Masterclass Case Study: Nemish Shah's Long Term Conviction Bets

A masterclass case study for serious independent investors, HNIs and portfolio managers in training on long-term, concentrated conviction investing, built around Nemish Shah, co-founder of ENAM. Shah has written no book and given very few interviews, so this course does something more useful than repeat secondary profiles: it shows you how to reconstruct an investor's approach from disclosed shareholding filings, and is explicit about what those filings cannot tell you. It sets out the principles most associated with him, management quality, capital efficiency, unglamorous industrial businesses and patience, then runs his long-disclosed holdings such as Lakshmi Machine Works, Asahi India Glass and Elgi Equipments through them. Harder cases such as Bannari Amman Sugars and Zodiac Clothing test where conviction becomes anchoring and what a concentrated old-economy book can miss. It closes with position sizing, large stakes in small caps, Indian tax on decades-long holds, the disclosure-lag trap of copying star investors, a conviction screen on screener.in, an honest critique and a capstone ten-year thesis. Educational content only, not investment advice.