Value, conviction & evolution: Key takeaways from Kalpraj Dharamshi’s playbook

In a candid interaction with ETNow, market veteran Kalpraj Dharamshi reflected on his multi-decade investing journey, sharing insights, personal evolution, and timeless lessons from his experience in Indian equities. From beginning in the 1980s bear market to learning alongside Rakesh Jhunjhunwala and observing Radhakishan Damani, Dharamshi shared how markets shaped his philosophy. “You have to fight your basic instincts.

.. but still, that instinct remains.



I am unable to overpay.” Dharamshi acknowledges the challenge of adapting to rising valuations over time, while holding on to his value-conscious roots. “Keep all your money in stocks.

No realty, no debt, no gold, no nothing.” Dharamshi credited Rakesh Jhunjhunwala for teaching him the power of full equity allocation and long-term conviction. “He figured out moats in his own way.

.. will you lend money to this promoter?” Dharamshi admired Damani's original thinking and practical wisdom, which he viewed as highly influential in investing.

“Make investing an act of wisdom, not intelligence...

judge the promoter, judge his integrity and capability and invest.” He highlighted the importance of qualitative assessment, long-term vision, and patience. “So, when crams, for example.

.. there was no way for me to know that, okay, this is the company which is going to succeed.

.. so you invested across those five-six.

” Dharamshi described his earlier thematic investing style, where he built baskets due to limited research and uncertainty. “Private equity requires a lot more intensive effort. You need a team and you need insights and you need a lot more time.

” His approach evolved from coattailing to leading investments when opportunities aligned and deeper involvement became possible. “You needed to eat, breathe, live the markets..

. that is what he looked for in his friends.” Reflecting on his relationship with Rakesh Jhunjhunwala, Dharamshi emphasized total market immersion and conviction.

“Evolving is the name of the game.” He warned against getting stuck in fixed investing styles or rigid parameters, encouraging constant learning and flexibility. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own.

These do not represent the views of The Economic Times).