
Design + Tech. Executive Director @CapitalmindMF. Strategy & investment technology across the @capitalmind_in group.
India
Joined February 2015
- Tweets20.9K
- Following701
- Followers12.6K
- Likes4K
Vashistha Iyer retweeted
In the spirit of Diwali, Anoop @calminvestor and I spoke with @_soniashenoy on the journey at @capitalmind_in from a blog to a PMS and also a mutual fund, our investment philosophy, and untold stories. (And why my prediction post fails every year)
Link: youtu.be/R13lMfqKgBc
Vashistha Iyer retweeted
Wish you all a Happy, Prosperous, Fun filled, Healthy Diwali! From our incredibly diverse team, in the languages we know:
Vashistha Iyer retweeted
Since 2007, every Diwali, Deepak Shenoy has made a market prediction and returned to tell us what actually happened. But what does he really think about predictions, in the markets or otherwise?
This Diwali, @_soniashenoy joins @deepakshenoy and @CalmInvestor for a candid conversation about Capitalmind’s journey: from a humble blog to a PMS to a Mutual Fund, the philosophy that shaped us, what’s next, and of course... Why Bengaluru?
Expect untold stories, candid conversations and a few surprises.
Coming soon on the Capitalmind YouTube channel (youtube.com/@CapitalmindHQ). Stay tuned!
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Vashistha Iyer retweeted
Advance wishes for a very Happy and Prosperous Diwali! Wishes for your health, your growth and your happiness in the coming year, from all of us at @CapitalmindMF and @capitalmind_in !
Vashistha Iyer retweeted
Our oldest investment approach in the PMS turns 9.
Surge India launched in Nov 2017, the same month we got our PMS license. The broad idea is the same today as it was then. Find the themes building India, back 3 to 5 companies in each theme, and give every stock 3-4 quarters to prove its case.
Around 30 stocks, no single name above 15%, no theme above 40%. And cash when nothing looks worth buying.
We manage ~700cr in this strategy now. 9 years of running real client money on fundamental themes has taught us plenty, from what we got right to what we didn’t. Both shaped how the strategy works today.
@iKrishnaAppala who is our Principal Officer and the Fund Manager of Surge India, has the full story below. Thank you to every client who’s been with us for the journey.
Vashistha Iyer retweeted
This paper answers why confident idiots run the world.
Cornell University published a psychological paper that explains every terrible boss, every loud influencer, and every broken corporate hierarchy.
It’s called “Unskilled and Unaware of It.”
they tested participants across logic, grammar, and humor to measure the gap between actual performance and self-perception.
And the results are wild.
participants scoring in the bottom 12th percentile consistently believed they were operating in the 62nd percentile.
they were not lying. they were literally incapable of recognizing their own incompetence.
the paper revealed a brutal paradox:
the exact skills required to master a domain are the exact same skills required to accurately evaluate your own competence in that domain.
if you lack the skill, you inherently lack the cognitive capacity to realize you are failing.
this creates a dangerous systemic loop.
the incompetent are blessed with absolute, blinding certainty. their brain protects them from their own ignorance, allowing them to speak first, demand authority, and never second-guess their decisions.
meanwhile, the actual experts suffer the exact inverse.
top performers in the study consistently underestimated their rank. because a task was easy for them, they falsely assumed it was easy for everyone else.
they hesitate. they obsess over nuance. they assume they have nothing unique to add.
we are biologically wired to confuse confidence with competence.
the loudest person in the room gets promoted, gets funded, and gets the microphone, not because they know what they are doing, but because they are physically incapable of seeing what they don't.
the only defense mechanism is building systems that stop rewarding absolute certainty and start demanding proof of work.
Vashistha Iyer retweeted
Mutual Fund baskets in a PMS have gotten popular over the last few years. We’ve run them at Capitalmind Wealth since 2019 (before it was cool).
In this podcast, @shraychandra, @deepakshenoy @investkahakare , and @avijeet_sen discuss why MF baskets make sense in a PMS, what you’re actually paying for (and why we don’t charge a performance fee on them), what MF baskets we offer, how to match your asset allocation to your goals, and what the new PMS regulations could mean for MF-based portfolios.
youtu.be/t-Aw0oakKzs
Vashistha Iyer retweeted
Probability of being terminated and relative performance
klementoninvesting.substack.…
Vashistha Iyer retweeted
The Nifty 500 is down 9% from its all time high. But the median stock in the index is down 29% from its own peak.
The gap is even wider in small caps. The Nifty Smallcap 250 is down 5% while its median stock has fallen 32%.
The correction looks very different when you look beyond the index numbers.
Here's how deep the fall has been across large, mid and small caps.
Vashistha Iyer retweeted
[Mutual Fund Flows]
Four highlights from AMFI's latest monthly update.
- SIP inflows reached a record ₹32,490 crore in September.
- Equity fund inflows grew 13.6% in Jan-Sep 2026 compared with the same period last year. Redemptions grew even faster at 24.4%.
- Small and Mid Cap funds attracted higher net inflows while thematic funds saw a drop.
- Multi Asset net inflows rose 70% to ₹49,118 crore in Jan-Sep 2026 compared with the same period last year, while Arbitrage net inflows fell 79% to ₹12,982 crore.
Vashistha Iyer retweeted
Replying to @CapitalmindMF @deepakshenoy
@divyanshagnani, our Associate Fund Manager, uses a single Formula 1 pit stop decision to explain why we build portfolios that respond to markets rather than try to predict them.
Added a whole bunch of new insights across:
- Aggregate earnings
- Bond yields
- Demat holdings
- Unique mutual fund investors
- SIP returns
- IPO performance and listing day gains
- ETF premiums
- Credit growth
- New custom indices and more
tipsheet.markets/whats-new/
Vashistha Iyer retweeted
A look at how we build our evidence based Momentum framework, in terms of how different forms of Momentum has worked compared to the index by @CalmInvestor .
We now have other factors too, this gives you an insight into the process:
youtu.be/uVjYJwdUNvo
Vashistha Iyer retweeted
Before investing in a momentum fund, there’s one question worth asking: Which definition of momentum does it actually use?
In Part 2 of our Momentum Investing Series, @CalmInvestor , Head of Equity at Capitalmind Mutual Fund (SEBI Reg. No.: MF/084/25/10), delves deep into 10 out of 40+ published definitions of momentum and the investment belief behind each.
Because two funds can both call themselves momentum funds while using very different approaches to pick stocks.
And there’s one secret ingredient every momentum investor—active or passive—has to account for.
What is it? Watch the full video.
Mutual Fund investments are subject to market risks. Read all scheme related documents carefully.
Vashistha Iyer retweeted
September wiped out most of the recovery Nifty 500 made since March. The index is now down 6.8% for the year, ranked 19 out of 21 years. One of its weakest years in two decades.
Here's the full breakdown of September 2026 🧵
It's pencils down, people. Writing code by hand is no longer an economically viable skill for most programmers at most companies. But the future of making software has never been brighter. Don't you dare black pill this beautiful moment! youtu.be/vDjW_dRyKXY?si=6Fsf…
Vashistha Iyer retweeted
Be honest: when was the last time you actually looked at a fund's expense ratio before investing?
@NihitKshatriya , Head of Sales at Capitalmind Mutual Fund, breaks down why this "Tiny" number deserves more attention than it gets.
All figures and graphs used are for illustrative purposes only and do not reflect actual numbers.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Vashistha Iyer retweeted
A new avatar of Adaptive Momentum by @capitalmind_in PMS is live. Hard lessons learnt through 7+ yrs of running the strategy were implemented to form a “slightly tamed” version of the animal that is Momentum. Still high risk, but one with better risk guardrails
Adaptive Momentum has anchored Capitalmind Wealth’s quantitative DNA since 2019. However, it had a hard run after its mid 2024 peak, and that sent us back to first principles.
We could point to exactly where our definition of momentum held poorly in a sideways market, and we rebuilt our strategy one decision at a time.
The fully revamped strategy has been live since May 2026. It's still momentum, and it will still feel like momentum. But it’s a meaningfully different animal to what it was 18 months ago.
Here's the full write-up on what changed, and why: capitalmind.in/insights/adap…
Capitalmind Financial Services Private Limited, SEBI Registered Portfolio Manager: INP000005847
Vashistha Iyer retweeted
I think MDR on UPI was probably inevitable at some point, especially given how widespread UPI adoption has become. It could also lead to more competition, instead of just three apps accounting for more than 95% of the market.
That being said, there are some use cases, like investing and broking, where the proposed MDR structure doesn’t really make sense.
The problem with broking is that there is no guarantee that money transferred to a broker will actually result in a transaction.
As brokers, we can’t force a customer to trade after transferring money. And if we can’t pass the UPI charge on to the customer, there is essentially no limit to the cost a customer can impose on a broker without generating any revenue.
Just as an example, 10,000 customers could each make 50 UPI transfers of ₹2 lakh in a month without executing a single trade. At the proposed MDR, this could potentially cost the broker around ₹2 crore, without generating any business.
What makes this even more challenging is quarterly settlement (QS). This is a SEBI regulation that requires brokers to send unused funds back to clients every month or quarter.
Most customers then transfer these funds back to their broking accounts, with more than half of these transfers happening through UPI. So regulation essentially forces this movement of money every month or quarter, and the broker could end up bearing the cost when the money comes back, without any incremental benefit or revenue.
By the way, we currently don’t charge brokerage on equity delivery trades because the economics allow us to offer them for free. But if every UPI transfer starts carrying an additional cost, irrespective of whether the customer actually trades, I don’t see how we can absorb this indefinitely.
I think having an MDR is okay. It still doesn’t solve the problem of customers transferring money without transacting, but something like 0.02% with a cap of ₹5 or ₹10 per transaction seems much more reasonable for broking, instead of a cap as high as ₹300.
Vashistha Iyer retweeted
Lazy work used to mean too little output.
Now, with AI, it often means too much and more work for everyone else.
@tobi call it "slop grenades."
A "Slop Grenade" is when you let AI produce the work and pass it on without adding any value (including checking it).
Someone else has to wade through it, catch the mistakes, and clean up the mess.
You save time and look productive but someone else pays for it.
My third conversation with Shopify co-founder and CEO @tobi.
0:00 How Shopify Uses AI
7:18 River: Shopify's Internal AI
8:55 How to Encourage Osmosis Learning
10:52 AI Dreaming and Self-Reflection
11:53 How to Use AI for Strategic Decision Making
14:11 The One Thing AI Cannot Do
16:04 What AI is Making Worse at Shopify
19:46 Predictions: Where AI is Headed Next
21:55 The Future of AI-Powered Software
24:40 Will CEOs Be Replaced with AI?
27:54 Can Superintelligence Be Controlled?
31:13 Critical Skills in AI Age
34:22 Why Complex Solutions are Usually Wrong
36:33 Conditions Needed for True Intuition
38:02 The Best Path Doesn't Have Instant Feedback
44:51 How Affirmations Can Shift Your Behavior
50:44 The Inobvious Thing Hurting Companies
52:37 Relationship Between Beauty and Creation
56:23 How SpaceX Moves Forward By Subtraction
1:00:24 Why Companies Need Refounding Events
1:01:50 Books as Cheat Codes
1:02:39 Three Books to Change Your Thinking
Enjoy!
(Includes paid promotions.)

























