Twitter: @b50
   Instagram: @b_50
   LinkedIn: Anupam Gupta
   
   Follow IVM Podcasts
   We’re @ivmpodcasts on Facebook, Twitter & Instagram

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In this episode of Paisa Vaisa, Anupam Gupta sits down with Akshat Seth, MD & CEO of Birla Nu. They deep dive into the 170-year legacy of the CK Birla Group and how one of India's oldest conglomerates is transforming for the modern age. Akshat shares his personal journey from a decade in management consulting to leading major operating businesses in healthcare and manufacturing.

If you are interested in business strategy, how large groups manage synergies, or want career advice on making the leap to the C-suite, this conversation is for you. We also discuss the massive rebranding of HIL to Birla Nu and the future of sustainable construction in India.

Key takeaways

• The Quality Litmus Tests: Akshat uses the "Family Test" for healthcare (treat patients like family) and the "Home Test" for manufacturing (make products you'd use in your own home) to ensure excellence .

• From Consultant to CEO: The transition requires shifting from pure strategy to execution—specifically the ability to build businesses from scratch (0-100) and scale mature ones (100-1000) .

• Rebranding HIL to Birla Nu: The rename wasn't just cosmetic; it signals a strategic shift to connect with modern consumers who demand technology and sustainability .

• Conglomerate Strategy: The CK Birla Group operates on professional management where individual CEOs run companies, bound together by shared values rather than micromanagement .

• Sustainability is Essential: Green manufacturing is no longer a differentiator but a "hygiene factor" necessary to compete in global markets like Europe and the US .

• Hiring Checklist: For leadership roles, Akshat prioritizes three traits: Hunger for growth, Ownership of the business, and Culture Match .

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Did you know that the addictive McDonald's Piri Piri mix or the Sour Cream & Onion flavor of Balaji Wafers were created by the man sitting in this chair? 🍟😲

In this episode of Paisa Vaisa, Anupam Gupta sits down with Ajay Mariwala, the visionary behind VKL Seasonings and Food Service India (FSIPL). Ajay is the "Secret Sauce" of the Indian food industry—literally! He shares the untold story of how his team beat global multinationals by a "mile and a half" to become India's #1 seasoning company.

From flying to Valsad to pitch a new flavor to the owners of Balaji Wafers to turning his mother's pickle recipe into ITC Bingo’s iconic Achari Masti, Ajay reveals exactly how billion-dollar flavors are invented.

We also dive deep into the brutal reality of the restaurant business. If you dream of opening a cafe, you need to hear Ajay’s "Head vs. Heart" advice , why 35% is the magic number for food costs , and the unique "Toilet Test" you must do before buying a franchise.

Takeaways

1. The Creator of Icons: Ajay’s team is responsible for creating the McDonald’s Piri Piri mix and Balaji Wafers’ Sour Cream & Onion flavor, beating global competitors.

2. The QSR Golden Ratio: For a Quick Service Restaurant to be viable, food costs must stay between 33-35%. Rent should always be the second highest cost, not the first.

3. Head Over Heart: Don't open a restaurant just because you love food. You need a 24-month cash runway because most restaurants fail in the first 9 months due to quality inconsistency.

4. The "Toilet Test": The best way to judge a franchise's operational discipline isn't the food—it's the hygiene. If the toilet is clean, the kitchen is likely clean too.

5. The Tier-2 Opportunity: Expansion in major metros (Mumbai/Delhi) is slowing due to high rents and saturation. The real ROI is now in Tier 2/3 cities where rents are 8-12% (vs. 15-20% in metros).
   
   From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.
   
   Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more
   Watch full episodes right here on YouTube
   Explore more at ivmpodcasts.com
   
   Connect with Anupam Gupta:
   Twitter: @b50
   Instagram: @b_50
   LinkedIn: Anupam Gupta
   
   Follow IVM Podcasts
   We’re @ivmpodcasts on Facebook, Twitter & Instagram

See omnystudio.com/listener for privacy information.