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India observations | Paul Moroz | EP01

February 27, 2018 Print

This episode features the investment insights of Mawer’s Deputy Chief Investment Officer, Paul Moroz, from his research trip to India. Paul is also co-manager of Mawer’s Global Equity and Global Small Cap strategies.

In our discussion, Paul talks about:

the importance India’s change in administration has made to the investing landscape
explains India’s growing need for capital
shares the management meetings that left him excited and deterred
and shines a light on why wearing shoes during company meetings might be a good idea!

Your host

Website2017 160x240 RGB2 Cameron Webster, CFA
Institutional Portfolio Manager

Cam likes to think and act long-term. He has broad experience in the capital markets over his 20+ years as an analyst, portfolio manager, and client service professional. When not thinking about markets and investing, Cam trains and participates in other “boring” and disciplined activities such as ultra-endurance races—marathon, triathlon, one-day 300+km bike rides.

Shownotes

1:25 — Setting the stage: Why Paul went to India for investment research. Was there a catalyst for it?

3:30 — Paul’s thoughts and observations while riding in cabs in India. It’s about seeing with your eyes; seeing the need for capital. India needs capital and it will require a return to attract it—and that compounds wealth at the company level.

6:15 — A complete front-page ad for an IPO in an Indian newspaper and what that implies for investors.

7:50 — Paul's impressions on the management teams he met with:

Getting a sense of what management teams focus on
Paying attention to subtle nuances
Sharing a company’s innovative “push and pull” strategy

14:00 — How the wide range of Indian management team capabilities creates more inefficiencies in the market and therefore more investing opportunities.

20:22 — On brute force screening and the number of potential investment opportunities Paul found on his trip.

21:45 — The presence of technology in India and its ramifications on the economy (e.g., how India’s 2016 demonetization affected mobile technology usage).

26:30 — Paul reveals his main takeaways from his trip (importance of the Modi administration and the strides the banking regulators are taking).

29:52 — Rapid Fire Round. Get to know Paul a little better.