Listen on: Youtube, Apple Podcasts, Spotify
Podcast10x sponsors this episode
Podcast10x is my podcasting agency that helps VCs start & run a podcast end-to-end. We only require a 30-minute/week time commitment from our clients while we handle everything from production to publishing.
About the guest:
In this week’s episode, we sit down with Ashish Shanker, MD & CEO of Motilal Oswal Private Wealth, which now oversees over ₹1.9 Lakh Crore (appx. $21 Billion) in assets under advisory.
Key insights from the episode:
1. The "Non-Obvious" Sector Pick: Financials 🏦
Just as PSU Defense surprised everyone in 2024, Ashish believes Financials will be the dark horse of 2026.
The Thesis: While the sector struggled recently, it has shown resilience. With the RBI cutting rates and liquidity improving, Financials are primed for a comeback.
The Play: Look for value in banking and financial services as interest rate cycles turn favorable.
2. The Thesis: Silver vs. Gold 🥇🥈
Ashish's team has a high-conviction view on precious metals, but with a distinct split in strategy between the two.
Gold is "Insurance": They view Gold primarily as a strategic allocation, a hedge against currency depreciation and instability. It's the safety net in the portfolio.
Silver is "Tactical": The real opportunity for alpha lies in Silver. The team is confident that Silver will significantly outperform Gold in this cycle. It is viewed as a "high-beta" trade offering aggressive growth potential for investors willing to move beyond just safety.
3. Midcaps: Don't Take the "Training Wheels" Off Yet 🚲
Is it time to go 100% aggressive on mid- and small-cap stocks again? Not yet.
The Reality: While Mid/Small cap earnings are growing at a robust 25-30% (vs. slower growth in Large Caps), valuations are still tricky.
The Advice: Avoid going "all-in" on aggressive small caps. Instead, adopt a Flexi-cap approach—balance the stability of large caps with the growth of mid-caps.
With global trade dynamics shifting, Ashish advises caution on export-heavy sectors.
Domestic > Exports: Structural domestic themes (like digital platforms, consumption, and fintech) are safer bets than tariff-exposed industries.
The Exception: IT Services might remain resilient, aided largely by Rupee depreciation.
5. The FII Reversal 🌏
Foreign Institutional Investors (FIIs) sold heavily in 2025 due to India’s high valuations.
The 2026 Outlook: As Indian valuations moderate and US markets potentially cool off, expect FII flows to return to India, chasing the superior earnings growth relative to other emerging markets.
🎧 Listen to the full episode to hear how to build a durable business that survives the bubble.
Recent uploads on VC10X
Apple X Google AI Deal (4 min)
Shift to Physical AI at CES 2026 (3 min)
Gamification of Consumer Apps (43 min)
Is the silver rally over? (4 min)
LP Roundtable 2025/26 (58 min)
BigTech Energy War (4 min)