Stoic Podcast Series Ep.4: “Real life Rags to Riches” – Divyesh Shah !!!

With all due to respect to some amazing investors we have profiled so far, this podcast is by far the best we have done.

For the sheer contrast of before and after, for the breathtaking perseverance and for the heart piercing honesty, this podcast will most definitely inspire you like no other.

This is more of a life story of this amazing human being whose entire Investing life unfolded in this Podcast.

You will hear of a shocking revelation that he DID NOT BREAKEVEN for the first 20 YEARS of his operations. You will hear of how LUCK plays its part in a persons career. You will hear of his entire thought process of how he looks at a company. You will learn HOW to HOLD on to your conviction bets for a LONG LONG time.

You will hear how if you tap into the macro story right, 2 baggers and 10 baggers are not even a contention, macro trends show up on your balance sheet in form of 100, 200 and 300 baggers.

Continuing our endeavor of profiling the hidden gems of investing, we are delighted to bring to you our next guest.



He is a known name in many investment circles, but in public, he has managed to keep a very low profile. He is a self made man, who has carved a niche for himself in the world of investing starting with a meager amount to where he is NOW.

Also, before we move forward I have to acknowledge my friend, Nooresh Merani, who has co-hosted this podcast with me and has promised to assist in the quest of profiling more amazing investors. We plan to co-host many more podcasts in future.

A heads-up to all the listeners, the podcast has amazing conversations from the bottom of the heart so we didn’t even try to curtail the language of communication and you will hear English, Hindi and Gujarati language being used in the podcast. For the benefit of the listeners who are not very well versed in these languages, we will try to transcript the podcast in English. If you have subscribed to the website, you will have it in your mail soon. If not, I would suggest that you do and not miss on some amazing experiences.

Without further delay, listen to this mind-blowing conversation.

Also Streaming on (click on below images to redirect to Stoic Podcast channels),











  1. Thank you for the pod cast of Mr. Divyeshbhai to whom I really have special feelings in my heart

    • I completely resonate with your feeling. After I have met him, have developed a tremendous respect and love for him. Cheers

  2. Stock investing rules can not be defined in better way then mentioned in this interview

  3. Seems some issue in downloading. Getting only 10 to 15 mts of download.Is it possible to get transcript?

    • Hope you are able to download now. If not, its available on itunes now. You can download from there.

  4. Best interview on stock market i have ever heard. Thanks a lot. This raises the bar for your next podcast significantly 🙂

    • We keep on trying to get the best people to talk to us. Hopefully, we will be able to continue this for long. Some recommendations might help 🙂

  5. Whats the use of this great initiative if it cannot be accessed or heard smoothly ?! The podcast stops in between, doesnt get downloaded completely and also there is no bar on the podcast to jump to a point, you have to refresh the page and start listening from the start. A suggestion: you should have a channel on Youtube and upload it.

    Hope you guys will improve the interface and experience else this exercise is futile.


    • Yes, I realize that there have been few hassles. Apologies for the same. We have been trying to make it better in all aspects, including what you have said and also taking the audio quality etc to the next level.
      Thanks for the feedback 🙂

  6. There is some issue with the file. The file does not play till the end. I could only listen to 45 minutes.
    Can you please figure an alternative.

    One hell of an interview !!
    Inspired for the passion this man has for investing, instead of so many hardships its very difficult to hang on on to your passion.

    Cheers !

  7. Deveshbhai is simply rocking. Believe in yourself! Have faith in your abilities! Without a humble but reasonable confidence in your own powers, you cannot be successful or happy.

  8. Wonderful interview on his life journey. Thanks for sharing.
    Some of my take away from the interview.

    – Focus on process (knowledge gathering and analysing) and not immediate results
    – Don’t get discouraged if markets don’t reward you in the short run
    – Keeping the faith when he faced tremendous pressure from family and day to day expenses
    – Be humble and learn as much as possible from as many sources
    – Think big picture – future sun shine sectors
    – Independent contrarian thinking

  9. Very nice interview and was an absolute pleasure getting to know a very humble and down to earth person Divyesh Bhai. Lots of Investing wisdom and life wisdom learnt from the 2 hours spent with him, I took tonnes of notes.

    Thanks Puneet and Nooresh.

    Two pieces of advice :: Please invest in some good recording equipment which would make a world of a difference in the quality of the audio. Also, I know that your conversations are candid and in-formal, which is very good, but please avoid speaking when another person is talking. There were many instances where the conversation was inaudible due to overlapping during the conversation.

    Other than that great job. Looking forward to the next one.

    • Thanks Harbeer for the comments.
      Well. I agree with you and we are looking forward to make it far better quality audios than what currently is. In future, you will hear far better quality.

      Also, its a new learning for both of us but will surely try to implement what you have said. We don’t send planned questions to our guests unlike a lot of other interviews and want to question and learn it and be on the same page as our listeners would be. Hope the impromptu nature of the content proves useful.


  10. hello sirs,
    I have visited your site for the first time thru cross reference at some other inv site.
    very good and motivating article abt devesh shah…… keep up the good work god…bless.
    sir, as I m not from Mumbai circle, I don’t know devesh bhai , so could you please vaguely give or mention some reference article …which can let me know his net worth or his approx. portfolio value etc……..I don’t want his personal level finance details…I just want to know vaguely…if possible.


    • Sir, I am sorry but this is not for me to decide and its a completely personal matter of Divyesh Bhai. Keeping this in mind, I would respectfully decline.

      Thanks for listening.

  11. Hi, thank you for the podcast! Can you please upload this on SoundCloud? I can’t download the file or listen to it for more than 15-20 minutes on chrome/ safari.

    • Rahul, We started with Soundcloud only but faced some issues there. Slowly, we will manage to solve all such problems and be available at all major platforms. Cheers

    • We are present on itunes though. You can comfortably listen there.

  12. Beyond words. He is crisp and clear. Knows why he reads news and collects articles and then most of all is not ashamed to talk truths and facts. Thats what adds to the respect we have for him.

    Hosts were great in getting the conversation going…

    • Thanks for nice feedback Aravind.

      Thanks for listening.

  13. Really a great initiative Puneet
    Many thanks for sharing these words of wisdom

  14. Tremendous wisdom. Great podcast Puneet, keep them coming. However, i couldn’t download it on an android phone or a windows desktop. Please fix it if possible so that we can listen to it again and again or a transcript would be helpful

  15. Humble, yet awe-inspiring. The man is a mountain of inspiration.
    He is one of the best examples of both Steven Pressfield’s “Do the Work!” and Anders’ “Deliberate Practice”
    Would love to meet him some day.

    I was looking for a podcast/blog that would expose me to investing, yet resonate with the way I think.
    You my dear friend are it 🙂
    Mental Models / AntiLibrary and deliberate thought applied to investing ‽ Sign me up 🙂
    I think I stumbled upon you when moneylifers shared the DB interview link.
    You’re also my answer to “What if Debashis Basu gets hit by a bus? :P” (God Forbid!)

    Thank you Puneet, for Stoic Investing.

  16. Hats off to Divyesh Bhai !!! . A rare example of sheer hard work , dedication , strong belief, perseverance and vision !!

    Learned so much and Feeling so much motivated !!

    Thank you Puneeth for this interview and sharing it with everyone.

  17. Dear Puneet & Nooresh
    Anybody tracking the ricoh India developments and when it will start trading again on the bourses any guess..

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