Jun 02 2023 39 mins
Prashant Khemka has a strong track record managing capital in India and global emerging markets. He established Goldman Sachs Asset Management’s India franchise in 2006, was lead portfolio manager of Goldman’s India Equity and Global Emerging Market Equity strategies, and in 2017 founded White Oak Capital Management, where he has continued to deliver impressive returns. We discuss Prashant’s investment philosophy, how to build a high performing team, why investing is similar to elite sport, and the attractions of investing in India.
Show notes:
[01:27] Catching the investment bug
[04:04] Prashant’s early career
[06:16] Learning from a mentor
[08:10] Building a strong investment culture
[10:25] Having an elite performance mentality
[13:02] The key attributes of good stock pickers
[14:39] India is an alpha rich market
[15:46] The importance of good governance and a strong rule of law
[17:55] India’s equity market is becoming more efficient but it takes time
[20:26] India’s economic strength provides a solid foundation
[22:24] Growth is a function of change
[25:04] Investing in great businesses at attractive valuations
[29:10] Emerging market private sector banks offer more profitable opportunities with lower risk
[32:44] Indian equity valuations relative to history
[36:41] Growth is a critical component of the value equation
[38:47] Spend more time with family and focus on learning what you love