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This episode was recorded on 30 November 2023 and therefore does not reflect any events after this date.
Our last episode before Christmas is a real treat – we’ve been longing to do a debate-style episode for some time! In this episode Mary Spencer and Jacob Shah explore the case for investing in India versus China with Amit Mehta (Portfolio Manager at JP Morgan) and Claire Peck (Investment Specialist at JP Morgan) each representing one country.
Before we interview Amit and Claire, Laasya Shekaran also speaks to Kelly Tran, Head of UK Institutional Sales at MFS, for our “Views from the Boardroom” feature. With Kelly, we talk about the discussions she’s having with her clients and current areas of focus for the PLSA Policy Board (of which she’s a member).
With Amit (representing India) and Claire (representing China) we debate:
- Why investors should consider investing in India and in China from a fundamental perspective. How you can use Charlie Munger wisdom to argue both ways, and which “numbers” are meaningful to compare.
- Performance dispersion so far this year and what that means for valuations and relative attractiveness.
- Where policy has got to and whether this represents a position that’s supportive or challenging for investors. What to look out for next from a policy perspective.
- The demographic picture and how this dynamic is expected to impact long-term growth expectations. Why the middle class is key.
- Environmental, social and governance factors, the key risks and how India and China are improving in this space.
What’s one thing you would like listeners to take away from this?
- Amit: India is a fertile ground for finding great businesses. In the short-term, anyone’s predictive power is close to zero. But the further you extend your time horizon, the bigger the payoff and India has one of the biggest payoffs of any market in the world.
- Claire: The China story isn’t broken. It’s just a matter of time and stock selection.
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