We're posting up notes from the 2013 Value Investing Congress in New York. Next up is Rahul Saraogi of Atyant Capital (India). He presented "They Came. They Saw. They Hesitated. Making Sense of the India Opportunity."
Rahul Saraogi's Value Investing Congress Presentation
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Five years ago, a man
coined the term BRICs. Since then, 5 year BRICs performance. SPX did the best!
Why is India doing poorly?
Poor sentiment. Capital
investment has collapsed. It's easier to raise funds for his India fund when
the person hasn't visited. He says it's a terrible place to visit. CAPEX has
plummeted. Policy paralysis.
Nonexistent government.
India positives:
democracy, depth of markets, demographics. India negatives: government and policy.
No hope for improvement
now. Retail got wiped out in
2008 and insurance regulations hurt annuities.
Long NMDC
Traded on the Indian exchange. Iron producer in India,
majority owned by Indian govt.
Be sure to check out the other presentations from the New York VIC here.
