Gaurav Sodhi
Person
Gaurav Sodhi is Deputy Head of Research at InvestSMART Group and an author for Intelligent Investor and Money magazine. A trained economist and private investor, he writes about companies, markets, and investing.
What Gaurav Sodhi has said on podcasts
50 statements
Comparing gross margins within an industry provides useful information.
“I compare gross profit margins with competitors and in the same industry that can give you a lot of information.”
Open the episode · Stock Take: Misleading MetricsListen at 9:26
Macquarie Technology’s net profit and EPS are expected to show little growth.
“I think net profit stays exactly the same or exhibits very little growth. EPS, I don't think grows at all or exhibits very little growth.”
Open the episode · Stock Take: Misleading MetricsListen at 16:49
Macquarie data centers begin profitability around 30–40% utilization and perform strongly at 60–70%.
“they need sort of 30, 40% utilization before they start making money. And they start making really good money once they hit sort of 60, 70% utilization.”
Open the episode · Stock Take: Misleading MetricsListen at 18:06
Macquarie’s additional 200 megawatts of capacity will cost $3–4 billion.
“to build that additional 200 megawatts of capacity is going to cost between $3 and $4 billion.”
Open the episode · Stock Take: Misleading MetricsListen at 19:27
Macquarie Technology’s historical per-share compounding may deteriorate.
“I'm concerned that that may change in the future.”
Open the episode · Stock Take: Misleading MetricsListen at 19:58
Depreciation is a real expense for capital-intensive businesses.
“depreciation is a real expense, especially for capital-intensive businesses.”
Open the episode · Stock Take: Misleading MetricsListen at 25:48
Capital-intensive businesses should not generally be valued using EBITDA.
“when you're doing valuation work, you don't, you shouldn't really value capital-intensive businesses on the basis of EBITDA.”
Open the episode · Stock Take: Misleading MetricsListen at 26:53
Mineral Resources’ equity value should rise as debt declines.
“as that debt level falls, the equity value of Minres ought to rise in concert”
Open the episode · Stock Take: The Results of the SeasonListen at 5:15
Copper investment will increase supply and correct elevated price expectations.
“if everyone's spending their money chasing copper, then, you know, the capital that goes into that endeavor inevitably leads to higher supply and it autocorrects for whatever price expectation”
Open the episode · Stock Take: The Results of the SeasonListen at 7:57
MinRes shareholders who rode the stock upward should consider taking profits.
“This might be the time to take a little bit of money off the top.”
Open the episode · Stock Take: The Results of the SeasonListen at 10:19
Investors should favor superior businesses over cheaper inferior competitors.
“The correct way to invest is to keep buying the businesses that are more expensive, but are just playing on a different level to the competitors.”
Open the episode · Stock Take: The Results of the SeasonListen at 26:15
Eagers Automotive is a high-quality business undervalued by the market.
“This is a phenomenal business, and I don't think it's been recognized by the market as such.”
Open the episode · Stock Take: The Results of the SeasonListen at 27:06
Eagers Automotive operates exceptionally well and is successfully replicating its model in Canada.
“they do it better than anyone else. It's a legitimately high-quality business and they're replicating that in Canada.”
Open the episode · Stock Take: The Results of the SeasonListen at 29:56
Eagers Automotive’s current margins are not necessarily unsustainable or solely an EV boom effect.
“I actually don't think that's the case at all.”
Open the episode · Stock Take: The Results of the SeasonListen at 31:14
SEEK’s conference-call technology remains two decades old.
“their tech is still 2 decades old”
Open the episode · Stock Take: The Rant EditionListen at 14:15
SEEK’s Growth Fund consists mainly of HR and education assets worth about $1.6 billion.
“the Growth Fund is made up of pretty much human resource and education assets. It's worth about $1.6 billion”
Open the episode · Stock Take: The Rant EditionListen at 16:32
SEEK’s Growth Fund generated approximately 3% annually over five years.
“it's 3% per annum”
Open the episode · Stock Take: The Rant EditionListen at 17:27
A longer investment horizon remains one of the biggest available investment advantages.
“having a longer time frame than a day or 3 months is probably your one of the biggest edges still, still around”
Open the episode · Stock Take: The Rant EditionListen at 27:26
A 3% annual return is unattractive when interest rates are near 5%.
“3% per annum is not a good return when interest rates are closer to 5%”
Open the episode · Stock Take: The Rant EditionListen at 32:39
Lovisa combines high margins with fast inventory turnover.
“Lovisa combines them both.”
Open the episode · Stock Take: Eight Results That MatterListen at 2:43
Lovisa could eventually operate roughly three times its current store count.
“They're 1,100 stores, and I still think they're probably a third of where they could eventually be.”
Open the episode · Stock Take: Eight Results That MatterListen at 3:20
Lovisa’s JUULs concept will either become profitable or be shut down.
“Either the concept will make money, in which case it'll be a net positive for Lovisa's finances, or it won't make money, in which case they'll shut it down”
Open the episode · Stock Take: Eight Results That MatterListen at 5:29
Brett Blundy’s Lovisa share purchase should increase shareholder confidence.
“it should provide shareholders with a lot of confidence about where this company's going.”
Open the episode · Stock Take: Eight Results That MatterListen at 6:10
Skin Candy has attractive store-level economics.
“the store-level economics are really attractive.”
Open the episode · Stock Take: Eight Results That MatterListen at 11:27
Skin Candy should be able to at least double its Australian store network.
“a significant rollout, which should be able to easily double the size of the Australian network.”
Open the episode · Stock Take: Eight Results That MatterListen at 11:51
Skin Candy’s valuation was expensive.
“The valuation was really expensive”
Open the episode · Stock Take: Eight Results That MatterListen at 13:19
Mineral Resources’ balance-sheet normalization is nearly guaranteed.
“I think that process is now almost guaranteed because you're going to have great cash flow from the 2 commodity businesses and you're going to have the asset sale details finalized.”
Open the episode · Stock Take: Eight Results That MatterListen at 21:34
Mineral Resources will likely pay substantial dividends for several years.
“my feeling is that they will go and pay some very hefty dividends for the next few years”
Open the episode · Stock Take: Eight Results That MatterListen at 21:54
Mineral Resources is unlikely to need capital or face financial distress.
“I don't think there's, there's certainly no future I can see where these guys are required to raise capital or go into, um, uh, into lockdown, um, or have any sort of financial problems.”
Open the episode · Stock Take: Eight Results That MatterListen at 22:17
Mineral Resources shares are undervalued in the $50s.
“The price now is too cheap. In the $50s is not the right price for Minres.”
Open the episode · Stock Take: Eight Results That MatterListen at 22:43
Upcoming results will clarify how cyclical REA’s revenue is.
“We're about to find the answer to this puzzling question about REA behavior. How cyclical is REA?”
Open the episode · Stock Take: Eight Results That MatterListen at 29:50
REA Group’s growth comes entirely from price increases.
“all its growth comes from price rises.”
Open the episode · Stock Take: Eight Results That MatterListen at 31:23
Agentic AI could eliminate REA’s premium-listing revenue growth.
“All of it is coming from there. All that stuff will disappear if agentic AI starts to take over search.”
Open the episode · Stock Take: Eight Results That MatterListen at 31:55
Sonic Healthcare is currently very cheap and high quality.
“that's looking like a very interesting stock as well at the moment. It's silly, silly cheap, very good quality.”
Open the episode · Stock Take: Eight Results That MatterListen at 38:16
Sonic Healthcare offers a 5% yield at 18 times earnings.
“we got, yeah, a 5% yield, 18 times earning”
Open the episode · Stock Take: Eight Results That MatterListen at 38:38
FDC Consolidated offers investors a business with little connection to AI.
“if you are like me and you're just sick of AI and AI saturation and you want a stock that has nothing to do with AI, FDC Consolidated, it looks kind of interesting.”
Open the episode · Stock Take: Eight Results That MatterListen at 39:52
FDC Consolidated has operated without external capital.
“A long history with zero external capital used.”
Open the episode · Stock Take: Eight Results That MatterListen at 40:11
FDC Consolidated grew revenue without external capital, demonstrating disciplined capital allocation.
“all that revenue has accumulated without any external capital. Very difficult to do. It shows a lot of allocation discipline.”
Open the episode · Stock Take: The Anti-AI StockListen at 7:26
FDC’s share price appears fair and its historical performance is excellent.
“the price seems fair and the track history is excellent”
Open the episode · Stock Take: The Anti-AI StockListen at 9:00
Insider cash-out IPOs are rarely attractive deals for outside investors.
“it is rarely a great deal when the insiders choose their moment to cash out for sort of an outsider to come in and buy the equity from them”
Open the episode · Stock Take: The Anti-AI StockListen at 9:59
FDC is a competitive, cyclical, difficult-to-manage business with a low moat.
“this is a low moat business. It is competitive, it is cyclical, and it's very hard to manage.”
Open the episode · Stock Take: The Anti-AI StockListen at 13:33
FDC Consolidated has a 36-year history of success.
“they've got this, they've got a 36-year history of success”
Open the episode · Stock Take: The Anti-AI StockListen at 13:50
Capital is shifting away from non-AI industries toward microchips and AI.
“Capital is abandoning anything that doesn't have to do with microchips and AI.”
Open the episode · Stock Take: The Anti-AI StockListen at 22:46
AI poses a serious threat to software businesses.
“if I was a software business of doing anything, I would be terrified”
Open the episode · Stock Take: The Anti-AI StockListen at 24:11
Software companies should trade at substantially lower valuation multiples because of AI risk.
“I think it's entirely appropriate for all these companies to have much lower multiples.”
Open the episode · Stock Take: The Anti-AI StockListen at 24:15
AI markets currently price substantial uncertainty as excessive certainty, warranting caution.
“when uncertainty gets priced as a certainty, that's where you got to be a bit careful. I feel as though that's where we are now.”
Open the episode · Stock Take: The Anti-AI StockListen at 26:47
Investors should currently favor low-multiple, debt-free, cash-generative stocks.
“this is back to the kind of stock I think is sensible to own at the moment, which is something that actually generates cash flow that has no debt and has a low multiple”
Open the episode · Stock Take: The Anti-AI StockListen at 28:23
Traditional defensive stocks such as supermarkets, banks, Wesfarmers, and Telstra are currently unsafe investments.
“supermarkets, banks, um, Wesfarmers, Telstra. They are crazy. Like, we have self-havens, not the safe haven. Yeah, they, they are, um, uh That's the worst place. That's the worst place to hide at the moment.”
Open the episode · Stock Take: The Anti-AI StockListen at 30:05
Software is currently in poor investment condition because of AI disruption and valuation risk.
“I think software's stuffed. Like it's difficult to know where to go.”
Open the episode · Stock Take: The Anti-AI StockListen at 30:28
Economic-history books are especially useful for investment analysis.
“the books on economic history are the most, uh, useful for investing, um, in my view anyway”
Open the episode · Stock Take: The Anti-AI StockListen at 34:46
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
5 episodes featuring Gaurav Sodhi
Stock Take
Management metrics can hide the real cost of growth
Investors can misread a business when adjusted measures obscure amortization, depreciation, debt, and the capital required to sustain operations.
Sep 17, 2026 · 30 min
Stock Take
Four results test the value of quality and growth
The panel shows how investors can distinguish genuine operating improvement and durable economics from optimism already reflected in a share price.
Sep 3, 2026 · 45 min
Stock Take
Telstra and SEEK expose the cost of opaque reporting
The discussion argues that weak disclosure can distort investor judgment, while patience and psychological resilience increasingly define the remaining edge.
Aug 20, 2026 · 33 min
Stock Take
Eight stocks face defining tests this reporting season
The episode identifies the operational milestones, competitive threats and valuation questions that could reshape eight investment cases.
Aug 6, 2026 · 41 min
Stock Take
An unconventional builder meets an uncertain AI boom
The episode tests whether durable business culture can outweigh a weak conventional moat, then asks how investors should act before AI winners emerge.
Jul 23, 2026 · 36 min