Jun 3, 2025
In this wide-ranging chat, Shray plays devil’s advocate while Deepak unpacks why conflict often jump-starts economies, how India’s defence binge could spill over into everything from lithium mining to 10-minute groceries, and why a 70-hour work-week isn’t the villain Twitter thinks it is.
Returns—not patriotism—ultimately determine whether CapEx endures,
a reality visible in the economics of fracking, rare-earth
extraction, and the three types of “crazy” investors who fund
long-shot bets: governments, bondholders, and VCs. India’s
manufacturing ambitions have long been stifled by outdated labour
laws and missed opportunities, but we may now be staring at a rare,
once-in-a-generation window of opportunity. While defence and
industrial stocks might seem richly valued, there's still plenty of
runway—especially if order books start to triple. That said, the
journey is fraught with risks: a sluggish judicial system,
bureaucratic inertia, and our national knack for fumbling promising
leads. For investors, the challenge is knowing when to play defence
and when to swing for the fences in a market that increasingly
rewards conviction.
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00:00 - Intro
01:09 - Wars & the Economy
12:56 - Return on Investment - Driver of returns
25:28 - Does CapEx without justification work?
35:30 - Why don't we manufacture in India anyway?
47:33 - Labor laws - Why do they exist?
55:20 - Is the rally already priced in?
01:11:18 - What’s the downside risk?
01:15:49 - Where do you invest now?
01:19:03 - Trump, 70 Hours & Self-Reliance!
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Deepak's Twitter: @deepakshenoy
Shray’s Twitter: @shraychandra
Capitalmind Twitter: @capitalmind_in