What’s the most important skill an investor can develop?

In this episode of Capital Conversations, Ravi Dharamshi, Founder & CIO, ValueQuest Investment Advisors, joins host Samina Nalwala, Executive Director, Waterfield Advisors, for a deep dive into the art of long-term investing. Drawing on over 21 years of experience through multiple bull runs and bear markets, Ravi reflects on his early mentorship under legendary investor Rakesh Jhunjhunwala, the challenges of building ValueQuest from the ground up, and why knowing your own temperament is the cornerstone of successful investing.

Ravi explains how investor behaviour often outweighs market conditions in determining returns, and why discipline matters most during extremes of euphoria and panic. He walks through his process for evaluating over 600 deals using a “five-year rolling view” and shares why patience is essential in both public and private markets. His approach is grounded in matching investment strategies to individual temperament, avoiding unnecessary complexity, and focusing on long-term value creation. The conversation also explores the nuances of diversification, market corrections, and the opportunities he sees in pre-IPO companies and emerging business themes. With candid anecdotes and actionable frameworks, Ravi provides listeners with timeless principles for navigating cycles and avoiding costly mistakes.

In this episode, we cover:

Public vs. private equity investing – similarities, differences, and synergies

Lessons from analysing 600+ investment opportunities

Strategic diversification without overcomplication

Spotting value during market corrections

Pre-IPO opportunities and high-potential sectors

The ‘smell test’ for evaluating promoters and management teams

Listen to the full episode for enduring lessons on mastering market cycles, sharpening investment discipline, and aligning strategies with personal temperament.