Rajeev Thakkar of PPFAS on The India Opportunity Show with Shrishti Sahu | Long-term Compounding in Stock Markets & First Principles Thinking
CIO of PPFAS on how to build generational wealth in the stock markets
Hello everyone, welcome to The India Opportunity Show where you get a front-row seat to people building India’s future. We talk about unlocking the potential of the country with founders, investors, creators, and successful leaders from different fields to bring you real-life stories and behind-the-scenes of what it takes to be at the forefront of building the India Story.
Episode 17, Season 3 of The India Opportunity Show is out now! You can watch it on YouTube or listen on Spotify or Apple Podcasts.
Today on the podcast, we’re joined by Rajeev Thakkar, Chief Investment Officer and Director at PPFAS Mutual Fund, and one of the most thoughtful, principled voices in Indian investing.
Rajeev is known for an approach that goes beyond market narratives and short-term forecasts. His philosophy is deeply rooted in first-principles thinking, breaking businesses and decisions down to what truly matters and in a profound respect for the quiet, often underestimated force of long-term compounding. Rather than chasing momentum, he focuses on allowing capital, businesses, and ideas to grow steadily over time.
What truly sets Rajeev apart is his willingness to take measured contrarian positions: to be patient when others are impatient, and skeptical when markets are euphoric. At PPFAS, this mindset has shaped a distinctive investment culture that emphasizes risk management, capital preservation, and rational decision-making, even when that means standing apart from the crowd.
In an industry often driven by noise, Rajeev brings clarity. In markets often dominated by certainty, he embraces humility. And in a world obsessed with the next quarter, he remains firmly focused on long-term value creation and aligning outcomes with investors’ best interests.
This conversation goes beyond stocks and markets. We’ll explore how Rajeev thinks about compounding of capital, temperament, and learning how first principles guide his decisions, and why independent thinking is becoming increasingly rare, yet more valuable than ever.
Chapters:
00:00 — Introduction
03:44 — Realistic equity return expectations
06:10 — The “rearview mirror” mistake in investing
07:37 – The biggest behavioural mistakes investors continue to make
09:21 – How retail investors should evaluate IPOs
10:54 – Governance risks in VC-backed, promoter-light companies
14:07 – Protecting yourself from post-IPO value erosion
16:51 – How to think about valuations in high-multiple stocks
22:18 – Loss-making tech companies, growth narratives & reality
26:29 – New-age sectors vs old-economy businesses (coal, renewables, defence)
31:49 – AI investing: platforms, infrastructure & realistic expectations
34:56 – Nvidia, circle of competence & knowing what not to invest in
39:26 – Small-cap hype vs large-cap realities
43:53 – Concentration vs diversification in portfolio construction
47:20 – India vs global markets: where diversification actually helps
50:35 – Ideal India–global allocation for long-term investors
54:38 – Private markets, pre-IPO hype & family office mistakes
59:58 — Long-term discipline, survival, and final reflections
01:01:10 — Final reflections and discipline
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Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered financial advice. Viewers are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.