Aniruddha Naha's most precious investing lessons

I started with DSP Microcap Fund in January 2008, which was the peak of the bull market. The year 2008 was a great period to learn the nuances of investing and what matters in bottom-of-cycle investing. Managing the micro-cap/small-cap segment in 2008 challenged lots of bull-market concepts of market cap/sales, EV/sales, EV/EBITDA, sum-of-part valuations, real-estate companies valued on land bank, among others. The challenges of 2008 taught me that the focus needed to be on cash flows.

This article was originally published on August 02, 2022.