The Epicentre of Value Investing in India

Mr. Sanjoy Bhattacharyya is a Partner at Fortuna Capital. He has earned a PGDM from IIM Ahmedabad. He was the erstwhile Chief Investment Officer of HDFC Asset Management Company prior to which he was associated with UBS Warburg. He is a value investor with an abiding interest in behavioral finance. Apart from investing, he has a passion for bridge and the visual arts.

Interviews and Articles

Interview with Mr. Sanjoy Bhattacharyya
Synopsis of the Interview with Mr. Sanjoy Bhattacharyya Chief Investment Officer of HDFC Mutual Fund.

The Futility of Forecasting In The Stock Market
Most stock market forecasts are hopeless. The investor is better off betting on the fundamentals rather than market direction

Intuitive Investing: The Synthesis of Intuition & Analysis
What direction does the synthesis between intuition and analysis point towards as we wait for the outcome of the Lok Sabha elections?

Investors Often Play the Odds to Feel Good
Investors often pursue decisions that they expect will make them feel the best

You Notice Good Governance Only When It's Gone
You don't feel the presence of good management until it's gone

Understanding the Neglected Firm Effect
Generic stocks do not possess a reputation, but a lack of reputation should not be confused with low standards

How To Identify Neglected Stocks
The need for intelligent screening to achieve superior returns has no substitute

Neglected Firms Stocks: Knowing When to Sell
The third and final instalment in the series on investing in neglected firms

Make the Most of Tumbling Stock Markets
In search of value: Periods of turmoil in the market are wonderful opportunities to buy quality stocks cheap

Look for Bargain Stocks
Look for bargains in the current market situation, not ‘safe’ stocks

Best Investment Opportunities May be Cloaked in Fear
The mantra for the thinking investor is to buy fear and sell confidence

Putting Book Value and Price-Earnings Ratio in Perspective
Book value and PE ratio are common yardsticks to value a business. But they need to be put in perspective to arrive at a true picture

Bull or Bear: Don't Judge the Equity Markets Yet
While many global economies may have averted a default here and a decline there, the crisis is far from over. Don’t judge prematurely!

Investors Should Defy Conventional Wisdom
The huge advantage we investors need to cultivate is not to fall victim to the power of conventional thinking

How to Build a Robust Portfolio
The real challenge is to maximise the owner earnings you expect to receive from your initial investment over the holding period

Contrary Opinions in Investment Decisions
Contrary opinion helps in staying aloof from the crowd's psychology

Are Investors Wrong in Assuming the Worst is Over?
Enjoy the action-packed thriller that awaits you in the next few months but be sure you know exactly where the exits are before the theatre catches fire

Why Companies Do and Do Not Pay Dividends
There are a number of compelling reasons why companies do not and should not pay dividends

Panic-Induced Sell Off in Stocks Could be a Buying Opportunity
There are huge opportunities in some stocks that have taken a massive hit because of panic selling

Recognise Fear and Greed on the Stock Market
The ability to recognise fear and greed trumping fundamentals is the key to superior returns

Does Fright Make Right in the Stock Market?
Beaten down stocks or small-caps can sometimes trounce predictable growth stocks or large-caps

When the Stock Markets Tank, Stay On Course
Be patient when stock prices fall. You don't lose money when prices fall only when you sell at those prices

The Logic of Randomness in the Stock Market
No matter how attractive a stock, avoid it if you are unwilling to bear the cost of being wrong

Know What to Avoid While Investing
The thoughtful investor has many opportunities to make money in the current environment if he doesn't get trapped by the valuation of companies

Winning the Loser’s Game
Bridge is identical with a law of diminishing returns whittling away the gains from mastery of esoteric squeezes and coups.

Separating Risk And Return While Investing
The 2008 market crash has proved that risk and return aren't necessarily interconnected

The Trait Of A Successful Investor
Investors need to have emotional discipline to succeed

The Power of Mind Over Money
Confront failure and stay focussed on the entire portfolio

Dreading Risk in the Stock Market
Over-reaction is dangerous in arriving at investment decisions

The Art Of Selling Stocks
One of the keys to investment nirvana is the ability to know when to sell

Figuring Out Investing Odds
Investors should not base their decisions on small samples and blindly follow rules of thumb

Don't Get Into the Stock Market Now
Sit on the sidelines, watch others get rich instead of plunging in and singeing yourself

What the Prudent Stock Speculator is Doing
The market is fairly valued now but that doesn't mean equity should be your asset class of choice

What Sets Apart Smart Investors From The Rest?
The unknown has to be accounted for in today's markets that hardly offer any margin of safety

The Experts Don't Always Read the Stock Market Right
Experts are often as clueless as a novice when it comes to calling the market

Is the Stock Market Overreacting?
Stock market over-reaction to negative news can yield new opportunities

Three Risks Value Investors Should Guard Themselves Against
Investing Risks: The Unholy Trinity

Winners Get Rid of Non-Performing Stocks
Nobody Loves a Loser, but only the wise have the guts to get rid of dud stocks. For others, a broken portfolio sounds better than a bruised ego

The Role of Risk
Volatility and returns have no correlation in a market. Since volatility has no predictive power, it is useless in determining risk

When Investing, Scepticism is Your Best Friend
The most elegant investment ideas may turn to dust if you put them through a reality check

Sanjoy Bhattacharyya: While Investing in Markets, Watch the Grass Grow
Punts on hot tips are suicidal, and it is wise to be prepared for the unexpected

Preserve Your Capital
Don't try to determine if the market has hit its lowest point. Instead check if stock prices are attractive in relation to intrinsic values

Are We Making The Same Investment Mistakes?
Too much faith in our abilities has already cost us a lot. Yet we are making the same mistakes again

India Should Avoid Financial Over-Confidence
There is no point savouring the bullish stock market moments that have gone by. Avoid over-confidence and look ahead

Stay Balanced, Hold on to Stocks with Reliable Cash Flow
A sharp focus on company’s cash flows could still help you pick winners

Things To Pack For The Investing Journey
Welcome to The Forbes India Investment Guide 2010

In Praise of Lord Keynes
Investors running to catch the stock market rally have brought the master's words to life

The Myth of Fair Value
Waiting for just the right stock price before you buy? Then prepare to wait forever

Financial Times
Mumbai’s Mr Fixit delivers passage to India

Capitalideasonline.com - March 2000
Gaining On The Market - capitalideasonline.com - 14th March, 2000



Mr. Sanjoy Bhattacharyya, MP, Fortuna Capital & Ashish Chopra, Tribecca Brookman

Impact 03 (a): Mr. Sanjoy Bhattacharyya, MP, Fortuna Capital & Ashish Chopra, Tribecca Brookman

Impact 03 (b): Mr. Sanjoy Bhattacharyya, MP, Fortuna Capital & Ashish Chopra, Tribecca Brookman

Impact 03 (c): Mr. Sanjoy Bhattacharyya, MP, Fortuna Capital & Ashish Chopra, Tribecca Brookman


DIWALI SE DIWALI TAK with Mr. Raamdeo Agrawal and Sanjoy Bhattacharyya on CNBC Awaaz


Investing with Sanjoy Bhattacharyya
One of the masters of investing in India, Sanjoy Bhattacharyya, speaks about his method of investing and how that has changed over the decades.


MorningStar Investor Conference 2014 Panel with Sanjoy Bhattacharyya of Fortuna Capital, Punita Kumar Sinha Of Pacific Paradigm Advisors, Nilesh Shah Of Envision Capital, Andrew Holland Of Ambit Investment Advisors and Madhusudan Kela Of Reliance Capital

Part I

Part II


Value Investing Forum - Mr. Sanjoy Bhattacharyya
Mr. Sanjoy Bhattacharyya - Founder, Managing Director & CEO Fortuna Capital - speech on value investing forum Motilal Oswal Financial Services Ltd.

Part I

Part II


Motilal Oswal 3rd Value Investing Forum - Panel Discussion
Mr. Ramesh Damani -- Moderator (Member BSE), Mr. Raamdeo Agrawal (Joint MD, MOFSL), Mr. Nikhil Vora (Founder & CEO Sixth Sense Ventures), Mr Sanjoy Bhattacharyya (Founder, Fortuna Capital)


Panel discussion on Value Investing
Motilal Oswal securities conducted value investing forum and panel discussion On diversification versus concentration of portfolio, which have renowned names like Nilesh shah, sanjoy Bhattacharyya, Ramesh Damani including Raamdeo Agrawal

Part I

Part II

Part III

Part IV


5th Value Investing Forum - Panel Discussion
Topic: Learning from Warren Buffet Letters
Panelists: Mr. Raamdeo Agrawal, Mr. Sanjoy Bhattacharyya and Mr. Durgesh Shah.
Moderator: Mr. Navin Agarwal.

Part I

Part II

Part III

Part IV


RD 360

RD 360 with Sanjoy Bhattacharyya and Chetan Parikh - Segment I

RD 360 with Sanjoy Bhattacharyya and Chetan Parikh - Segment II

Sanjoy Bhattacharyya - RD360


Bazaar - Sanjoy Bhattacharyya, Founder Partner, Fortuna Capital - 11 Aug'14