Deepak Shenoy

The idea is - AI labs need data centers - nvidia needs to sell the chips to them - they both dont want to actually pay for the data centers cos it adds too much debt or eats into their free cash - so why don't other people (funds) pay for the data centers instead - these data centers earn rent from the ai companies - the money from the funds will pay nvidia for the chips -nvidia also keeps the centers running with improvements - likely locked to nvidia, so if a competitor has a better chip then can't use - nvda might finance upto 25% of a data center but only in select cases when they want to Great for nvda. Data centers funded by equity rather than debt somlosses are taken by risk players. Overall obsolescence risk exists but is spread to funds etc. (more)

The AWE mutual fund approach at the @capitalmind_in PMS has been a wealth builder for many investors, as it crossed 4 years in existence. Take a look:

Factor Scorecard - August 2026 ✅ Value had the best year. ✅ Momentum has the best 5-year win rate. ✅ Quality has the lowest current drawdown. The winner actually depends on what you're measuring. Our August Factor Scorecard has the full picture. t.co/CPVfM6g9IP

A year ago, we launched Capitalmind Flexi Cap Fund to bring a quantitative, factor-driven approach to the flexi cap space. Twelve months and a few market moods later, here we are. Thank you to everyone who backed us in year one. On to year two. t.co/oYIrgHqKo3

The letter from @deepakshenoy got me thinking - which is the first and last town/city in India, alphabetically? He has investors from Abhlod to Zira. @grok would you know?

Massive increase in liquidity - probably from the FCNR inflows. 3.5 lakh crores! With credit growth this strong, we should be careful and perhaps sell some gold (RBI has too much gold outside India) to reduce open liquidity.

FPI data for July is finally seeing foreign portfolio investors do a positive 20,000 cr. into equity after four months of pulling out money. (So far in August they've also added 12,000 cr more) x.com/deepakshenoy/status/2086…

Monthlies: Nifty ended July with a 2% return, but is still down quite a bit for the year this far. Would probably be good for averages if it stays at a negative return cos it's been 10 years of consecutive positive returns for the Nifty x.com/deepakshenoy/status/2086…

I've been on a break so now I'll post a whole lot of the monthly charts and all that. Bear with me.

@ku1deep Only entry risk, no problem in holding it. In India, an ETF (Exchange Traded Fund) can trade at a premium compared to mutual funds, where you always buy or sell exactly at the NAV (0:17:51 - 0:18:04). Explained here by @deepakshenoy t.co/Vml3kBSg3N

Years of writing about tax on Twitter/X has taught me that this is NOT the ideal medium for explaining tax especially when every attempt gets you abused, trolled and labelled a “Government agent”! So I have started a Substack: "Tax Me If You Can"!!! Yes, that movie had

Do listen in as we explain the thoughts behind the Capitalmind Mutual Fund approach and the Flexi Cap strategy

Recently sat with @deepakshenoy and @CalmInvestor to understand Capitalmind Mutual Fund’s Quant style of investing. When we think of an actively managed quant fund, it is less about actively picking stocks and more about actively managing the strategy. Within quant,

Good update. I'm more in favour of keeping the ecosystem flexible on mdr with flat fees for large transactions, but here is another thought: Make neft/rtgs/imps accept qr driven. Every bank app should read a qr format that automatically launches their transfer money part (after login) which allows instant transfers through imps or the rtgs or NEFT modes, which typically needs an otp to complete. Banks must show the charges applicable to the customer if any. Merchants can display this alongside their upi qr codes. This is always free for the merchant and they can even charge lower for direct account payments. Upi actually has an address format for direct account transfers, they could reuse that. Then yes mdr on upi is ok for large transactions, since there is an easy payment mode for the large ones outside upi and provides competition (and even utilities , schools etc can give a free payment mode to people)

PFIC. Four letters most US NRIs and OCIs may not have heard—until they get a tax bill that makes no sense. @deepakshenoy , @avijeet_sen and Shray Chandra break down Passive Foreign Investment Company rules: what they are, who they hit (US citizens, Green Card holders, anyone on

"$6 million is not gonna make any difference in my life. If you really think it's a good idea, go ahead." Risk capital's true alchemy is VCs believing in the essential goodness, ambitions and values of the founders they back. Trust is the true differentiator. I long for a day

India needs national iconic dosa brands, biryani brands etc. More power to Benne! Paradise and thalappakatto are slowly trying the biryani thing. Nailing down process and repeatability are key here and I so look forward to these going global too.

Made this an article for edits/comments later: x.com/deepakshenoy/status/2085…

RBI asks for comments on draft regulation that removes overdraft style on-demand take/repay loans by NBFCs. The deeper look. x.com/i/article/20857089758534…

RBI proposes a draft that removes on-demand loans by NBFCs. Means: No more overdraft like facility from NBFCs. This is important, because NBFCs could take security (like stocks, mutual funds etc) and give people a loan facility that behaves like a bank overdraft. Meaning, you get a facility for 50 lakh, and you can draw any amount, say 10 lakh for a few days, repay it back, then take it again etc. You get charged interest only for the time that you have taken money, but the facility itself lasts a year or more, so you can do this many times over. Effectively, it's on-demand credit repayable anytime, without new loan agreements each time This is a great facility, mostly because it can be used for temporary liquidity in a very short period of time, without needed to sell the stock or mutual funds you own. Now, if RBI's rules go through, only banks can do this. For you and me, this is a no brainer; banks have a 1 cr. limit on such overdrafts against securities. It hurts those that use such facilities to borrow more (only NBFCs can give higher value loans than 1 cr). By restricting this to only banks - it will massively reduce the playing field for such loans. And it will have to change the business model for loan-against-mutual-funds startups to move to pure term loans (fixed term loans, repayable in EMI or bullet, no repeated taking of loan once returned) Since this is an on-demand loan, the section pertaining to "demand/call loans" goes away. Meaning no loans that are flexible repayment whenever you want, etc. This still leaves some hope - that if you need money, you can quickly digitally get a loan, with a digital pre-approval perhaps. But it has to have a fixed tenure and repayment plan, with perhaps a zero prepayment penalty. (Or just use a bank) Also this hurts NBFCs that might on-lend to other NBFCs by taking securities as collateral. Don't know the impact of this yet. I think it's a little regressive, this rule. Perhaps they could restrict the scale of this to say 5 cr. per borrower instad of removing it outright from NBFCs. Banks need competition to do better for customers.

All progressive projects will see rent seeking opposition from ngos and activists, regardless of data that shows them to be safe. From kudankulam to the odisha steel projects by posco to even a data center, Vijay is right that we should absolutely fight against such rent seekers

Can't believe the old monk stiffed us in more ways than one

Not quite happy to see mdr in upi. Neft and Rtgs are free and well used. It should have a max absolute number like 5 rupees, or 0.2% whichever is lower. The cost isn't higher for higher numbers and at this volume even rs. 5 is good. Percent based mdr is like percent based brokerage...should be history.

Sadly, annuity returns are lousy. The 40 year government bond (super safe from credit defaults) is trading at 7.56%. Essentialy, if you took money out and put it into the 40 year bond, you will receive a payout of 7.56% per year and the principal back after 40 years, while being liquid through this time. Returns are taxable but so are annuities (annuity payments are taxable income)

More fraud. Good that people are getting caught. Prison time is a good way to dissuade such people. I hope it happens and fast.