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In this episode, Sharan sits down with Aditya Khemka, Chief Investment Officer of InCred Asset Management, whose funds have delivered nearly 50% CAGR in recent years. The conversation opens with how Khemka allocates his own capital across healthcare equities, gold, real assets, and liquidity and why uncertainty, inflation, and geopolitics make disciplined asset allocation essential today.
The discussion then deep-dives into India’s healthcare sector, which Khemka believes has a multi-decade growth runway. He explains why hospitals, diagnostics, and pharma manufacturing are structurally underpenetrated, how valuation gaps persist despite strong fundamentals, and why India-focused healthcare businesses have quietly outperformed the broader market by a wide margin over the last decade.
The episode closes with a broader macro view covering inflation cycles, currency debasement, gold’s role in long-term portfolios, and why Khemka concentrates heavily on secular businesses like healthcare while avoiding overseas equity exposure. A masterclass in combining macro thinking with bottom-up stock selection.
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Sharan Hegde is a personal finance creator & founder of the 1% Club, simplifying money, markets, and mindset for India’s next generation of wealth builders.
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Timeline:
00:00 Precap
01:14 Introducing our guest: Aditya Khemka
01:51 What Aditya’s asset allocation looks like?
02:55 Health Care gave 3x returns than NIFTY?
07:01 Is it too late to invest in Healthcare now!?
08:16 Why this sector is hidden from investors?
10:16 (Important) Healthcare sub-sectors to keep an eye on!
11:20 Lending Companies may skyrocket next? Should you invest?
13:33 This sub-sector may give even stronger returns..
17:22 Why hospitals aren’t profitable even after expensive bills?
21:58 When will India have free healthcare like Europe?
23:35 Diagnostics (Sub-sector) may boom this year too?
25:23 Impact of China’s Monopoly on Pharma Raw Materials!
28:00 Why he put 17% of his money in this one stock?
32:34 Aditya’s 2nd biggest stock pick..
41:09 His 3rd biggest stock pick..
44:14 Entrepreneurial opportunities in boring businesses like healthcare is hugeee!
46:44 Aditya on importance of Diversifying + Sector Rotation
49:56 Sectors least affected by Inflation
52:04 Why he’s invested heavily in Gold & Silver
55:24 Will investing in US markets give extra returns?
01:00:14 Ending notes
source
Amazing
Super 🎉🎉
These are imaginary narratives because the future is uncertain and all financial maths may go hay way when things go wrong and a person's perspective changes eg People are hesitant to go for a knee replacement operation by paying lacs of rupees in a hospital but rather the trend is to go to a chiropractor doctor and get OA cured Another eg is United group of companies had started diagnostic CT scanning centres in India but now they are all gone. Many downtrodden PLCs are now using CGHS dispensaries/Polyclinics to get their staff treated there and so on…..
The standards of Pvt hospitals/healthcare sector is deteriorating to govt hospitals ….. Pharma industries is a highly polluting sector so the USA EU other developed countries shifted such an industry to China, India, Brazil , developing countries to safeguard their air/water……😟
So this podcast concludes the reality of capitalism, a simple solution to steal entire life savings with one shot.
I don't think that the common man needs to run behind money but a lifestyle that doesn't need these big companies garbage everyday.
Because it's 100 percent clear where this rat race is taking humanity.
🎉🎉
I really enjoyed this episode. A lot of information and Sharan sir as you asked for, are any better suggestions for the interview while you ask questions and the other person explains it then please ask them how they know these thing how he knows so much about each company he mentioned so that we understand who to inquire about different business model or company (knowledge helps to invest better) 👍🫶🏻 love the episode ❤
Aditya is brilliant. Should have more interviews
Every single minute is worth
How to build a good portfolio of 10lac
False information…..mark for securing neet exam was -40. So many seats for doctors that zero marks can secure you a seat
Krsnaa diagnostics has not been paid for all their services by Congress govt in Karnataka in last 4 years. They have stopped their operations in Karnataka untill due of 140CR is cleared.
Excellent
Sun pharma
Dr. Reddy
Cipla
Foreign exporter of medicine
100% engaging video
A small suggestion — try not to interrupt the guest multiple times, as it can come across as showcasing your knowledge rather than facilitating the conversation
Healthcare global enterprises
Krishna Diagnostics
Thyrocare
Nice podcast and he mastered health care industry
50% cagr return.. is it verifiable?
Best podcast.. Aditya sir is best
Dollar will lose half of its value, bro is living in his own La La Land
Amazing economy + geopolitics explanation and how it applies to each of us
In this broadcast mr khemka does not mention stocks of raw material of healthcare pl update if possible
❓I need to understand term of Liquid/ cash the said in video around 2:30 in video, is they talking about Liquid fund or Real hard Cash money? advance thanks for helping me to understand.
❤
Fantastic discussion!
Thank you for the insightful podcast—I truly enjoyed it. I'm grateful to you, Sharan, for arranging it, and extend my sincere thanks to Aditya Sir for the enlightening perspective on sector-based stock selection. This has opened up a fresh approach I hadn't considered before.
I think this sector is something that the government likes to tinker with and poke their nose into….so there is always a regulatory risk…..
This is also highly susceptible to R&D risk – for example indian government also allows random companies to copy a formulation that's patented outside, make it dirt cheap here and flood the market with their produce….
Indians self medicate, whatsapp/Google/chatgpt medicate or kitchen medicate and go to a doctor if and only if they or people around them are absolutely convinced that the patient might die otherwise…..
One more session with Aditya sir again.. so informative.. thanks
Pls bring
Mr sharad jhunjhunwaala
I believe hcg also caters infertility along with cancer