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Future returns from mid-caps will be less than before: Sanjay Bakshi

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Well-known value investor Sanjay Bakshi, 50, is an adjunct professor at the Management Development Institute, Gurugram, where he teaches behavioural finance and business valuation. He is also a managing partner at boutique investing firm ValueQuest Capital LLP. As an investor for the last two decades, he has seen the market over several cycles. His investing style focuses on identifying companies with durable competitive advantages and staying with them for the long term, he tells Forbes India in an interview. Edited excerpts:

Q. Has the present outperformance of mid-cap stocks surprised you?
I am a student of financial history and anyone who has studied it shouldn’t be surprised. Situations like this are not uncommon at all. For new investors and for those who don’t read history, it would be a surprise because all this is new to them.

Q. Could you point to similar instances in the past?
What I meant was that there is always some pocket of the stock market which is experiencing optimism a…