Ashish Swarup is an experienced emerging market investor and the founder of Aikya, a boutique focused on high-quality and durable companies managed by competent and trustworthy people.  Ashish discusses some of the pitfalls of investing in emerging markets and why aligning oneself with trusted stewards, who have 'soul in the game', is a winning strategy for long-term investors.

Show notes:

[1:02] Ashish talks about his career so far
[5:11] Keeping things simple
[6:26] Common pitfalls for emerging market investors
[9:15] Needing a different toolkit
[10:33] The importance of having a stable temperament
[11:50] Investing with quality people 
[13:46] Having soul in the game
[15:08] Appreciating the nuances associated with family ownership
[16:41] The advantage of having a deep network of local contacts
[19:20] Building lasting relationships with local contacts
[21:22] Investing in companies with a clear purpose and good governance
[24:14] Chinese education companies
[27:00] Governance standards are not improving
[27:27] Purposefully having a narrow investment universe
[28:23] Constantly questioning your assumptions
[29:55] India and China
[33:05] Competitive intensity and investing in companies that build trust in China
[34:22] The role of valuation
[35:29] Backing predictable businesses with a strong right to win
[37:18] The rise of local consumer staples companies
[40:14] Aikya and ESG
[43:14] The investment structure matters