Gaurav Rastogi

You are here, I am not.
Wealth at CRED, Founder at Kuvera.

[Gaurav Rastogi @rustapharian]

The average MF portfolio is 85% in equity and has a lifetime return of 9.6% p.a.

1. A lot of folks should just FD - less headache.

2. Pay for advice. Not to beat the index, but to beat the avg.

3. How bad are stock portfolio returns? So bad your broker won’t show it.

[Chicken Little @Chicky_Think]

🇸🇬 Singapore is going ALL IN on AI.

$27B committed,
#2 globally for AI adoption,
62.8% of the population already using gen AI.

Here's the full picture — policy, capital, infrastructure, and how they're getting every citizen ready. 🧵 [1/5]

[Gaurav Rastogi @rustapharian]

The Year 1 max drawdowns of large tech IPOs. Avg around 54% .

[Gaurav Rastogi @rustapharian]

https://t.co/6oOEUQ1Kfm

[Gaurav Rastogi @rustapharian]

Past drawdowns and time corrections are seen as opportunities to invest, while current ones look like existential risk.

If you are in that camp now is as good a time as any to lean on "If" by Kipling.

If you can buy when headlines turn to thunder,
And hold when others call your patience blind;
If you can watch your paper profits vanish,
Yet keep facts, not fear, inside your mind;

If you can sit through years of dull compounding,
While brighter stories dance across the floor;
If you can sell when truth has changed its clothing,
And not because your gut asks for more;

If you can build a system, then obey it,
When every nerve would rather act alone;
If you can bear both boredom and the drawdown,
And not disturb the wealth you already own;

When noise, fear and markets lose their power,
And you need neither the validation nor the crowd;
Then yours is the harder and rarer art of investing,
And staying the course when nothing feels assured.

: GR

[Gaurav Rastogi @rustapharian]

A random walk creates random patterns. Thats the lesson.

[Health & Wealth @_HealthZwealth]

Hindustan Unilever – 0 return for 6 years
HDFC Bank – 0 return for 5 years
Kotak Bank – 0 return for 5 years
Asian Paints – 0 return for 5 years
Infosys – 0 return for 6 years
TCS – 0 return for 6 years
ITC – 0 return for 4 years
Reliance – 0 return for 4 years

What’s the lesson here?

[Diva Jain @DivaJain2]

Both brothers have billions and one travels around the world to ask inane questions to the Rich and Famous -

but they cant even put together a research team that has the common sense to cite research papers and authors in a simple tweet thread before blathering on findings.

[Keji Mao (毛克疾） @kejimao]

The diagram below visualizes what brain drain looks like in India's case.

There's a strong positive relationship between the PISA scores of natives in countries and the scores of second-generation immigrants whose ancestry is from those countries.

That India is the most striking outlier in the diagram tellingly demonstrates how the West harvests and siphons off the brightest Indian talent, as measured by average PISA scores, much more aggressively than it does to other countries.

[Gaurav Rastogi @rustapharian]

https://t.co/6oOEUQ1Kfm

[Gaurav Rastogi @rustapharian]

The highest ROI is in selling a feeling.

[GeLun Ding @gelunding]

我一直觉得泡泡玛特最大的问题，就是Labubu根本没什么实际用处。但看完王宁这段采访后，我突然发现，这可能恰恰就是它的商业模式。王宁说，假如你是世界首富，如果家里的水龙头忘了关，白白流了一整天的水，你还是会心疼。但如果你家门口有个喷泉，每天浪费的水比水龙头多得多，你却不会觉得有什么问题。因为一个东西只要有实际用途，人就会变得特别理性，会去算值不值、贵不贵、有没有性价比。但如果一个东西本来就没什么用，人反而容易变得不理性，买它更多是因为喜欢、开心，或者单纯觉得它很酷。

[pj @BeingPractical]

31 May 2020:
I was on the road, staring at failure at the start of my 40s.

1 June 2020:
6 years back, on this day I started my journey of building Raise (@RaiseTheBarHQ) from zero.

The day before, I held a fancy title of Founder, Managing Director and CEO of a financial services company, was an industry pioneer and a leader, built and scaled a product that redefined how India invested online, that made mutual funds popular, and introduced direct mutual funds to the masses. Built a venture that managed few billions dollars and was possibly valued as much as.

Next day, I had nothing. No titles, No power. No team. No salary, No stocks. Practically made no money from the venture I gave everything to for 3 years to make it a grand success. Founders like me are emotional fools & immature beings who trust easily and take a word as a word, only to realise one day - the world doesn't work the way one thinks it works.

Tried to raise money from venture capital, which I thought would be a easy thing to do but it was not. Almost every VC out there rejected me. Few influential people made raising capital a bit difficult. Many VC & partners who promised term-sheets, stopped responding to emails / chats or just backed out.

All of this happened during peak COVID times. I was staring at failure at the start of my 40s. I had no idea what the future would hold for me. Job was never an option, I am too practical and also much of a straight-talker to survive in a corporate life. I had started up 3 times earlier, and was more or less a failure. Somehow gathered courage to start-up again just because giving up again was never an option.

Times have changed since then!

Today we are a team of ~650+ builders and believers at Raise.

Only thing we care about is building the best consumer experiences across all the products we are building - @DhanHQ @ask_fuzz @Upsurge_club @Stratzy_HQ @FilterCoffeeHQ and few more ventures in insurance, wealth and investing that we are building.

5 years back value of everything was Zero. Today for whatever it means, Raise is a unicorn valued at USD 1.2 Bn. At some point, I was offered good money as some sort of settlement which of course I never took. This is why I say that as founders, some of us are emotional fools who keep taking chances even after losing it all!

Looking back, even after this crazy journey and tons of luck by my side, I am still more of an emotional & introvert founder fool. We are still in our early days of building and are far from where we want to be.

Once again, there's no inspiration or gyan here for anyone. Tu tera dekh le bhai, yahaan mein khud bhagwan ke bharose pe hoon..

I post this just as a reminder to myself - never forget where & how we started from.

More importantly to express my gratitude to all those who stood by me and supported us in my tough times - as co-founders, team members, colleagues, believers, supporters, cheerleaders, well wishers, investors, friends and most importantly as our customers.

Thank you, I wouldn't have made it till here without you 🙏

[Itamar Golan 🤓 @ItakGol]

Men in their 40s used to have cool midlife crises… now they just have agentic workflows.

Bought a Claude subscription instead of a Porsche lmao.

[Gaurav Rastogi @rustapharian]

What’s old is new again. $NOK and $BB next. It’s meme coin time with old tech in a new bottle.

[Gaurav Rastogi @rustapharian]

China spent 2.69% of its GDP on R&D in 2024. India spent 0.64%, and that number has barely moved in twenty years.

However, China’s stock market does not reflect that. Over the last ten years MSCI India returned 9.9% p.a vs 6% for China in USD terms.

It’s because the two countries route their surplus differently.

China pours it into factories, infrastructure, and labs. The state captures most of the gain. China per-capita income is 5x India’s from a similar base in 1980s. The listed company gets crumbs.

India runs the opposite system. Less goes into productive investment. More gets captured by listed shareholders.

[Gaurav Rastogi @rustapharian]

RIP @BashirBadra

[Gaurav Rastogi @rustapharian]

The retail demand mobilization for @SpaceX IPO is absolutely impressive.

[Gaurav Rastogi @rustapharian]

TL;DR Korea is seeing outflows cos they cooked hard. We are seeing outflows cos we are cooked. And taxes play only a small part in all of this.

FIIs fleeing India for Korea and Taiwan because of our tax code is a convenient excuse, but it misses how global capital works. FIIs aren't fleeing taxes; they chase performance cycles and structural moats, and then optimize on taxes amongst other things.

Look at the actual data:
• South Korea: record-breaking capital outflows as shown in the Bloomberg chart.
• Taiwan: moderate net-inflows, overwhelmingly to TSMC.

The hierarchy of investing has always been you invest to make money first, then you optimize for taxes. If the first part fails, the tax rate is irrelevant. Taiwan and Korea have higher STT and lower cap gain taxes than India.

What does matter in tax code is stability. A constantly shifting tax code punctuated by retroactive tweaks creates risk. A risk that can't be predicted or hedged. Investing is already hard enough to then add this additional burden.

So why the record outflows in Korea? Because Korea is coming off an absolute DRAM earnings bonanza. Samsung and SK Hynix have ripped so hard on the AI wave that fund managers have hit concentration limits and are forced to trim positions.

Investors allocate based on value, cycles, conviction and position limits. Stop blaming the tax code for an allocation shift. Build high-conviction companies at justifiable valuations, and global capital will happily show up, pay the tax, and stay put.

[Gaurav Rastogi @rustapharian]

The inefficient market hypothesis is in full swing.

[Prepared Remarks @P_Remarks]

SPCE up 50% because wsb said its most likely typo when ppl trying to buy SpaceX ipo

And you care about fundamentals

[Gaurav Rastogi @rustapharian]

Investing is easy. Just buy whatever @realDonaldTrump asks you to buy.

[Gaurav Rastogi @rustapharian]

Interesting question. Some of it is same as direct stock investing vs stock MF / ETF investing.

But maybe the dispersion of bond returns is not large enough to do it oneself?

[Neil Borate @ActusDei]

I don't understand. Why wouldn't you buy bonds via debt or hybrid funds?
1)Funds invest in many bonds; a single NCD is a concentrated bet
2) Fund gains are deferred to redemption, bond interest taxed annually
3) Debt funds - daily NAV exit, bonds have thin secondary mkts

[CryptoGoos @cryptogoos]

🚨 THE COMPANY THAT COULD BREAK THE MEMORY CARTEL IS ABOUT TO IPO.

Samsung, SK Hynix, and Micron control 70% of global DRAM.

Goldman calls it RAMageddon.

Today the threat just got real.

🇨🇳 CXMT, China's national memory champion, just got Shanghai's green light for a $4.2 BILLION IPO.

The biggest listing since SMIC.

Corsair, one of the biggest American memory brands, already got caught putting Chinese chips inside their DDR5 kits.

The supplier? CXMT.

Their numbers are insane:
• Revenue just grew 8x in a single quarter.
• Profit grew 17x. Next quarter?
• They're targeting 25x.
• They will double production this year.

Now China is loaded with $4.2 BILLION in fresh capital, ready to undercut everything.

[Gaurav Rastogi @rustapharian]

@quxiaoyin More and more people are trying the Chinese AI models and coming back impressed

https://t.co/mxoVJkQzbj

[Gaurav Rastogi @rustapharian]

AI is a China story. They already have cheap and abundant energy. Give them a year or two to get on par in memory and chips. You should be building on @deepseek_ai and @Alibaba_Qwen