What should investors expect from markets today? Are small caps really wealth creators? Should you invest in IPOs? And how much of your portfolio should go global?
In this episode, Devina Mehra, Founder & Chairperson of First Global, shares data-driven insights from over three decades in investing
00:00:00 Intro 00:03:45 Her Budget prediction (based on data) 00:06:28 Regulator, exchanges, govt... everyone is benefiting from markets 00:07:41 Markets are not expensive 00:10:55 Don't be the best investor who unearths multi-baggers 00:14:07 Bad advice on asset allocation 00:17:21 One problem with index funds 00:19:27 Why you cannot invest in small-cap funds for the long term 00:23:56 How would you invest an SIP of Rs 10,000? 00:28:40 How to identify multi-baggers 00:30:35 Avoid 'buy-and-forget' investing 00:33:47 Is it impossible to forecast the growth of a company? 00:39:34 Why mutual funds invest in expensive IPOs 00:41:47 If IPOs perform well after listing, bankers are considered failures 00:42:37 Effective frameworks to manage risk 00:44:22 A hack to make the most of your stock investment 00:46:48 What should your portfolio size be before you start investing abroad? 00:46:48 The first small step to start investing abroad 00:52:06 What excites Devina Mehra the most about markets? 00:53:17 Recent stock discoveries by Devina Mehra that have turned into multi-baggers 00:55:42 New learnings from stock markets 00:57:27 One investment rule that should never be broken 00:57:43 One habit that helped Devina Mehra in her professional life 00:57:59 Books that changed Devina Mehra as a person 00:58:42 Investing lessons that people learn as they age
What to expect from this episode?
Devina Mehra explains why risk management, not stock picking, is the most important investing rule, and why “buy and forget” can be dangerous.
Devina breaks down:
➤ Why market valuations can be misleading
➤ The myth of guaranteed small-cap outperformance
➤ How missing just 10 best market days can destroy long-term returns
➤ Why most IPOs are overpriced
➤ The importance of global diversification for Indian investors
➤ Why asset allocation determines 85–90% of returns
➤ How trailing stop-loss strategies protect capital
She also explains why investors shouldn’t be 100% in equity at 25 or 100% in debt at retirement. Drawing from historical market data, US studies on survivorship bias, and her own experience calling companies like Amazon and HDFC Bank early, she highlights the difference between narrative-driven investing and data-driven discipline.
If you're wondering whether to choose index funds or active funds, DIY or professional management, or India or global exposure, this episode gives you clear, practical answers.
Whether you're a beginner or experienced investor, this conversation will reshape how you think about risk, returns, and long-term wealth creation.
