FLAME INVESTMENT LAB

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.
http://capitalideasonline.com/articles/index.php?id=66

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
http://forbesindia.com/printcontent/18542

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?
http://forbesindia.com/article/column/intuitive-investing-the-synthesis-of-intuition-analysis/37678/0#ixzz4CZWQqECq

Investors Often Play the Odds to Feel Good
Investors often pursue decisions that they expect will make them feel the best
http://forbesindia.com/article/column/investors-often-play-the-odds-to-feel-good/37510/1#ixzz4CZWrCG92

You Notice Good Governance Only When It's Gone
You don't feel the presence of good management until it's gone
http://forbesindia.com/article/column/you-notice-good-governance-only-when-its-gone/37241/1#ixzz4CZX8rUBE

Understanding the Neglected Firm Effect
Generic stocks do not possess a reputation, but a lack of reputation should not be confused with low standards
http://forbesindia.com/article/column/understanding-the-neglected-firm-effect/36161/1#ixzz4CZXgnDUf

How To Identify Neglected Stocks
The need for intelligent screening to achieve superior returns has no substitute
http://forbesindia.com/article/column/how-to-identify-neglected-stocks/36251/1#ixzz4CZXWEFWs

Neglected Firms Stocks: Knowing When to Sell
The third and final instalment in the series on investing in neglected firms
http://forbesindia.com/article/column/neglected-firms-stocks-knowing-when-to-sell/36339/1#ixzz4CZXM3mfc

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
http://forbesindia.com/article/column/make-the-most-of-tumbling-stock-markets/35973/1#ixzz4CZXrAq7T

Look for Bargain Stocks
Look for bargains in the current market situation, not ‘safe’ stocks
http://forbesindia.com/article/column/look-for-bargain-stocks/35731/1#ixzz4CZY1amyS

Best Investment Opportunities May be Cloaked in Fear
The mantra for the thinking investor is to buy fear and sell confidence
http://forbesindia.com/article/column/best-investment-opportunities-may-be-cloaked-in-fear/35513/1#ixzz4CZY7nraD

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
http://forbesindia.com/article/column/putting-book-value-and-priceearnings-ratio-in-perspective/35175/1#ixzz4CZYHF54g

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!
http://forbesindia.com/article/column/bull-or-bear-dont-judge-the-equity-markets-yet/34689/1#ixzz4CZYThkrO

Investors Should Defy Conventional Wisdom
The huge advantage we investors need to cultivate is not to fall victim to the power of conventional thinking
http://forbesindia.com/article/column/investors-should-defy-conventional-wisdom/34855/1#ixzz4CZYx4OkF

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
http://forbesindia.com/article/column/how-to-build-a-robust-portfolio/35001/1#ixzz4CZZHaNlj

Contrary Opinions in Investment Decisions
Contrary opinion helps in staying aloof from the crowd's psychology
http://forbesindia.com/column/column/contrary-opinions-in-investment-decisions/34285/1

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
http://forbesindia.com/column/column/are-investors-wrong-in-assuming-the-worst-is-over/33915/1#ixzz4CZbEPOhh

Why Companies Do and Do Not Pay Dividends
There are a number of compelling reasons why companies do not and should not pay dividends
http://forbesindia.com/column/column/why-companies-do-and-do-not-pay-dividends/33650/1#ixzz4CZbJvL9t

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
http://forbesindia.com/column/column/panicinduced-sell-off-in-stocks-could-be-a-buying-opportunity/33476/1#ixzz4CZbfA3W2

Recognise Fear and Greed on the Stock Market
The ability to recognise fear and greed trumping fundamentals is the key to superior returns
http://forbesindia.com/column/column/recognise-fear-and-greed-on-the-stock-market/33278/1#ixzz4CZbkqRTp

Does Fright Make Right in the Stock Market?
Beaten down stocks or small-caps can sometimes trounce predictable growth stocks or large-caps
http://forbesindia.com/column/column/does-fright-make-right-in-the-stock-market/33062/1#ixzz4CZbroDmA

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
http://forbesindia.com/column/column/when-the-stock-markets-tank-stay-on-course/32706/1#ixzz4CZcAZv4u

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
http://forbesindia.com/column/column/the-logic-of-randomness-in-the-stock-market/32380/1#ixzz4CZcRIdP8

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
http://forbesindia.com/column/column/know-what-to-avoid-while-investing/32158/1

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.
http://forbesindia.com/blog/bridge-logic/winning-the-losers-game/

Separating Risk And Return While Investing
The 2008 market crash has proved that risk and return aren't necessarily interconnected
http://forbesindia.com/column/column/separating-risk-and-return-while-investing/30482/1

The Trait Of A Successful Investor
Investors need to have emotional discipline to succeed
http://forbesindia.com/column/column/the-trait-of-a-successful-investor/29512/1

The Power of Mind Over Money
Confront failure and stay focussed on the entire portfolio
http://forbesindia.com/column/column/the-power-of-mind-over-money/28762/1

Dreading Risk in the Stock Market
Over-reaction is dangerous in arriving at investment decisions
http://forbesindia.com/column/column/dreading-risk-in-the-stock-market/28002/1

The Art Of Selling Stocks
One of the keys to investment nirvana is the ability to know when to sell
http://forbesindia.com/column/column/the-art-of-selling-stocks/27282/1

Figuring Out Investing Odds
Investors should not base their decisions on small samples and blindly follow rules of thumb
http://forbesindia.com/column/column/figuring-out-investing-odds/26492/1

Don't Get Into the Stock Market Now
Sit on the sidelines, watch others get rich instead of plunging in and singeing yourself
http://forbesindia.com/column/column/dont-get-into-the-stock-market-now/25652/1

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
http://forbesindia.com/column/column/what-the-prudent-stock-speculator-is-doing/24812/1

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
http://forbesindia.com/column/column/what-sets-apart-smart-investors-from-the-rest/23932/1#ixzz4CZhQmDLc

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
http://forbesindia.com/column/column/the-experts-dont-always-read-the-stock-market-right/22742/1#ixzz4CZhVfizp

Is the Stock Market Overreacting?
Stock market over-reaction to negative news can yield new opportunities
http://forbesindia.com/column/column/is-the-stock-market-overreacting/22002/1

Three Risks Value Investors Should Guard Themselves Against
Investing Risks: The Unholy Trinity
http://forbesindia.com/column/comment/three-risks-value-investors-should-guard-themselves-against/19392/1#ixzz4CZhfmwYL

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
http://forbesindia.com/column/column/winners-get-rid-of-nonperforming-stocks/16482/1

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
http://forbesindia.com/column/column/the-role-of-risk/15332/1

When Investing, Scepticism is Your Best Friend
The most elegant investment ideas may turn to dust if you put them through a reality check
http://forbesindia.com/column/column/when-investing-scepticism-is-your-best-friend/14402/1

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
http://forbesindia.com/article/column/sanjoy-bhattacharyya-while-investing-in-markets-watch-the-grass-grow/13782/1#ixzz4CZj5q3LM

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
http://forbesindia.com/column/column/preserve-your-capital/13162/1

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
http://forbesindia.com/column/column/are-we-making-the-same-investment-mistakes/12362/1

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
http://forbesindia.com/column/column/india-should-avoid-financial-overconfidence/11682/1

Stay Balanced, Hold on to Stocks with Reliable Cash Flow
A sharp focus on company’s cash flows could still help you pick winners
http://forbesindia.com/column/column/stay-balanced-hold-on-to-stocks-with-reliable-cash-flow/9552/1#ixzz4CZjg2iID

Things To Pack For The Investing Journey
Welcome to The Forbes India Investment Guide 2010
http://forbesindia.com/column/investment-guide-2010/things-to-pack-for-the-investing-journey/8812/1

In Praise of Lord Keynes
Investors running to catch the stock market rally have brought the master's words to life
http://forbesindia.com/column/column/in-praise-of-lord-keynes/7362/1

The Myth of Fair Value
Waiting for just the right stock price before you buy? Then prepare to wait forever
http://forbesindia.com/column/column/the-myth-of-fair-value/2852/1

Financial Times
Mumbai’s Mr Fixit delivers passage to India
https://www.ft.com/content/9d3d777c-fac5-11e2-87b9-00144feabdc0

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


Presentations


Videos

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
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
Panelists
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