Managing Partner, Equanimity. Early-stage VC + listed equities. 18 yrs Franklin Templeton with Mark Mobius. Physics of Markets, weekly. Mumbai. RT≠Endorsements
Mumbai, India
Joined August 2011
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I spent 18 years at Franklin Templeton with Dr Mark Mobius, then started Equanimity to back early-stage companies. My personal investments remain in listed equities and the fund in Startups . Every week I take one law of physics and use it on Indian markets — where the analogy holds, and where it breaks. Latest: The energy never left the room.
1/ Hang a weight on a string and let go. It crosses the bottom at maximum speed. Reaching equilibrium does not make a moving pendulum stop.
Week 16 of Physics of Markets: what this teaches about overshooting, and where the analogy breaks.
9/ The Physicist’s Objection:
Gravity supplies a measurable restoring force. Valuation offers no law guaranteeing a return to your estimate.
The estimate may be wrong. The business may have changed.
And unlike a pendulum, investors respond to forecasts.
10/ The discipline: check the business, the valuation assumptions, and the flows behind the move.
Allow for overshoot. Do not assume a return.
Which rule helped you through a rough market?
Full column: rajeshsehgal.substack.com/pu…
The conviction test
What would make you change your mind about an investment?
If the answer is “nothing,” that may not be conviction.
Patience follows understanding. It never replaces it.
“The Speed That Outruns the Pull”:
rajeshsehgal.substack.com/pu…
The physics hook
Orbit is not escape. Growth is not proof of value creation. Waiting is not proof of patience.
What matters is the mechanism—and whether the evidence still supports it.
My latest Physics of Markets:
rajeshsehgal.substack.com/pu…
1/ Newton imagined a cannon on a mountain. Fire gently: it lands. Fire harder: it circles the Earth, still falling, still bound. Fire at one precise speed: it never returns. Week 15 of Physics of Markets: the speed that outruns the pull.
9/ The Physicist's Objection: in physics the threshold is a number you can calculate. In markets nobody publishes it, and rivals respond to the climber. DMart's year shows the ground answering back. Escape also comes in stages, as India's Mars orbiter showed.
10/ The discipline: ask what is carrying the climb, not how high it has gone. Patience follows understanding. It never replaces it. What mechanism carries your longest-held investment? Reply and tell us. Full column: rajeshsehgal.substack.com/p/…