*Deepak Shenoy is someone I respect a ton for multiple reasons:* 1> What he has built - Capitalmind 2> The way he has built it, one step at a time, while also leveraging the power of quality content in a big way 3> The thoughts he puts out on the stock markets and the economy However, in a rare instance, I found something to disagree on with him a few days ago. .. *This was his reply to a tweet about the falling FII ownership and rising DII ownership.* He made a point that this shift was good for India, as more of the future wealth creation would benefit Indians. This is theoretically correct. However, it missed the perspective that any damage or downfall in the broader stock markets will mean more future wealth erosion for the locals. My point is, this works both ways. .. *And I have always put forward the example of China in this regard.* Think this way: In China, foreign stock market ownership is just about 4.5%. And the Chinese Govt had been defending this for the last 10 decades by advocating two things: 1> Domestic-heavy ownership leads to lower market volatility from foreign shocks 2> Ensures that share market growth benefits locals more than foreigners However, as developments of the last 3 years have shown, the meltdown of tech and real estate stocks in China has also primarily impacted the wealth of locals. And very badly so. .. *Let’s hope the India story never goes that way.* But my point is that, a decade ago, no one had predicted about China what has been playing out for the last 3+ years. And because of “N” number of unpredictable possibilities, anything could happen, even if the odds of bad things happening are low. Thus, let us keep both perspectives in mind. What do you think? .. *Check my work with:* - 3.3k+ on Decoding The Dragon (https://t.ly/chnwj) - 2.8k+ on Deepdives with Jay (https://t.ly/dwj) - 2.4k+ on BharatNama (https://t.ly/bwj) *My CC Referrals:* - Plat Metal: https://americanexpress.com/en-in/referral/platinum?ref=jAYANMH2H5&XL=MIANS - Plat Reserve: https://americanexpress.com/en-in/referral/platinum-reserve?ref=jAYANMu0C1&XL=MIANS Best, Jayant Shilanjan Mundhra