Meet Class of 2024 Alumni, Mouli Raj!
An incredibly passionate and enthusiastic investor, Mouli Raj had lots to share about the various experiences he had in the Z Club.
Earlier this March, the Z Club's Singapore Chapter had the privilege of hosting Mouli Raj in Singapore! Mouli Raj is a 2024 Z Club Alumni who hails from Tiruchirappalli, a city in Southern India. An incredibly enthusiastic and passionate investor, he had contributed to the club in multiple ways, including by organising various Meet-the-Investor Sessions and contributing to stock discussions. In fact, he had traveled over 6 hours just to meet the members of the Z Club!
We had an incredible time celebrating the outperformance of the Singapore Chapter Value Investing Programme portfolio, having stock discussions and more with him. Contained below is an exclusive interview I had with him nearing the end of his trip. Read on to learn more about his unconventional journey as an investor and how he has contributed to the club!
Hey Mouli! Really happy to be able to meet you today for an interview. How has your time in Singapore been so far?
Thanks for asking, it has been a great experience meeting everyone in person and I'm really happy to have this opportunity to come to Singapore for the first time.
Sounds great, I saw that you met so many Z Club members over the past few days. We will dive into that soon but to start off, can you share with the readers more about yourself and your background?
Of course. My hometown is in the Southern part of India, and I studied in Tiruchirappalli in the Southern part of India. My father is a truck driver cum insurance sales agent, so I would say I come from a modest middle class family. But I worked hard and scored good marks on India's graduation exam, getting a score of 97.5%. So, I went to a top Indian commerce school (Shri Ram College of Commerce), moving from Southern India to Northern India for college.
In my final year, I came across a quote from Buffett during class about the fundamentals of investing. He said "the stock market is a transfer of wealth from the impatient to the patient". That quote really resonated with me, so after graduation, instead of taking a typical path in sales and marketing, I worked at a mutual fund for 1.5 years. I enjoyed my time at the mutual fund because of the steep learning curve, then I took a year break to read books during COVID. After my year break I started an AI start-up.
Just as I was starting the start-up, I met Ofir Bar, an Israeli guy who introduced me to the club. So I started my start-up and simultaneously spent my weekends in the club's bootcamp.
Mouli Raj, far right, at a Meet-the-Investors Session with Mr Sid Choraria.
Wow interesting. What about Buffett's quote resonated with you and how did you build your interest in investing further after that?
Haha well when I heard that quote initially, I considered myself quite emotionally stable. I thought I could make money being rational, but I realised it is hard, very hard to be emotionally rational when investing. So I deliberately chose a lower salary in a mutual fund rather than in a more stable job in professional sales and marketing so I could learn faster from the steep learning curve.
During my year break after my mutual fund experience, I was interested in doing equity research. My lifelong learning is reading research reports and earning calls every day. That mental model is ingrained and I find it really interesting, I read and listen to such reports til today. I also read about the start of the company and how it has been run; if management proves to walk the talk from the start, then its good. I also find moderate to high barriers to entry in businesses.
Later, this led me to start managing a small amount for my friends and family. My friend then wanted to invest a small amount every month into the US' AI stock market, but I found the total addressable market (TAM) for AI start-ups high and the product efficiency great, so I wanted to start a start-up myself. Eventually I convinced him to co-found an AI start-up with me.
Wow that's such an unconventional journey into investing. Along the way, why did you decide to join Next Gen and dedicate your time to the club?
I met Ofir first at an Indian stock market course, we attended the same course and I asked a question about Porter's five forces which caught Ofir's attention. He texted me on LinkedIn and asked to have a quick call; after the call, he realised I could be a fit for the club.
After I was introduced to the club, I studied the club and read an article by Shinya, co-founder of Next Gen, where he incorporated Physics and Biology concepts into investing. That caught my attention and I got really interested in the club. Later when I attended the bootcamp, it was great and I have enjoyed my time in the club since.
The power of a question is amazing.
Yes it is impressive.
What a cool start in the Z Club. How did the analyst programme help you as you were just starting out?
I learnt many basic lessons from the bootcamp like the basics of money and the value of money. Even networking - I learnt a lot in terms of how to network and be authentic to get the right connections rather than trying to be fake about oneself and attracting the wrong types of people.
Most importantly, I read Javier Chan and Yougin Cheng's (2024 Co-CEOs of Singapore Chapter) impressive research reports. I had lots to learn from them and greatly improved my financial modelling and research.
In the investment committee, we also talked a lot about China, the macro economy, shared stock ideas in monthly meetings and more. Javier and many others have taught me to see things in a different way. We used to have SC VIP sessions where Javier taught the basics of investing, doing financial modelling and more, so I am very grateful for their help. I also met many people like Sidhaarth and Claire who came to India.
Mouli Raj (far right) at a meet-up with Javier Chan, 2024 Z Club Co-CEO (far left) during his trip to Singapore.
I heard you were also a really proactive member who sought out opportunities to contribute to the club even from India. What was that experience like?
Primarily its because of Shinya actually. It was his intention to help people genuinely by referring them to jobs and internships, so I was able to contribute through Shinya. For example, I spent time on Twitter and Substack reading Indian investors' reports, and I asked Shinya and Persis who were kind enough to introduce me to some of them. In that sense, Shinya is always available for students, always gives assurance and the way he leads his life and balances making money and helping students in the club, paying it forward, is something I learnt from Shinya. It encourages me to pay it forward to others as well, hustle and invite members to the club.
Mouli Raj (second from the right), with founder of Next Gen Investors Endowment, Shinya Deguchi (far right).
That's great. Moving to the final questions... What was one action you took in Z Club that was memorable?
Learning from Ram Parameswaran & Alix Pasquet in the Meet-the-Alumni session was something memorable and my Singapore trip was very memorable as well, walking with Shinya at Gardens by the Bay and dining with Persis and her family, spending time with the club members-it was truly lovely. I really loved meeting people and the relationships I built in the club because without it, I wouldn't have come to Singapore either.
Tiffany was also kind enough to spend a wonderful evening with me, sharing thoughtful conversations across a wide range of topics.
Amazing. Thank you for the interview Mouli and any last words for aspiring members of the Z Club?
Use the club wisely by always overreaching out to existing members for job opportunities or referrals. Write a good research report and always improve on your investing skills.