Ruchir Sharma
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Ruchir Sharma is an investor, author, fund manager and columnist for the ''
Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...
''. He is the head of
Rockefeller Capital Management Rockefeller Capital Management is an independent wealth management and financial services firm, founded in 2018. The firm offers family office, asset management, and strategic advisory services to high-net-worth individuals and families, instituti ...
's international business, and was an emerging markets investor at
Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...
Investment Management.


Career

Sharma has told interviewers he spent his early school years in
Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...
,
Delhi Delhi, officially the National Capital Territory (NCT) of Delhi, is a city and a union territory of India containing New Delhi, the capital of India. Straddling the Yamuna river, primarily its western or right bank, Delhi shares borders w ...
, and
Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...
. He did his undergraduate studies at the
Shri Ram College of Commerce Shri Ram College of Commerce (SRCC) is a constituent college of the University of Delhi. Founded in 1926 by industrialist Lala Shri Ram, it is widely regarded as the most prestigious college for commerce and economics in India. SRCC was ranke ...
in
New Delhi New Delhi (, , ''Naī Dillī'') is the capital of India and a part of the National Capital Territory of Delhi (NCT). New Delhi is the seat of all three branches of the government of India, hosting the Rashtrapati Bhavan, Parliament House ...
, and afterward joined a securities trading company, and in 1991 he launched a column called For Ex, first for The Observer, later for The Economic Times of India. His writings attracted the attention of Morgan Stanley, which hired him in its Mumbai office in 1996. In 2002 he moved to the New York office, which remains his base today. In 2003 he became co-head of the emerging markets team at Morgan Stanley Investment Management. In 2006 he became head of the team. In 2016, he took on an added role as Chief Global Strategist of MSIM. In November 2021, it was announced he would leave the firm January 31, 2022.


Economic and Financial Market Views

Sharma's first book, Breakout Nations: In Pursuit of the next Economic Miracles (Norton 2012) chronicled his travels through emerging countries trying to spot the next big economic winners—and losers. He defined “breakout nations” as those poised to grow faster than rivals in their own income class. The book broke the nonfiction sales record in India and became an international bestseller. In 2012 Foreign Policy magazine cited Sharma as one of its top 100 Global Thinkers "for dusting the gold off the term ‘emerging markets’, and refocusing the global discussion on "the real breakout nations to watch." Sharma used his travels as the basis for many of his opinion columns, first published in The Economic Times, later in Newsweek International, The Wall Street Journal and other global media. Sharma's work has appeared in Foreign Affairs, The Washington Post, Time, Foreign Policy, Forbes, and The Bloomberg View, among others. A 2017 profile in the Financial Times described Sharma's style as a mix of stories picked up through his wanderings in bazaars and political rallies with “simple rubrics to explain distant economies… think Anthony Bourdain’s inquisitiveness combined with Warren Buffet’s folksiness.” From 2016 to early 2021 Sharma was a contributing opinion writer on global economics and politics for the New York Times, and he is currently a contributing editor at the Financial Times. In June 2016, W. W. Norton & Company released The Rise and Fall of Nations: Forces of Change in the Post-Crisis World. It explained the key principles and rules he uses to identify nations that are poised to rise or decline in coming years, starting with the principle of impermanence. Rapid economic growth is difficult to achieve, much less sustain. Analysts typically make forecasts in a straight line, assuming current booms and busts will continue, when the opposite is more often true. Hot economies rarely stay hot, and cold economies rarely stay cold, indefinitely. Economies move in cycles, not straight lines ise and Fall p 7-11 Thus the next stars of the global economy are often found in the shadows, outside the glare of media and analyst hype. “I prefer to look closely at countries that are so disdained by media that they are virtually ignored,” he has said. arron's “Ruchir Sharma: Wall Street’s New Global Thinker” July 30, 2016 In a 2012 piece for Foreign Affairs, “Broken BRICs,” Sharma had argued that the broad boom that lifted up virtually all emerging economies in the 2000s was freakishly unusual, and unlikely to be repeated. The hype over the BRICs—Brazil, Russia, India and China—was unlikely to be borne out. Forecasters who saw these rapidly catching up with rich ones would be disappointing. Instead, he said, the more likely outcome was a return to the normal historical pattern, with a few emerging economies catching up rapidly, and many struggling. Fairly to sustain growth has been the general rule, and that rule is likely to reassert itself in the coming decade (2020's),” he wrote. Broken BRICS: Why the Rest Stopped Rising” Foreign Affairs Nov/Dec 2012 The United States At the same time, in articles for The Atlantic and other magazines, Sharma argued that the star of the 2020s was more likely to be the United States, which had seen its global reputation battered by the global financial crisis of 2008. He cited five key factors pointing to a US comeback, all related to the superior flexibility of the US system, compared to its peers. The US was paying down its private debts faster than European rivals or Japan. The dollar was at its most competitive level in three decades (in real terms). The US remained the hub of technological innovation. The revolution in US shale oil and gas was greatly lowering energy costs. All these factors were helping to spur a US renaissance in manufacturing, putting the US in position to be the "breakout nation of the developed world," if it can address its Achilles heel: rising government debt. By 2020, Sharma was arguing that the cycles were shifting again, bringing a new set of potential winners and losers to the fore. In “The Comeback Nation,” a long essay for Foreign Affairs in March that year The Comeback Nation,” Foreign Affairs March 31, 2020 Sharma pointed out that the United States had seen its share of global GDP expand over the previous decade, restoring its reputation as an economic superpower. It had also emerged more influential than ever as a financial superpower, with a greatly expanded share of global financial markets, and the dollar more dominant than ever as the world's most popular currency. His message remained the same: don't believe the rosy straight-line forecasts, don't expect another golden decade for America. The United States was starting to show signs of the complacency and excess—particularly in the form of rising debt—that often develop in the course of a long boom. The next stars were still likely to come from outside the circle of hype. China Throughout, Sharma has been seen as something of a pessimist on the biggest economy story of the century, the rise of China. As early as Breakout Nations reakout p 17-18 he was arguing that both bullish forecasts of continued double digit growth, and bearish predictions of a coming collapse, were overwrought. Fundamental historic patterns were however pointing to a likely slowdown in China, including its aging population, its mounting debts, and its entry into the middle class of nations, which has always made it near impossible for countries to sustain a double digit growth rate. By 2016, Sharma was warning in the pages of the NY Times How China Fell Off the Miracle Path”, NYT June 3, 2016that China was in the midst of the biggest debt binge every indulged by an emerging economy, and that binges of that scale had always, in the past, led to a severe recession, a financial crisis or both. Four years later, also in the NY Times How Technology Saved China’s Economy” Jan 20, 2020Sharma pointed out that growth had in fact slowed sharply, from double digits to 6 percent (officially) and even slower by private estimates, weighed down as he had expected by demographics, debt, and economic maturity. But there still had been no major recession and no crisis. China had been “saved” by the emergence of a new growth driver: its booming tech sector, and the giant internet companies it is generating. In the summer of 2021, asked on CNBC about the widening crackdown Beijing had launched against multibillionaire internet tycoons, Sharma pointed out the risk and irony of the moment: China was targeting its economic saviors Didi crackdown appears part of China’s reaction to ‘unbridled capitalism’; YouTube June 7, 2021 India Sharma argued as early as 2012 that India had the best chance among the BRICs to become a breakout nation (one that grows faster than rivals in the same income class) but its chance at only 50/50. That provoked debate in India, where many said he was too pessimistic (link to “50-50 India” Shreyashi Singh, The Diplomat, April 26, 2012.) Sharma argued for some time that India's growth shows a clear pattern, rising and falling with the tides of the global economy, never getting ahead of the pack. He has written that to break out, India needs to develop a stronger, more sustained will to reform, as East Asian success stories have in the past. Sharma has also made the case that India is less a country than a continent, with more different states, communities and languages than the European Union ndia's States of Excellence, Time, May 20, 2013 Thus he has argued that India is best governed as a federation, allowing each distinct wide latitude to control its own destiny, rather than trying to centralize power in Delhi—as prime minister Narendra Modi has done As Modi discovered, India’s economy will never look like China’s” Washington Post April 25, 2019 In his 2019-book about India, Democracy on the Road, Sharma chronicled his quarter century of travels through his homeland, putting in thousands of mile covering major state and national elections. He writes that while he grew up hoping for a Ronald Reagan-type reformer, he has grown to accept that India's political DNA is fundamentally socialist and statist, and that this basic outlook defines the worldview of all the leading parties.


Awards

* In 2012, Sharma was selected as one of the top global thinkers by ''
Foreign Policy A State (polity), state's foreign policy or external policy (as opposed to internal or domestic policy) is its objectives and activities in relation to its interactions with other states, unions, and other political entities, whether bilaterall ...
'' magazine. * In June 2013, ''
Outlook Outlook or The Outlook may refer to: Computing * Microsoft Outlook, an e-mail and personal information management software product from Microsoft * Outlook.com, a web mail service from Microsoft * Outlook on the web, a suite of web applications ...
'' named Sharma as one of The World's 25 Smartest Indians. * ''Breakout Nations'' debuted as the No 1 bestseller in India, and earned Sharma the Tata Literature Live! First Book Award for 2012. * ''Breakout Nations'' made ''The Wall Street Journal'' hardcover business bestseller list, and was chosen by ''Foreign Policy'' as one of its "21 Books to Read in 2012". * In 2015, Sharma was named by
Bloomberg Markets ''Bloomberg Markets'' is a magazine published six times a year by Bloomberg L.P. as part of Bloomberg News. Aimed at global financial professionals, ''Bloomberg Markets'' publishes articles on the people and issues related to global financial mar ...
to be one of the 50 Most Influential people in the world.


Personal life

Asked where a constant traveler feels at home, Sharma has told interviewers “I’m from all over the place, but India remains home”. Born in Wellington in The
Nilgiris District The Nilgiris district () is one of the 38 districts in the southern Indian state of Tamil Nadu. Nilgiri ( en, Blue Mountains) is the name given to a range of mountains spread across the borders among the states of Tamil Nadu, Karnataka and Ker ...
in the southern Indian state of
Tamil Nadu Tamil Nadu (; , TN) is a States and union territories of India, state in southern India. It is the List of states and union territories of India by area, tenth largest Indian state by area and the List of states and union territories of India ...
, Sharma was educated in Delhi, Bombay and Singapore and has lived in New York for nearly two decades. Sharma has told interviewers his passions are politics, films, and sprinting. Since 1998, he has been leading a group of some 20 top Indian journalists on a road trip, following Indian general elections and key state assembly elections and interviewing top Indian politicians on background. Sharma says he tries to train as a sprinter 6 days a week, whether traveling or not. In 2011, he ran in the 100-meter and 4 x 100 relay events, representing India at the World Masters, an international competition for athletes over the age of 35, in Sacramento, Calif. He is single and lives in The New York City.


Books written

*''
Breakout Nations ''Breakout Nations: In Pursuit of the next Economic Miracles'' is a 2012 book written by Ruchir Sharma. The book discusses his views on emerging markets and his travel through these countries. Sales of the book has broken records and it has be ...
'' (2012) *''The Rise and Fall of Nations: Forces of Change in a Post-Crisis World'' (2016) *''
Democracy on the Road ''Democracy on the Road: A 25 Year Journey through India'' is a 2019 book by Indian investor Ruchir Sharma Ruchir Sharma is an investor, author, fund manager and columnist for the ''Financial Times''. He is the head of Rockefeller Capital Man ...
'' (2019) *''The 10 Rules of Successful Nations'' (2020)


See also

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Asset management Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...
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Indians in the New York City metropolitan region Indians in the New York City metropolitan area constitute one of the largest and fastest-growing ethnicities in the New York City metropolitan area of the United States. The New York City region is home to the largest and most prominent Indian ...
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Investment banking Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated wit ...
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Mancur Olson Mançur Lloyd Olson Jr. (; January 22, 1932 – February 19, 1998) was an American economist and political scientist who taught at the University of Maryland, College Park. His most influential contributions were in institutional economics, and i ...


References

{{DEFAULTSORT:Sharma, Ruchir Year of birth missing (living people) Living people Indian financial analysts People from Jaipur district Morgan Stanley people American people of Indian descent Indian economists